MGT101 VU Final Paper 23 February 2013

1. (3)

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

2. (3)

Write down the components of Cash Flow Statement

3. (3)

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

 Required:

Calculate the amount of current year profit or loss from the given information.

4. (5)

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:

December 31    

Current Assets:                                                                     2007              2006

     Rs.                 Rs.             

  • Cash                                                                            60,000            80,000
  • Accounts receivable                                                            250,000          190,000
  • Inventory                                                                   437,000          360,000

Current liabilities:

  • Accounts payable                                                    420,000          390,000
  • Accrued liabilities                                                         8,000           12,000

Required:

Determine the cash provided by Operating activities for the year if the depreciation charges were Rs. 50,000 during the year.

5. (5)

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.

6. (5)

Following is the Sales Return Journal of T. Company ltd.

 

Date Credit note Name of Debtors Rs.
10-12-2010

1

Mr. A

10,000

20-12-2010

2

Mr. B

20,000

31-12-2010

3

Mr. C

30,000

 

Total

60,000

                                                                                                            

Required:

Prepare Sales return account and Debtors control account for T. Company ltd.

6. (5)

Following information is available of Shabaz & Co.

 

Particulars

Rs.

Insurance expenses

1,000

Audit fee

2,000

Legal charges

3,000

Gross Profit

20,000

Return inwards

1,000

Cost of goods sold

4,000

Bank charges

500

Required:

Calculate the amount of Operating income and Net income

7. (5)

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

 

Required:

Prepare Partners current accounts of “A” and “B” based on the above information.

Another Paper

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)

Question 1:
Particulars Rs.
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

Question 2:
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
debentures.

Question 3:
Steps of formation of Private Company

Question 4:
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.

Question No:5
Calculate Cost of good sold by given data.

Question No:6
Find depreciation expense and written down value by straight line method

 

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