MGT101 GDB No. 1 (MGT101 – Financial Accounting)SOLUTION Fall 2020
Today we will talk about MGT 101 GDB solution for fall 2020. MGT GDB solution fall 2020 100% correct solution.
MGT 101 GDB
MGT 101 GDB Solution fall 2020.in this lecture cover-up MGT 101 GDB all point clear. But ask you please don't copy the same If you do, the numbers will be zero. So Please don't copy the same. Let's Go
MGT 101 GDB Question Part
Question Description
- Rules of debit and credit
- To understand the application of rules of debit and credit in accounting
GDB:
|
Transactions |
Particular
account |
Nature Debit or
Credit |
Applied
Rule of Debit and credit |
|
Investment
of cash for Rs. 30,000 is made in business by the owner. |
Capital
a/c |
Credit |
Increase
in equity |
|
Bought
land of Rs. 300,000 on a credit basis. |
Land a/c |
? |
? |
|
Paid
salaries of Rs, 25,000 by cheque. |
Salaries
a/c |
? |
? |
|
Goods
returned to suppliers for Rs. 10,000. |
Purchases
return a/c |
? |
? |
|
Sold
goods of Rs. 40,000 to XYZ brothers on a cash basis |
Sales
a/c |
? |
? |
You are required to mention the nature of given accounts (either debit or credit) and the rules of debit and credit to be applied as per modern classification of accounts, for all accounts mentioned against each transaction. Red highlighted transaction is given as a sample for understanding to attempt the other missing particulars of given transactions. Note: Partial correct treatment, in any case, has NO marks so be careful while providing the answers. Moreover, be concise and avoid unnecessary details to attempt the given questions.
Important Instructions:
Your discussion must be based on logical facts. Do not copy or exchange your answer with other students. Two identical / copied comments will be marked Zero (0) and may damage your grade in the course. Obnoxious or ignoble answers should be strictly avoided. Questions/queries related to the content of the GDB, which may be posted by the students on MDB or via e-mail, will not be replied till the due date of GDB is over.
MGT 101 GDB Solution
GDB:
Transactions | Particular account | Nature Debit or Credit | Applied Rule of Debit and credit |
Investment of cash for Rs. 30,000 is made in business by the owner. | Capital a/c | Credit | Increase in equity |
Bought land of Rs. 300,000 on a credit basis. | Land a/c | Debit | Increase Asset |
Paid salaries of Rs, 25,000 by cheque. | Salaries a/c | Debit | Increase Expensive |
Goods returned to suppliers for Rs. 10,000. | Purchases return a/c | Credit | Decrease Expensive |
Sold goods of Rs. 40,000 to XYZ brothers on a cash basis | Sales a/c | Credit | Increase Income |