Virtual Study Solutions: MGT101 GDB

MGT101 GDB No 2 Solution Fall 2017

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<span style="font-family: "verdana" , sans-serif;">MGT101 GDB No 2 Solution Fall 2017</span></h3>
<span style="font-family: "verdana" , sans-serif;">Dear Students, <b>MGT101 GDB Solution</b> has been added. Here you can read or Download <b>MGT101</b> -  Financial Accounting <b>GDB No 2 Solution</b> and Discussion of Semester <b>Fall 2017</b>. GDB D</span><span style="font-family: Verdana, sans-serif;">ue Date is 24 January, 2018. We are here to facilitate</span><span style="font-family: verdana, sans-serif;"> your learning and we do not appreciate the idea of copying or replicating solutions. Previously we shar</span><span style="font-family: Verdana, sans-serif;">ed <a href="http://virtualstudysolutions.blogspot.com/2017/12/mgt101-current-and-past-mid-term-papers-fall-2017.html">MGT101 Current and Past Mid Term Papers Fall 2017</a>.</span><br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjv_eUy6wB13obxLlOskSNCgcscaT3gRDrgZzRX0Tbhmas2xpYOVuWz7kE3VqGcq_Yk4blaC2UcKhmtPNjUiDPYZwTQmbXJSyYfERmloLbnBvjjLowbDTG0-p5DlvFD1q9_gPLA6kUa_PY/s1600/MGT101+GDB+No+2+Solution+Fall+2017.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img alt="MGT101 GDB No 2 Solution Fall 2017" border="0" data-original-height="669" data-original-width="944" height="226" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjv_eUy6wB13obxLlOskSNCgcscaT3gRDrgZzRX0Tbhmas2xpYOVuWz7kE3VqGcq_Yk4blaC2UcKhmtPNjUiDPYZwTQmbXJSyYfERmloLbnBvjjLowbDTG0-p5DlvFD1q9_gPLA6kUa_PY/s320/MGT101+GDB+No+2+Solution+Fall+2017.png" title="MGT101 GDB No 2 Solution Fall 2017" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: Verdana, sans-serif;">MGT101 GDB No 2 Solution Fall 2017</span></td></tr>
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<span style="font-family: Verdana, sans-serif;">MGT101 GDB Important Instructions:</span></h4>
<ul style="text-align: left;">
<li><span style="font-family: Verdana, sans-serif;">Your discussion must be based on logical facts.</span></li>
<li><span style="font-family: Verdana, sans-serif;">Do not copy or exchange your answer with other students. Two identical / copied comments will be marked Zero (0) and may damage your grade in the course.</span></li>
<li><span style="font-family: Verdana, sans-serif;">Obnoxious or ignoble answer should be strictly avoided.</span></li>
<li><span style="font-family: Verdana, sans-serif;">Questions / queries related to the content of the GDB, which may be posted by the students on MDB or via e-mail, will not be replied till the due date of GDB is over.</span></li>
</ul>
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<span style="font-family: Verdana, sans-serif;"><b>Recommended </b>: <a href="http://virtualstudysolutions.blogspot.com/2017/04/mgt101-short-notes-for-mid-term-from-lec-1-to-22.html">MGT101 Short Notes for Mid term from Lec 1 to 22</a></span></div>
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<span style="font-family: Verdana, sans-serif;">MGT101 GDB Topic:</span></h4>
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<span style="font-family: Verdana, sans-serif;"><ul style="text-align: left;">
