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baqi 4 questions thay each question of 3 number
numerically questions thay
or kuch mcq b numericaly thay
ik quiz aya tha deprication wala 150000 ka asset tha uski par anum 1O% depriciation thi finacial year 1 jan to 31 december or asset 1st november ko purchase kiya straight line methoed se hall karna tha

Tags: 2012, Accounting-MIDTERM, Financial, MAY, MGT101, PAPER, SPRING

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Permalink Reply by Yasmeen(S.admin) on May 16, 2012 at 1:52pm

subjective
.
Calculate the rate of depreciation used for reducing balance method of depreciation with the help of given data.
.
Cost of the asset Rs. 200,000
Residual Value Rs. 80,000
Expected Life 4 years
.
Calculate amount of sales with the help of data given below:
Ø Cost of sales = Rs. 5,000
Ø Assets = Rs. 200,000
Ø Closing stock = Rs. 7,000
Gross profit = Rs. 40,000
.
How the cost of goods sold of a manufacturing concern is different from the cost of goods sold of a trading concern?
.
Ahmad Limited acquires an asset costing Rs. 30,000. The company estimates its useful life for 5 years with a residual value of Rs. 5,000. The company charges depreciation using straight-line method. In second year, the company estimates its residual value Rs. 7,000 and remaining useful life of 3 years.
.
Required:
Compute the amount of depreciation charges for first and second year
.

Permalink Reply by Yasmeen(S.admin) on May 19, 2012 at 12:39pm

differentiate between pass book & cash book. (5)
.
trial balance sheet of abc company making(5)
.
ledger & journal posting(3)

Permalink Reply by Yasmeen(S.admin) on May 19, 2012 at 12:47pm

Question number 1st

Calculate working capital with the help of given data.

Particulars
Rs.
Particulars
Rs.
Cash in Hand
51,000
Bills Payable
67,000
Bills Receivable
6,000
Sundry Creditors
140,000
Sundry Debtor
90,000
Closing Stock
70,000

Question number 2
If:
Original cost of fixed asset Rs. 1,000,000
Accumulated Depreciation Rs. 400,000
Revalued amount of fixed asset Rs. 500,000

Required:
Calculate the Written down value and Loss on revaluation of fixed asset

Question number :3
State whether the following are capital or revenue expenditure.
Construction of basement costing Rs. 300,000 at office premises
Paid a bill of Rs. 30,000 of Mr. Shahbaz, who was engaged as the erection engineer to set up a new automatic machinery costing Rs. 20,000 at the new factory site.
Incurred Rs. 30,000 expenditure on varied advertisement campaigns undertaken yearly on a regular basis, during the peak festival season.

Question number 4 :

List down the different methods adopted for stock valuation.

Permalink Reply by Yasmeen(S.admin) on May 19, 2012 at 12:48pm

Almost all MCQs from Past Papers

Question no1: 3 marks

Calculate the profit of the business…

Given data:-

Gross profit = 20,000 Rs

Cost of sales = 1,000 Rs

Office expenses = 10,000 Rs.

Distribution expenses = 3,000 Rs

Question 2. marks 3

Given data:

Machinery purchased on 1^st November 2010 = 150,000 Rs
Depreciation rate 10 % p.a
Financial year starts from January 1^st December 31^st

Calculate depreciation expense and book value.

Question 3:- Marks 5

cash in hand = 51,000

bills receivable = 6,000

Sundry debtors = 90,000

Bills payable = 67,000

Sundry creditors = 140,000

Closing stock = 70,000

Calculate the working capital.

Question 4. marks 5

Cost of the machine = 50,000 Rs

Written down value of the machine = 21,000

Opening written down value of the machine = 37,500

Closing written down value of the machine = 59,369

Calculate the book value and depreciation expense…

Permalink Reply by Yasmeen(S.admin) on May 19, 2012 at 12:48pm

Question 2. marks 3

Given data:

Machinery purchased on 1^st November 2010 = 150,000 Rs
Depreciation rate 10 % p.a
Financial year starts from January 1^st December 31^st

Calculate depreciation expense and book value.

Solution:

Cost of machine: 150,000 Rs

Depreciation rate 10%

150,000 x 10% x 11/12=13,750 Rs (Dep)

150,000-13,750= 136,250 Rs (book Value)

Permalink Reply by Yasmeen(S.admin) on May 19, 2012 at 12:49pm

mcqs aur sare questions numerical questions the

28 mcqs (1 marks each)

2 short Q (3 marks)

Depriciation and WDV find karni thi Weighted average method se.(3 marks)

Sales find karni thein with given values of C/S,O/S,Net profit,Purchases,operating expenses. (3 marks)

2 detail Q (5 marks)

Reconciliation statement find karni thi.(5 mark)

Depriciation maloom karnit thi Diminishing balance method se.(5 mark)

Permalink Reply by Yasmeen(S.admin) on May 19, 2012 at 12:50pm

Question no1: 3 marks

Calculate the profit of the business…

Given data:-

Gross profit = 20,000 Rs

Cost of sales = 1,000 Rs

Office expenses = 10,000 Rs.

Distribution expenses = 3,000 Rs

Question 2. marks 3

Given data:
Machinery purchased on 1st November 2010 = 150,000 Rs
Depreciation rate 10 % p.a
Financial year starts from January 1st December 31st

Calculate depreciation expense and book value.

Question 3:- Marks 5

cash in hand = 51,000

bills receivable = 6,000

Sundry debtors = 90,000

Bills payable = 67,000

Sundry creditors = 140,000

Closing stock = 70,000

Calculate the working capital.

Question 4. marks 5

Cost of the machine = 50,000 Rs

Written down value of the machine = 21,000

Opening written down value of the machine = 37,500

Closing written down value of the machine = 59,369

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