Académique Documents
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For Solution , Visit: paksights.com/education
Note: Attempt any five questions. All questions carry equal marks.
Question No. 1
(6) Write down the formula for determining the net profit under Net worth method
Question No. 2
For their mutual accommodation, Amar draws a bill for Rs.10, 000 on Bilal for three months. Bilal
accepts it and returns it to Amar. The proceeds of the are to be shared by Amar and Bilal in the ratio of
3/5 and 2/5 respectively. The bill is discounte4 by Amar for Rs. 9,950 and he remits 2/5 of the proceeds
to Bilal Before the due date Bilal draws another bill for Rs 20, 000 on Amar at three months with the
help of these proceeds the frist bill is met by Bilal. The bill discounted for Rs 19, 900. Before the due
date of the second bill Amar becomes insolvent and his estate pays only 25% of the debts.
Form the Following particulars; prepare a revised cashbook and a Bank Reconciliation Statement of
Paradise Stores as 31st March, 2008.
(a) Credit balance as per the cash Book on 31-03-2008 was Rs. 60, 000.
(b) A wrong debit of Rs. 2,000 has been given by the bank in the Pass Book.
(c) Bank charges made by the bank Rs. 480 were recorded only in the Book.
(d) Out of the cheques for Rs. 100, 000 paid into the bank, cheques for Rs. 75, 000 were cleared and
credited by the bank.
(e) Two cheques for Rs. 30,000 and Rs. 60, 000 were issued but out of them only one cheque for
Rs.30000 was presented for payment up tp 31st march, 2008.
(f) Dividend on shares Rs.18, 000 was collected directly by the bank. The trader has no information
about this.
(g) The pass book contains an entry for Rs 20, 000 being a direct payment made by a customer into the
bank.
Question No. 4
Following is the Receipts and Payments Account of Chenab Club for the year ended on 31st December,
2002:
Rs. Rs.
32,150 32,150
2001 December – 31st Balances of investments Rs.10, 000 Furniture Rs.5,000, Buildings Rs.25, 000
Subscription due Rs.4,000 Stock, of stationery Rs.200. The balance as on 31st December 2002 Rs.150.
Depreciate due Rs.2,500 Stock of sports material Rs.3,000 and Stock of stationery Rs.150. Depreciate
furniture by 10% and buildings by 5% interest due on investments .500.
Question No. 5
Hamza and Subhan were partners in a firm sharing profits and losses as Hamza and Subhan 1/4 on 1st
January 2009. Their business position was as below.
Assets Rs Liabilities Rs
They agreed o admit Riaz into partnership. He agrees to pay the partners Rs.20, 000 by way of goodwill
and introduce 3/5 of the combined capital of the two existing partners after depreciating paint and
stock at 20% and 10% respectively and raising a reserve of 10% against sundry Debtors, The new partner
is to be allowed 1/4th share of the profit of the firm.
Required: You are asked to record the above transaction in the books of the firm and give the resultant
Balance sheet of the new firm.
Question No.6
Enumerate the methods of calculating “Depreciation”. Discuses briefly the merits and demerits of each
method
Question No. 7
In taking out the Trial Balance the accountant finds that the total of the credit side exceeds that of debit
side by Rs.2,410 He places the difference to Suspense Account and subsequently detects the following
mistakes:
(a) Stationery purchased for Rs. 890 but debited to stationery account as 980.
(b) A sum Rs. 650 received form Alam was credited twice in his account.
(c) Wages Rs. 250 paid for installing a machine was debited to wages account as Rs. 520.
(d) A sales of Rs. 350 was entered in the purchase book as Rs. 530 but customer’s account was correctly
debited with Rs. 350.
(e) A sale of Rs. 1,000 to Fawad was credited to his account twice.
(f) Old furniture sold for Rs. 6,000 was passed through sales book.
Required: Pass the rectifying journal entries and close the suspense account.
Question No. 8
From the following trial Balance of Farhan and co. you are required to prepare Trading and profit and
loss account / Income statement for the year ending on 31st March 2009, and a Balance sheet as at that
date:
Debit Credit
Carriage 1,250
Furniture 2,500
561,250 561,250
Adjustments:
(4) Interest on saleem and Co. loan was due for one year.
Note: Attempt any five questions. All questions carry equal marks.
