FINALTERM EXAMINATION
Fall 2009
MGT101- Financial Accounting (Session - 4)
Ref No: 1195706
Time: 120 min
Marks: 87
Student Info
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StudentID:
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Center:
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ExamDate:
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2/22/2010 12:00:00 AM
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For Teacher's Use Only
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Q No.
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1
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2
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3
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4
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6
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7
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8
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9
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10
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11
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12
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13
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14
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15
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16
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Q No.
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17
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18
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19
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20
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21
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22
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23
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24
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25
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26
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27
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28
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29
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30
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31
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32
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Q No.
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33
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34
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35
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36
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37
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38
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39
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40
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Q No.
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41
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42
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43
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44
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45
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46
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47
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48
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Marks
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Q No.
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49
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50
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51
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52
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53
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54
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55
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56
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Marks
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Q No.
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57
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58
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59
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Marks
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Question No: 1 ( Marks: 1 ) - Please choose one
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► Latin
► English
► French
► Chinese
Question No: 2 ( Marks: 1 ) - Please choose one
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► Debit
► Credit
► Revenue
► None of the given options
Question No: 3 ( Marks: 1 ) - Please choose one
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► Account
► Voucher
► Journal
► Trial balance
Question No: 4 ( Marks: 1 ) - Please choose one
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► Negative Balance
► Debit Balance
► Positive Balance
► Credit Balance
Question No: 5 ( Marks: 1 ) - Please choose one
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► Public limited companies
► Private limited companies
► Partnership firms
► All of the given options
Question No: 6 ( Marks: 1 ) - Please choose one
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► Vehicle account
► Cash account
► Business account
► Bank account
Question No: 7 ( Marks: 1 ) - Please choose one

► Rs. 5,000
► Rs. 25,000
► Rs. 55,000
► Rs. 60,000
Question No: 8 ( Marks: 1 ) - Please choose one
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► Profit and loss account
► Balance sheet
► Statement of financial position
► All of the given options
Question No: 9 ( Marks: 1 ) - Please choose one
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► Prime cost
► Conversion cost
► Sunk cost
► Opportunity cost
Question No: 10 ( Marks: 1 ) - Please choose one
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► Name of organization
► Bank receipt
► Debit amount
► Credit amount
Question No: 11 ( Marks: 1 ) - Please choose one
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► Book-keeping
► Accounting
► Auditing
► All of the given options
Question No: 12 ( Marks: 1 ) - Please choose one
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► Fall in the market value of an asset
► Fall in the value of money
► Physical wear and tear
► All of the given options
Question No: 13 ( Marks: 1 ) - Please choose one
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► Bad debt recovered a/c
► Cash a/c
► Doubtful debts a/c
► Bad debts a/c
Question No: 14 ( Marks: 1 ) - Please choose one
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Particulars
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Rs.
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Bad debts
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1,600
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Provision for doubtful debts (old)
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2,000
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Current year’s provision (new)
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800
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► Rs. 400
► Rs. 800
► Rs. 2,000
► Rs. 2,400
Question No: 15 ( Marks: 1 ) - Please choose one

Particulars
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Rs.
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Bad debts
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3,600
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Provision for doubtful debts (old)
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6,000
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Current year’s provision (new)
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1,500
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► Rs. (5,100)
► Rs. 5,100
► Rs. (900)
► Rs. 900
Question No: 16 ( Marks: 1 ) - Please choose one
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► Double entry book keeping system
► Single entry book keeping system
► Cash accounting system
► All of the given options
Question No: 17 ( Marks: 1 ) - Please choose one

► Discount Received (Dr) and Creditors Control A/c (Cr)
► Discount Received (Dr) and Creditors A/c (Cr)
► Creditors Control A/c (Dr) and Discount Received (Cr)
► Creditors A/c (Dr) and Discount Received (Cr)
Question No: 18 ( Marks: 1 ) - Please choose one

► Rs. 1,000
► Rs. 9,000
► Rs. 10,000
► Rs. 11,000
Question No: 19 ( Marks: 1 ) - Please choose one
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► A’s account (Dr.) and B’s account (Cr.)
► B’s account (Dr.) and A’s account (Cr.)
► Sales account (Dr.) and B’s account (cr.)
► B’s account (Dr.) and Sales account (Cr.)
