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2nd year test Distribution of profit or loss

Muzammil collegiate LA54 block 15 gulshan e Mustafa Karachi Jamal and Swaleh are partners having capitals of Rs.900,000 and Rs.600,000 respectively. They had agreed to the following terms: (i)Jamal and Swaleh will be entitled to a monthly salary of Rs.6,000 and Rs.3,000 respectively.(ii) Swaleh will be allowed the commission of Rs.30,000 per year. (iii) The remaining profit and loss will be divided between the partners in the ratio of their capitals. Net loss of the firm during the year is Rs.10,000. REQUIRED (i)Prepare Income Distribution Summary. (ii) Give necessary entry (entries) in General Journal regarding distribution of the net loss of the firm among partners. Q2)Ansar, Azam and Azeem are partners having capitals of Rs.60,000; Rs.50,000 and Rs.50,000 respectively. They had agreed to the following terms: (i)Azam and Azeem shall be entitled to a monthly salary of Rs.1,200 and Rs.1,500 respectively. (ii) Ansar shall be allowed commission Rs.2,500 per y

1st year accounting General Journal Test 02

Muzammil collegiate LA54 block 15 gulshan e Mustafa Karachi 1st year accounting test by tariq aziz Cash invested in the business by the owner Rs.50,000. Purchased supplies for cash Rs.1,000. Purchased equipment on account Rs.15,000. Bought equipment at a cost of Rs.11,400 paid cash. Mr. Ali started business with cash investment of Rs.100,000 Purchased furniture for cash Rs.12,000 Purchased equipment on account Rs.20,000 Sold merchandise for cash Rs.18,000 Deposited cash into bank Rs.5,000 Salaries paid to the employees Rs.8,000 by cheque. He acquired a shop by paying Rs.36,000 as advance rent for a year. Purchased furniture for shop Rs.64,000. Purchased merchandise for cash Rs.200,000 Sold merchandise for cash Rs.200,000 Purchased merchandise on account from Mr. Zaid Rs.150,000 Paid salaries Rs.10,000 Paid office salaries Rs.3,000 he bought Rs.6,000/- supplies for the shop he paid Rs.5,000/- rent for the month of the March for the shop r

General Journal 1st year Accounting Test written by Tariq Aziz

Muzzamil Collegiate HOUSE NO LA54 BLOCK 15 GULSHAN E MUSTAFA  KARACHI  03433498272 www.facebook.com/LearnEnglishUrdu General Journal weekly test  1 st year Accounting Test written by Tariq Aziz 01) Owner Invest cash in his business 1000 02) Mr tariq Investment 2000 03) Purchase Building on cash 3000 04) Sold building on cash 4000 05) Purchase Equipment 5000 on cash 06) Proprietor commenced business with cash 1000 , building 2000, Equipment 3000 machine 4000, furniture 5000 , supplies 6000 and land 7000 07) Equipment sold on cash 80,000 08) Sale Building on cash 90,0000 09) Furniture purchase on cash 10,000 10) Owner made additional investment 2000 11) Bought computer on cash 3000 12) Sell computer on cash 4000 13) Owner bring cash and bank in his business 2000 and 40000 14) Owner purchase  furniture for business use for cash 26000 15) Sold machinery on cash 25000 Best of luck for test Sir tariq Aziz