Assignment GDB Solution: MGT101 Financial Accounting


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 […]

MGT101 Financial Accounting GDB Solution Fall 2013

CASE: Mr. A was a junior accountant of Fine Company Limited (FCL) which is involved in the manufacturing and marketing of homogeneous products with the brand name of Dry Milk while facing the period of inflation. He had left his job due to his domestic issues and Mr. B has been hired as his replacement. While reviewing […]

MGT101 Financial Accounting GDB 1 Solution Fall 2013

Learning Objectives: To develop an understanding over difference between Cash and Accrual Accounting Systems in real world scenarios. To understand the practical implication and suitability of accounting systems/basis for business organizations. Discussion Question: Scenario – 1: Mr. Ahsan is running a small shop under the business name of Small General Store dealing in lighting equipment’s and […]

MGT101 Financial Accounting Quiz 1 Fall 2013

Dear students MGT101 – Financial Accounting  Quiz No. 01  Fall 2013 will open on Nov 20, 2013 12:00 AM and due date of taking quiz is Nov 22, 2013 11:59 PM Consider the following data: Particulars Rs. Assets ? Owner’s equity 35,000 Liabilities 90,000 Rs. 35,000 Rs. 55,000 Rs. 1, 25,000 Rs. 1, 05,000 (Right Answer) The totals of return […]

MGT101 Financial Accounting GDB 1 Solution Spring 2013

Discussion Question: Mr. Arslan is a newly employed accountant of Good Company Limited (GCL). He records cost of goods sold at most recently purchase price and inventory at cost of earliest purchases to minimize the amount of tax burden in the period of inflation. Due to this, profitability of the firm is reduced as intended but current replacement cost of inventory is not […]