Modle Paper 1.docx

MODEL PAPER - 1 Assignment No. 1 The following data relate to the business of Mr.Shah store fore the month ended Dec ,31, 2011 Merchandise inventory at Start Rs.70000 Purchases Rs,2,42,000 Transportation Rs.14,800 Purchases return Rs.14,500 Salaries expense Rs.36,000 Purchases discount Rs.12,300 Sales Revenue Rs.4,35,000 Sales discount Rs.9,400 Merchandise inventory at ended Rs.98,000 Rent and taxes expense Rs.24,000 Sales Discount Rs.14,800 Interest income Rs.7,700 Required : a) Compute the amount of Gross profit Assignment No. 2 The following balances have been taken from the pre-closing Trial balance of Kashif Traders on Dec ,31, 2016. Cash Rs.26,000 , Account Receivable Rs.37,000 , Merchandise inventory opening Rs.44,000 , Prepaid Rent Rs.9000 , Furniture Rs.72,000 , Sales return Rs.5000 , Salaries Expense Rs.16,200, Drawing Rs.500 PurchasesRs.2,16,000, Sales Rs,2,30,000 , Account Payable Rs.40,000 Bank Loan (HBL) Rs.30,000 Allowance for DepreciationRs.5000 Data for adjustment at 31.12.2016 1. Merchandise inventory at ending 31,Dece 2016 Rs.15000 2. Outstanding salaries for Rs.2000 3. Prepaid insurance to the extend Rs.3000 4. Rent expired during the year Rs.6000 Required :

a) Compute the amount of Net Income or Loss

Assignment No. 3 The following data relate to the business of A & R Traders fore the year ended Dec ,31, 2017 Cash Rs.18,000 , Account Receivable Rs.84,000 , Merchandise inventory opening Rs.74,000 , Prepaid Rent Rs.2,400 , Furniture Rs.70,000 , Salaries Expense Rs.21,400, PurchasesRs.2,44,000 ,miscellaneous expense Rs.13,800 Supplies Rs.3,200 Sales Rs,3,60,000 , Account Payable Rs.60,000 Capital Rs.1,10,800 Data for adjustment at 31.12.2017 1. Merchandise inventory at ending 31,Dece 2016 Rs.56,000 2. Outstanding salaries for Rs.4,600 3. Bad debts expense on net sales 1% 4. Depreciation expense on furniture Rs.5000

Required

:

a) Compute the amount of Net Income or Loss

Assignment No. 4 Financial Statement The following balance were taken from the ledger of Karachi & Co. on Dec, 31,2015.

Cash Merchandise inventory ( 01-01-2015) Office supplies Accounts Receivable Purchases Prepaid shop Rent Salaries Expense Office Equipment Sales Discount Purchases return & allowance Freight in General expense Drawing Prepaid Advertising Taxes expense Capital – shahid Sales revenue Account Payable

DEBIT CREDIT 40000 60000 6000 28000 80000 12000 18000 75000 8000 5000 2000 5000 5000 14000 7000

Adjustment Data Merchandise inventory ended Dec,31 2015 Rs. 8000 Supplies on hand Rs.1600 Salary outstanding Rs.2000 Shop rent expense for the year Rs.3000 Accrued Taxes Rs.3000 Allowance for Depreciation on office equipment Rs.2000 Required a) Prepare multiple step Income Statement for the year ended 2015 b) Prepare classified Balance sheet on December 31, 2015 c) Prepare closing general entries OR opening general entries.

