An analysis is made for the steady two-dimensional laminar boundary layer flow of a viscous, incompressible, electrically conducting fluid near a stagnation point past a shrinking sheet with slip in the presence of a magnetic field. The governing boundary layer equations are transformed to ordinary differential equations by taking suitable similarity variables and solved numerically by Shooting method. The effects of the various parameters such as velocity ratio parameter, slip parameter, Prandtl number, Eckert number and magnetic parameter for velocity and temperature distributions have been discussed in detail through graphical representation.