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Salam
Jesa Ke Uper Title Parh Kar Hi Ap Samajh Gaye Hon Ge

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Apki is mhrbani ka m tah-e-dil s mashkoor hun...
ALLAH ap ko hmysha khush rkhy.

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Bro. ap ko ek tklif or dy rha hun agr mjy accounting b.com part 1 ka guess paper mil jata to mhrbani hoti..

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<font face="Comic Sans MS"><font color="DarkGreen"><font size="5"><b>B.Com I Accounting 2010
NOTE: Attempt any FIVE questions in all.
Q.1. WORK SHEET
Given: Unadjusted trail balance of PEARL and Co. on June 30, 2006 is as under.
Cash Rs. 3,00,000, Accounts Receivable Rs. 5,00,000, Prepaid Advertising Rs. 60,000, Office Supplies Rs. 10,000, Office Equipment Rs. 4,00,000, Capital Rs. 10,00,000, Drawing Rs. 5,00,000, Consulting Fee Rs. 5,000, Salaries Expense Rs. 51,000, Rent Expense Rs. 70,000, Insurance Expense Rs. 20,000, Repair Expense Rs. 10,000.
Data for Adjustment on June 30, 2009
i. Supplies on hand Rs. 5,000
ii. Unexpired rent Rs. 20,000
iii. Salaries payable Rs. 10,000
iv. Consulting fee still unearned Rs. 15,000
v. Office Equipment have life of 10 years with no salvage value. Use straight line method to calculate depreciation.
vi. Advertising Expense Rs. 35,000.
Required: Prepare a Ten-Column Work Sheet.
Q.2. Closing Entries Income Statement Balance Sheet
Take data given in Question No. 1 and prepare Income Statement, Balance Sheet and closing entries on June 30, 2009.
Q.3. INVENTORY VALUATION
Given: Lever Brother uses a Periodic Inventory System and the monthly transaction for November 2009.
Nov 01, Inventory 1000 units @ Rs. 50 each.
Nov 10, Purchases for cash 1600 units @ Rs. 60 each.
Nov 15, Sale for cash 1500 units @ Rs. 100 each.
Nov 20, Purchases on account 900 units @ Rs. 80 each.
Nov 26, Sales on account 2000 units @ Rs. 120 each.
Required: Determine the cost of ending inventory and the cost of good sold separately by FIFO, LIFO and Average Method.
Q.4. ACCOUNT RECEIVABLE
Given: A’s Trading Company estimates uncollectable account at 10% of year end balance of account receivable in Dec 31, 2008 the A/R (Control) had a Debit balance of Rs. 75,000/- and the allowance for doubtful accounts showed a credit balance of Rs. 2,500/- but the customer account in the subsidiary ledger showed a credit balance of Rs. Rs. 4,800/-. However, on Jan 05, 2009, the company sold merchandise at invoice price of Rs. 20,000/-, to the customer who had paid Rs. 4,800/- in advance. Collected on Receivable Rs. 2,15,000/-, this is the cash received after discount deductions of Rs. 4,400/-. During the year, total A/R written off Rs. 15,000/- and the previously written off A/R recovered in the amount of Rs. 6,500/- at Dec, 2009.
Required: Prepare General Entries, Adjusting and Closing Entries with T-account of A/R and Allowance for Bad Debts.
Q.5. DEPRECIATION
(A) Given: On Jan 05, 2007 POGO and Company paid Rs. 18,000 for extra ordinary repair of an equipment costing Rs. 1,00,000 and having accumulated depreciation of Rs. 45,000. This equipment was estimated life of 4 years from the date of repair and salvage value of Rs. 9,000. On June 22, 2008 the equipment was sold for Rs. 36,000 cash. POGO and Company follows calender year as its accounting period.
Required:
i. Prepare General Journal entry to record extra-ordinary repair.
ii. Determine depreciation per year after extra-ordinary repairs by straight line method.
iii. Prepare partial balance sheet Dec 31, 2007.
(B) Given:
Q.6. BANK RECONCILIATION
The Prime and Company has the data from its Cash Book Rs. 41,603 and Bank Statement Rs. 38,400 on Dec 31, 2010.
i. Deposit in Transit Rs. 3,200.
ii. Cheque wrongly charged to the Company’s account by the Bank Rs. 4,800.
iii. Bank Services Charges not recorded in Cash Book Rs. 320.
iv. Shahid Sons Cheque was returned by bank as dishonored Rs. 960.
v. A cheque was issued to Javed for payment of Rs. 821 but was erroneously recorded by company as Rs. 504.
vi. The Loan granted and credited by the bank was not recorded in the company bank Rs. 8,000.
vii. Outstanding cheque were in the amount of Rs. 4,800.
Required:
(a) Prepare a Bank Reconciliation Statement for Prime and Company on Dec 31, 2010.
(b) Prepare necessary adjusting entries.
Q.7. PARTNERSHIP ADMISSION
Asghar and Zaheer are partner with Capital balances of Rs. 99,000 and Rs. 54,000 respectively. They shares profit and losses in the ratio of 3:2.
Required: Prepare the journal entries to record the admission of Razi under following cases.
i. Razi paid to Zaheer Rs. 30,000 for a 1/2 of Zaheer’s interest on admission.
ii. Razi invest sufficient cash to acquire 1/4 interest in the capital of new partnership.
iii. Razi invest Rs. 67,000 for a 1/5 interest in the capital. Goodwill not to be recorded.
iv. Razi invest Rs. 39,000 for a 1/4 interest in the capital. Use Goodwill method.
Q.8. PARTNERSHIP LIQUIDATION
Azam, Akram and Anwer were partner in a firm with a profit and losses ratio of 2 : 2 : 1. On June 30, 2003 they decided to liquidate the firm before liquidation the balance sheet of the firm was as under.
BALANCE SHEET
As on June 30, 2003

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