150000 180000 25000

Assignment No. 5 Give: M/s Shahid Traders uses One columns Cash Book in their business. The following transactions relate to the month of March 2004. March 02: Balance cash on hand Rs. 25000 March 06: Received a cheque from Mr. Owais for Rs. 12500. March 10: Paid cash Rs.1500 to Mr. Mansor March 12: Paid salary to the workers Rs. 3600. March 17: Purchased merchandise for cash Rs. 4500. March 24: Sold merchandise on cash Rs. 3900 March 30: Paid Rent for the month Rs. 3300 REQUIRED: 1) Enter the opening balance and record the above transactions in Cash Book. 2) Balance the Cash Book on March 31, 2017 bringing down the cash and Bank balance on April 1, 2004. Assignment No. 6 Give: Mehran Store uses Two columns Cash Book in their business. The following transactions relate to the month of March 2004. March 02: Balance cash on hand Rs. 35000 and at bank Rs. 45000 March 06: Received a cheque from Mr. javed for Rs. 12500.and same Dated deposit into the bank. March 10: Paid cash Rs.6500 to Mr. to Mr. Aslam March 12: Paid Insurance premium expense Rs. 2500. March 17: Purchased merchandise total Rs. 5600. and paid cash Rs.4000 and Balance by cheque. March 24: Sold merchandise on cash Rs. 8500 March 30: Paid Rent for the month Rs. 2400 REQUIRED: 1) Enter the opening balance and record the above transactions in Cash Book. 2) Balance the Cash Book on March 31, 2017 bringing down the cash and Bank balance on April 1, 2017. Assignment No. 7 Give: M/s Yusafa Brothers uses Three columns Cash Book in their business. The following transactions relate to the month of March 2015 May 02: Cash at bank as per bank statement of last month Rs. and Cash on hand showed Rs. 75000 May 06: Paid to Rashid brothers by cheque Rs.15000 and by cash Rs. 5000 May 20: Received Cash Rs. 12000 and full settlement of Rs. 13500. May 22: Paid salary to office staff by cheque Rs. 3800. May 27: Purchased merchandise for cash Rs. 4500. May 29: paid to supplier Rs. 9500 and full settlement of Rs. 1000 May 30: Deposit cash into bank Rs. 6000 May 30 Owner personal use Rs.3500 by Cheque. REQUIRED: 1) Enter the opening balance and record the above transactions in Cash Book. 2) Balance the Cash Book on March 31, 2015 bringing down the cash and Bank balance on April 1, 2015.

Assignment No. 8 Give: Mr. I.C.I uses Two columns Cash Book in their business. The following transactions relate to the month of March 2014. March 02: Balance cash on hand Rs. 35000 and at bank Rs. 45000 March 06: Received a cheque from Mr. javed for Rs. 12500.and same Dated deposit into the bank. March 10: Paid cash Rs.6500 to Mr. to Mr. Aslam March 12: Paid Insurance premium expense Rs. 2500. March 17: Purchased merchandise total Rs. 5600. and paid cash Rs.4000 and Balance by cheque. March 24: Sold merchandise on cash Rs. 8500 March 30: Paid Rent for the month Rs. 2400 REQUIRED: 1) Enter the opening balance and record the above transactions in Cash Book. 2) Balance the Cash Book on March 31, 2014 bringing down the cash and Bank balance on April 1, 2014. Assignment No. 9 (7) Mr. Khalid a sole trader uses a Three column cash book for his Business. On January 02, 2018, he had cash on hand Rs.36,000 And cash in HBL bank account overdraft Rs.2000 during the month completed the following transaction. January ,2018 3 Purchased merchandise by cheque Rs. 13000 and on credit Rs.25000 4 Cash sales for the day Rs.16000 of which Rs.8000deposited into the bank. 8 Cheque received from a customer for Rs.5000 and allowed him discount Rs.500 10 Paid Rent for 3 month on cash @Rs.3000 11 Paid to the creditor by cash Rs. 6500and by cheque Rs.5000. 18 Cash deposit into the bank Rs.25000 22 Withdrew cash from bank for personal use Rs.7500 25 Withdrew cash from bank for Office use Rs. 8000 Required a ) Enter the opening balance and recorded the above transaction in a three column cash book . b) Balance the cash book on January 31, 2018 and bringing down the cash balance on February 01, 2018

Assignment No. 10 General Journal Ahmed Brothers started business on June 02, he invested Cash Rs.40000. And Office equipment Rs.45000. during the month following transaction . 2008 June 04. 06. 08. 10. 14. 16. 20 25. 29.

