MGT202 Assignmnet 1 Solution and Discussion

[zareen]

Teacher‟s Message:

Dear Student,
Here is your Assignment for the course of MGT202. It will provide you an opportunity to get yourself prepared for your final-term exam. Before comprehending and attempting the assignment, we would like you to note some of the following important points:
 This assignment has been designed to enhance and assess your financial knowledge so it is advisable to put your genuine efforts towards its attempt. You may, however, consult multiple study resources or to anyone who has requisite financial expertise but the solution should be prepared wholly and solely by you.
 Always remember that copied/cheated solutions not only earn you low marks but also spoil your knowledge. So, keep yourself at a safe distance from ready-made and substandard solutions.
 Read the assignment requirements carefully and follow the provided guidelines in their true letter and spirit. Believe it that you are capable enough to do it by yourself so just give it a try.
 Before starting your attempt, you are also advised to read the solution guidelines and all other instructions provided at the end of the assignment.
 While preparing your assignment solution, pay your full attention towards all the requirements and instructions regarding assignment and wherever you feel any difficulty while understanding the requirements, just email us at mgt202@vu.edu.pk. We’ll always be there for your guidance.
Happy Learning!!!
LEARNING OBJECTIVES:
After attempting this assignment whole-heartedly, the students would be able to understand:
 how to journalize the transactions in General Journal
 how to post the transaction into Ledger from Journal
 how to prepare Trial Balance by taking balances from ledger book

Assignment:

A local public school has made the following transactions in the month of December:
Dec. 02: Deposited cash of Rs. 1,000,000 in accumulated fund
Dec. 09: Purchased furniture for classrooms worth Rs. 300,000 from Modern
Furniture House (MFH); paid Rs. 175,000 in cash and promised to pay
the remaining amount in few days
Dec. 16: Paid the remaining outstanding amount to MFH
Dec. 23: Paid salaries to the school staff amounting Rs. 200,000 Dec. 30: Paid utility bills amounting Rs. 70,000
You are required to:
a) Journalize the above transactions;
b) Post them into Ledger accounts; and c) Prepare „Trial Balance‟
(10 marks) (10 marks) (5 marks)
(It is advised to consult and comprehend “Module # 13: Accounting and Double-Entry Book-Keeping” before attempting this assignment.)

  Please read the following instructions carefully before preparing the assignment solution:

 Copy or reproduction of material is strictly prohibited. You may consult multiple sources for
knowledge and understanding but the assignment should be composed in your own words.
 Your attempt must be to-the-point and according to the requirement.
 Put your genuine efforts in order to understand the concepts thoroughly.
24 hours extra/grace period after the due date is usually available to overcome uploading difficulties. This extra time should only be used to meet the emergencies and above mentioned due dates should always be treated as final to avoid any inconvenience.
DEADLINE:
 Make sure to upload the solution file before the due date on VULMS.
 Any submission made via email after the due date will not be accepted.
FORMATTING GUIDELINES:
 Use the font style “Times New Roman”, “Arial” or “Garamond” and font size “12”.
 It is advised to compose your document in MS-Word format.
 You may also compose your assignment in Open Office format.
 Use black and blue font colors only.
RULES FOR MARKING
Please note that your assignment will not be marked or marked as Zero (0), if:
 Plagiarism is found more than 20% because university is following Zero Tolerance Policy for plagiarism. In case of copied solution, plagiarism report will be attached with the
assignment solution files in order to provide exact results of copied data.
 It is submitted after the due date.
 The uploaded solution file is corrupt.
 It is in any format other than MS-Word or Open Office.
 It is cheated or copied from other students, internet, books, journals etc.
------------------------< BEST OF LUCK >------------------------

[zareen]

idea solution please?