Advanced Accounting ADP 2 Semester/Term 2021
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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
UNIVERSITY OF THE PUNJAB, FAISALABAD
Affiliated Colleges under Semester System
ADP 2nd SEMESTER
Course Title: Advanced Accounting
Time Allowed: 02:30 Minutes
Marks: 80
Note: Attempt all questions. All questions carry equal marks.
Q2. A and R enter in partnership on January 1, 2020 by introducing rupees 1000000 each. Partnership deed provides @10%PA interest on capital to each. A is entitled monthly salaries of rupees 80000 per month. Profit for the year 2020 rupees 200000 before charging interest on capital and A salary. A's drawing rupees 300000 and R's drawings rupees 400000 from business.
Requirement
Show profit and loss account relating to the partners and their capital accounts.
Q3. From the following receipts and payment accounts of four seasons society for the year ended December 31, 2021. Prepare income and expenditure account and balance sheet on that date.
Receipts | Rs. | Payments | Rs.
Bank balance 01.01.2021 | 20100 | salaries | 65600
Subscription | 11150 | Board and laundry | 3800
Fee from Non members | 27000 | Rent and Rates | 2000
Municipal Grant | 10000 | Cost of car | 2000
Donation for building fund | 15600 | Car expenses | 800
Interest | 3800 | General Expense | 670
| | Balance | 12780
| 87650 | | 87650
The society owns land costing rupees 8000. A donation of rupees 1000 received to building fund wrongly included in subscription account. Car expense of rupees 128 was outstanding.
Q4. Muhammad Fathay purchased a machine for rupees 800000 on April, 2018. He spent rupees 50000 on its overhauling and installation. Depreciation is written of 10%PA on original cost. On June 30, 2021, the machine was found to be unsuitable and sold for rupees 65000. Prepare machine account from 2018 to 2022.
Q5. On first January Mr. Ahmed started business with rupees 100000. On 31st December 2020 his position of business is as under
Rs. | Rs.
Cash in hand | 450000 | Investment | 555000
Cash at Bank | 500000 | Trade creditors | 100000
Trade receivables | 250000 | Furniture | 20000
Stock in trade | 305000 |
During the year Mr. Ahmed draw rupees 20000/- for domestic use. On June 1, 2020, he borrowed from bank rupees 200000 @ 15% PA. Charged depreciation on furniture @ 10%PA.
Requirement
Prepare statements showing results at the end of 31st December 2020 and balance sheet as on that date.
