AL-SYED College OF COMMERCE

Final Term Examination Class: I.Com-I Roll. No.______ Subject: Accounting Time Allowed: 2hr10Min Paper Code: 70 Max. Marks: 70
Part-I
Note: Out of Questions Nos.1, 2, 3, and 4 write any 25 (Twenty five) short answers. While writing answer write question No. carefully. (25x2)=50 1. Give answers of short questions: 1. What is meant by posting? 2. What is meant by pay-in-slip? 3. Define bills of Exchequer. 4. What are contingent liabilities? 5. Steps of Renewal of B/E. 6. What is an Account? 7. Expenses are temporary or permanent Account? 8. What is the nature of Debtors? 9. Write Accounting equation. 2. Give Answers of short questions: 1. What is difference b/w bad debts and doubtful debts? 2. Write rules of Dr. and Cr. Adjust meant? 3. What are the effects of closing stock? 4. What are the four kinds of B/E. 5. What is contra entry? 6. What is deff. b/w due date and maturity date? 7. Guess is PLS saving account? 8. What are the kinds of journal? 9. Carriage paid Rs. 5000 but caringly desalted to commercial Accents? 3. Give Answers of short Questions: 1. What is accrual system of Accounting? 2. Quantitative transaction? 3. What do you mean by Adjustments? 4. Attesting entry for un-earned cash book? 5 . Double column cash book? 6. Define the term trade discount? 7. What do you know about Separate entity concept? 8. What is Differed Revenue example? Give two examples. 9. What are the purpose of financial accounting? 4. Give Answers of short Questions: 1. Capital profit? 2. Define the term Debit Note. 3. Write any four eruct expenses? 4. What is meant by suspense Account? 5. Define Returns inured. 6. What do you mean by Marshalling? 7. What is error of omission? 8. What is capital payment? 9. What do you understand by imprested system? (Part-II) Note: Attempt any three questions from the followings: QNo.5: Aryad Sold on 1st January, 2009 goods valued Rs. 12,000 and drew upon him a three months bills for the amount. Arshad accepted the bill and returned it to Aryad on Maturity, Arshad expressed his inability meet the bill and offered to pay. Rs. 4000 in cash and accepts a fresh bill for 3 months to cover balance plus interest at 5% p.a for three months at the due date this new bill was daily met by Arshad. Req: Pass Journal Entries in the books of both the parties. QNo.6: From the following information prepare a bank statement. i) Cheques paid in but not reedited by bank Rs. 345/- ii) Cheques issued but met presented Rs.531/iii) Collection charges by bank Rs. 18/iv) Interest on govt. securities directly collected by bank Rs. 35/v)Pass book should balance of Rs. 2,717/QNo.7: State with reasons, which items are capital and which are revenue. a) Purchased goods for resale purpose for Rs. 30,000. b) Old Machinery was repaired at a cost of Rs. 2,000. c) Old Machinery having book value of Rs. 40,000 was sold for Rs. 37,000. d) Amount spent on the uniform of factory workers. e) Compensation paid to an employee for injury cussed during his employment. QNo8: Rectify the following errors sensory journal, entries by passing

i) ii)
iii) iv)

A sale of Rs. 496 to Ashraf was entered in the sales ledger as Rs. 694. Ashraf A/c was however correctly debited. A bill received from Salman & Co. fro repair are to furniture Rs. 200 was unerringly entered in purchases book. An item of Rs. 4000 relating to prepaid rent was omitted to be brought for word. An item of purchase of Rs. 1,510 was entered in the purchases account at Rs. 150

A sales Return of Rs. 1,000 were not passed through the sale returns book, though goods were duly taken into the book stock. QNO9: Following is the Trial Balance of Sardar Muhammad Co. as on 31 st Dec. 2009 Debt Rs. Credit Rs. Goodwill 260 Capital 1,850 Cash 900 Bank overdraft 500 Stock (01-01-06) 970 Sales 2,620 Rent 210 Creditors 240 Purchases 1,140 Purchases Returns 30 Building 960 Bills payable 50 Debtors 600 Freight 10 Trade Exp. 70 Sales Returns 20 Drawings 150 5,290 5,290 Adjustments: i) Closing stock Rs. 200 ii) Prepaid rent Rs. 20 iii) Depreciate Building @ 5% Required: Prepare trading & profit cross account and balance sheet for the year ending 31 st Dec. 2009.

v)

AL-SYED College OF COMMERCE

Final Term Examination I.Com-I Roll. No.______ Subject: Accounting Time Allowed: 20Min Paper Code: 70 Max. Marks: 15 Objective
Note: Write answers to the questions on the objective answer sheet provided. You have four choices for each objective type question as A, B, C and D. The choice which you think is correct; fill the circles in front of that question number. Use marker or pen to fill the circles. Cutting or filling two or more circles will result in zero mark in that question. Attempt as many question as given in objective type question paper and leave others blank.
1. (a) 2. (a) (c) 3. (a) 4. (a) 5. (a) 6. (a) these 7. (a) profit 8. (a) Interest on renewal of a bill is on income to the Acceptor (b) Drawee (c) Received cash from Azhar will effect Cash and Owens equity Cash and creditors Pass book is prepared by: Debtors (b) Creditors (c) Drawings are deducted from Sales (b) Income Expenses Net profit is transferred to Creditors (A/c) (b) purchases (A/c) (c) Heavy advertisement for new planet Deffeed Revenue expenditure (b) Capital (c) Drawer (b) (d) (d) None of these

Class:

Cash and goods Cash and Debtors (d) customer (d) (d) Capital (A/c) None of

Banker (c) Capital

Drawings (A/c)

Revenue Expenditure (d) Both a and b (d)

If any income omitted to be recorded it Overstate the profit (b) Under state the profit (c) Favorable balance of bank statement is Cr. Balance (b) Dr. Balance (c)

(d) No effect on A, b, c

Zero balance

9. (a) 10. (a) (c) 11. (a)

A cash (A/C) always shares: Debit balance (b) Credit balance (c) Both a Dr. and Cr. (d) Net balance Debit signifies Increase in Asset (A/c) (b) Decrease in liability (A/c) Decrease in capital (A/c) (d) All of above Salaries paid to Mr. Shahbaz should be debited Salaries (A/c) (b) Mr. Shehbaz (c) Cash Account (d) Bank Account 12. A trader whose assets exceed from his liabilities is called: (a) Debtors (b) Creditors (c) Solvent (d) Insolvent 13. A bills of exchange is drawn by: (a) Debtors (b) Creditors (c) Endorser (d) Endorsee 14. A table lost by fire should be debited to: (a) Table Account (b) Furniture Account (c) Lost by fire (d) Purchases Account 15. Bank for collection is a (a) Permanent Account (b) Fixed Account (c) Numerical Account (d) Temporary Account 16. Goodwill patient copyright are: (a) Wasting Assets (b) Intangible Assets (c) Fictitious Assets (d) rued Assets 17. Stock in trade is (a) Current assets (b) Non current assets (c) Dutch assets (d) A liability 18. Bad debts are business: (a) Liabilities (b) Expenses (c) Revenue (d) Assets 19. Net profit is always: (a) Equal to gross profit (b) More than gross profit (c) Less than gross profit (d) None of these 20. Dr. Balance if (a) Dr. > Cr. (b) Dr. > Cr. (c) Dr. = Cr. (d) None of these