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    MGT101 GDB 1 Solution and Discussion

    MGT101 - Financial Accounting
    mgt101 gdb 1 solution discussion spring 2020
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    • zaasmi
      zaasmi Cyberian's Gold last edited by

      Re: MGT101 GDB 1 Solution and Discussion

      Total Marks 4
      Starting Date Tuesday, June 02, 2020
      Closing Date Monday, June 08, 2020
      Status Open
      Question Title GDB-01
      Question Description

      Topic to be tested:

      Financial Statements
      

      Learning Objectives:

      To understand the presentation of Profit and loss account/Income statement.
      

      GDB Question:

      Mr. Waseem is working as an accountant in a business organization under the name of ABC Brothers. He has recently prepared financial statements by using the data available in Trial Balance of ABC Brothers and he has presented the financial statements to the Manager accounts of the organization. Manager accounts observed the following errors in the income statement prepared by Mr. Waseem, which produce inaccurate financial affairs of business.

      Carriage inwards of Rs. 35,000 wrongly reported under the head of selling expenses.
      Carriage outwards of Rs. 15,000 wrongly reported under the head cost of goods sold.
      Selling expenses of Rs. 20,000 wrongly reported under the head of administration expenses.
      Financial expenses of Rs. 13,000 wrongly reported under the head of selling expenses.
      

      Required:

      What will be correct amount of Gross profit, if Gross profit before correcting the given errors was Rs. 335,000?
      What will be correct amount of Cost of goods sold, if the reported amount of sales was Rs. 400,000?
      What will be the effect of error “A. Carriage inwards of Rs. 35,000 wrongly reported under the head of selling expenses” on Cost of goods sold? (Just mention whether the Cost of goods sold would be overstated, understated or remains unaffected)
      What will be the effect of given errors on net profit? (Just mention whether the net profit would be overstated, understated or remains unaffected)
      

      Note: Be concise and avoid unnecessary detail to attempt the given questions.

      Important Instructions:

      Your discussion must be based on logical facts.
      Do not copy or exchange your answer with other students. Two identical / copied comments will be marked Zero (0) and may damage your grade in the course.
      Obnoxious or ignoble answer should be strictly avoided.
      Questions / queries related to the content of the GDB, which may be posted by the students on MDB or via e-mail, will not be replied till the due date of GDB is over.
      

      Discussion is right way to get Solution of the every assignment, Quiz and GDB.
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      Dilshad Khan cyberian 2 Replies Last reply Reply Quote 0
      • zaasmi
        zaasmi Cyberian's Gold @farman hassan last edited by

        @farman-hassan said in MGT101 GDB 1 Solution and Discussion:

        @Dilshad-Khan bhi yeha xxx ka kia matlb he

        This is example to find out Net profit.

        Discussion is right way to get Solution of the every assignment, Quiz and GDB.
        We are always here to discuss and Guideline, Please Don't visit Cyberian only for Solution.
        Cyberian Team always happy to facilitate to provide the idea solution. Please don't hesitate to contact us!
        NOTE: Don't copy or replicating idea solutions.
        Quiz Copy Solution
        Mid and Final Past Papers
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        1 Reply Last reply Reply Quote 0
        • farman hassan
          farman hassan @Dilshad Khan last edited by

          @Dilshad-Khan bhi yeha xxx ka kia matlb he

          zaasmi 1 Reply Last reply Reply Quote 0
          • cyberian
            cyberian Cyberian's @zaasmi last edited by

            @zaasmi said in MGT101 GDB 1 Solution and Discussion:

            Re: MGT101 GDB 1 Solution and Discussion
            Total Marks 4
            Starting Date Tuesday, June 02, 2020
            Closing Date Monday, June 08, 2020
            Status Open
            Question Title GDB-01
            Question Description
            Topic to be tested:
            Financial Statements

            Learning Objectives:
            To understand the presentation of Profit and loss account/Income statement.

            GDB Question:
            Mr. Waseem is working as an accountant in a business organization under the name of ABC Brothers. He has recently prepared financial statements by using the data available in Trial Balance of ABC Brothers and he has presented the financial statements to the Manager accounts of the organization. Manager accounts observed the following errors in the income statement prepared by Mr. Waseem, which produce inaccurate financial affairs of business.
            Carriage inwards of Rs. 35,000 wrongly reported under the head of selling expenses. Carriage outwards of Rs. 15,000 wrongly reported under the head cost of goods sold. Selling expenses of Rs. 20,000 wrongly reported under the head of administration expenses. Financial expenses of Rs. 13,000 wrongly reported under the head of selling expenses.
            Required:
            What will be correct amount of Gross profit, if Gross profit before correcting the given errors was Rs. 335,000? What will be correct amount of Cost of goods sold, if the reported amount of sales was Rs. 400,000? What will be the effect of error “A. Carriage inwards of Rs. 35,000 wrongly reported under the head of selling expenses” on Cost of goods sold? (Just mention whether the Cost of goods sold would be overstated, understated or remains unaffected) What will be the effect of given errors on net profit? (Just mention whether the net profit would be overstated, understated or remains unaffected)

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            Discussion is right way to get Solution of the every assignment, Quiz and GDB.
            We are always here to discuss and Guideline, Please Don't visit Cyberian only for Solution.
            Cyberian Team always happy to facilitate to provide the idea solution. Please don't hesitate to contact us!
            NOTE: Don't copy or replicating idea solutions.
            Quiz Copy Solution
            Mid and Final Past Papers
            Live Chat

            1 Reply Last reply Reply Quote 0
            • Dilshad Khan
              Dilshad Khan @zaasmi last edited by

              @zaasmi said in MGT101 GDB 1 Solution and Discussion:

              GDB Question:
              Mr. Waseem is working as an accountant in a business organization under the name of ABC Brothers. He has recently prepared financial statements by using the data available in Trial Balance of ABC Brothers and he has presented the financial statements to the Manager accounts of the organization. Manager accounts observed the following errors in the income statement prepared by Mr. Waseem, which produce inaccurate financial affairs of business.
              Carriage inwards of Rs. 35,000 wrongly reported under the head of selling expenses. Carriage outwards of Rs. 15,000 wrongly reported under the head cost of goods sold. Selling expenses of Rs. 20,000 wrongly reported under the head of administration expenses. Financial expenses of Rs. 13,000 wrongly reported under the head of selling expenses.

              SOLUTION.
              A. Carriage towards of Rs. 35,000 wrongly reported under the head of selling expenses. B. Carriage Outwards of Rs. 15,000 wrongly reported under the head cost of goods sold. C. Selling Expenses of Rs. 20,000 wrongly reported under the head of administration expenses. D. Financial Expenses of Rs. 13,000 wrongly reported under the head of selling expenses.
              What will be correct amount of Gross profit, if Cross profit before correcting the given errors was Rs. 335,000?

              Gross Profit 335,000
              Less Carriage Inward 35,000
              Gross Profit 300,000

              Income Statement:
              Sales XXX
              Less CGS XXX

              Gross Profit XXX
              Less Selling Exp. XXX
              Less Admin Exp. XXX

              Net Profit XXX

              farman hassan 1 Reply Last reply Reply Quote 0
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