Purchased merchandise Rs. 9000 and on credit Rs.6000 Paid shop rent in advance for June Rs.3500 Sold merchandise on credit Rs.9500 and on cash Rs.3500 Paid to creditor by cheque above mentioned purchased merchandise on June 4. Paid salary to office worker on cash Rs.12500 and by cheque Rs 5000, Received cheque by customer Rs. 9500 Purchased 4 computer on credit from Ramzan Traders Rs.20000 each. Paid Advertising for the year by cheque Rs.4500 withdrew cash from bank for personal use by Owner Rs.2500 and Merchandise Rs. 950.

Required a ) Recorded the above transaction in the standard form of GENERNAL JOURNAL give explanation below each entry.

Assignment No. 11 General Journal Jamali Brothers started business on March 01, he invested Cash Rs.95000. And Furniture Rs. 85000. during the month following transaction . March 04. Purchased merchandise Rs. 60000 of which 50% paid cash and balance on cheque. 06. Paid shop rent in advance for 4 months @ Rs.5000 08. Sold merchandise on credit Rs.70000 and on cash Rs.45000 10. Cash sales Rs.60000 of which 80% deposited into the bank. 14. Paid salary to office worker on cash Rs.12,500 and by cheque Rs 5000, 16. Received cheque by customer Rs. 78500 and allowed him discount Rs.1500. 25. Paid Advertising for the year by cheque Rs.35000 29. withdrew cash from bank for personal use by Owner Rs.6500 and Merchandise costing Rs. 8000. Required a ) Recorded the above transaction in the standard form of GENERNAL JOURNAL give explanation .

Assignment No. 12 Special journal The following are the selected transaction completed by Salman Khan Traders during May-2013 May, 04, May, 07, May, 12, May, 18, May, 22, May, 25, May, 29, Required : a) b) Q. 1 Mar,02 Mar,05 Mar,06 Mar,08 Mar,10 Mar,16 Mar,20 Mar,22 Mar,24 Mar,30 Mar,30 Required Q. 2 April , 01 April , 03 April , 06 April , 15 April , 18 April , 22 April , 25 April , 28

Sold goods to Farooq trader on credit for Rs.2000. Sold merchandise to Fine company limited for Rs.7,000. Sold goods to Farooq trader on account for Rs.8,000. Sold merchandise to Fine company limited for cash Rs.14,000. Merchandise return by Farooq trader for Rs.1,000 Merchandise return by Fine company limited for Rs.500. Sold old Furniture to Asim sons on credit for Rs.6,000. Record above transaction in the appropriate journal. Make posting into accounts payable subsidiary ledger.

General Journal Entries Started business with cash Rs.60000 Open a new bank account with HBL Rs. 40000 Purchased merchandise on cash Rs.5000 Purchased merchandise on Credit Rs.5000 Sold goods on credit Rs. 8000 Paid shop Rent by cheque Rs.2000 and cash Rs.1500 Paid advertising on Cash Rs. 1200 Withdrew cash from band fro personal use Rs.2500 Paid cash to supplier by cheque Rs.3500 Received cash by customer Rs. 6000 Free sample to distribution for advertisement. Rs.5000 Prepered general journal entries in standared from. Mr. Shahid started business with cash Rs.4000 Equipenmt Rs.6000 Cash Deposit into Bank Rs.9000 Purchased merchandise from Maqsood Brothers Rs.7000 Merchandise return to Maqsood Brothers Rs.500 Sold merchandise to Ali store Rs. 8000 Goods return from Ali Rs.450 Paid Insurance permiume by cheque Rs.1500 Purchased Furniture on cash Rs.7000

April , 30 April , 30 Required Q. 3 April , 01 April , 03 April , 06 April , 15 April , 18 April , 22 April , 25 April , 28 April , 30 Required

Paid sales tax expense Rs. 2000 Some goods is destoryed by fire Rs.6000 Prepered general journal entries in standared from. Mr. Shahid started business with cash Rs.4000 Equipenmt Rs.6000 Cash Deposit into Bank Rs.9000 Purchased merchandise from Maqsood Brothers Rs.7000 Merchandise return to Maqsood Brothers Rs.500 Sold merchandise to Ali store Rs. 8000 Goods return from Ali Rs.450 Paid Insurance permiume by cheque Rs.1500 Purchased Furniture on cash Rs.7000 Paid sales tax expense Rs. 2000 Prepered general journal entries in standared from.