Question No: 20 ( Marks: 1 ) - Please choose one
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► Only sales account
► Only A’s account
► Only cash account
► Both sales account and A’s account
Question No: 21 ( Marks: 1 ) - Please choose one
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► Bank charges
► An error on the Bank Statement
► An uncredited deposit
► An unpresented cheque
Question No: 22 ( Marks: 1 ) - Please choose one
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Particulars
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Rs.
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Bad debts (from trial balance)
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1,600
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Provision for doubtful debts (old)
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2,000
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Current year’s provision (new)
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1,000
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► Rs. 600
► Rs. 1,000
► Rs. 2,000
► Rs. 2,600
Question No: 23 ( Marks: 1 ) - Please choose one
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Particulars
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Rs.
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Bad Debts (Given in trial balance)
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500
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Old provisions (Given in trial balance)
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700
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Sundry Debtors (Given in trial balance)
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44,800
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If the Provision for doubtful debts has been increased by 5%, which amount of new provision will be shown in Profit & Loss Account?
► Rs. 2,240
► Rs. 2,425
► Rs. 1,925
► Rs. 3,025
Question No: 24 ( Marks: 1 ) - Please choose one
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► Essential information to internal users of financial reports.
► Useful economic information about the business to the external parties for sound financial decisions.
► Information to internal users about the cash position of the business.
► Information to the Securities Exchange Commission (SEC).
Question No: 25 ( Marks: 1 ) - Please choose one
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► A cash flow statement
► A retained earnings statement
► An income statement
► A balance sheet
Question No: 26 ( Marks: 1 ) - Please choose one
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► Fixed assets
► Current liabilities
► Profit sharing ratio
► Long term assets
Question No: 27 ( Marks: 1 ) - Please choose one
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► Accounts receivable arises when a company buys goods or services from another party on credit
► Accounts receivable is a miscellaneous category that may include loans to employees
► Accounts receivable are more formal than notes receivable
► Accounts receivable are often called trade receivables
Question No: 28 ( Marks: 1 ) - Please choose one
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► Partner’s capital account
► Interest account
► Partner’s current account
► Profit & Loss account
Question No: 29 ( Marks: 1 ) - Please choose one
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► Fixed Capital Account
► Current Account
► Fluctuating Capital Account
► Floating Capital Account
Question No: 30 ( Marks: 1 ) - Please choose one
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► Name of company
► Place of registered office of company
► Objective of the company
► All of the given options
Question No: 31 ( Marks: 1 ) - Please choose one
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► Share premium account
► Share holder account
► Debtors control account
► Creditor control account
Question No: 32 ( Marks: 1 ) - Please choose one
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► It will be deducted in Income Statement only
► It will be treated as current liability in balance sheet only
► It will be treated as current asset in balance sheet only
► Both it will be deducted in income statement and it will be treated as current liability in balance sheet
Question No: 33 ( Marks: 1 ) - Please choose one
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► Sale of fixed asset
► Issue of debentures
► Cash from business operation
► Purchase of fixed asset
Question No: 34 ( Marks: 1 ) - Please choose one
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► The limited company form of business allows ownership of the business to be spread amongst many people
► Shareholders can appoint professionals
► Shareholders are personally liable for all the liabilities incurred by the business
► Regular filing of information about the affairs of the company is a legal requirement
Question No: 35 ( Marks: 1 ) - Please choose one
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► Rs. 98,000
► Rs. 1, 47,000
► Rs. 2, 45,000
► Rs. 3, 43,000
Question No: 36 ( Marks: 1 ) - Please choose one
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► It may treated as a deficit
► It may treated as a surplus
► It may treated as a revenue
► None of the given options
Question No: 37 ( Marks: 1 ) - Please choose one
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► Cash Account & Capital Account
► Cash Account & Expense Account
► Capital Account & Revenue Account
► Capital Account & Expense Account
Question No: 38 ( Marks: 1 ) - Please choose one
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► Customer’s account
