mgt101 gdb 1 solution spring 2021 | MGT101 Assignment 1 Solution Fall 2021

 

MGT101 SPRING

(GDB 1)

SOLUTION:

Transitions	Particular         Account	Nature Debit or Credit	Applied Rule of     Debit and credit
Investment of cash for Rs. 350,000 is made in business by the owner.	Cash a/c	Debit	Increase in asset
Purchased goods of Rs. 600,000 on account.	Creditors a/c	Credit	Increase in Liabilities
Received commission of Rs. 10,000.	Commission a/c	Credit	Increase in Income
Sold goods of Rs. 200,000 on credit basis.	Debtors a/c	Debit	Increase in Asset
Goods returned from customers for Rs. 15,000.	Sales return a/c	Credit	Decrease in Income

 

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