Saturday, July 4, 2009

MGT101 3rd July Updated

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MGT101
1: a If the closing stock is given in trial balance what will be its effect on profit and loss account and on Balance Sheet and why?
b If the depreciation is given in trial balance what will be its effect on profit and loss account and on Balance sheet and why?
2: Prepare Bank Reconciliation Statement as on 31 march (amounts yaad nhn)
Balance as per cash book (Dr.)
A: Cheque sent for collection but not collected by bank.
B: Cheques issued but not presented in bank.
C: Interest credited by bank but not recorded in cash book.
D: Dividend collected by bank but intimation was received on Ist April.
E: Bank charges debited by bank but not recorded in cash book.
F: Cheque issued to a trader but not presented upto 31 march.
3: Prepare balance sheet from trial balance net profit was given. Adjustments were:
A: Salaries not paid or accrued salaries
B: Prepaid insurance.
C: 5% provision on doubtful debts (Only Sundry Debtors was given in trial balance)
D: 20% depreciation on machinery and furniture.
4: Debtor Control Account and Creditor Control Account


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