If the capitals of the partners are fixed, Pass Journal Entries for the following:
- Drawings made by partner
- Excess drawn amount is returned by partner
- Profit distribution among partner
Write down the components of Cash Flow Statement
Following information is available of ABC Company limited at the end of a particular accounting period:
- Opening balance of accumulated profit Rs. 80,000
- Closing balance of accumulated profit Rs. 50,000
- Amount transferred to reserves Rs. 10,000
Calculate the amount of current year profit or loss from the given information.
For the year ended December 31, 2007. ABC Company reported a Net Income of Rs. 84,000. The opening and closing balances of company’s Current assets and Current liabilities were as follow:
Current Assets: 2007 2006
- Cash 60,000 80,000
- Accounts receivable 250,000 190,000
- Inventory 437,000 360,000
- Accounts payable 420,000 390,000
- Accrued liabilities 8,000 12,000
Determine the cash provided by Operating activities for the year if the depreciation charges were Rs. 50,000 during the year.
You are given the following data relating to a public limited company:
Gross profit, Rs. 125,000; Indirect expenses, Rs. 80,000; other income, Rs. 5,000; and net profit Rs. 35,000.
Required: Calculate interest expense of the company.
Following is the Sales Return Journal of T. Company ltd.
|Date||Credit note||Name of Debtors||Rs.|
Prepare Sales return account and Debtors control account for T. Company ltd.
Following information is available of Shabaz & Co.
|Cost of goods sold||
Calculate the amount of Operating income and Net income
Following is the information of “A” and “B” of their partnership business.
- Opening balance of A’s current account and B’s current account Rs. 15,000 and Rs. 25,000 respectively
- Profit distributed to “A” and “B” Rs. 5,000 and Rs. 8,000 respectively
- Salaries of “A” and “B” Rs. 2,000 and Rs. 3,000 respectively
Prepare Partners current accounts of “A” and “B” based on the above information.
Total Questions: 60
Total Marks: 86
Total MCQs: 52 (Each of 1 Mark)
Total Short Questions: 3 (Each of 3 Mark)
Total Long Questions: 5 (Each of 5 Mark)
Raw Material – Opening Stock 10,000
Raw Material – Purchases 2,000
Raw Material – Closing Stock 3,000
Packing Material – Opening Stock 4,000
Packing Material – Purchases 5,000
Packing Material – Closing Stock 6,000
Based on the above information you are required to calculate the following:
· Cost of Raw Material Consumed
· Cost of Packing Material Consumed
10 % Debentures of Rs. 80,000 are shown in trial balance. How it will
be shown in financial statements? Also mention why a company issues
Steps of formation of Private Company
Financial year decided by partnership agreement is 1st July to 30th June. Mr. Ali is partner and having a
capital of Rs. 1,500,000 on July 1st 2007 and he introduced more capital on August 1st 2007 Rs. 10,000
on April 1st 2008, Rs.500,000 and on June 1st 2008 , Rs. 5,000. Mark up rate is 10% p.a.
Calculate mark up on Mr. Ali’s capital for the year ending on 30th June 2008.
Calculate Cost of good sold by given data.
Find depreciation expense and written down value by straight line method
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