MGT101 Assignment 1 Solution 2022

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MGT101 Assignment 1 Solution 2022

MGT101 Assignment 1 Solution 2022

 

MGT101 ASSIGNMENT 1

SOLUTION SPRING 2022

Due Date: 3 June 2022

Total Marks: 15

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Question 1:

Some Sub-accounting Heads are given in first column. Write the appropriate main Heads of account in second column against each Sub-accounting Head mentioned in first column from the following main Heads of account:

  • Real Account
  • Nominal Account
  • Personal Account

 

Solution:

 

FIRST COLUMN SECOND COLUMN
Sub-Accounting Heads Main Head of Account
Real account,Nominal account or
Personal account
 

Loss by fire account

 

Nominal Account

 

Capital account

 

Personal Account

 

Plant& machinery account

 

Real Account

 

MGT101 Assignment 1 Solution 2022

Question 2:

ABC & Sons showed balances of cash in hand Rs. 190,000, Cash at bank Rs. 160,000,Furniture Rs. 110,000, Accounts receivables Rs. 35,000 and Short term loan Rs. 70,000 as on 1st May 2022. Some transactions of ABC & Sons for the month of May 2022 are given below.

Date Transactions
 

4th May

 

Furniture purchased amounting to Rs. 150,000 from Shah furniture house.ABC & Sons gave a cheque of Rs. 40,000 to Shah furniture house on the date of transaction and promised to pay the remaining amount before 30th June 2022.

 

8th May

 

Goods purchased amounting to Rs.15,000 on cash basis.

 

12th May

 

Remaining amount paid by ABC&Sons to Shah furniture house in order to settle the due amount of 4th May 2022.

 

18th May

 

Cheque of Rs.60,000 received from bank as loan for a period of five months.

 

20th May

 

Sold goods to a customer for Rs.122,000 on credit basis.

Next page
 

 

24th May

 

 

Sold furniture amounting to Rs.55,000 on credit as is

 

 

28th May

 

 

Furniture purchased amounting to Rs.80,000 from XYZ Furniture Show room and paid the whole amount by giving cheque for the same amount.

 

 

30th May

 

 

Paid as short term loan of Rs.40,000.

Solution:

 

 

CASH in hand A/C

 

Capital A/C = 190,000 Goods A/C = 15,000
Creditor A/C = 110,000
Loan A/C = 40,000
Balance = 25,000
Total = 190,000 Total = 190,000

Cash at Bank A/C

 

Capital A/C = 160,000 Furniture A/C = 40,000
Capital A/C = 60,000 Furniture A/C = 80,000
Balance = 100,000
Total = 220,000 Total = 220,000

 

 

Furniture A/C

 

Capital A/C = 110,000 Debtors A/C = 55,000
Bank A/C = 150,000
Bank A/C = 80,000
Balance 285,000
Total = 340,000 Total = 340,000

 

Debtors A/C

 

Capital A/C      =        35,000
Goods A/C       =      122,000
Goods A/C       =      55,000
   Balance =   212,000
Total = 212,000    Total = 212,000

 

Short Term Loan A/C

 

Cash A/C = 40,000 Liability A/C = 70,000
Liability A/C = 60,000
Balance = 90,000
Total = 130,000 Total = 130,000

 

Creditors A/C

 

Furniture A/C = 110,000 Furniture A/C = 110,000
Total = 110,000 Total = 110,000

 

 

 

Goods A/C

 

Capital A/C = 15,000 Debtors A/C = 122,000
Balance = 107,000
Total = 122,000 Total = 122,000

 

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