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Tag: VU Assignment no 1 MGT101 Financial Accounting

VU Assignment no 1 MGT101 Financial Accounting

VU Assignment No 1 MGT101 Financial Accounting

Date
Accounts involved
Debit
Rs. Credit
Rs. Applied Rule of Debit and Credit with respect to the nature of account
March 01 Bank Account
Capital Account 900,000
900,000 Increase in Asset a/c
Increase in Owner’s equity a/c
March 01 Mr. Irfan Account
Cash Account 90,000
90,000 Decrease in Liabilities a/c
Decrease in Asset a/c
March 01 Purchase Account
Cash Account
Ammar Rental 280,000
170,000
110,000 Increase in Asset a/c
Decrease in Asset a/c
Increase in Liabilities a/c
March 04 Purchase Account
Office Furniture Account
Ashar & Co. Account 5,000
50,000

55,000 Increase in Asset a/c
Increase in Asset a/c
Increase in Liabilities a/c
March 08 Cash Account
Mukhtar Construction Account 10,000
10,000 Increase in Asset a/c
Increase in Income a/c
March 10 M/S ABC Account
Sale Account 5,000
5,000 Increase in Asset a/c
Increase in Income a/c
March 17 Raza & Co. Account
Cash Account 3,400
3,400 Increase in Expense a/c
Decrease in Asset a/c
March 27 Bank Charges Account
Bank Account 150
150 Increase in Expense a/c
Decrease in Asset a/c
March 30 Bank Account
M/S ABC Account 10,000
10,000 Increase in Expense a/c
Decrease in Asset a/c
March 31 Salary Account
Cash Account 3,600
3,600 Increase in Expense a/c
Decrease in Asset a/c


This is OK…. Statments Just See and Check it now…..
March 01
Bank Account 900,000 Increase in Asset a/c
Capital Account 900,000 Increase in Owner’s equity a/c

March 01
Mr. Irfan Account 90,000 Decrease in Liabilities a/c
Cash Account 90,000 Decrease in Asset a/c

March 01
Purchase Account 280,000 Increase in Asset a/c
Cash Account 170,000 Decrease in Asset a/c
Ammar Rental 110,000 Increase in Liabilities a/c

March 04
Purchase Account 5,000 Increase in Asset a/c
Office Furniture Account 50,000 Increase in Asset a/c
Ashar & Co. Account 55,000 Increase in Liabilities a/c

March 08
Cash Account 10,000 Increase in Asset a/c
Mukhtar Construction Account 10,000 Increase in Income a/c

March 10
M/S ABC Account 5,000 Increase in Asset a/c
Sale Account 5,000 Increase in Income a/c

March 17
Raza & Co. Account 3,400 Increase in Expense a/c
Cash Account 3,400 Decrease in Asset a/c

March 27
Bank Charges Account 150 Increase in Expense a/c
Bank Account 150 Decrease in Asset a/c

March 30
Bank Account 10,000 Increase in Expense a/c
M/S ABC Account 10,000 Decrease in Asset a/c

March 31
Salary Account 3,600 Increase in Expense a/c
Cash Account 3,600 Decrease in Asset a/c

Regard : Asad Azeem MBS 1st (mc130200467)

VU Assignment No 1 MGT101 Financial Accounting

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