Accounting 2017
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BS ZOOLOGY first semester Animal diversity ZOOL 101 - university of Punjab 2025
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Literary criticism
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this paper consists of 60 marks but now we have 35 marks paper.
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Can you please tell me more past papers please because my exams are starting from next week
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Did you provide the past papers of the science of society uos?
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Paper text
Purchase Returns 2,000
DATA FOR ADJUSTMENT ON JUNE 30, 2017.
(i) Merchandise inventory valued at Rs.45,000.
(ii) Advertising unexpired Rs.3,000.
(iii) Interest on debenture payable accrued for six months.
(iv) Accrued Salaries Rs.2,000.
(v) Provide depreciation on plant assets at 5% of book
value.
(vi) Outstanding commission income Rs.5,000.
(vii) Directors decided to declare cash dividend @ 10% on
paid up capital and to appropriate for plant expansion
Rs.10,000 and for contingencies Rs.8,000.
REQUIRED:
(i) Statement for the year ended June 30, 2017.
(ii) Retained Earnings statement for the year ended June
30, 2017.
(b) Following are selected transactions relating to Zafar Ltd.
On Aug. 5, Company offered 40,000 shares of Rs.10 at
Rs.25. On Aug.20, the company's banker reported that
applications for 50,000 shares were received. On Aug.
30, the company allotted 40,000 shares to applicants
and refunded the excess amount.
On Sept. 15, company acquired a piece of land costing
Rs.5,00,000 issuing a suitable number of shares of Rs.10
at Rs.25.
On Sept 30, company issued 5,000, 8% Debentures of
Rs.100 at Rs.90, redeemable after five years at Rs.120.
REQUIRED: General Journal Entries.
2.(a) Gross Profit rates of Zulfiqar Trading Company were
35%, 33% and 30% of sales price for 2014, 2015 and 2016
respectively. The following accounts are available at the end of
year 2016.
Year Installment A/c. Deferred Gross
Receivable Profit
2014 12,000 4,700
2015 133,000 122,100
2016 250,000 240,300
REQUIRED:
(i) Cash collections and Realized Gross Profit during the
year 2016.
(ii) Entries to record the Cash
collections and Realized Gross Profit.
(b) Merchandise sold for Rs.64,000 in 2015, at 25% profit on
cost. In the same year a total of Rs.24,000 were collected. In
2016 no collections were made and the merchandise was
repossessed. The market value of the merchandise was
Rs.33,000.
REQUIRED: Compound general journal entry for
repossession showing computations.
3. On Jan. 1, 2017 the Balance Sheet Data of X Co. Ltd
And Y Co. Ltd. Are given below:
X Co. Ltd Y Co. Ltd.
Cash 20,000 5,000
