Replies to This Discussion

Advertise Here

Permalink Reply by Yasmeen(S.admin) on February 7, 2012 at 8:04pm

62 MCQs FROM PAST PAPERS

 

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

 

 

 

Permalink Reply by Yasmeen(S.admin) on February 8, 2012 at 11:50am

total questions 69 
4 questions of 5 marks 
3 questions of 3 marks 
q) Does the cross-functional team formed by experts belonging to multiple 
different fields really need a leader? (3) 
q) stress is most likely trigger energy and motivation. do you agree with 
this or not ? discuss breifly 3 
q) non verbal communication is very strong how an email message contain 
nonverbal communication? 3 
q)a pharma compnay's CEO want to change annual seniorty program to pay for 
performance so what stratigies will be used whats your recommendations ? 5 
q)why people join unions? 5 
q )what criteria should be a measure for employee performance 5 
what factors make recruitment more effective
5

Permalink Reply by Yasmeen(S.admin) on February 8, 2012 at 11:51am

Total question 69

 

On March 01, 2003 XYZ company Ltd was formed with an authorized capital of 500,000 shares of Rs.10 each. The company issued 100,000 shares at 10% Discount per share in April 1, 2003.Calculate the Discount per share and the Amount received by the company.

 

 

 

Mr. Ali is a partner in a partnership firm. He drew the following amounts during the financial year:

 

August 01	Rs. 3,000
October 01	Rs. 4,500

Required:

Calculate the markup on his drawings, if the rate of markup is 8% p.a. The period for the financial year is from 1^st July to 30^th June (12 months).

 

 

During the current year, a company declared and paid Rs. 60,000 cash dividend and 10% stock dividend. How will these two items be treated on the current year’s Statement of Cash Flows?

 

 

The face value of the share of ABC public limited company is Rs.10. the share is sold at Rs.15. total shares traded in the market are 50,000. What will be the amount of share premium received and discuss for what it will be utilized?

 

 

 

ABC, Inc had the following positive and negative cash flows during the year.

Positive cash flows: Received from customers Interest and dividends Sale of plant asset Issued stock	Rs.250,000 50,000 350,000 500,000
Negative cash flows: Paid to suppliers and employees Purchase of investments Purchase of treasury stock Payment of interest Paid cash dividends	130,000 40,000 35,000 20,000 50,000

 

Determine the amount of cash provided by or used for operating activities.

 

 

 

Ahmad Limited acquires an asset costing Rs. 40,000. The company estimates its useful life for 7 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. 10,000 and remaining useful life of 5 years.

 

Required:

            Compute the Book value of the asset at the end of 2^nd year.

 

 

Cost of goods sold is 25% of sales.

Salary is paid to Mr. “A” & Mr. “B” Rs. 10,000 and Rs. 8,000 respectively.

Cost of goods sold is Rs. 100,000.

Profit sharing ratio for Mr. “A” and Mr. “B” is 60:40

It is to be assumed that there is no other cost.

 

Required:

Prepare profit & Loss appropriation account for “A” & “B” for the distribution of profit. Also show necessary calculations in solution.

 

 

Permalink Reply by Yasmeen(S.admin) on February 8, 2012 at 6:05pm

Total 69 quiz out of 63 are MCQ's most of from past papers.

Long Quiz..
1)Define these terms: INCOME, EXPENSE,LIABLITIES
2)what is par value of share, How company decide this par value?
3)a quiz from income statment of manufacturing company
4)what is partnership appropriation statment
5)what is overdraft. why bank charge on overdraft
6)find out working capital (some data given there)

Permalink Reply by Yasmeen(S.admin) on February 9, 2012 at 10:29am

Q7) You are given the following data relating to a public limited company: Indirect expenses, Rs. 70,000; interest expense Rs. 30,000; other income, Rs.

5,000; and net profit Rs. 140,500. Required: Prepare a profit and loss account for the company to find out the gross profit.
Q6) 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.
Q5) Calculate Net income with the help of given date for the year ended 2007 and show complete working.

Raw material Stocks on 1-1-2007
Rs. 30,000
Work in process on 1-1-2007
35,600
Finished Goods on 1-1-2007
35,400
Raw material Stocks 31-12-2007
Rs. 31,000
Work in process 31-12-2007
25,000
Finished Goods 31-12-2007
53,900
Cost of goods manufactured
543,339
Additional data
· Other expenses for the year Rs. 5,000.
· Operating expenses for the year Rs. 15,000
Sale for the year Rs. 1,500,000

Q4) Briefly discuss the followings: 1. Issuance of shares at premium 2. Cash flow statement 3. Debentures Notes to the accounts
Q3) if:
· Retain earning at the beginning Rs. 1,000
· Dividend paid 500
· Retain earning at the end 2,500

Then:
You are required to prepare statement of Retain earnings to find the amount of Net income
Q2) Differentiate between the issuance of shares at premium and issuance of shares at discount
Q1) On January 31st the finished goods Inventory of XYZ Company was Rs 500,000. During the year, manual Cost of goods manufactured was Rs. 1,900,000, sales

were Rs. 2,000,000 and Gross profit is 25% of sales.
Required:
Calculate the cost of opening finished goods inventory.

 Q7) You are given the following data relating to a public limited company:

Indirect expenses, Rs. 70,000; interest expense Rs. 30,000; other income, Rs. 5,000; and net profit Rs. 140,500.

Required:
Prepare a profit and loss account for the company to find out the gross profit.
Q6) 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.
Q5) Calculate Net income with the help of given date for the year ended 2007 and show complete working.

Raw material Stocks on 1-1-2007 Rs. 30,000
Work in process on 1-1-2007 35,600
Finished Goods on 1-1-2007 35,400

Raw material Stocks 31-12-2007 Rs. 31,000
Work in process 31-12-2007 25,000
Finished Goods 31-12-2007 53,900
Cost of goods manufactured 543,339
Additional data

Other expenses for the year Rs. 5,000.
Operating expenses for the year Rs. 15,000
Sale for the year Rs. 1,500,000

Q4) Briefly discuss the followings:

Issuance of shares at premium
Cash flow statement
Debentures
Notes to the accounts
Q3) if:

Retain earning at the beginning Rs. 1,000
Dividend paid 500
Retain earning at the end 2,500

Then:
You are required to prepare statement of Retain earnings to find the amount of Net income
Q2) Differentiate between the issuance of shares at premium and issuance of shares at discount
Q1) On January 31st the finished goods Inventory of XYZ Company was Rs 500,000. During the year, manual Cost of goods manufactured was Rs. 1,900,000, sales

were Rs. 2,000,000 and Gross profit is 25% of sales.
Required:
Calculate the cost of opening finished goods inventory.

Permalink Reply by Yasmeen(S.admin) on February 15, 2012 at 6:22pm

1- Depricaiton of plant and machinery, equpmnt, bulidng, find the written dwn value in balance sheet
2- share preimum 
3- cash flow
4- short notes on
a- preimum share
b- cash flow
c- debentures
d-note account
5- find the manufacturng cost