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MGT101 Assignment 1 Solution 2022, mgt101
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Note: Last date of assignment submission is
June 03, 2022
Question No 1:
Some Sub-accounting Heads are given in the
first column. Write the appropriate main Heads of the account in second column
against each Sub-accounting Head mentioned in the first column the following
main Heads of account:
- Real Account
- Nominal Account
- Personal Account
FIRST COLUMN
SECOND COLUMN
Loss By Fire Account
Capital Account
Plant & Machinery Account
Question No 1:
Some Sub-accounting Heads are given in the first column. Write the appropriate main Heads of the account in second column against each Sub-accounting Head mentioned in the first column the following main Heads of account:
- Real Account
- Nominal Account
- Personal Account
|
FIRST COLUMN |
SECOND COLUMN |
|
Loss By Fire Account |
|
|
Capital Account |
|
|
Plant & Machinery Account |
|
Recomment you Read:
Answer:
|
FIRST COLUMN |
SECOND COLUMN |
|
Loss By Fire Account |
Nominal Account |
|
Capital Account |
Personal Account |
|
Plant & Machinery Account |
Real Account |
Question No 2:
Based on the above transactions, calculate
the amount/balance of the following accounts at the end of May 2022.
- Cash in hand
- Cash in bank
- Furniture
- Short term loan
Ans:
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. Entry:Bank a/c Cr. 40,000Creditors a/c 110,000Furniture a/c Dr. 150,000
Goods purchased amounting to Rs. 15,000 on
cash basis.Entry:Goods a/c Dr. 15,000Cash a/c Cr. 15,000
Remaining amount paid by ABC & Sons to
Shah furniture house in order to settle the due amount of 4th May
2022.Enrty:Creditors a/c Dr. 110,000Cash a/c Cr. 110,000
Cheque of Rs. 60,000 received from bank as
loan for a period of five months.Enrty:Bank a/c Dr. 60,000Short Term Loan a/c Cr. 60,000
Sold Goods to a customer for Rs. 122,000 on
credit basis.
Sold furniture amounting to Rs. 55,000 on
credit basis.Enrty:Furniture a/c Cr. 55,000Debtors a/c Dr. 55,000
Furniture purchased amounting to Rs. 80,000
from XYZ Furniture Showroom and paid the whole amount by giving a cheque for
the same amount.Entry: Furniture a/c Dr. 80,000Bank a/c Cr. 80,000
Paid a short-term loan of Rs. 40,000Enrty:Cash a/c Cr. 40,000Short-Term loan a/c Dr. 40,000
Calculation:Cash at Bank a/c Dr. Capital 220,000Cr. Furniture 120,000Balance 100,000
Goods purchased amounting to Rs. 15,000 on
cash basis.
Entry:
Goods a/c Dr. 15,000
Cash a/c Cr. 15,000
Remaining amount paid by ABC & Sons to
Shah furniture house in order to settle the due amount of 4th May
2022.
Enrty:
Creditors a/c Dr. 110,000
Cash a/c Cr. 110,000
Cheque of Rs. 60,000 received from bank as
loan for a period of five months.
Enrty:
Bank a/c Dr. 60,000
Short Term Loan a/c Cr. 60,000
Enrty:
Goods a/c Cr. 122,000
Debtors a/c Dr. 122,000
Sold furniture amounting to Rs. 55,000 on
credit basis.
Enrty:
Furniture a/c Cr. 55,000
Debtors a/c Dr. 55,000
Furniture purchased amounting to Rs. 80,000
from XYZ Furniture Showroom and paid the whole amount by giving a cheque for
the same amount.
Entry:
Furniture a/c Dr. 80,000
Bank a/c Cr. 80,000
Paid a short-term loan of Rs. 40,000
Enrty:
Cash a/c Cr. 40,000
Short-Term loan a/c Dr. 40,000
Calculation:
Cash at Bank a/c
Dr. Capital 220,000
Cr. Furniture 120,000
Balance 100,000
MGT101 Assignment 1 Solution 2022, mgt101
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