MGT101 GDB Solution 2021 - Financial Accounting GDB

 

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MGT101 GDB SOLUTION SPRING 2021

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Total Marks: 5

Question Description:

Topic to be tasted:

Rules of Debit and Credit

Learning Objective:

To understand the application of rules of debit and credit in accounting

GDB Solution:

Transitions	Particular Account	Name  Debit or Credit	Applied Rule of  Debit and Credit
Investment of cash for Rs. 350,000 is made in business by the owner.	Cash a/c	Debit	Increase in assets
Purchased goods of Rs. 600,000 on account.	Creditors a/c	Credit	Increase in liabilities
Received commission of Rs. 10,000	Commission a/c	Credit	Increase in income
Sold goods of Rs. 200,000 on credit basis	Debtors a/c	Debit	Increase in asset
Goods returned from customers for Rs. 15,000.	Sales return a/c	Debit	Decrease in income

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MGT101 GDB Solution 2021

Solution of Financial Accounting mgt101 GDB 2021