MGT101 GDB Idea Solution 27-11-2012

                                      MGT101 GDB Idea Solution 27-11-2012

mistake in (1) sales had been created instead of machinery.
correct entry was
cash 10000
machinery 10000
now rectified entry will be
Sales 10000
machinary 10000
(Narration: sales had been created instead of machinery, Now rectified)
For (2)
Show room debited furniture a/c instead of purchase a/c
correct entry was
purchases 8000
Cash 8000
now rectifeid entry
purchase 8000
funiture 8000
(narrtion as for above)
becaues show room purchased furniture for resale purpose. it is its purchases.
this an easy gdb with less time consumption

Read more: MGT101 Financial Accounting GDB 1 - Virtual University of Pakistan http://vustudents.ning.com/group/mgt101financialaccounting1/forum/topics/mgt101-financial-accounting-gdb-1?commentId=3783342%3AComment%3A1859681&groupId=3783342%3AGroup%3A58702#ixzz2DQU1Obp4

bhai os ne Gernal jornal ne entry pass kr di hai
Cash A/C                    10,000
Sales A/C                    10,000
jab k is ki theek entry thi
cash 10000
machinary  10000
ab is ko theek karne k lye ye entry pass karen ge
sales 10000
machinary 10000
kyn k sales ghalti se credit ho is lye is ko bedit karen ge or machinary nai hoi thi os ko credit kar de ge. cash ko debit hi hona tha is lye os ko nai chaeren ge
effects on sales
sales ghalati se credit karen
par sales bar gayi thi. sales debit karen par sales dobara apni position par aajen ge


Read more: MGT101 Financial Accounting GDB 1 - Virtual University of Pakistan http://vustudents.ning.com/group/mgt101financialaccounting1/forum/topics/mgt101-financial-accounting-gdb-1?commentId=3783342%3AComment%3A1859681&groupId=3783342%3AGroup%3A58702#ixzz2DQU1Obp4

The building ‘ALFA-1’ is being used for manufacturing purpose so the depreciation of this building should be treated as direct manufacturing expense. The direct manufacturing cost can be divided into three types which are direct labor cost, direct materials cost and factory overhead. So the depreciation of this building should be treated as directed manufacturing expense.
The depreciation of ALFA-1 will appear in the cost of the goods sold in the income statement as it is a direct manufacturing cost comes under factory overhead.
The depreciation of the ALFA-2 will appear in the interest expense or general administration expense.


Read more: MGT101 GDB due date 19Jan 2012 - Virtual University of Pakistan http://vustudents.ning.com/group/mgt101financialaccounting1/forum/topics/mgt101-gdb-due-date-19jan-2012?xg_source=activity#ixzz2DOdynqLE