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30-Marks-ECFN-102-Advanced Accounting - Final Term Paper-B

The document provides instructions for two accounting questions - the first asks students to prepare departmental trading and profit and loss accounts and a balance sheet using provided financial information. The second asks students to prepare trading and profit and loss accounts and a balance sheet for a company making several specified adjustments to the provided financial information.

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Jawad Aziz
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91 views

30-Marks-ECFN-102-Advanced Accounting - Final Term Paper-B

The document provides instructions for two accounting questions - the first asks students to prepare departmental trading and profit and loss accounts and a balance sheet using provided financial information. The second asks students to prepare trading and profit and loss accounts and a balance sheet for a company making several specified adjustments to the provided financial information.

Uploaded by

Jawad Aziz
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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NATIONAL UNIVERSITY OF MODERN LANGUAGES, ISLAMABAD

Department of Economics
END TERM EXAM, Fall 2020 Roll No. ______________
Shift: Morning
nd
Class: BS Eco & Fin (B)- (2 -Semester) Total Marks: 30
Paper: Advanced Accounting Time Allowed: 2 Hrs
Course Code: ECFN-102 Instructor: Adnan Bashir

Note: Attempt all Questions. Write Roll No. on your question paper and attach the Question Paper along
with Answer Sheet.

Question No 1. (Marks= 15)

From the following particulars prepare a departmental trading and profit and loss account and a
balance sheet as at 31st December 2003.

Particulars Rs Particulars Es.


Capital Account 30,000 Travelling Expenses 5,400
Sales-Departmental A 70,000 Office Salaries 2800
Departmental B 30,000 Commission 2200
Sundry Creditors 12000 Advertisement 5800
Bills Payable 1500 Bank Charges 120
Stock 1st Jan-----Dept-A 3400 Printing & Stationary 2700
Dept-B 1100 Postage & Telegram 600
General reserve 750 Exchange & Discount (Dr) 1500
Sundry Debtors 23000 Sundries 900
Bills Receivable 5000 Investments 6900
Furniture and Fitting 1080 Cash in Hand 2500
Rent, rates and Insurance 1800 Cash at bank 7050
Marine Insurance 2400
Purchases, duty
Dept-A 43000
Dept-B 25000

Closing Stock ----Dept-A 4000


Dept-B 1680

Provide: Depreciation on Furniture 10%, apportion the expenses in proportion to the turnover of each
department.

Question No 2 (Marks=15)

The Ahmad Limited Company registered with a nominal capital of 6,00,000 rupees in equity shares of 10
rupees each. Balances extracted from its books on 31st December, 2005.

Particulars RS.
Calls in Arrears 7500
Wages 84865
Premises 300,000
Plant and Machinery 330,000
Interim Dividend paid on 1st August, 2005 37500
Stock, 1st January, 2005 75000
Fixtures 7200
Sundry Debtors 87000
Goodwill 25000
Cash in Hand 750
Cash at Bank 39900
Purchases 185000
Preliminary Expenses 5000
General expenses 16835
Freight and Carriage 13115
Salaries 14500
Director’s Fees 5725
Bad Debts 2110
Debentures Interest Paid 9000
Subscribed and fully called up capital 400,000
6% Debentures 300,000
Profit and Loss A/C (Cr Balance) 14500
Bills Payable 38000
Sundry Creditors 50,000
Sales 415000
General Reserves 25000
Bad Debts Reserve 1st January 2005 3500

Prepare Trading and Profit and Loss Account and Balance Sheet in proper form after making the
following adjustments:

Depreciate Plant and Machinery by 10%. Write off Rs 500 from Preliminary Expenses. Provide half year’s
Debenture interest due. Leave Bad and Doubtful Debts Reserve at 5% on Sundry Debtors. Stock on 31st
December, 2005, was Rs. 95,000.

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