<li>Rectification of errors</li>
</ul>
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<span style="font-family: Verdana, sans-serif;">MGT101 GDB Learning Objectives:</span></h4>
<span style="font-family: Verdana, sans-serif;"><ul style="text-align: left;">
<li>To understand the type of errors and effects of identified errors on trial balance and financial statements</li>
</ul>
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<span style="font-family: Verdana, sans-serif;">MGT101 GDB No 2 Question:</span></h3>
<span style="font-family: Verdana, sans-serif;">Mr. Aslam is running his small business under the name of Aslam and Sons. He has recently hired Mr. Anwar as a junior accountant to maintain the books of accounts of his business. Mr. Anwar has little knowledge in accounting. Recently, it has been observed that Mr. Anwar made the following errors in the books of accounts.</span><h4 style="text-align: left;">
<span style="font-family: Verdana, sans-serif;">MGT101 GDB Cases </span></h4>
<span style="font-family: Verdana, sans-serif;"><b>Case A:</b> Goods of Rs. 100,000 bought on credit from Mr. Ali but recorded as Rs. 10,000. <br /><b>Case B:</b> Cash withdrawals from business wrongly debited to the cash account and credited to the drawings account.</span><div>
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<span style="font-family: Verdana, sans-serif;">MGT101 GDB Required Tasks:</span></h4>
<span style="font-family: Verdana, sans-serif;"><ul style="text-align: left;">
<li>Identify the “type of error” committed by Mr. Anwar under Case-A given above.</li>
<li>Identify the “type of error” committed by Mr. Anwar under Case-B given above.</li>
<li>What will be the effect of given errors on arithmetical accuracy of trial balance? (Just mention whether the trial balance would be overstated, understated or remains unaffected).</li>
<li>Compute the correct amount of Net profit, if net profit before correcting the above errors was Rs. 150,000.</li>
</ul>
<b>Please Note:</b> Be concise and avoid unnecessary detail to attempt the given questions.</span><h3 style="text-align: left;">
<span style="font-family: Verdana, sans-serif;">MGT101 GDB No 2 Solution Fall 2017</span></h3>
<span style="font-family: "verdana" , sans-serif;">You can see the sample Solution file page preview below. and You can easily </span><br />
<span style="font-family: "verdana" , sans-serif;">Download MGT101 GDB No 2 Solution File from the Download Button given below:</span><br />
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<span style="font-family: Verdana, sans-serif;"><b>Solution:</b><br /><ul style="text-align: left;">
<li>Error of Original Entry</li>
<li>Error of Commission</li>
<li>In case 1 trial balance would be understated and in case II trial balance would be unaffected (Not sure )</li>
<li>Net profit before correct the error is 150000 and After correct the error 90000 charged to goods so net profit will be 150000-90000=60000</li>
</ul>
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<span style="font-family: "verdana" , sans-serif;">MGT101 GDB No 2 Solution Download Link</span></h4>
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MGT101 GDB No 2 Solution Fall 2017

