Mgt101 Assignment No. 2
Saturday, January 01, 2011 Posted In MGT Edit ThisSemester "Fall 2010"
"FINANCIAL ACCOUNTING – 1 (MGT101)"
Assignment No. 02 Marks: 20
QUESTION – 01
The following are the information available from the Trial Balance of Mr. Ali & Sons for the
year ended on 31st December 2010.
Adjustments:
�� Write off Rs. 5,000 bad debts from accounts receivable.
�� Maintain provision for doubtful debts at 5%.
Required:
1. Calculate new provision.
2. Calculate the amount of Provision for doubtful debts to be appeared in Profit and
Loss Account.
3. Calculate the amount of Sundry debtors to be shown in Balance Sheet.
QUESTION – 02
The financial year of Mr. Ali & Sons is closed on June 30, 2010. Data regarding Mr. Ali &
Sons is given below:
Required:
Prepare Debtors control account for the month of June, 2010.
Particulars Debit
Rs.
Credit
Rs.
Accounts receivable
Bad debts
Provision for doubtful debts
205,000
8,000
6,000
Particulars Rs.
Opening balance of sundry debtors 25,000
Cash sales 100,000
Credit sales 50,000
Discount allowed 2,000
Discount received 6,000
Receipts from debtors 35,000
Bad debts written off 10,000
Sales returns (from credit sales) 5,000
Important Tips
1. This Assignment can be best attempted from the knowledge acquired after
watching video lecture no. 1 to lecture no. 27 and reading handouts as well as
recommended/reference books).
2. Video lectures can be downloaded for free from Online VU Lectures
Schedule
Opening Date and Time December 31, 2010 At 12:01 A.M. (Mid-Night)
Due Date and Time January 05, 2011 At 11:59 P.M. (Mid-Night)
Note: Only in the case of Assignment, 24 Hrs extra / grace period after the above mentioned
due date is usually available to overcome uploading difficulties which may be faced by the
students on last date. 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.
