MGT101 Assignment Solution

MGT101 Assignment Solution

Prepared by Saqib Zahoor

Required:

On the following pages, you would find an incomplete journal, a ledger and the corresponding trial balance based on transactions given on the previous page. You are required to:

1.  Pass the missing journal entries in General Journal of April 18, 2017 and April 26,2017

2.  Prepare the complete Cash account

3.  Prepare the complete Trial balance

Answer -1

1.  Pass the missing journal entries in General Journal of April 18, 2017 and April 26, 2017

General Journal

Date / Description / L/F / Debit Rs. / Credit Rs.
April-18 2017 / Farhan brothers a/c
Sales A/C
(Being sale of goods on credit basis) / 15
13
5
1 / 280,000
200,000 / 280,000
200,000
April-26 2017 / Furniture A/C
Cash A/C
(Purchase of the furniture on cash)

Answer # :2

Prepare the complete Cash account

MR.ASLAM
CASH ACCOUNT
FOR THE MONTH OF APRIL 2017
DEBIT / CREDIT
Date / Particulars, / J.R / Amount. / Date / Particulars, / J.R / Amount.
APRIL-01 2017 / Capital A/c / 1 / 400,000 / 2-Apr-17 / Purchase a/c / 1 / 250,000
APRIL-12 2017 / Machinery a/c / 1 / 400,000 / 26-Apr- 17 / Furniture a/c / 2 / 200,000
APRIL-14 2017 / Sales a/c / 1 / 350,000 / 29-Apr- 17 / Rent a/c / 2 / 90,000
Balance C/F / 610,000
Total / 1,150,000 / Total / 1,150,000

Answer # 3

Prepare the complete Trial balance

MR.ASLAM
TRIAL BALANCE
As on April 30, 2017
S. No. / Title of Account / Account Code No. / Debit / Credit
1 / Cash Account / 1 / 610,000
2 / Machinery account / 3 / 300,000
3 / Furniture account / 5 / 500,000
4 / Capital account / 7 / 1400,000
5 / Purchases account / 9 / 335,000
6 / Accounts Payable mr.akram & sons / 11 / 85000
7 / Sales account / 13 / 630,000
8 / Accounts Receivable – Farhan Brothers / 15 / 280,000
9 / Rent / 17 / 90,000
Total / 2,115,000 / 2,115,000