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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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