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.
Provision for bad debts 870
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
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
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.
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
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