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MGT101 ASSIGNMENT 1 SOLUTION SPRING 2022
Due Date: 3 June 2022
Total Marks: 15
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Question 1:
Some Sub-accounting Heads are given in first column. Write the appropriate main Heads of account in second column against each Sub-accounting Head mentioned in first column from the following main Heads of account:
- Real Account
- Nominal Account
- Personal Account
Solution:
| FIRST COLUMN | SECOND COLUMN |
| Sub-Accounting Heads | Main Head of Account |
| Real account, Nominal account or | |
| Personal account | |
| Loss by fire account | Nominal Account |
| Capital account | Personal Account |
| Plant & machinery account | Real Account |
Question 2:
ABC & Sons showed balances of cash in hand Rs. 190,000, Cash at bank Rs. 160,000, Furniture Rs. 110,000, Accounts receivables Rs. 35,000 and Short term loan Rs. 70,000 as on 1st May 2022. Some transactions of ABC & Sons for the month of May 2022 are given below.
| Date | Transactions | |
| 4th May | Furniture purchased amounting to Rs. 150,000 from Shah furniture house. ABC & Sons gave a cheque of Rs. 40,000 to Shah furniture house on the date of transaction and promised to pay the remaining amount before 30th June 2022. | |
| 8th May | Goods purchased amounting to Rs. 15,000 on cash basis. | |
| 12th May | Remaining amount paid by ABC & Sons to Shah furniture house in order to settle the due amount of 4th May 2022. | |
| 18th May | Cheque of Rs. 60,000 received from bank as loan for a period of five months. | |
| 20th May | Sold goods to a customer for Rs. 122,000 on credit basis. | |
| Next page | ||
| 24th May | Sold furniture amounting to Rs. 55,000 on credit basis | |
| 28th May | Furniture purchased amounting to Rs. 80,000 from XYZ Furniture Showroom and paid the whole amount by giving a cheque for the same amount. | |
| 30th May | Paid a short term loan of Rs. 40,000. |
Solution:
CASH in hand A/C
| Capital A/C = 190,000 | Goods A/C = 15,000 |
| Creditor A/C = 110,000 | |
| Loan A/C = 40,000 | |
| Balance = 25,000 | |
| Total = 190,000 | Total = 190,000 |
Cash at Bank A/C
| Capital A/C = 160,000 | Furniture A/C = 40,000 |
| Capital A/C = 60,000 | Furniture A/C = 80,000 |
| Balance = 100,000 | |
| Total = 220,000 | Total = 220,000 |
Furniture A/C
| Capital A/C = 110,000 | Debtors A/C = 55,000 |
| Bank A/C = 150,000 | |
| Bank A/C = 80,000 | |
| Balance 285,000 | |
| Total = 340,000 | Total = 340,000 |
Debtors A/C
| Capital A/C = 35,000 | |
| Goods A/C = 122,000 | |
| Goods A/C = 55,000 | |
| Balance = 212,000 | |
| Total = 212,000 | Total = 212,000 |
Short Term Loan A/C
| Cash A/C = 40,000 | Liability A/C = 70,000 |
| Liability A/C = 60,000 | |
| Balance = 90,000 | |
| Total = 130,000 | Total = 130,000 |
Creditors A/C
| Furniture A/C = 110,000 | Furniture A/C = 110,000 |
| Total = 110,000 | Total = 110,000 |
Goods A/C
| Capital A/C = 15,000 | Debtors A/C = 122,000 |
| Balance = 107,000 | |
| Total = 122,000 | Total = 122,000 |
PLEASE NOTE:
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