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MGT101 GDB Spring 2021 Solution / Discussion Last Date: 19-05-2021

May be an image of text that says '12:36 AM LNS Graded Discussion Board Financial accounting (MGT101) Dear Students! This is to inform that Graded Discussion Board (GDB) No. 01 will be opened on May 11, 2021 for discussion and the last date for posting your discussion will be May 19, 2021. This Graded Discussion Board will cover 3 modules/topics'

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How to Solve MGT101 GDB Spring 2021

Brief Review before solving the Question:

Every transaction involves two accounting heads and they can be either from same main head or from different main heads.

Main heads of accounting are listed below:

  1. Asset
  2. Expense
  3. Owner’s Equity
  4. Liabilities
  5. Income

Accounting heads of each main heads are listed in a table shown in the ITTRs section of “Analyzing Debit and Credit” topic of 3rd Chapter of new MGT101 handouts.

Nature of the main heads are given below:

  1. Asset = Dr nature
  2. Expense = Dr nature
  3. Owner’s Equity = Cr nature
  4. Liabilities = Cr nature
  5. Income = Cr nature

(Where Dr and Cr are accounting alphabets for the words Debit and Credit respectively.)

Analyzing the given question:

A table is given, containing four columns.

First column is representing Transactions.

Second column is representing Particular Account.

Third column is representing Nature. (nature of the main head that is containing the accounting head given in the second column.)

Fourth column representing the Applied Rule.

Considering the given Example:

First entry in the table is filled completely for the understanding of student. Understanding this given example is very important for you so that, it will help you to solve the remaining unanswered boxes (boxes containing question mark). Let’s analyze this example:

A transaction is given in the transaction columns as “Investment of cash for RS. 350,000 is made in business by the owner”.

To understand the second column, we have to recall that every transaction contains two account heads, which means in the given transaction statement, there must have two account heads.

So, two accounting heads in the transaction statement

“Investment of cash for RS. 350,000 is made in business by the owner”

are Cash and Capital.

Cash is an accounting head involve in this transaction because cash is invested in the business, and as this cash investment is made by the owner, so it is considered as Capital.

Now let’s see what is written in the second column of the table. Second column contains only one accounting head, where as we have just discussed that every transaction has two accounting heads… this is because this column is representing only one accounting head, and the nature and applied rule given in the next columns are only of the mentioned accounting head in this second column (Particular Account).

As the transaction mentioned in the example contains two accounting heads Cash a/c and Capital a/c (a/c is short form for account), but only Cash a/c is mentioned in the

“Particular account” column, we will ignore the other accounting head, which is Capital a/c in our example.

In the third column, Nature is asked, Nature of what???

Nature of the Main head is asked that is containing the Accounting head given in “Particular account” column. As in our example, Cash a/c is given in the “Particular account” column and we know from the table shown in the ITTRs section of “Analyzing Debit and Credit” topic of 3rd Chapter of new MGT101 handouts, that Cash accounting head belongs to Asset main head, in other words, the Asset Main head is containing the Cash Accounting head, and the nature of Asset is Debit or Dr, as mentioned in the “Brief Review before solving the Question:” section of this article.

So, the Nature will be Debit or Dr and finally, in the fourth column we have to write the Applied rule, in other words, we have to write what is happening to the accounting head (is it increasing or decreasing) that is given in the “Particular account” column by understanding the transaction statement.

In our example, the cash a/c is increasing because cash is invested (given) in the business. So, we will write that “Increase in asset” in the fourth box, because cash a/c is accounting head of asset.

In this similar way, you have to answer the remaining question that are asked to you.

Steps involved:

  1. “Particular account” is already written in every question.
  2. You have to write the nature of the main head which contains the accounting head mentioned in the “Particular account” in every question, according to the table shown in the ITTRs section of “Analyzing Debit and Credit” topic of 3rd Chapter of new MGT101 handouts.
  3. Analyze the increase or decrease in the given accounting head in “Particular account” by reading the transaction statement very carefully and then write increase or decrease with the name of main head (for example: increase in asset, increase in income, decrease in liabilities, increase in expense, decrease in expense, ……).

You have to write you answer in MS Word and then post it on you LMS.

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MGT101 GDB 1 Solution Spring 2021 || Financial Accounting || 100% Correct Solution

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MGT101 GDB 1 solution 2021 || 100% correct solution with explanation || How to post GDB

MGT101 GDB Spring 2021 Solution 

May be an image of text that says 'MGT101 Transitions Nature Particular account Debit or Credit Applied Rule of Debit and credit Cash a/c Debit Investment of cash for Rs. 350,000 is made in business by the owner, Purchased goods of Rs. 600,000 on account. Received commission of Rs. 10,000 Sold goods of Rs. 200,000 on credit basis Goods returned from customers for Rs. 15,000. Increase in asset Creditors a/c Credit Commission a/c Increase in asset Credit Debtors a/c Increase in income Debit Sales return a/c Increase in asset Debit Decrease in income'

MGT 101 GDB 1 Solution | Financial Accounting | Hussain Sajid

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Mgt101 GDB 1 solution spring 202

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MGT101-Financial Accounting - GDB SOLUTION /2021/

MGT101 GDB No.1 Solution 2021 || MGT101 GDB Solution with Detail answer

MGT101

Transitions

Particular account

Nature

Debit or Credit

Applied Rule of Debit and credit

Investment of cash for Rs. 350,000 is made in business by the owner.

Cash a/c

Debit

Increase in asset

Purchased goods of Rs. 600,000 on account.

Creditors a/c

Credit

Increase in asset

Received commission of Rs. 10,000

Commission a/c

Credit

Increase in income

Sold goods of Rs. 200,000 on credit basis

Debtors a/c

Debit

Increase in asset

Goods returned from customers for Rs. 15,000.

Sales return a/c

      Debit

Decrease in income

 GDB Solution

 

 

 

 

 

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