MGT101 GDB SOLUTION FALL 2017
Dear VU (Virtual University of Pakistan) Students, here you read and download MGT101 (Financial Accounting) GDB No.2 SolutionFall–2017. GDB Total Marks 05. You can download easily GDB Solution click the download button and get GDB Solution. GDB Open Date 19th January 2018 and GDB Closing Date 22th January 2018. You can also like for latest update our Facebook page, YouTube channel and follow on Google+. Previously (VU KI DUNIYA) share MGT101 (Financial Accounting) Assignment No.1 Solution fall – 2017.
gdb 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.
GDB Topic:
- Rectification of errors
Learning Objective:
- To understand the type of errors and effects of identified errors on trial balance and financial statements
GDB Question:
Mr. Aslam is running his small business under the name of Aslam and Sons. He has recently hired Mr. Anwar as a junior accountant to maintain the books of accounts of his business. Mr. Anwar has little knowledge in accounting. Recently, it has been observed that Mr. Anwar made the following errors in the books of accounts.
GDB Case:
Identify the “type of error” committed by Mr. Anwar under Case-A given above.
Identify the “type of error” committed by Mr. Anwar under Case-B given above.
What will be the effect of given errors on arithmetical accuracy of trial balance? (Just mention whether the trial balance would be overstated, understated or remains unaffected).
Compute the correct amount of Net profit, if net profit before correcting the above errors was Rs. 150,000.
Please Note: Be concise and avoid unnecessary detail to attempt the given questions.
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