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2nd year accounting test paper

Shamim collegiate
La54 block 15 gulshan e Mustafa Karachi 03433498272
2nd year test paper

Question No. 01 Single Entry
Given data belongs to AAA Corporation:
Particular
Jan. 01 2011
Dec. 31 2011
Cash
2000
6600
Account receivable 
3600
4300
Supplies
800
1420
Merchandise
2600
3700
Prepaid insurance
360
490
Prepaid rent
750
1150
Furniture

2000
Equipment
2400
6000
Notes payable
1140
1660
Account payable
1000
1230
Bank overdraft

1620
Bank account
1100

Commission revenue
1200
3100
Capital
?
?
Data for adjustment:
1.                              Owner invested 2100 cash as additional investment.
2.                              Drawing 120 p.m
3.                              Commission income unearned 100
4.                              Insurance expired by 90
5.                              Prepaid rent amount to 1300
6.                              Depreciation on fixed assets is 10%
7.                              Bad debts expenses are 300

Accounting Test 02










Shamim collegiate
La54 block 15 gulshan e Mustafa Karachi 03433498272
2nd year test paper
Question No. 02 dissolution
Assets

Equities

Cash
100000
accounts payable
70000
Other assets
260000
notes payable
30000
Income summary
20000
capitals F
100000
Account receivable
10000
capitals Z
100000
On this date they liquidate their business:
Case I
-account receivable was collected up to 90%
-other assets were sold for 300000
-account payable was paid 90%
-notes payable were paid completely.
Case II
Account receivable were collected up to 100%
-other assets were sold for 200000
-account payable was paid 100%
-notes payable were paid completely.
Required:
-liquidation summary
-computation and general entries under each case.
Question No 03: Retained Earnings
Given balance belongs to DANISH corporation.
Retained earnings 2500000/=
-Closing process revealed credit balance of income summary at Rs.210000/=
Following decisions are made for the year appropriations:
-create general reserve of 10000
-made building extension and renovation reserve 5000
-reserve for debenture redemption 12000
-contingency reserve is ¾ of general reserve
Required:
-journal entries
-partial balance sheet


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