Scribd
Upload
33 views

Assignment MGT101

The document contains two questions from a financial accounting assignment. The first question asks to match information types to their sources. The second question provides transactions for a business and asks to calculate ending balances for debtors and creditors accounts.

Uploaded by

Zeerak Khan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
33 views

Assignment MGT101

The document contains two questions from a financial accounting assignment. The first question asks to match information types to their sources. The second question provides transactions for a business and asks to calculate ending balances for debtors and creditors accounts.

Uploaded by

Zeerak Khan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 1

FALL 2021

FINANCIAL ACCOUNTING (MGT101)


ASSIGNMENT # 01
QUESTION NO: 01
Write the relevant source of financial information in second column against all
information given in first column from the following list:
• Event
• Transaction
• Condition

Information Source of Information


Payment of salaries to employees Transaction
Loss by fire Event
Depreciation of non-current assets Condition
Sale of goods to ABC Brothers on credit basis Transaction

QUESTION NO: 02
Rahim Brothers showed balances of Debtors Rs. 35,000 and Creditors Rs. 45,000 as
on 1st November 2021. Some transactions of Rahim Brothers for the month of
November 2021 are given below.
Date Transactions
th
7 November Goods purchased amounting to Rs. 30,000 on account
9th November Goods purchased amounting to Rs. 15,000 on Cash basis
15th November Rs. 10,000 paid to creditors
24th November Sold goods to a customer for Rs. 20,000 on credit basis
26th November Sold goods to a customer for Rs. 27,000 on cash basis
28th November Cash collected from customer Rs. 5,000

Required:
Based on the above transactions, calculate the amount/balance of the following
accounts at the end of November 2021.
1- Debtors
2- Creditors

Answer:
Date Debtor Creditor
Opening Balance: 1st Nov. 2021 + Rs. 35,000 + Rs. 45,000
7th November - + Rs. 30,000
9th November - -
15th November - - Rs. 10,000
24th November + Rs. 20,000 -
26th November - -
28th November - Rs. 5,000 -
Total Balance at the end of November Rs. 50,000 Rs. 65,000

You might also like