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MGT101 Financial Accounting This is to inform that a Graded Assignment No 2 will be opened on January 20, 2016 and due date of assignment submission will be January 26, 2016.

SEMESTER FALL 2015

 

FINANCIAL ACCOUNTING (MGT101)

 

 

 

 

ASSIGNMENT NO - 02

 

 

 

DUE DATE: 26th January 2016

 

MARKS: 03+03+04=10

 

TOPIC TO BE TESTED:

 

  • Bank reconciliation statement

 

LEARNING OBJECTIVES:

 

  • To understand and apply the causes of disagreement between cash book and bank statement in reconciliation process

 

QUESTIONS

 

 

Q-1

 

The debit balance of bank statement as on 31st December 2014 was Rs. 10,000. Cheques of Rs. 3,000 sent to customers had been entered in depositor’s cash book but did not appear in bank statements on 31st December 2014.

 

Required: Calculate the balance as per cash book on 31st December 2014.

 

 

 

Q-2

 

The favorable balance of bank statement as on 31st December 2014 was Rs. 12,000. Cheques of Rs. 4,000 paid into the bank had been entered in depositor’s cash book but did not appear in bank statements on 31st December 2014.

 

Required: Calculate the balance as per cash book on 31st December 2014.

Q-3

 

Balance as per cash book of a merchant as on 31st December 2014 was Rs. 20,000. Following causes of disagreement was discovered on receipt of bank statement.

 

  1. A cheque of Rs. 500 issued but not yet presented for payment

 

  1. A cheque of Rs. 545 sent to a customer has been recorded in cash book as Rs. 445.

 

Required: Calculate the balance as per bank statement on 31st December 2014.

 

 

 

 

 

IMPORTANT:

 

Grace period of extra 24 hours after the due date is usually available to overcome uploading difficulties. This extra time should only be used to meet the emergencies and above mentioned due dates should always be treated as final to avoid any inconvenience.

 

IMPORTANT INSTRUCTIONS

 

  • Take help from internet for collecting the information.

 

  • Carefully watch relevant lectures and consult the relevant material from handouts along with recommended books.

 

  • Attempt the assignment by yourself and it will be entertained positively.

 

OTHER IMPORTANT INSTRUCTIONS:

 

DEADLINE:

 

  • Make sure to upload the solution file before the due date on VULMS.

 

  • Any submission made via email after the due date will not be accepted.

 

FORMATTING GUIDELINES:

 

  • Use the font style “Times New Roman” or “Arial” and font size “12”.

 

  • It is advised to compose your document in MS-Word format.

 

  • You may also compose your assignment in Open Office format.

• Use black and blue font colors only.

 

 

RULES FOR MARKING

 

Please note that your assignment will not be graded or graded as Zero (0), if:

 

  • It is submitted after the due date.

 

  • The file you uploaded does not open or is corrupt.

 

  • It is in any format other than MS-Word or Open Office; e.g. Excel, PowerPoint, PDF etc.

 

  • It is cheated or copied from other students, internet, books, journals etc.

 

 

 

Note related to load shedding: Please be proactive Dear students!

 

As you know that Post Mid-Term semester activities have been started and load shedding problem is also prevailing in our country now a days. Keeping in view the fact, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; activity schedule has already been uploaded on VULMS for the current semester, therefore no excuse will be entertained after due date of assignments, quizzes or GDBs.

 

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Replies to This Discussion

yehi to confirm krna hai

mujhy lg raha ahi 3000 add hoga ..
bcz bank book mein dr. unfavourable hota hai aur woh cheques jo bank statment mein appear na hun woh add hoty hein

but here  we are concerned with cash book not bank book

hmm ri8 :D

10000 debit balance hai as they said in question

yes, balance of bank statement(pass book) considered credit or negative payment to the customer is already entered in cash book so to determine cash book balance we have to add this then credit balance will be 7000 am i right?

ye jo 10000 hai ye tou cr. hona chaye 

debit balance on bank statement hai that means humnay overdrawn kr liya hai bank say..... is liyea credit krna hai coz woh unfavorable balance hai jo humay bank ko deyna matlab hum pr bank ka qarz hai.


Pata nahi kiya confusion phelaii hai. samjhatay kuch hain pochtay kuch hain. even mea saray lectures leyti hon still yeh hal hai.

woh tou pta h pr is 3000 ka kia scene hai ?

add hoga ya subtract?

hmm pta nhi ye saary assignment itny confusing kiu hoty hein 

Koyee confusion nhe, 10,000 is overdrawn balance mean debit balance , and 3000 ka cheque issue kya which will be debited in credit in cash book mean in bank reconciliation we will have to debit it to match the cash book, so answer is 13000.

ok krra tou yahi hai doubt tha thnkx dude ..

Hi, why we are recording into cash book? bank or cheque related transaction get recorded into bank book? requirement of assignment is confusing????

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