Financial Accounting BS 3 Semester/Term UOS — University of Sargodha 2016

University of Sargodha

BS 3rd Term Examination 2016

Subject: Computer Science

Paper: Financial Accounting (MNG-2210)

Time Allowed: 2:30 Hours

Maximum Marks: 80

Note: Objective part is compulsory. Attempt any three questions from subjective part.

Objective Part (Compulsory)

Q.1. Give short answers to the following questions (Answer in 2-3 lines). (16*2=32)

(i) Ledger

(ii) Income tax

(iii). Credit transaction

(iv) Journalizing (v) Debit Balance

(vi). Liabilities.

(vii) Voucher

(viii). Direct Expense

(ix). Nominal account

(x). Depreciation

(xi). Accounting concepts

(xii). Outstanding Expenses

(xiii). Account

(xiv). Sales return (xv). Unearned income

(xvi). Accrual system of accounting

Subjective Part

Q.2. Enter the following transactions in the journal of the Mr. Ahmad. (20)

i) Introduced into cash Rs. 200,000 and furniture Rs.40,000

ii) Purchased goods from seller Rs.60,000

iii) Bought machinery Rs. 80,000

iv) Paid cash to seller Rs. 59,000 in full settlement of his account.

v) Cash given away as charity Rs. 1,000

vi) Paid salaries Rs. 9,000 and telephone charges Rs. 2,000.

vii) Sold goods to Aslam at a list price less 5% trade discount Rs.20,000

viii) Cash amounting Rs. 15,000 taken away from proprietor for personal use.

Q.3. Prepare the tectify Journal entries. (20)

a) A credit balance of Rs. 7550 of the Rent received Account was Recorded as Rs.5700.

b) Goods worth Rs.6000 Returned by Dawood, were taken in to Stock, but no entry in respect

of return was made in the books.

c) Repair of Machinery Rs.300 ,Wrongly charged to machinery account.

d) A purchase of goods, Rs.4000 from Akber has been wrongly passed through the sales journal.

e) Old Furniture sold, Rs.12000 to Kashif, wrongly recorded in sales journal.

f) Rs. 500 withdrawn by owner from bank, recorder as a general expense.

g) Amount of Rs. 6000 received for commission has been wrongly as received for interest.

h) Goods sold to waseem Rs 4000 and credited his account by Rs.3000.

Q.4. Enter the transaction in Double column cash book. (20)

April 1 Balance as per cash Rs.30,000 and Rs.10,000 was banked.

April 5 Purchased merchandise from "Usman worth Rs.1000 and payment made by cheque.

April 10 Cash taken away by the proprietor for personal use 1000.

April 15 Cash deposited into the bank Rs.5000.

April 19 Received from Asif by cheque Rs.15000.

April 20 Withdraw cash Rs.10,000 from bank for office use.

April 24 Goods sold Rs.8,000 to Hassan on account.

April 28 Cheque received from Asif for Rs.4000 and paid into the bank.