Assignment GDB Solution: MGT101 Financial Accounting

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MGT101 Assignment 1 Solution Spring 2018

Following information is extracted from the books of ABC Traders on 31st December 2017. Particulars Rs. Particulars Rs. Cost of goods sold 55,000 Gross profit 40,000 Plant & Machinery 750,000 Land & Building 840,000 Furniture and Fixtures 170,000 Cash at bank 45,000 Income earned expected to be received within 3 months 10,000 Office expenses incurred […]

MGT101 Financial Accounting Assignment No 01 Solution

FINANCIAL ACCOUNTING (MGT101) ASSIGNMENT # 01 DUE DATE: 14th November 2017 MARKS: 10 TOPIC TO BE TESTED:  Basic concepts to understand the different contents of financial statements LEARNING OBJECTIVES:  To understand the basic concepts required for the preparation of financial statements. Following information has been extracted from the books of ABC Enterprises. Particulars […]

MGT101 GDB 1 Solution Spring 2017

MGT101- Financial Accounting-GDB#1 Spring 2017 Opening Date = 13 Jul, 2017 Closing Date = 19 Jul, 2017 Topic: Capital and Revenue Expenditure, Non-Current Assets & Depreciation and their effects in financial statements. GDB Question: Mr. Hamid is working as a junior accountant in accounts department of a business concern. He has little knowledge in accounting. […]

MGT101 Assignment 1 Solution Spring 2017

2017 April 01 Mr. Aslam started his business with: Cash balance Machinery Furniture 400,000 700,000 300,000 „‟ 02 Purchased merchandises for cash 250,000 „‟ 10 Goods purchased on credit basis from Mr. Akram & Sons 85,000 „‟ 12 Machinery sold for cash 400,000 „‟ 14 Merchandises sold for cash 350,000 „‟ 18 Sold goods on […]

MGT101 GDB Solution Feb 2015

Discussion Question: ABC Enterprise a Trader of Nokia phone sets at Multan, purchased 1,000 sets from the Nokia Company on 1st June 2014. 80 sets are returns back to the company due to the technical faults. 115 sets are remaining in the inventory on 30th June 2014. There is an inflationary period prevailing in the […]

MGT101 Financial Accounting GDB 1 Solution Fall 2014

Learning Objectives: To develop an understanding regarding the treatment of elements of financial statements CONSTRUCT: Star Corporation runs a kitchen and cookware shop in Lahore. Company book-keeper has just extracted the year-end trial balance shown below. Note that the extracted trial balance includes the stock value at the start of the year; closing stock valuation […]

MGT101 Financial Accounting GDB 2 Solution Spring 2014

Dear Students! This is to inform that Graded Discussion Board (GDB) No. 02 will be opened on Aug 05, 2014 for discussion and last date for posting your discussion will be Aug 09, 2014 Topic/Area for Discussion “Mark Up on Capital and Drawings” Note: Mr. A, Mr. B and Mr. C joined hands for mutual business […]

MGT101 Financial Accounting Assignment 2 Solution Spring 2014

SEMESTER SPRING 2014 FINANCIAL ACCOUNTING (MGT101) ASSIGNMENT # 02 DUE DATE: 22nd July 2014 MARKS: 10 QUESTION Following data is available for a business concern on June 30, 2013: Items Rs. Accounts Payable 25,000 Cash 45,000 Factory Building 250,000 Equipment 74,000 Contributed Capital 85,000 Notes Payable 2,500 Land 222,000 Supplies 4,500 Retained Earnings 483,000 Further […]

MGT101 Financial Accounting GDB Solution Spring 2014

During a financial year, a business may experience thousands of transactions. It is the responsibility of an accountant to classify and record these transactions as well as to summarize the data in these transactions to create useful information. Every business transaction has two aspects. One aspect is debited while the other is credited. Both of the aspects have to be recorded in accounts appropriately. Accountants use the term debit for […]