MGT101 Assignment 1 Solution Fall 2021 - Financial Accounting Assignment

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MGT101 ASSIGNMENT 1 SOLUTION FALL 2021 

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Question:

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 Information	Second 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	?

Solution:

First Column Information	Second Column Source of information
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

Question 2:

Rahim Brothers showed balances of Debtors Rs. 35,000 and Creditors Rs. 45,000 as of 1st November 2021. Some transactions of Rahim Brothers for the month of November 2021 are given below.

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

1. Debtors

2. Creditors

Solution:

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 = 10,000 

Closing balance = 65,000

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