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Spring 2023 MGT101 1
Financial accounting (mgt-101), virtual university of pakistan, recommended for you, students also viewed.
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Spring 2023, financial accounting (mgt101), assignment # 01, due date: 17, may 2023 marks: 15, learning objectives:, • to understand the basic concepts of accounting and books of original entries., abc & sons showed balances of cash in hand rs. 400,000 and cash at bank rs. 350,, april 2023. some transactions of abc & sons for the month of april 2023 are, given below., date transactions, 2 nd april goods purchased amounting to rs. 300,000 from xyz brothers. abc &, sons gave a cheque of rs. 200,000 to xyz brothers on the date of, transaction and promised to pay the remaining amount before 30, april goods purchased amounting to rs. 20,000 on cash basis., april remaining amount paid in cash by abc & sons to xyz brothers in order to, settle the due amount of 2nd april 2023., 14 th april sold goods to saleem brothers for rs. 180,000 on credit basis., april sold goods for rs. 80,000 on cash basis., 24 th april merchandises purchased amounting to rs. 40,000 from po store and paid, the whole amount by giving a cheque for the same amount on the same date., april sold merchandises to rst brothers for rs. 120,000 on credit basis., 30 th april goods purchased amounting to rs. 75,000 from rahim stores on credit, 1. based on the above transactions, calculate the amount/balance of the following, accounts at the end of april 2023., a. cash in hand, b. cash at bank, purchase journal, date name of creditor rs., important note:, requirement- 01:, preparation of complete accounting equation (all columns) is not, required. you may simply calculate the amount of cash in hand and cash, at bank based on given information or you may prepare the cash column, and bank column of accounting equation to find the required amounts., it is necessary to mention “add” or plus sign (+) / “less” or minus sign, (-) in the working otherwise marks for working will not be awarded., requirement- 02:, you must follow the given formats to prepare the “sale journal” and, “purchase journal” otherwise marks for working/solution will not be, requirement - 01 & 02:, any mistake in any part will be awarded zero marks in that part. so be, careful while solving the assignment., grace period of extra 24 hours after the due date is usually available to, overcome uploading difficulties. this extra time should only be used to meet, the emergencies and above mentioned due dates should always be treated as, final to avoid any inconvenience., important instructions, • take help from internet for collecting the information., • carefully watch relevant lectures and consult the relevant material, from handouts along with recommended books., • attempt the assignment yourself., other important instructions:, • make sure to upload the solution file before the due date on vulms., • any submission made via email after the due date will not be, formatting guidelines:, • use the font style “times new roman” or “arial” and font size “12”., • it is advised to compose your document in ms-word format., • you may also compose your assignment in open office format., • use black and blue font colors only., rules for marking, please note that your assignment will not be graded or will be graded as, zero (0), if:, • it is submitted after the due date., • the file you upload does not open or is corrupt., • it is in any format other than ms-word or open office; e. excel,, powerpoint, pdf etc., • it is cheated or copied from other students, internet, books, journals.
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Course : Financial accounting (Mgt-101)
University : virtual university of pakistan.
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