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1st year test paper

Shamim Collegiate
House NO#  LA 54  Block 15 Gulshan e Mustafa  FB Area karachi, Mobile :: 03433498272
1)General Journal:
1. Muhammad Umar started business with a cash investment of Rs. 500,000/ and equipment Rs. 100,000/.
2. Cash deposit into bank for business account Rs. 100,000/.
3. Purchased merchandise on cash Rs. 75,000.
4. Cash sales Rs. 50,000/.
5. Withdrew cash from bank for personal use Rs. 15,000/.
6. Paid Salaries to the employess by cheque Rs. 6,000/.
7. Recieved rent of the building in advance of Rs. 10,000 cash.

a) Analyse of the above transactions.
b) Record the above transaction in General Journal.
2)Ledger and Trial Balance:
Following are the ledger balances of Sadique and Sons on june 30, 2011.
Rs. 146,000/-
Cash in hand
Rs. 45,000/-
Cash in Bank
Rs. 140,000/-
Salaries Expenses
Rs. 28,000/-
Rs. 270,000/-
Rs. 2,200/-
Rs. 50,000/-
Sales Return
Rs. 1,800/-
Rs. 66,200/-
Bank Charges
Rs. 1,100/-
Stationary and printing Expenses
Rs. 2,200/-
Advertising Expenses
Rs. 2,500/-
Purchase Returns
Rs. 1600/-
Account Recievable
Rs. 20,000/-
Account Payable
Rs. 32,000/-
Investment securities (5%)
Rs. 22,400/-
Insurance Expenses
Rs. 3,200/-

prepare Trial Balance as at year ended June 30, 2011 in sequence.

Shamim Collegiate
House NO#  LA 54  Block 15 Gulshan e Mustafa  FB Area karachi, Mobile :: 03433498272
3)Sales Journal:
The following particulars are related to Credit Sales of Waqas and Company , for the month of August 2011.
Credit Terms
Bill No
Sold On
Amount (Rs..)
Aug. 07, 2011
2/10, n/30
Umer & Co.
Aug. 13, 2011
5/07, n/15
Vali Bros.
Aug. 19, 2011
2/10, n/20
Waqar Sons.
Aug. 28, 2011
2/15, n/com
yameen & Co.
a) Prepare Sales Journal and enter there in th eabove information. Foot and rule the journal indicating posting reference and check - mark.
b) Set - up appropriate controlling accounts in the General ledger.
4).Bank Reconciliation:
1) The balance per book of Wisha & Co. is Rs. 4,139,29.
2) The bank statement shows a balance of Rs. 6,22841 up to August 31, 2011.
3) Cheques outstanding as of August 31, Were as follows: No. C777 for Rs. 1,052.27 and No. C985 Rs. 1,232.00.
4) also accompanying the bank statement was paid cheque for Rs. 44.50 of Mujahid and company. The bank had charged his cheque to the account of Wish & Co. erroneously.
5) On August 29, the bank collected a non- interest bearing note for Wisha & Co. The note was for Rs. 362/- the bank charged a fee of Rs. 4.00/-
6) A deposit of Rs. 409.40 was in transit; it had been mailed to the bank on August 31.
7)The service charges on the account for August amounted to Rs. 99.22, and debit memo was returned with the bank statement.

Prepare bank reconcillation statement for Wisha & Co. On August 31, 2011 based on the information given above.


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