► Sales return account
► Goods account
► Accounts receivable account
Question No: 39 ( Marks: 1 ) - Please choose one
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► Revenue Expenditures
► Capital Expenditures
► Deferred Expenditures
► None of the given options
Question No: 40 ( Marks: 1 ) - Please choose one
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► Doubtful debts
► Bad debts
► Provision for doubtful debts
► Loss
Question No: 41 ( Marks: 1 ) - Please choose one
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► Cash
► Discount received
► Creditors
► Bank
Question No: 42 ( Marks: 1 ) - Please choose one
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► Left side or credit
► Left side or debit
► Right side or debit
► Right side or credit
Question No: 43 ( Marks: 1 ) - Please choose one
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► Error of commission
► Error of omission
► Error of original entry
► Error of principle
Question No: 44 ( Marks: 1 ) - Please choose one
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► Depreciation expense
► Income tax expense
► Interest expense
► Dividends expense
Question No: 45 ( Marks: 1 ) - Please choose one
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► Title of financial statement
► Name of the person who prepares financial statement
► Period for which financial statement is prepared
► Name of business entity
Question No: 46 ( Marks: 1 ) - Please choose one
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► 1:2
► 2:3
► 3:2
► 3:1
Question No: 47 ( Marks: 1 ) - Please choose one
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► Revenue
► Net income
► Expense
► Liability
Question No: 48 ( Marks: 1 ) - Please choose one
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► Rs.89,700
► Rs.94,700
► Rs.95,300
► Rs.100,300
Question No: 49 ( Marks: 1 ) - Please choose one
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► 2
► 3
► 5
► 7
Question No: 50 ( Marks: 1 ) - Please choose one
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► State Bank of Pakistan
► Security and Exchange Commission of Pakistan
► Supreme Court
► Stock Exchange
Question No: 51 ( Marks: 1 ) - Please choose one
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► To write off preliminary expenses
► To meet the expenses of issue of shares
► To distribute among the share holders
► To issue bonus shares
Question No: 52 ( Marks: 1 ) - Please choose one
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► Issued capital
► Subscribed capital
► Authorized capital
► Reserve capital
Question No: 53 ( Marks: 1 ) - Please choose one
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► Current assets and other assets
► Current liabilities and current assets
► Current liabilities and plant and equipment
► Non current liabilities and other assets
Question No: 54 ( Marks: 1 ) - Please choose one
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► Rs. 40,000 cash outflow as investing activity
► Rs. 30,000 cash outflow as investing activity
► Rs. 10,000 cash inflow as investing activity
► Rs. 70,000 cash inflow as investing activity
Question No: 55 ( Marks: 3 )
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Question No: 56 ( Marks: 5 )
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Particulars
|
Rs.
|
Plant & Machinery
|
53,000
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Buildings
|
35,000
|
Tools & Equipment
|
8,650
|
Depreciation Rate:
v Plant & Machinery @ 10%
v Buildings @ 5%
v Tools& Equipment @ 15%
Question No: 57 ( Marks: 5 )
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Calculate mark up on Mr. Ali’s capital for the year ending on 30th June 2008.
Question No: 58 ( Marks: 10 )
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1. Wage of Rs. 500 paid for the installation of plant debited to Wages Account.
2. Purchases of Office Equipment Rs. 2,000 were recorded as regular purchases of business.
3. Credit sale of Rs. 600 to Kareem was wrongly debited to Kamran.
4. Rs. 200 drawn by the proprietor was treated as Trade Expenses.
5. Rs. 300 received as a Commission was wrongly credited to Sales Account.
Required:
Pass the rectifying entries only.
Question No: 59 ( Marks: 10 )
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Particulars
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Rs.
|
Capital
|
120,000
|
Trade Creditors
|
17,500
|
Bills payable
|
1,000
|
Sales
|
626,100
|
Raw material Stocks on 1-1-2007
|
30,000
|
Work in process on 1-1-2007
|
35,600
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Finished Goods on 1-1-2007
|
35,400
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Purchases
|
518,000
|
Carriage inwards
|
8,900
|
Discount Allowed
|
750
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Debtors
|
16,000
|
Sales man commission
|
2,000
|
Office expenses
|
2,000
|
Carriage outwards
|
1,700
|
Bad debts
|
1,400
|
Salaries
|
13,000
|
Direct labor
|
1,800
|
FOH
|
1,100
|
Plant & Machinery
|
53,000
|
Buildings
|
35,000
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Tools
|
8,650
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Long term liability
|
4,902
|
Drawings
|
5,000
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Stock as on 31st December, 2007
Ø Raw material Stocks Rs. 31,000
Ø Work in process Rs. 25,000
Ø Finished Goods Rs. 53,900
Depreciation Rate:
v Plant & Machinery is depreciated @ 10%
v Buildings is depreciated @ 5%
v Tools is depreciated @ 15%
Additional data
v Reserve and bad debts is to be created at 5% on debtors.
v Net Income for the year Rs. 75,000
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