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Thread: MGT101 Financial Accounting Assignment No. 1 solution october 2011

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    18 MGT101 Financial Accounting Assignment No. 1 solution october 2011

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    Semester “Fall 2011”
    “Financial Accounting (MGT101)”
    Assignment No. 01 Marks: 15
    Question Number 01:
    Recall the accounting equation and answer the following:

    1. Total Assets of a business are Rs. 100,000/- and Total Liabilities are Rs. 40,000/-. What will be the amount of Owners’ Equity? (1 mark)

    2. Total Assets of a business are Rs. 500,000/- and Owners’ Equity is Rs. 300,000/-. What will be the amount of Total Liabilities? (1 mark)

    3. Total Liabilities of a business are Rs. 400,000/- and Owners’ Equity is Rs. 500,000/-. What will be the amount of Total Assets? (1 mark)

    Question Number 02:

    ‘Waqas Rentals started a business on January 01 2011; the selected transactions related to the organization were as follows:

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    1- Waqas invested total capital of Rs. 1,200,000/- in the business on January 01, 2011 out of which he deposited Rs. 600,000/- in the bank account of the business

    2- Purchased two cars worth Rs. 100,000/- on cash on February 01, 2011

    3- Bought office furniture costing Rs.70,000/- on February 01, 2011 and made payment through cheque

    4- Collected Rs. 4,000/- on accounts receivable on June 05, 2011

    5- Paid accounts payable of Rs 3,200/- on July 11, 2011 by issuing cheque

    6- Borrowed Rs. 10,000/- from Mr. Ali on August 01, 2011 and signed a note payable for the amount.

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    Solution:


    Question No. 01:
    Recall the accounting equation and answer the following:


    1. Total Assets of a business are Rs. 100,000/- and Total Liabilities are Rs. 40,000/-.
    What will be the amount of Owners’ Equity? (1 mark)


    Answer:
    Owner’s Equity= Total Assests – Total Liabilities
    Owner’s Equity= Rs. 100,000 – Rs. 40,000
    Owner’s Equity= Rs. 60000


    2. Total Assets of a business are Rs. 500,000/- and Owners’ Equity is Rs. 300,000/-.
    What will be the amount of Total Liabilities? (1 mark)


    Answer:
    Total Liabilities= Total Assets – Owner Equity
    Total Liabilities= Rs.500,000 – Rs. 300,000
    Total Liabilities=Rs. 200,000


    3. Total Liabilities of a business are Rs. 400,000/- and Owners’ Equity is Rs. 500,000/-
    .What will be the amount of Total Assets? (1 mark)


    Answer:
    Total Assets= Total Liabilities + Owner Equity
    Total Assets=Rs. 400,000 + Rs. 500,000
    Total Assets=Rs.900, 000



    Question No. 02:
    Waqas Rentals started a business on January 01 2011; the selected transactions related to the organization were as follows:


    Answer




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    Thanks a lot for solution of MGT 301

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    Icon51 Solution required MGT 301

    Only the registered members can see the link. Register here

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    you are welcome dear.... please do post your assignments on right time.

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    thnku so much sneha realy sweet of yaa!!

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