MGT101 Assignment No 1 Solution Spring 2022

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MGT101 Assignment No 1 Solution Spring 2022

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Assignment No 1

Spring 2022

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MGT101 ASSIGNMENT 1 SOLUTION SPRING 2022 

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Table of Contents

MGT101 ASSIGNMENT 1 SOLUTION SPRING 2022 

Due Date: 3 June 2022 Total Marks: 15
Most Important   FORMATTING GUIDELINES: Use the font style “Times New Roman” or “Arial” and font size “12”. It is advised to compose your document in MS-Word format. You may also compose your assignment in Open Office format. Use black and blue font colors only. 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
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.

CASH in hand A/C

Cash at Bank A/C

Furniture A/C

Debtors A/C

Short Term Loan A/C

Creditors A/C

PLEASE NOTE:

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Don’t Copy-paste The Same Answer Please Make Some Changes Within The Solution File. You Have Got To Form Your Solution File By Yourself Because Everyone Cannot Submit Same Solution File Kindly Make Some Changes Otherwise Are Mark Zero. So Please Make Some Changes Within The Solution File.

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MGT101 Assignment 1 Spring 2022

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MGT101 Assignment 1 Solution 2021 - VU Answer

MGT101 Assignment Solution  Spring 2021

MGT101 ASSIGNMENT 1 SOLUTION SPRING 2021  

Provide by VU Answer

Download Assignment Solution File Below

Assignment Marks: 12

Due Date: 26-July-2021

Read Assignment Question File Instruction Carefully

Step by Step Assignment Solution

Assignment Guideline:

Use the font style “Times New Roman” or “Arial” and font size “12”.

Document in MS-Word format.

Use only blue and black font color only.

LEARNING OBJECTIVES:

To develop an understanding of the basic concepts regarding the topics Fixed Assets and Depreciation, Provision for doubtful debts and Financial Statements.

Following information is extracted from the books of a business concern on 30 th June 2021.

ADDITIONAL INFORMATION:

In addition to the value of Plant & Machinery given in the above information, one machine costing to Rs. 30,000 was bought on 1 st April 2021. Basis/Policy of charging depreciation is Time Proportionate (on the basis of use). Plant & Machinery is depreciated @ 10% per annum on straight line method.

Provision for doubtful debts is to be maintained @ 5%

Net loss for the period is Rs. 75,000.

There is no closing stock found at the end of the accounting period

Books of accounts are closed on 30 th June each year.

Requirement 1:

Net Sale = 65,000 

Less cost of goods sold = 25,000 

Gross profit = Net Sale - Less cost of goods sold 

Gross profit = 65,000 – 25,000 

Gross profit = 40,000

Requirement 2:

Cost of goods sold = 25,000 

Less opening stock = 15,000 

Purchases = Cost of goods sold – Less opening stock 

Purchases = 25,000 – 15,000 

Purchases = 10,000

Requirement 3:

Cost of assets = 100,000 

Less acc dep = 20,000 

= 80,000 

Less depreciation (100,000*10%) = 10,000 

Book value of asset = 90,000  

New Machine = 30,000 

Less Depreciation (30,000*10%*3/12) = 750 

Book Value = 29250

Requirement 4:

Debtor = 20,000 

New provision (20000*5%) = 1000 

Debtor = 19000

Requirement 5:

Capital = 250,000 

Add net loss = 75,000 

Equity = 175,000

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MGT101 GDB No 1 Solution Fall 2022

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mgt101 gdb no 1 solution fall 2022

In this post I will share the solution of MGT 101 GDB 1 Solution Fall 2022. This is the first GDB of MGT101. This GDB is about marketing mix. You have to calculate cost of goods sold, owner’s equity at the end of the year, effect of sale of inventory on assets and effect of sale of inventory on owner’s equity.

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    Solution: 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. Solution: CASH in hand A/C Cash at Bank A/C Furniture A/C

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    Plant & machinery account? Note: You must follow the above tabular format to fill the miscolumn. sing particulars of second 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, as on 1stMay 2022.

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  14. MGT101 Assignment 1 Solution 2021

    Solution Requirement 1: Net Sale = 65,000 Less cost of goods sold = 25,000 Gross profit = Net Sale - Less cost of goods sold Gross profit = 65,000 - 25,000 Gross profit = 40,000 Requirement 2: Cost of goods sold = 25,000

  15. MGT101 GDB No 1 Solution Fall 2022

    Welcome to VU Study Solutions An Educational Platform for Learning and for the Help of students and also for researchers in clearing the concepts. In this post I will share the solution of MGT 101 GDB 1 Solution Fall 2022. This is the first GDB of MGT101. This GDB is about marketing mix. You have to calculate cost of goods sold, owner's ...

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