Test

FINAL TREM PAPER Subject : Accounting Total Marks: 100 Time allowed: 3 hours

Q.NO:1: choose the right option from the following. following .

2*10=20

1. Statement which is prepared on the basis of single entry system is called a) Balance sheet b) statement of affairs 2. Single entry system cannot be maintained by a) sole proprietship

b)partnership account

c) join stock companies

3. The capital in the begining of the accounting year is ascertained by preparing a) cash account

b) opening statement of affairs c) total creditor account

4. In the books of consignee the sales of goods is credited to a) consignors account 5.

b) sales account

c) consignee’s account

Goods sent on consingment’ should be debited by consignor to a) consingment account b) goods sent on consingment account

6. share application account is in the natrure of  a) real account

b) personal account

c) nominal account

7. Debenture holders are a) creditors

b) owners

c) customer of the company

8. Increase in the value of asset is called a) Depreciation

b) appreciation

c) amortization

9. External causes of depreciation is due to a) obselesence

b) depletion

c) wear and tear

10. Resedual value represents a) the oroginal cost of asset

b) salvage value c) non of these

c) consignor account

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SECTION ‘B’

Q.NO:2: give short answer of the following questions ( any twenty five)

i. ii. iii. iv. v. vi. vii. viii. ix. x. xi. xii. xiii. xiv. xv. xvi. xvii. xviii. xix. xx. xxi. xxii. xxiii. xxiv. xxv. xxvi. xxvii. xxviii. xxix. xxx. xxxi. xxxii. xxxiii.

What is the difference between depletion and depreciation? Write any three advantages of depreciation What are the external causes of depreciation? What is the formula for calculating straight line depreciation method? What is memorandam of assosiation? What is the diffrence between public limited company and prinate company? What is premium and discount? What is meant by preliminary expenses? What is oversubscription and under subscription? What is meant by issued at par and issued at discount? Define partnership and enlist three silent feature of partnership. Define partnership deed. Defining sleeping partner and nominal partner Distingush between sales and consingment Define del crede commision What is normal and abnormal loss What is meant by consiner and consingnee? What is the general entry for expense incurred by the consignee? What is proforma invoice? What is meant by single entry system and double entry system? What is statement of affairs ? Differnce between balancesheet and statement of affairs What is the method of calculating profit under single entry system? What is meant by credit purchase and credit sales? What is sundry debtors and sundry creditors? Define outward consingment and inward consingment. What is authorized capital and issued capital? What is redeamable debenture? What is the general entry for the debeture issed at par and redemable at par? Define amortization What are the factors of calculating depreciation? What are the internal causes of depreciation? Write the names of diffrent methods of calculting depreciation

25*2=50

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SECTION ‘C’

Q.NO:3: Attempt any three questions ( any three)

I.

II.

10*3= 30

st

On 1 january 2000 naseem purchased a mashinery for rs 21000.the estimated life of the machine is 5 years after which its break up value( salvage) will be rs 1000 only.find out the amount of annual depreciation according to strait line method for the five years. A company issued 1000 6% debenture of Rs 100 each.give journal entries and balnce sheet a) The debentures are isseud at par and redeemable at par. b) They are isseud at discount of 5% but redeemable at par. c) They are issed at a premium of 5% but redeemable at par d) They are issued at a discount of 4% but are redeemable at a premium of 5%. st

III.

Rahman and rahim started business with capital of rs 50000 and rs 30,000on 1 january ,1991.rahim is entitled to a salary of rs 400 per mont.intrest is allowed on capital and is charged on drawing at 6 % per annum.profits are to be distributed eqully after the above noted adjustments.during the year ,rehman withdrew rs 8000 and rahim rs 10,000. The profit for the year, before allowing for the terms of the partnership deed,cameto rs 30,000.assumuing the capitals to be fixed .prepare the profit and loss account.

IV.

A sends out a consingment of the value of Rs 5000.to B drawing on the latter for Rs 4,000 as an advace against the same . A also pays Rs 450 for freight etc. B clears the goods paying Rs 250 for duty,duty, dock dues.etc.he sells on credit half the lot for rs 4000and half of the remainig is sold for cash Rs 2200.B’s remuneration is 2 ½ percent on gross proceeds. B sends out an account sales and a draft to A for the balance as shown therin.Rs 1250 worth of goods are on hand with B.open the necessary accounts in the books of A to record he above transaction.

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