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 MGT101 Financial  Accounting Current Final Term Papers Spring 2011 (15 to 26 July 2011)


Current Spring 2011 Papers, July 2011 Papers, Final Term Spring 2011 Papers, Solved Papers, Solved Past Papers, Solved MCQs

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Mgt101 Final Term Current Paper 
mostly mcqs from cash flow statement, type of business and rectifying errors.
Q1. Difference between list companies and non list companies.
Q2. What is fixed capital in partnership.
Q3. Prepare Profit and lost account from given data.
Q4. Positive and negative cash flow statement to identify activity.
Q5. Define following.
Premium shares
cash flow statement
debenture
note for account.
Q6. identify cost of good sold.
Q7. preparing control account.

Q1- Following is information of Shumile Ltd. for the year ended December 31st, 2009.

 

Particular

Rs.

Cash in hand

160,850

Bank overdraft

72,500

Accounts payable

5,000

Plant & Machinery

171,000

Furniture

30,000

Land

100,000

Accumulated profit & Loss c/f (credit balance ) on 31st December,2006

8,000

Gross Profit on 31st December,2006

125,000

Paid up capital

150,000

Capital reserves

12,000

Authorized Capital Rs. 10/each

500,000

 

Other information:

Depreciation is charged on all Depreciable Fixed Assets @ 10%

 

Required:

Prepare the capital and liability side of balance sheet as on 31st December, 2009.

Q2- Classify the followings whether these Entries are Operating, Investing or Financing activity by filling the appropriate boxes given below.

 

 

S. No.

 

ENTRIES

 

 

CLASSIFICATION

 

0

 

Dividends

 

 

Financing activity

 

1

 

Change in Long term debts

 

 

?

 

2

 

Change in Deferred income tax

 

 

?

 

3

 

Change in Common stock

 

 

?

 

4

 

Proceed from sale of Machinery

 

 

?

 

5

 

Gain from sale of Machinery

 

 

?

Q3- What journal entry would be passed for loss distribution of Rs. 18,000 among “Mr. A”, “Mr. B” and “Mr. C” with the ratio of 1:3:5 respectively? Show complete working.

Q4- Calculate the amount of Net profit after tax if:

  • Sales revenue Rs. 100,000
  • Gross profit Rs. 75,000
  • Operating expenses Rs. 10,000
  • Interest charges Rs. 5,000
  • Tax@ 10%

Q5- Calculate Cash Profit from the following data:

Total sales                                         Rs. 50,000 (including cash sales Rs. 25,000)

Cost of purchases                             Rs. 30,000 (including credit purchases Rs. 20,000)

Other cash selling expenses            Rs. 5,000.

Q6- Mr. A, B & C entered into a partnership. At the beginning of the year their capital balances were Rs. 180,000, Rs. 140,000 and Rs. 80,000 respectively. Profit or loss is to be divided as:

  • Mr. A: one-half
  • Mr. B: one-third
  • Mr. C: one-sixth

Required:

            If profit is Rs. 390,000, calculate the share of profit for all the partners.

Q7- On January 31st the finished goods Inventory of XYZ Company was Rs 500,000. During the year, manual Cost of goods manufactured was Rs. 1,900,000, sales were Rs. 2,000,000 and Gross profit is 25% of sales.

Required:

Calculate the cost of opening finished goods inventory.

Q8- What types of changes are made in "statement of changes in equity"?

today is my paper of MGT101 

 MCQ past se thay 54 thay i think 

 

 

oR qUESTION ERXAMINER LIKHNY NAHI DAITY 

 

so jo yad hain wo share kar rahi hun

 

cash flow statement(3)

barter sysytem with example (3)

make the cash payment of account payable  (amounts  yaaaddddd nahiiiiiii )(3)

calculate the NO. of Bonus shares and the amount of Bonus (5)

Finished goods opening inventory (5)

prepare the cash operating activites

amount note nahi kar saki (5) 

 

 

best of luck to all of u 

 

 

 

 

 

Paper Final Term MGT101

Group 4

Total Question were 65 (55 MCQ’s)

A corporation has retained earning of Rs. 100,000 and Rs. 150,000 for the year ended 2006 and 2007 respectively. The corporations had net profits after taxes of Rs. 80,000 in 2007. What will be the amount of dividend paid in the year 2007



Aslam started a new business by depositing cash Rs. 10,000 in the name of the business in a local bank. How can the concept of separate entity be applied here?

