Skip to main content

2nd year test paper two

Shamim Collegiate
House NO#  LA 54  Block 15 Gulshan e Mustafa  FB Area karachi, Mobile :: 03433498272
Accounting Surprise Test Paper For 2nd year by sir tariq
1. Single Entry
Balances of the assets and equities of the business of Mr. Masroor on Jan. 1, 1988 and Dec. 31, 1988 were as follows:
                                          Jan.1st …… Dec.31st
Cash in hand……………….1,00,000…  …..5,000
account recei……………….120,000… …..12,000
Prepaid Insurance…………………   ……5,000
Furniture………………… .10,000…   ….15,000
Accounts Payable……  …5,000……       ..7,000
Capital 1.1.1988……………10,000………….
Capital (unadjusted) 31.12.1988……………30,000
Additional information of Dec. 31, 1988.
i) During the year Masroor had with drawn Rs. 72,000 cash for his During the year Masroor had with drawn Rs. 72,000 cash for his private use and had made on additional investment of Rs. 50,000.
ii) The Bank Statement showed a debit of Rs. 260 for Zakat deduction and credit of Rs. 840 for profit.
iii) Insurance of Rs. 2,000 had expired.
iv) Depreciation of furniture is to be charged at Rs. 3,000.
After incorporating the additional information prepare.
a) Statement of profit and loss for the year ended on Dec. 31, 1988.
b) Statement of Affairs (Balance Sheet) as of Dec. 31,1988.

2. Partnership-Division of Net Income or Loss
Laiq, Nasir and Mohsin are partners with capital balances of Rs. 90,000, Rs. 60,000 and
Rs. 30,000 respectively. (Capitals are fixed and separate current accounts of partners are
maintained). The partnership agreement provided as under:
i) Annual salary of Rs. 72,000 to Nasir and Rs. 48,000 to Mohsin to be allowed.
ii) Profit equal to 20% of capitals is to be distributed in the ratio of capitals.
iii) Remainder profit to be distributed in the ratio of 3:1:1. During the year partners
drawings were. Laiq Rs. 80,000, Nasir Rs. 65,000 and Mohsin Rs. 55,000. The firm earned a net
profit of Rs. 246,000.
a) Income Distribution Summary.
b) Entries in the General Journal to record partners drawings and distribution of the net

3. Depreciation
On Jan. 1, 1986 Khud-Mukhtar Company purchased a machine for Rs. 260,000 at the end of its estimated life of five years the machine was expected to be sold for Rs. 60,000.
Determined the depreciation on machine for the year 1986, 1987 and 1988 under:
i) Straight Line Method
ii) 40% Diminishing Balance Method Present year data, separately for each method in the following form:

Cost of machine
Accumulated Depreciation
Book value




Popular posts from this blog

Free Download Notes XI & XII Commerce Notes & Book In Pdf

Free Download Notes XI & 1st Year Notes Download In Pdf XI Accounting Book  Economics Notes Pdf Free Download Urdu Notes for 1st Year (Class 11)  Another Urdu Notes For XI  Islamiat For XI  Principle Of Commerce 1st year XI POC Notes (Best) Server 01 XI POC ( Principle of Commerce ) Guess Paper Solved 2021 Free Download Notes  XII Commerce Notes & Book In Pdf XII Accounts Book With Solutions 2nd-year Urdu Notes Free Download Pdf XII English Notes Pdf 2nd Year English Notes Adam jee  2nd Year Commercial Geography  2nd Year Pak Studies Notes XII Pak Studies Notes In English Adam Jee XII Pak Studies Solved Paper XII Banking Notes (Shah Commerce) Another 2nd Year Banking Notes XII  CG Solved Papers Commerce Online Notes By Sir sultan hamid hussain (All credit goes to Sir Sultan) Server 01 Commercial Geography Notes In English By Sir Sultan Server 01 Commercial Geography Notes Notes In Urdu By Sir Sultan Server 01 XII Banking Notes Short Q

Questions And Answers The Count’s Revenge By J.H.Walsh

THE COUNT’S REVENGE (J.H.WALSH) Q: 1 What Arab custom is referred in the short play “The Count’s Revenge”? An Arab custom mentioned by the Countess of Morcerf to Albert and the Count of Morcerf when the count of Monte Cristo leaves their house without eating anything. The custom runs as “Never to eat food at the house of a deadly enemy”. She strongly believes that since the Count of Monte Cristo has a faith in that custom and thinks them to be his enemy, and hence not eat anything at their place.   Q: 2 What do you know about the reaction, plans or intention of Albert? Albert, the brave young son of the count of Morcerf, was deeply shocked by the disgrace of his father and family. As a man of honour, he showed severe emotional reaction to the unhappy incident. Albert made his mind to trace about the unknown enemy of his family and avenge the family honour. On his request, Beauchamp, a close friend of Albert, discovered the name of the enemy. It was Albert;s

English Essay Problems of Karachi

Problems of Karachi Karachi is the biggest city in Pakistan and one of the most thickly populated cities in the world. Its population has increased rapidly and accordingly has given rise to many social problems. People of this metropolis are becoming more and more concerned about solving these serious problems, some of which are discussed below. The ever-increasing rush of heavy traffic on the roads is resulting in heavy loss of human life. One day or the other, people suffer from accidents due to reckless driving. Some lose their vehicles and some go to the police. This is due to lack of civic sense in the citizens and violation of traffic rules. Traffic jams, road quarrels, untidiness and damage of public property are also the results of this problem. The government has not done any planning to control this situation in the past two decades. In the same manner, the government has never emphasized upon population distribution. As a result, slum areas are rapidly being built, wher

Short Questions Answers of The Prisoner of Zenda ~Drama Novel Prisoner of Zenda

 N OVEL Question 1)Tell in your own words how the first meeting came off between the two distant cousins? Answer) Rudolf leaves the inn one day as he is given an opportunity to stay at Jahan’s sister at Strelsau. Instead of going, he decides to walk through the forest and have a look at the castle of Zenda. He sits down in the forest to have some rest as well as smoke a cigar. After smoking his cigar, he unintentionally falls asleep. Shouts and sound of laughter wake him up. On opening his eyes, he sees two men standing near him. They are Fritz Von Tarlenheim and Colonel Sapt. They tell him that he looks exactly like their king except that he has a beard. At that moment King Rudolf appears. Rassendyll greatly surprises to see king Rudolf in the forest of Zenda. He gives a cry when he finds that Rudolf is just like him. Rudolf’s face and appearance are quite like his own. Rudolf’s height appears to be slightly less than his. Rassendyll bows respectfully before the king. In a happy m