MGT101 Assignment 1 Solution 2022 - VU Answer

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MGT101 ASSIGNMENT 1 SOLUTION SPRING 2022 

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Due Date: 3 June 2022

Total Marks: 15 

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Question 1: 

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

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 basis
28th May		Furniture purchased amounting to Rs. 80,000 from XYZ Furniture Showroom and paid the whole amount by giving a cheque for the same amount.
30th May		Paid a 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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