Mr. B sold a car for Rs. 200,000. He should debit Rs. 200,000 to:



Mr. A paid to his creditor Rs. 10,000 and availed cash discount of Rs. 250. Mr. A should debit his creditor by:



Which account is increased with a debit and decreased with a credit?

Cash



Current accounts of the partners should be opened when the capitals are:

Fixed



In cash flow statements, which of the following would appear as an inflow of cash?

The repayments of a bank loan



Which of the following account is the summary of all accounts of suppliers of goods?




Mr. A & B entered into a partnership with an equal investment and equal share in profit or loss. Markup on capital of Mr. A is Rs.2,000 and markup on drawings of Mr. B is Rs.3,000. The net income for the year is Rs.50,000. What will be the profit share of Mr. A?



Mr. A & B entered into a partnership invested Rs.50,000 and Rs.65,000 with an equal share in profit or loss. Markup on capital of Mr. A is Rs.2,000 and markup on drawings of Mr. B is Rs.3,000. The net income for the year is Rs.85,000. What will be the profit share of Mr. A?



The following balance and discrepancies were found on 31 March 2008:

Particulars
Rs.
Cash book balance (Dr) 
5,000
Un-presented cheques
1,000
Un-credited cheques
500

Prepayments would be treated as:

Deferred revenues will become revenue when they are:





Subjective



Q. Rectify the following errors by passing necessary journal entries
Ø Cash sales of Rs. 600 to Kareem were wrongly debited to Kareem
Goods of Rs. 200 drawn by the proprietor from the business for private use were wrongly credited to cash account



If:
· Accounts payable at beginning Rs. 250,000 
· Accounts payable at the end 190,000
· Credit purchases 200,000

Then:
You are required to calculate the cash payment as a result of purchases by preparing the Accounts Payable Accounts.



Q. What are the different types of inventories of manufacturing concern? Discuss briefly.



Q. X and Y were partners in a business sharing profits in the ratio of 3:1. Their capital were Rs.30,000 and Rs.10,000 respectively. They earned a net profit of Rs. 160,000. Mr. Y was entitled to a salary of Rs.200 p.m. Prepare Profit Distribution Account of X & Y Partnership.

Q. ABC company had current and total assets of Rs.450,000 and Rs.1,000,000, respectively. The company’s current and total liabilities were Rs.267,000 and Rs.600,000, respectively. Calculate the amount of working capital and the current ratio using this information



Q. You are required to calculate the Gross profit, Operating income and Net income by prepare Income statement with the help of given date for the year ended 2008.

Raw material Stocks 31-12-2007

Rs. 31,000

Work in process 31-12-2007

25,000

Cost of goods sold

536,339

Additional data
· Other income for the year Rs. 5,000.
· Other expenses for the year Rs. 15,000.
· Selling expenses for the year Rs. 10,000
· Administration expenses for the year Rs. 20,000
Sales for the year Rs. 1,000,000.

MGT 101: DATE 23JULY2011

Total 64:

56 are MCQ’S and 8 are long questions…

 

Long questions are there:

 

Q: 57:   10% debenture of Rs. 80,000 are shown in trial balance.  How it will be shown in financial statements (profit and loss account and balance sheet)?  5marks.

 

Q: 58:  What is the meaning of investment? Differentiate between Long term and Short term liabilities.   5marks.

 

Q: 59:  What do you know about ledger? Why the ledger is called “King of all Book”. 5marks.

 

Q: 60:  What do you know about the nominal capital of the company? 3marks.

 

Q: 61:  What do you know about the Cost of good sold?  5marks.

 

Q: 62:  Calculate amount of sales with the help of data given below:                                       5marks.

 

Cost of sales   = Rs. 5,000

Assets             = Rs. 200,000

Closing stock = Rs. 7000

Gross Profit   = Rs. 40,000

 

Q: 63:  Differentiate between Debtor’s turnover ratio and Creditor’s turnover ratio.  3marks.

 

Q: 64:  Financial year decided by partnership agreement is 1st July to 30th June. Mr. Ali is partner and having a capital of Rs. 1,500,000 on July 1st 2007 and he introduced more capital on August 1st 2007  Rs. 10,000 on April 1st 2008, Rs. 500,000 and on June 1st 2008, Rs. 5,000. Mark up rate is 10% p.a.

 

Calculate mark up on Mr. Ali’s capital for the year ending on 30th June 2008.                           5marks.

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