Question No.1
On 1st January, 2010 Abdullah sold goods to Omer for Rs 60, 000 Omer paid Rs 12, 000 in cash
and three bills for balance. The first bill for Rs. 14, 00 at one month the second for Rs 16, 000 at
two months and the third for the balance amount at three months
Abdullah endorsed 1st bill to Akram his creditor on 2nd January in full settlement of Rs 14, 200,
discounted the 2nd bill at his bank for Rs. 15, 840 and retained the third bill till maturity.
The first bill is met at maturity. The second bill is dishonored and Rs. 200 being paid as noting
charges. Abdullah charges Rs..300 for interest and draw on Omer a forth bill for the amount at
three months. At maturity the 3rd bill was renewed with interest of 10% p.a. for three months.
The 5th bill was duly accepted by Omer. The fourth and fifth bills were met on maturity.
Question No. 2
From the following particulars prepare Bank Reconciliation Statement of Mr. Hamza as at 31st
December 2009.
(b). Cheques issued prior to 31st Documenter amounted to Rs, 1, 800 of which cheques of Rs. 1,
050 have so far been presented to the bank.
(c). Interest on over draft for six months ending on 31st December Rs. 235 debited in the bank
Statement.
(d). Cheque paid into Banff-, but not cleared and credited by the Bank were Rs. 3, 250
(e). Bank charges debited in the Bank Statement amounted to Rs. 65.
(f). Interest and dividends on investments, etc, collected and credited by the, bank in the Bank
Statement amounted to Rs 350.
(g). A cheque for Rs. 220 received from a customer and entered in the bank column of the cash
Book was omitted to be paid into the bank.
(h). A customer has directly paid Rs. 350 to our banker in the settlement of his account
Question No. 3
The following balances appeared in the Books of Sania on 31st December, 2008.
Rs Rs
Required: Prepare Trading and Profit and Loss Account of Income statement for the year ended
31st December, 2008, and balance sheet as on that date. In doing so take the following matters
into consideration
(iv). Salaries Rs. 500 and Taxes Rs. 150 are outstanding.
(viii). A hill receivable for Rs 500 was discounted in December, 2008 but was not due till
January 2009.
Question No. 4
Ms. Affaf finds excess debit of Rs 800 in the trial balance. She places the difference to a newly
opened suspense account to balance the trail balance. Later she discovers the following
discrepancies.
(a) An item of Sale for Rs 5, 900 was posted to the sale a/c at 9, 500.
(b)The total of the sales returns book has been added Rs 100 short
(c) An amount of Rs 3, 700 received from a customer has been credited to his account as Rs. 7,
300.
(d) Rs. 150, 000 paid for purchase of building has been charged to the ordinary purchase
account.
(e) A sum of Rs 9, 500 written off from building a/c as depreciation has not been posted to
depreciation a/c.
(f) An amount received from a debtor of Rs. 9.700 has been debited to his account as Rs. 7, 900.
Required: Give the rectifying entries and prepare the Suspense Account. State also the ultimate
effect of these correcting entries on the profit of the business.
Question No. 5
Suleman keeps his books on single entry system. His statement of Assets and Liabilities as on
31st December 2007 is as follows:
Assets Rs Liabilities Rs
Furniture & fixtures 6, 000 Loan from money Lender 113, 200
His drawings during the year amount to Rs.6000. land and building are to be depreciated by 2%,
furniture and fixture by 10% and plant and machinery by 10%. Sundry debtors are to be reduced
by 2%. He has used Rs. 1600worth of stock of his business for private purposes. During the year
2007 he sold some of his household furniture for Rs. 2000 and paid this into his business bank
account. His capital at beginning of the year was Rs. 60,000. draw up his statement of profit
and loss of the year ended 31st December 2007.
Question No. 6
The partnership of A, B and C who are sharing profits and losses in the proportion of 4/9, 2/9
and 1/3 is dissolved on 1st April 2005. Their balance sheet of 31st March was as follows:
Assets Rs Liabilities Rs
A 34, 000
B 23, 000
C 1, 500
Furniture 1, 850
Machinery 7, 500
Question No. 7
Question No. 8
Define worksheet. Explain its various columns. Elaborate its importance in the modern
accounting?
For Solution , Visit: paksights.com/education
Note: Attempt any five questions. All questions carry equal marks.
