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MGT101 GDB No 2 Solution

MGT101 GDB No 2 Solution Fall 2017

Dear Students, MGT101 GDB Solution has been added. Here you can read or Download MGT101 -  Financial Accounting GDB No 2 Solution and Discussion of Semester Fall 2017. GDB Due Date is 24 January, 2018. We are here to facilitate your learning and we do not appreciate the idea of copying or replicating solutions


Your discussion must be based on logical facts.MGT101 GDB Important Instructions:

  • 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.
  • The 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.

MGT101 GDB Topic:


  • Rectification of errors

MGT101 GDB Learning Objectives:


  • To understand the type of errors and effects of identified errors on trial balance and financial statements

MGT101 GDB No 2 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.

MGT101 GDB Cases

Case A: Goods of Rs. 100,000 bought on credit from Mr. Ali but recorded as Rs. 10,000.
Case B: Cash withdrawals from business wrongly debited to the cash account and credited to the drawings account.

MGT101 GDB Required Tasks:


  • 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.

MGT101 GDB No 2 Solution Fall 2017

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Solution:
  • Error of Original Entry
  • Error of Commission
  • In case 1 trial balance would be understated and in case II trial balance would be unaffected (Not sure )
  • Net profit before correct the error is 150000 and After correct the error 90000 charged to goods so net profit will be 150000-90000=60000

MGT101 GDB No 2 Solution Download Link