[vu-students] mgt 101 assignment # 01 solution

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Semester "Spring 2011"

"FINANCIAL ACCOUNTING – 1 (MGT101)"

Assignment No. 01 Marks: 20

Question No. 1

 

Determine the missing amount on each of the following options with the help of Accounting Equation.

 

Sr. No. Assets       = Liabilities         + Capital

1. Rs. 35,000       = Rs. 12,000       + Rs. 23,000

2. Rs. 40,000       = Rs. 26,400       + Rs. 13,600

3. Rs. 54, 000       = Rs. 9,000        + Rs. 45,000

Total Rs. 129000   = Rs. 47400        + Rs. 81600

 

Question No. 2

From the following transactions, identify the nature of expenditure whether Capital Expenditure or Revenue Expenditure by filling up the appropriate boxes given below.

S. No. Transactions Nature of expenditure

 

1 Merchandise purchase for cash is         Revenue Expenditure

2 Paid rent of the building is              Capital Expenditure

3 Commission paid to the workers is      Revenue Expenditure

4 Cost of acquiring the patent rights is   Revenue Expenditure

5 Installation cost of the machinery is    Capital Expenditure

 

Question No. 3

a) Briefly describe the difference between Tangible and Intangible Assets.

b) Write down the type of Asset (Tangible / Intangible) in the appropriate boxes given below.

S. No. Transactions Type of Asset

 

1 Raw Material / Stores is                                   Tangible Asset

2The Technology of information and database is        Intangible Asset

3 Abilities and innovations of the employers is   Intangible Asset

4 The money – Cash at Bank is                    Tangible Asset

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