1st Year Accounting Guess paper 2010

[Tanha Karim]

1st Year Accounting Guess paper 2010


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Q.1. Choose the Correct Answer for each from the given options.
1. Which of the following is Liability?

• Machinery

• Loan From X

• Building

2. Which of the following best Described a Trial Balance?

• Shows the financial position of the Business.

• It is a special account

• It is a list of balance of the Ledger Accounts.

• Shows all the entries in the books

3. Which is the best definition of the Balance Sheet?

• An account proving the books balance

• A record of closing entries

• A statement of assets

• Contained balances of assets and equities.

4. When depositing money is you bank account you should always use

• A Cheque Book

• A Cash Book

• A General Ledger

• A paying in-slip

5. Which expense may be shown in the income statement?

• Prepaid Expense

• Accrued Expenses

• Salary Expense

• Preliminary Expense

6. The sale journal is best description as

• Part of the double entry system

• A list of the credit sales

• Countaining assets accounts

• Countaining customer's account

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7. Gross Profit is

• Excess of sales over cost of good sold

• Sales less purchases

• Cost of goods sold + opening inventory

8. If a Journal entry recognizes revenue, the other part of the entry might.

• Increase an Asset account

• Increase a liability account

• Decrease an Assets Account

9. Sales invoices are first entered in

• The Sales Account

• The Sales Journal

• The Cash Book

• The Purchase Journal

10. Which of the following is correct?

• Profit does not alter capital

• Profit Reduce Capital

• Capital can only come from Profit

• Profit Increases Capital

11. All the following accounts normally have debit balance except

• Cash

• Expense

• Purchase

• Purchase returns and allowances

12. Credit notes issued by us will be entered in our

• Sales account

• Purchase Returns and Allowance Journal

• Sales Returns and Allowance Journal

• Purchase Journal

Q.2. A business was started on March 01, 2001 with the Investment of Cash Rs 50,000 and Office Equipment worth Rs. 50,000 and the following transactions were completed during the month.
March 02, Purchased merchandise for Cash Rs. 25,000 and on account Rs. 15,000.
March 03, Purchase Office Supplies for Cash Rs. 2,000.
March 12, Purchase Furniture on account Rs. 5,000.
March 18, Sold merchandise for Cash Rs. 20,000.
March 20, Paid to suppliers Rs. 10,000.
March 25, Sold Merchandise on account Rs. 5,000.
March 30, Paid rent for the month Rs. 1,500.

Required
Record the above transactions in the General Journal.

Q.3. Cash Book
Given On March 01, Khalid Brothers had cash on hand Rs. 5,000 and cash in bank 2,000 during the month they completed following transactions.
March 04, Cash Sales Rs. 6,000.
March 05, Deposited cash in to bank Rs. 7,000
March 09, Cash Purchased Rs. 3,000.
March 14, Paid Wages in Cash Rs. 500.
March 17, Received Cash Rs. 540 from Hamid Sons in full settlement of their account of Rs. 600.
March 20, Received cheque for Rs. 1006 from Mr. Zahid and deposited the same in the Bank.
March 22, Mr. Khalid withdraw from Bank Rs. 2,000 for personal use.
March 26, Purchase Office Supplies for Cash 100.
March 28, Issued a cheque payable to Mr. Saif for Rs. 800 in full settlement of his account of Rs. 840.

Required
A. Enter the opening balances and record the above transaction in a three column cash book.
B. Balance the Cash Book on March 31, 1990 and show the opening balance on April 01, 1990.
C. Set up Expense and Discount Income account in "T" Form.

Q.4. Bank Reconciliation Statement.
Given A comparison of Cash Book an Bank Statement of Aleem Sons for the month of March revalued the following on March 31, 1997.
1. Balance as per Cash Book Rs. 42,500.
2. Balance as per Bank Statement Rs. 37,758.
3. Cheque deposited on 31 March 1997 not shown in Bank Statement for Rs. 6,244.
4. Interest credited by Bank Rs. 167 not corrected in Cash Book.
5. Bank service charges shown in bank statement Rs. 14.
6. Cheque dishonored by the bank not recorded in cash book Rs. 700.
7. Outstanding cheque # 0432 Rs. 964#0435-Rs. 1085.

Required
A. Prepare Bank Reconciliation statement as on March 31, 1997.
B. Prepare necessary adjusting entries in General Journal of Aleem Sons.

Q.5. Special Journal
Given Red ford Co. entered into the following transaction as during April.
April 01, Purchase merchandise From Green Co. under credit term of 2/10, n/30 Rs. 6,000.
April 05, Purchase Office Supplies on Credit Rs. 8,000.
April 08, Purchased merchandise on account from fair traders Rs. 12,000, A20% trade discount is allowed.
April 12, Purchase Office Equipment on account from Eagle Co. Rs. 6,500.
April 25, Purchased merchandise on credit from Fasle Co. Rs. 9,800.
April 30, Purchased merchandise under credit term of n/30 from Alfa Co. Rs. 15,600 A105 quantity discount is allowed.

Required
A. Record the above transaction listed above in a Purchase Journal or a General Journal as appropriate.
B. Foot the Purchase Journal at April 30 and Post the total to purchase and account payable in the General Ledger. The numbers of these accounts 510 and 220 respectively. Are to be noted under the total of the amount column to indicate the total has been poted to both accounts.

Q.6. Ledger Posting and Trial Balance
Given Take the transaction as given in Q.2 above.
A. Set up Ledger account in T form and make posting there in.
B. Prepare Trial Balance on March 31.
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Q.7. Financial Statement
Given The following balance were extracted from the ledger of Mr. Shakir on December 31, 2002 before the closing or books.
Cash Rs. 8,500, Supplies Rs. 1,000 | Accounts Receivable Rs. 9,000 | Allowance for Bad Debts Rs. 1,500 | Merchandise Inventory (January 01, 2001) Rs. 7,000 | Prepaid Insurance Rs. 600 | Furniture Rs. 5,000 | Notes Payable Rs. 4,500 | Shakir's Capital Rs. 16,600 | Shakir Drawings Rs. 2,000 | Sales Rs. 50,000 | Sales Discount | Rs. 500 | Purchases Rs. 30,000 | Salaries Expenses Rs. 8,000 | Rent Expenses Rs. 6,000 | Commission Earned Rs. 5,000 | Supplementary Data for Adjustments on December 31, 2001.
1. Unpaid Salaries Rs. 3,000.
2. Pre-Paid Rent Rs. 1,000.
3. Unused Sales Supplies Rs. 400.
4. Insurance was prepaid to the extent of Rs. 200.
5. Commission Earned Rs. 4,000.
6. Merchandise Inventory was valued on December 31, 2001 at Rs. 6,000.

Required
A. Income Statement for the year ended December 31, 2002 and
B. Balance sheet as on December 31, 2001.

[muskan shah]

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