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Fall2014 MGT101 1 PDF
Fall2014 MGT101 1 PDF
TOPIC TO BE TESTED:
Basic concepts involved in the preparation of General Journal
LEARNING OBJECTIVES:
To express the effects of business transactions in terms of debits and credits to
different types of accounts.
To record the effects of business transactions in a journal.
QUESTION
Mr. A has recently incorporated Courier Delivery Enterprise. Suppose he has
appointed you as an account officer in his office and assigned you a task to
prepare the General Journal of the company for the month of September 2014
(First operational month of the company). The transactions of for period are as
follows:
Date Transactions
1-Sep Mr. A started business with cash Rs. 500,000 and also borrowed from bank Rs. 250,000 @18% p.a. to
continue the business operations.
2-Sep Purchased courier vehicles for Rs.250,000
9-Sep Purchased goods worth Rs. 50,000, from Hafeez & Co.
12-Sep Mr. A withdrew cash for personal use Rs. 5,000 and goods of Rs. 2,000 from the business.
25-Sep Motor cycle bought on Sep 2, 2014 was sold for Rs. 20,000 (cost Price Rs. 55,000) being damaged
IMPORTANT:
Grace period of extra 24 hours after the due date is usually available to
overcome uploading difficulties. This extra time should only be used to meet
the emergencies and above mentioned due dates should always be treated as
final to avoid any inconvenience.
IMPORTANT INSTRUCTIONS
FORMATTING GUIDELINES:
Use the font style Times New Roman or Arial and font size 12.
It is advised to compose your document in MS WORD format (as
provided below).
You may also compose your assignment in Open Office format.
Use black and blue font colors only.
RULES FOR MARKING
Please note that your assignment will not be graded or graded as Zero (0), if:
It is submitted after the due date.
The file you uploaded does not open or is corrupt.
It is cheated or copied from other students, internet, books,
journals.