MGT101 Current FinalTerm Paper 21 August 2017

MGT101 Current FinalTerm Paper 21 August 2017

MGT101 Current FinalTerm Paper 21 August 2017

                                      MCQs were only 20% From Past Papers
    For non MCQ section Please find below the questions

Q1: (3 marks)
·           Goods amounting to Rs. 50,000 purchased on credit basis out of which Rs. 15,000 has been paid.
·           Advances from bank Rs. 20,000
·           Advances from customers Rs. 30,000

Calculate the amount of “Sundry Creditors” and “Other payables” based on above information.

Q2: (3 Marks)
Briefly explain the Fixed Capital concept with reference to partnership

Q3: (3 Marks)

Calculate “Operating expenses” to be reported in current year profit and loss account from the following information ascertained from the books of Moti Traders for the year 2016.

Particulars       Debit
                                              Rs.       Credit
Provision for bad debts                       870
Creditors                     24,356
Debtors           37,178
Rent expenses 27,000

The following notes are relevant to June 30, 2016
•           Stock on June 30, 2016                       Rs. 51,060
              Rent not paid yet.                               Rs.   2,120

Q4: (3 Marks)
Following information is available for ABC traders.
·           Opening balance of debtors control account Rs. 150,000
·           Total of cash sales Rs. 35,000
·           Total of sales return journal Rs. 10,000
Based on the above information, you are required to prepare the debtors control account by following the format given below. 

Debtors Control Account
Debit   Credit
Particulars       Rs.       Particulars       Rs.

Q5: (3 Marks)
The face value of the share of a public limited company is Rs.10. Total shares traded in the market are 50,000 @ Rs.20 each. Calculate the amount of share premium received? (3)

Q1: (5 Marks)
Following information is available of fixed assets of Ali & Co.
Fixed Asset     Cost Rs.          Accumulated Depreciation
As on 1st July, 2013
Land    120,000          
Building          315,000           59,850
Plant & machinery      34,500 11,864
Vehicle            187,500           35,625
Note: Depreciation will be charged at 10% on WDV on all depreciable assets
Requirement: Calculate WDV of all the assets as on June 30, 2014.

Q2: (5 Marks)
Profit and Loss Appropriation Account of MS. RIDCo showing Debit balance of Rs. 27,000.  You are required to calculate share of loss of partner “Mr. R”, “Mr. I” and “Mr. D” according to their share ratio of 1:3:5 respectively and pass Journal entry to close the Profit and Loss Appropriation account under the assumption of fluctuating capital (5)

Q3: (5 Marks)
Pass necessary journal entries to adjust the balance as per cash book for following causes of disagreement between cash book and bank statement.

1.   Bank charges amounting to Rs. 5,000 debited by the bank but not recorded in cash book.
2.  Insurance premium paid and debited by the bank but not recorded in the cash book for Rs.10, 000
Unpresented cheques for Rs. 25,000.

Q4: (5 Marks)
Following information is available for XYZ traders.
Particulars       Rs.
Opening balance of sundry debtors    150,000
Credit sales     295,000
Cash receipts from customers 250,000
Cash payments to suppliers     140,000
Return inwards           50,000
You are required to find the value of closing balance of debtor’s control account. You must post the above transactions into the following provided account format. 

Debtor’s Control Account
Debit     Credit
Particulars       Rs.       Particulars       Rs.
Q5: (5 marks)
Determine the sales for the current period from the following given information for Askar (Pvt.) Ltd (Show complete working).
o          Total factory cost                                                        Rs. 500,000
o          Opening inventory of work in process                        Rs. 300,000
o          Closing inventory of work in process                         Rs. 150,000 
o          Closing Finished goods inventory                             Rs. 75,000.
o          Gross profit                                                                 Rs. 400,000
o          Opening Raw material inventory                                Rs. 35,000

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