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MGT101 GDB Spring 2019 Solution & Discussion

GDB Question: Mr. Aslam is running his small business under the name of Aslam and Sons. He has recently hired Mr. Anwar as a junior accountant to maintain the books of accounts of his business. Mr. Anwar has little knowledge in accounting and he is unable to prepare the Bank reconciliation statement and maintaining other necessary records. Recently, following causes of disagreement between bank column of cash book and business bank statement have been observed which was not reconciled by Mr. Anwar. Bank column of cash book showed a debit balance of Rs. 120,000. Cheque of Rs. 16,000 issued but not presented yet. Cheque of Rs. 38,000 deposited into the bank but not credited yet. Further, he has not reported the provision for doubtful debts of Rs. 10,000 in financial statement at the end of accounting period. Reported net profit by Mr. Anwar in profit and loss account was Rs. 450,000. Required: What will the balance as per bank statement after reconciliation the given causes of disagreements between bank column of cash book and bank statement? What will be the effect on net profit if above mentioned causes of disagreement between bank statement and bank column of cash book are not reconciled. Which fundamental accounting principle was violated due to the missing of reporting provision for doubtful debts in profit and loss account? What will be the correct amount of profit after considering the all above mentioned facts?

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SOLUTION GDB No. 1 (MGT101 – Financial Accounting) Spring 2019

With Full Details and Explanation.

MGT101 GDB SOLUTION Spring 2019

MGT101 GDB SOLUTION Spring 2019

Admin ye kya chakkar hai?? in main se konsa correct solution hai?? 2 different solutions hen!! please confirm it

MGT101 GDB Solution

 

10 Units @ Rs. 100 per Unit

10*100=1000

Purchases on July 12, 2016

05 Units @ Rs. 120 per Unit

5*120=600 so

1000+600=1600 now

Sales on July 15, 2016

12 Units @ Rs. 150 per Unit

10*150=1500

2*150=300=1500+300=1800

now remaining 3 purchase wale

3*120=360 closing stock

10 Units @ Rs. 100 per Unit

10*100=1000

Purchases on July 12, 2016

05 Units @ Rs. 120 per Unit

5*120=600 so

1000+600=1600 now

Sales on July 15, 2016

12 Units @ Rs. 150 per Unit

5*150=750

7*150=1050

so 750+1050=1800

now remaining opening wale

3*100=300

closing stock

FIFO =360

Life =300

2)

lifo is NOT recommended by International Accounting Standards (IAS) for presenting the value

of inventory in financial statements

3) we recommended FIFO method

because the organization gaining maximum profitability by

IAS for presenting the value of inventory in balance sheet

 

 

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MGT101 GDB SOLUTION Spring 2019

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