Question No. 1
Noman for mutual accommodation draws a bill for Rs.45, 000 on Ahsan at three
months. Noman gets the bill discounted by his banker for Rs. 43, 875 and remits
Rs 14, 625 to Ahsan on maturity Noman is not able to send the amount due to
Ahsan, to enable him to meet the bill. He, however, accepts a bill-for Rs. 56,250
which is discounted by Ahsan for Rs. 52,875. Ahsan meets his acceptance and
remits Rs. 2, 700 to Noman. Before the due date of the bill Noman becomes
insolvent and a dividend of 60 paisa in the rupee is received from his estate.
Required: Pass journal entries and show account of Noman in the books of Ahsan.
Question No. 2
(a) A trader has two Bank Accounts a/c No.1 and a/c No.2. The following
particulars relating to a/c No.1 are available on 31st March 2010.
(ii). Cheque drawn prior to 31st March but not presented as yet Rs.16, 000.
(iii). Cheque paid into the bank on 31st March 2010 but not yet credited Rs. 28,
000.
(iv). Interest debited by the bank but not entered in the cash book as yet Rs. 1,
600.
(v). Transfer from A/c No. 2 to A/c No.1 recorded by the bank on 31st March, but
not entered in the cashbook Rs. 12, 000.
(vi). Bank charges debited by the bank but not recorded in the cash book as yet
Rs. 40.
(b) Enter the following transactions in the books of A Rahim in a double column
cash book and balance the same on 30thApril, 2010.
April 1 Cash in hand Rs. 80, 000 and bank overdrawn balance Rs. 270, 000.
April 5 Endorsed the first cheque to purchase furniture from A and the second
cheque to B to settle his account
April 10 Sold goods to M for cash Rs. 200, 000 and deposited the same into the
bank.
April 30 Deposited all cash over Rs. 40, 000 into the bank.
Question No. 3
The Trail Balance of Farooq & Co. did not agree. The credit side was exceeding
that of debit side by Rs. 20, 000 and the difference was placed in Suspense A/c.
The following errors were discovered later on. To rectify these errors pass
necessary journal entries and prepare suspense account State also the effect of
errors on final accounts.
2. An amount of Rs. 5, 200 receivable from Salman & Co. was not included in
Debtors schedule.
3. Received Rs. 11, 600 from Khawaja & Co. but this was credited to their account
as Rs. 10, 000.
4. Goods sold to Ahsan for Rs.14, 000 on credit were not posted to his account.
5. Rafiq Bros. returned goods worth Rs. 6, 000. This was credited to their account
but not entered in the sales returns book.
Question No. 4
X Y and Z carrying on business and sharing profits in the ratio of 3:2:1 respectively
agreed to dissolve their partnership firm on 31st December 2010. The balance
sheet of the firm as on that date is as follows:
Assets Rs Liabilities Rs
Z 72, 000
X agreed to take over machinery at on agreed value of Rs. 80, 000. A sum of Rs.
63, 000 could be realized from debtors and stock was sold for 46, 000. The
creditors were satisfied by payment of Rs. 84,000. X agreed to bear all expenses
of dissolution. For this service X is to be paid Rs. 3, 000? Actual expenses amount
to Rs.5, 000. Draw up a realization account, bank account and partner’s capital
accounts assuming that all partners are solvent
Question No. 5
Given below is the receipts and payments account of the mumtaz club for the
year ending 31st December 2010.
Rs Rs
Prepare the Club’s income and expenditure account for the year ended 31st
December, 2010 and its Balance sheet as on that date, after taking the following
information into account:
(i). There are 500 members, each paying an annual subscription of Rs. 50, Rs. 500
being in arrears for 2009.
(ii) Municipal taxes amounting to Rs. 400 per annum have been paid up to 31st
March 2011 and Rs. 500 for salaries is outstanding.
(iii) Building stood in the books at Rs. 50, 000 and it s required to write off
depreciation at 5 per cent.
(iv) Three per cent interest has accrued investments for five months.
Question No. 6
From the following Trial Balance of Shahid Bros. Prepare a trading & Profit and
Loss A/C for the year ended 31-12-2010 and also Balance Sheet as on the above
date.
