Question # 1

10

Zameer keep his book by single entry system. His capital on 11th December 2014 was Rs.
19,000. His capital on 1st January 2014 was Rs. 10,000. He withdraw for his household purpose
Rs. 8,420. He once sold his investment and brought Rs. 2,040 into business.
Required: You are required to prepare a statement of profit or Loss made by Zameer during
year.

Question # 2

10

From the following receipt and payment account of Haroon Club, prepare income and
expenditure account for the year ended December 31st 2014.

Receipts

Rs

Payments

Rs

Opening balance

500

Honorarium

2, 000

Subscription

6, 000

Wages

1, 000

Entrance fee

3, 000

Salaries

3, 000

Donations

6, 000

Sales of old furniture 2, 000

Closing balance

Newspapers
New furniture

1, 200
4, 000

6, 300
17, 500

17, 500

Adjustments:
1.
2.
3.

Subscription received in advance year 2015 is Rs. 200 and receivable year 2014 is Rs. 500.
Wages payable Rs. 200.
1/3 of donations is to be capitalized.

Question # 3

10

Maria sends 100 Radio sets to Razia to be sold on consignment. She spends Rs. 300 on packing.
Coast of each set is Rs. 150. Razia sends a bank draft to Maria as an advance for Rs. 10, 000.
Razia spends Rs. 1, 150 as expenses. Razia sold all sets at Rs. 200 each she is entitled 10%
commissions on sales. Show various accounts in books of Maria.

Question # 4

10

Pass Journal entry if debenture is

1.
2.
3.

Issued at Rs. 100 and repayable at Rs. 100

Issued at Rs. 90 and repayable at Rs. 110
Issued at Rs. 100 and repayable at Rs, 110.

Question # 5

10

A company purchased a machine ( second hand ) for Rs. 8,000 on 1st April 2008. They spent Rs.
3,500 on its overhauling and installation. Depreciation is written off at 10% per annum on the
original cost. On 30th June 2008, the machine was sound unsuitable and sold for Rs. 6,500.
Prepare machine account from 2008 to 2011, assuming accounts are closed on 31st December
every year.