MGT101 GDB No 2 Solution Fall 2017 Dear Students, MGT101 GDB Solution has been added. Here you can read or Download MGT101 - Financial...

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MGT101 GDB No 1 Solution Spring 2017

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<span style="font-family: Verdana, sans-serif;">MGT101 GDB No 1 Spring 2017</span></h3>
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<span style="font-family: Verdana, sans-serif;">Dear Students, here you can read <b>MGT101</b> - Financial Accounting <b>GDB No 1 Solution Spring 2017</b>. MGT101 GDB Opening Date is 13 Jul, 2017 and Closing Date is 19 Jul, 2017. </span><span style="font-family: Verdana, sans-serif;">Previously we </span><span style="font-family: Verdana, sans-serif;">shared </span><a href="http://virtualstudysolutions.blogspot.com/2017/02/mth101-gdb-no-2-solution-discussion-2017.html" style="font-family: Verdana, sans-serif;">MTH101 GDB No. 2 Solution / Discussion - 2017</a><span style="font-family: Verdana, sans-serif;">.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLkKmjcVVQKe2-VvtHSp6R0KhfrMMLfnLst3Zp5tXWPUUwr2U66XvsiPlWEWC5Q1LhCKRiWlFgx9v_l3n5EhFR-EQXMMuID03MqDG0f9esR-kszoR1j7olvRiyE7DBJIJVHWmYjCvkMUU/s1600/mgt101+gdb+no+1+solution+spring+2017.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="669" data-original-width="944" height="225" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLkKmjcVVQKe2-VvtHSp6R0KhfrMMLfnLst3Zp5tXWPUUwr2U66XvsiPlWEWC5Q1LhCKRiWlFgx9v_l3n5EhFR-EQXMMuID03MqDG0f9esR-kszoR1j7olvRiyE7DBJIJVHWmYjCvkMUU/s320/mgt101+gdb+no+1+solution+spring+2017.png" width="320" /></a></div>
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<span style="font-family: Verdana, sans-serif;"><br /></span><h3 style="text-align: left;">
<span style="font-family: Verdana, sans-serif;">MGT101 GDB Topic:</span></h3>
<span style="font-family: Verdana, sans-serif;">Capital and Revenue Expenditure, Non-Current Assets & Depreciation and their effects in financial statements.</span></div>
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<span style="font-family: Verdana, sans-serif;"><br /></span></div>
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<span style="font-family: Verdana, sans-serif;"><b>Recommended :</b> <a href="http://virtualstudysolutions.blogspot.com/2017/04/mgt101-short-notes-for-mid-term-from-lec-1-to-22.html">MGT101 Short Notes for Mid term from Lec 1 to 22</a></span><h3 style="text-align: left;">
<span style="font-family: Verdana, sans-serif;">MGT101 GDB Question:</span></h3>
<span style="font-family: Verdana, sans-serif;">Mr. Hamid is working as a junior accountant in accounts department of a business concern. He has little knowledge in accounting. Recently, it has been observed by his senior manager that Mr. Hamid had ignored the distinction between capital and revenue expenditure and charged an amount of Rs. 200,000 incurred on purchase of a non-current asset to the profit and loss account showing a profit of Rs. 500,000. As a result, the financial statements would be failed to reflect true and fair state of affairs of the business. The purchased asset is estimated to have useful life of 5 years with salvage value of Rs. 20,000.</span><h4 style="text-align: left;">
<span style="font-family: Verdana, sans-serif;">Required:</span></h4>
<span style="font-family: Verdana, sans-serif;"><ul style="text-align: left;">
<li>What would be the annual depreciation expense under the straight line method?</li>
<li>Reporting of non-current assets at written down value rather than at historical cost shows more realistic financial position. Which accounting principle is followed for such reporting?</li>
<li>Whether the above error would understate/overstate the capital reported in the balance sheet of business concern?</li>
<li>What should have been the correct amount of profit?</li>
</ul>
<b>Please Note: </b>Your comment should not be greater than 100 words.</span></div>
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<span style="font-family: Verdana, sans-serif;"><br /></span></div>
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<span style="font-family: Verdana, sans-serif;"><b>Recommended :</b> <a href="http://virtualstudysolutions.blogspot.com/2014/03/mgt-101-mgt-401-mcqs-solved-final-term.html">Mgt 101, Mgt 401 MCqs Solved Final term papers</a></span><h3 style="text-align: left;">
<span style="font-family: verdana, sans-serif;">MGT101 GDB</span><span style="font-family: Verdana, sans-serif;"> Instructions</span></h3>
</div>
<div>
<ul style="text-align: left;">
<li><span style="font-family: Verdana, sans-serif;">Your discussion must be based on logical facts.</span></li>
<li><span style="font-family: Verdana, sans-serif;">The GDB will remain open for 5 working days/ 120 hours.</span></li>
<li><span style="font-family: Verdana, sans-serif;">Do not copy or exchange your answer with other students. Two identical / copied comments will be marked Zero (0) and may damage your grade in the course.</span></li>
<li><span style="font-family: Verdana, sans-serif;">Obnoxious or ignoble answer should be strictly avoided.</span></li>
<li><span style="font-family: Verdana, sans-serif;">Questions / queries related to the content of the GDB, which may be posted by the students on MDB or via e-mail, will not be replied till the due date of GDB is over</span></li>
</ul>
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<span style="font-family: Verdana, sans-serif;">MGT101 GDB No 1 Solution</span></h4>
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<span style="font-family: Verdana, sans-serif;">MGT101 GDB No 1 Solution idea shared by <b>M. Usman Akram</b></span></div>
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<span style="font-family: Verdana, sans-serif;"><b><br /></b></span></div>
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MGT101 GDB No 1 Solution Spring 2017

MGT101 GDB No 1 Spring 2017 Dear Students, here you can read MGT101 - Financial Accounting GDB No 1 Solution Spring 2017 . MGT101 GDB O...

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