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[Solved] MGT101 GDB 1 Fall 2020  


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MGT101 Financial Accounting GDB 1 Solution & Discussion Fall 2020


MGT101 GDB Solution:

 

Transaction

 

Particular Account

Nature Debit or Credit

Applied rule of Debit and Credit

Invest of cash for Rs. 30,000 is made in business by the owner.

Capital A/C

Credit

Increase Equity

Invest of cash for

Rs. 300,000 on credit basis.

Land A/C

Debit

Increase Assets

 

Paid services of Rs. 25,000 by cheque.

Salaries A/C

Debit

 

Increase

Expenses.

Goods returned to

suppliers for Rs. 10,000

Purchase

Return A/C

Credit

 

Decrease

Expenses.

Sold goods of RS, 40,000 XYZ brothers on cash basis.

 

Sales A/C

Credit

 

Increase

Income.

 

 

Download attachment for MGT101 GDB solution file in MS Word.

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