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MGT101 Assignment Solution # 1 Fall 2021

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MGT101 Assignment Solution # 1 Fall 2021

MGT101 Assignment Solution # 1 Fall 2021

MGT101 Assignment Solution # 1 Fall 2021

Assignment No.  1
Semester: Fall 2021

Question #1:

Write  the  relevant  source  of  financial  information  in the second  column  against  all information  given  in the first column  from  the  following  list:

  1. Event

2. Transaction

3. Condition

First Column InformationSecond Column Source of information
  Payment  of  salaries  to employees  ?
  Loss by fire  ?
  Depreciation of non-current assets  ?
  Sale of goods to ABC Brothers  on  credit  basis  ?

Question # 1 Solution:

  Payment  of  salaries  to  employees  Transaction
  Loss by fire  Event
  Depreciation of non-current assets  Condition
  Sale of goods to ABC Brothers on credit basis  Transaction

MGT101 Assignment Solution # 1 Fall 2021

Question # 2 :

  Date  Transactions
  7th November  Goods purchased amounting to Rs. 30,000 on the account.
  9th November  Goods purchased amounting to Rs. 15,000 on a Cash basis.
  15th November  Rs.  10,000  paid to creditors.
24th November  Sold goods to a customer for Rs. 20,000 on a credit basis
26th November  Sold goods to a customer for Rs. 27,000  on a cash basis
  28th November  Cash collected from customer  Rs.  5,000.
Required:

Based on the above transactions, calculate the amount/balance of the following accounts at the end of November 2021.
Debtors

Creditors

Debtors:

Opening  balance  =  35,000

(Add)  Credit  Sales  =  20,000

(Subtract  )  Cash  Collected  =  5,000

Closing  Balance  =  50,000

Creditors:

Opening  balance  =    45,000

(Add)  Credit  Purchases  =  30,000

(Subtract) Cash paid = 15,000

Closing  balance  =  60,000

MGT101 Assignment Solution # 1 Fall 2021

MGT101 Assignment Solution # 1 Fall 2021

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