Virtual Study Solutions: GDB No 1 Spring 2018

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<span style="font-family: Verdana, sans-serif;">MGT101 GDB No 1 Solution Spring 2018</span></h3>
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<span style="font-family: Verdana, sans-serif;">Dear Students, Here you can read or Download <b>MGT101</b> - <u>Financial Accounting</u> <b>GDB No 1 Solution</b> and Discussion of Spring 2018. We are here to facilitate your learning and we do not appreciate the idea of copying or replicating solutions. <b>MGT101 GDB Solution File</b> has been added with sample page preview in .docx format. Previously we shared <a href="https://virtualstudysolutions.blogspot.com/2018/07/all-cs-subjects-final-term-past-papers.html">All CS Subjects Final Term Past Papers Collection</a>.</span></div>
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<span style="font-family: Verdana, sans-serif;">MGT101 GDB Topic:</span></h4>
<span style="font-family: Verdana, sans-serif;"><ul style="text-align: left;">
<li>Rectification of Errors and Financial Statements</li>
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<span style="font-family: Verdana, sans-serif;">MGT101 GDB Learning Objectives:</span></h4>
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<li>To understand the basic concepts regarding the rectification of errors.</li>
<li>To understand the effects of errors on financial performance.</li>
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<span style="font-family: Verdana, sans-serif;">MGT101 GDB Question:</span></h3>
<span style="font-family: Verdana, sans-serif;">Akram is running a small business under the name of Akram Bros. He has recently hired Anwar as a junior accountant to maintain the books of accounts of his business. Owing to little knowledge in accounting, Anwar could not perform well and following errors have been found in his work. You are required to give your opinions/answers as required in all the following cases regarding the given errors.</span><div>
<span style="font-family: Verdana, sans-serif;"><br />There was an error in the valuation of closing stock of the previous year. In the previous year, the closing stock was valued more by Rs. 5,000. What will be its effect on current year’s profit? (Just mention whether the current year’s profit will be overstated, understated or remains unaffected).</span></div>
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<span style="font-family: Verdana, sans-serif;"><br />Amount of Rs. 1,000 was paid as rent to Iqbal, but it was wrongly debited to a debtor Ihsan’s account. What will be the effect of this error on arithmetical accuracy of trial balance? (Just mention whether the arithmetical accuracy of trial balance will be overstated, understated or remains unaffected).</span></div>
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<span style="font-family: Verdana, sans-serif;">A revenue expenditure of Rs. 2,000 is treated as a capital expenditure in the books of accounts. What will be the effect of this error on Net profit? (Just mention whether the profit will be overstated, understated or remains unaffected).</span></div>
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<span style="font-family: Verdana, sans-serif;"><br />What will be the correct amount of profit if the profit before the correction of above errors is Rs. 40,000?<br /></span><div class="separator" style="clear: both; text-align: center;">
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<span style="font-family: "verdana" , sans-serif;">MGT101 GDB No 1 Solution Spring 2018</span></h3>
<span style="font-family: "verdana" , sans-serif;">You can see the Sample Preview of <u>Assignment No 1 Solution</u> provided by (<a href="https://virtualstudysolutions.blogspot.com/">Virtual Study Solutions</a>) below. Click on Download Button to Download Solution File in Your PC. Please Share it with your friends. You can also like our Facebook Page or Subscribe Us below for Updates.</span></div>
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<span style="font-family: "verdana" , sans-serif;"><span style="font-family: "verdana" , sans-serif;">MGT101 GDB Solution Sample Preview</span></span></h4>
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<span style="font-family: "verdana" , sans-serif;">Solution File </span><span style="font-family: "verdana" , sans-serif;">Sample</span><span style="font-family: "verdana" , sans-serif;"> </span><span style="font-family: "verdana" , sans-serif;">Page Preview will has been added below with GDB Solution File in .docx format.</span><br />
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<span style="font-family: "verdana" , sans-serif;"><b>Recommended</b></span><span style="font-family: Verdana, sans-serif;"><b> </b>: <a href="https://virtualstudysolutions.blogspot.com/2017/11/how-to-avoid-plagiarism-or-zero-marks.html">How to avoid Plagiarism or Zero Marks in Assignments / GDBs</a></span></div>
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<span style="font-family: "verdana" , sans-serif;">MGT101 GDB Solution Download Link</span></h4>
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MGT101 GDB No 1 Solution Spring 2018

MGT101 GDB No 1 Solution Spring 2018 Dear Students, Here you can read or Download MGT101 - Financial Accounting GDB No 1 Solution and...

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