Debit Credit
Stock on 1-1-2010 48,400
Purchases 82,000
Sales 239,200
Capital 366,400
Drawings 16,800
Furniture 48,000
Salaries outstanding 52,000
Sundry Debtors 67,200
Sundry Creditors 50,000
Income Tax 2,400
Machinery 7,2000
Building 160,000
Investment in 10% Govt,Securities 32,000
Wages 48,000
Salaries 52,000
General Expenses 12,000
Cash at Bank 12,000
Cash in Hand 8,000
Total 660,880 660,800
Adjustments
(1) Depreciate Building at 2% p.a, Machinery at 5% p.a and furniture at 10% p.a.
(2) Provide for doubtful debts @ 5% and for discount @ 5% on sundry debtors.
(3) Create reserve for discount on creditors @ 3%.
(4) Wages payable Rs 6,000.
(5) Stock on 31-12-2010 is 65,200.
Question No. 7
(a) On 1st July 2007 Raiz purchased machinery for Rs. 60, 000. Depreciation is to
be provided for at 10% on diminishing balance each year. On 31st October 2009
1/4 of Machinery was sold for Rs. 6,000 as they became useless. On the same
date he purchased new machinery for Rs. 20,000. Prepare machinery account
from 2007 to 2009. Accounts are closed on 31st December every year.
(b) Pass the necessary adjusting entries from the following for the year ended on
31st December 2010.
(i) Salaries outstanding for the month of December, 2010 Rs. 4, 000.
(iii) Commission received in advance Rs. 2, 000 out of which Rs. 1, 000 has been
earned.
(iv) Goods value Rs. 2,000 was taken away by the proprietor for personal use for
which no record has been made in the book.
Question No.8
Note: Attempt any five questions. All questions carry equal marks.
Question No. 1
A sold goods to B for Rs. 50, 000 and drew on B a bill for the amount at 3 months.
A endorsed the bill-to his creditor. C. C endorsed it to his creditor D. D got the bill
discounted by his bank at 12% p.a. On maturity, the bill is dishonored and bank
pays Rs. 50 for noting charges.
Question No. 2
On 31st March, 2011, the Cash Book of Mr. Aqeel shows Rs.33, 436 as bank
balance. But it does not agree with the balance as shown by the Pass Book. On
comparison, you
(1) The payment side of the cash book was under cast by Rs. 400.
(2) A cheque issued for Rs: 524 on 25th March, was recorded in the cash column
of the cash book.
(3) A cheque of Rs. 600 deposited was recorded in the cash column of the cash
book.
(4) On 20th March, the debit balance of Rs. 6, 104 as on the previous day was
brought forward as credit balance.
(5) Of the total cheques amounting Rs. 46, 056 drawn in the last week of March
2011, cheque totaling Rs. 31, 260 encashed in March.
(6) Dividend of Rs. 1, 000 collected by the bank was not entered in the cash book.
(7) Trade subscription of Rs. 400 paid by the bank was not recorded in the cash
book.
(8) One outgoing cheque for Rs. 1, 400 was recorded twice in the cash book.
Prepare a Bank Reconciliation Statement with the help of revised cash book as at
31st March, 2011.
Question No. 3
From the following Trail Balance and adjustments, you are required to prepare
Trading and Profit and Loss Account for the year ended 31st December, 2011 and
a Balance Sheet as on 31.12.2011.
Adjustments:
Question No. 4
In taking out the Trial Balance the accountant finds that the total of the credit side
exceeds that of debit side by Rs.2, 410. He places the difference to a suspense
account subsequently detects the following mistakes:
(i) Stationary purchased for Rs. 890 but debited to stationary account as Rs. 980.
(ii) A sum of Rs. 650 received from Alain was credited twice in his account.
(iii) Wages Rs. 250 paid to installing a machine ware debited to wages account as
Rs. 520.
(iv) A sale of Rs. 350 was entered in the purchase book as Rs. 530 but customer’s
account was correctly debited with Rs. 350.
(v) A sale of Rs. 1, 000 to Fawad was credited to his account twice.
(vi) Old furniture sold for Rs. 6,000 was passed through sale book.
Question No. 5
Enter five imaginary transactions in Journal, post them in ledger and prepare trial
balance.
