MGT101 - Financial Accounting
MGT101 Financial Accounting Virtual University . Download Video Lectures, Handouts, Helping Materials, Assignments Solution, Online Quizzes, GDB, Past Papers, Solved Papers
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- From the following transactions, state the nature of accounts and state which account will be debited and which account will be credited by filling up the appropriate boxes.
- On 31st March, 2008, the Cash Book of Mr. David showed an Overdraft Balance of Rs. 19,000. This balance did not agree with the balance as per Pass Book. The following discrepancies were noted on comparing Cash Book with Pass Book. 1. Cheque for Rs. 5,000 paid into the bank for collection on 20th March, 2008 has not yet been collected. 2. Cheques for Rs. 15,000 Issued on 24th March, 2008, out of which cheques for Rs. 10,000 presented during March, 2008. 3. An amount of Rs. 1,000 for interest on overdraft was debited in the Pass Book but was intimated to Mr. David on 4th April, 2008. 4. Mr. David paid into his bank account an amount of Rs. 3,000 but it was wrongly credited to Mr. Denial’s Account. 5. On 20th March, 2008 the bank received dividend of Rs. 10,000 from a company where Mr. David's has invested his money, the same had been recorded in Cash Book on 31st March, 2008. 6. Cheque of Rs. 2,500 was shown in Pass Book as dishonoured. Required: You are required to prepare Bank Reconciliation Statement as at 31st March, 2008.
- Briefly describe the followings in your own words: 1. Money Measurement Concept. 2. Dual Aspect Concept. 3. Single Entry System. 4. Double Entry System. 5. Cash Accounting. 6. Accrual Accounting.
- From the following transactions, state the nature of account and also state which account will be debited and which one will be credited with reason by filling up the appropriate boxes.
- Consider the Trial Balance given here under: ABC Company Trial Balance As on December 31, 2005 Title of Account Debit Rupees Credit Rupees Cash 17,500 Bank 65,000 Capital 100,000 Building 7,500 Plant & Machinery 25,000 Purchases 30,000 Creditors 7,500 Sales 47,500 Debtors 7,500 Salaries 2,500 Expenses 10,000 Expenses Payables 10,000 Total 165,000 165,000 Adjustments: 1. Closing stock as on December 31, 2005 is Rs. 500. 2. The useful life of an asset is 25 months and considered that there is no residual value. Calculate the depreciation. Required: 1. Prepare the Trading and Profit & Loss Account and Balance Sheet as at December 31, 2005. 2. Also show the necessary Accounting Equations, with the help of Balance Sheet as at December 31, 2005.