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FIN711 All Current Mid Term Papers Spring 2015 & Past Mid Term Papers at One Place from 20 June 2015 ~ 01 July 2015

FIN711 All Current Mid Term Papers Spring 2015 & Past Mid Term Papers at One Place from 20 June 2015 ~ 01 July 2015

 

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Summary of Today FIN 711 Paper

Q1. Calculate subscription for the year to be included in income statement when fol was given

Received during the year

Received for previous year

Could not be received.

Received in advance.

Q2. Trial balance of a partnership account was given which had following:-

Debit Side

Furniture

Machinery and Equipment

Stock

Debtors

Credit Side

Capital of both partners

Creditors

Other Data. Furniture reevaluated at an increased by 15%, plant and machinery by 10%, Stock down valued by 8%. Reserve created for debtors and legal fee.

REQ. Pass general entries.

Q3. Why NGOs need to maintain separate account and what all statement are prepared?

Q4. Workout Closing bal of payables and opening balance of receivables. Fol was given:-

Opening bal of receivables

Receivables enchased

Receivables received

Receivables dishonored

Closing bal of payables

Payables paid

Payables issued

Suggested solution of my FIN711 Midterm paper

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