Question No. 6
Write short notes on:
Question No. 7
The following are the assets and liabilities of Mr. Qaiser at the end and beginning
of the year 2011, under single entry system
During the year Mr. Qaiser had withdrawn Rs. 6, 000 in cash and Rs. 3, 000 in
goods from the business. He had also introduced Rs.100, 000 as additional capital.
A machine book value Rs. 25, 000 had been sold during the year for Rs. 30, 000
and new machine costing Rs.58, 000 was purchased in replacement. New
furniture costing Rs.2, 000 was purchased during the year.
Prepare a statement of profit and loss for the year ended December 31 2011
Question # 8
Ali and Babar are partners in a firm sharing profits and losses as All 3/4 and Babar
1/4 on January, 2011 their position was as given below;
Assets Rs Liabilities Rs
Usman is now to join the partnership. He agrees to pay the partners Rs. 40, 000
by way of goodwill and introduce 3/5 of the combined capital of the two existing
partners after depreciating plant and stock at 20% and 10% respectively and
raising a reserve of 10% against sundry’ debtors. The new partner is to be allowed
114th share of the profits of the firm.
You are asked to record the above transactions in the books of the firm and give
the resultant Balance sheet of the new firm.
For Solution , Visit: paksights.com/education
Note: Attempt any five questions. All questions carry equal marks.
Question No. 1
For their mutual Accommodation Asim draws a bill for Rs. 50, 000 on Wasif for
three months. Wasif accepts it and returned it to Asim, The proceeds Of the bill
are to be shared by Asim and Wasif in the ratio of 3/5 and 2/5 respectively. The
bill is got discounted by Asim for Rs, 49, 750 and he remits 2/5 of the proceeds to
Wasif. Before the due date Wasif draws another bill for Rs. 100, 000 on Asim at
three months, which help of these proceeds the first bill is met by Wasif and
remaining proceeds are shared Asim and Wasif in the ratio of 2/5 and 3/5
respectively. The bill is discounted for Rs. 99, 500. Before the due date of the
second bill, Asim becomes insolvent and his estate pays only 25% of the debts.
Question No. 2
(1) Bank balance as on 31st March 2011 as per pass book Rs. 15, 200
(3) Cheques issued but not presented to bank for payment Rs.2, 000
(4) Cheques deposited to bank but not credited in the pass book.Rs.7, 000
(5) A cheque entered as a deposit in a cash book instead of payment Rs.220
(6) Rs. 364 paid into Bank had been entered twice in the cash book.
(7) The receipt column of the Cash Book has been over cast by Rs, 1, 000
(8) A cheque drawn for Rs, 9 had been incorrectly entered in the cash book as
Rs.99.
Question No. 3
(b) A sum of Rs 100 written off as depreciation on furniture was not debited to
depreciation account.
(d) A machine bought for Rs. 5,000 has been debited to purchase account.
(e) Sale of old machine for Rs. 500 to Mehwish has been entered in the Sales
Book.
(g) A sale of Rs.359 to R has been entered correctly in the Sales Book but credited
to S account as Rs. 395
(h) Repairs Rs. 680 to Motor Truck has been debited to Motor Vehicle account as
Rs 860
(i) Cash received from John Rs. 300 has been debited to John’s a/c.
(j) Furniture purchased for Rs 3, 000 was not entered in the books.
Question No. 4
The following are the balances extracted from the books of A. Rashid as at 31st
December 2008.
You are required to prepare trading and profit and loss account for the year
ended 31st December 2008 and a balance sheet as on that date after making the
following adjustments.
(6) The value of Stock on 31st December 2008 was Rs. 14, 290
Question No. 5
Jamil does not maintain proper books of accounts. From the following particulars
prepare trading and profit and loss accounts for the year ended 31st December,
2010 and the balance sheet on that date.
31.12.2011 31.12.2012
Rs.
Salaries 6, 000
Rent 750
Drawings 1, 500
Question No. 6
Question No. 7
Sarmad and Bilal were partners in a firm sharing profits equally. Their business
position on 30th June 2009 was as follows:
Assets Rs Liabilities Rs
Investments 1,300
It is agreed to take Shahid into partnership and to make the following
adjustments:
Shahid introduced Rs. 2000 as capital for his 1/3 share. Other partner’s capital
should be adjusted according to new partner’s capital.
Question No. 8
Enumerate the methods of calculating depreciation. Discuss briefly the merits and
demerits of each method.
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