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

mgt101-quiz 1-21-11-201

MC110403604 : Mariam Khalid



Quiz Start Time: 05:42 PM    
Time Left     89
sec(s)    
Question # 1 of 10 ( Start time: 05:42:08 PM )     Total Marks: 1
Working capital Rs. 20,000, Current liabilities Rs. 30,000 and fixed assets Rs. 100,000; calculate current assets?
Select correct option:
    Rs. 10,000
    Rs. 50,000
    Rs. 110,000
    Rs. 120,000

MC110403604 : Mariam Khalid



Quiz Start Time: 05:42 PM    
Time Left     88
sec(s)    
Question # 2 of 10 ( Start time: 05:43:21 PM )     Total Marks: 1
Which of the following is the example of Current Assert?
Select correct option:
    Land
    Building
    Stock
    Capital

MC110403604 : Mariam Khalid



Quiz Start Time: 05:42 PM    
Time Left     89
sec(s)    
Question # 3 of 10 ( Start time: 05:44:43 PM )     Total Marks: 1
Which of the following is NOT a characteristic of Cash Book?
Select correct option:
    It has two identical sides—left hand side, the debit side and right hand side, the credit side
    It verifies the arithmetic accuracy of posting of entries from the Journal to the Ledger
    The difference between the total of two sides of cash book shows cash in hand
    It always shows debit balance. It can never show credit balance

MC110403604 : Mariam Khalid



Quiz Start Time: 05:42 PM    
Time Left     89
sec(s)    
Question # 4 of 10 ( Start time: 05:45:25 PM )     Total Marks: 1
If cost of sales is Rs. 95,000, income from sales Rs. 200,000 and operating expenses Rs. 300,000. What will be net result?
Select correct option:
    Rs. 1, 95,000 Losses
    Rs. 1, 95,000 Profits
    Rs 1, 05,000 Profits
    Rs1, 05,000 Losses

MC110403604 : Mariam Khalid



Quiz Start Time: 05:42 PM    
Time Left     89
sec(s)    
Question # 5 of 10 ( Start time: 05:46:25 PM )     Total Marks: 1
Find out the missing value of an Accounting Equation with the help of given data: Cash Rs. 22,500 Debtors Rs. 500 Total Assets Rs. 80, 385 Accounts payable Rs. 1,000 Total liabilities Rs. 20,000
Select correct option:
    Rs. 59,385 owner’s equity
    Rs. 61,385 owner’s equity
    Rs. 99,885 owner’s equity
    Rs. 99,385 owner’s equity

MC110403604 : Mariam Khalid



Quiz Start Time: 05:42 PM    
Time Left     89
sec(s)    
Question # 6 of 10 ( Start time: 05:47:21 PM )     Total Marks: 1
In which of the following statement/s closing stock is/are shown?
Select correct option:
    Profit and loss account
    Balance sheet
    Income statement
    All of the given options

MC110403604 : Mariam Khalid



Quiz Start Time: 05:42 PM    
Time Left     89
sec(s)    
Question # 7 of 10 ( Start time: 05:48:24 PM )     Total Marks: 1
If cost of sales is Rs. 95,000, income from sales Rs. 200,000 and operating expenses Rs. 100,000. What will gross profit?
Select correct option:
    Rs. 5,000
    Rs. 95,000
    Rs. 1, 00,000
    Rs.1, 05,000

MC110403604 : Mariam Khalid



Quiz Start Time: 05:42 PM    
Time Left     89
sec(s)    
Question # 8 of 10 ( Start time: 05:49:14 PM )     Total Marks: 1
Which of the following is Not an Asset Account?
Select correct option:
    Plant & Machinery
    Loan to XYZ co.
    Cash at Bank
    Loan from ABC co.

MC110403604 : Mariam Khalid



Quiz Start Time: 05:42 PM    
Time Left     89
sec(s)    
Question # 9 of 10 ( Start time: 05:50:39 PM )     Total Marks: 1
__________ is the excess of Sales over Cost of goods sold in an accounting period:
Select correct option:
    Gross Profit
    Net Profit
    Surplus
    All of the above

MC110403604 : Mariam Khalid



Quiz Start Time: 05:42 PM    
Time Left     89
sec(s)    
Question # 10 of 10 ( Start time: 05:51:34 PM )     Total Marks: 1
Debit signifies:
Select correct option:
    Increase in Asset account
    Decrease in liability account
    Decrease in capital account
    All of the given options