University of Sargodha BS 3* Term Examination 2016 Subject: Computer Science Paper: Financial Accounting (MNG:2210) Time Allowed: 2:30 Hours Maximuni Marks: 80

University of Sargodha

BS 3* Term Examination 2016

Subject: Computer Science

Paper: Financial Accounting (MNG:2210)

Time Allowed: 2:30 Hours

Maximuni Marks: 80

Note:

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

Objective Part

(Compulsory)

trind her swers to the forlowing questiome grier in 23 ties),

USC. Ledger

(ii): Current assets

(iv): Journalizing

(v): Debig Balance

((vil). Voucher

(vili). Direet Expense

(x). Depreciation

(x). Accounting concepts

(xili): Account

(xiv): Sales return

(xvi): Accrual system of accounting .

(16*2=32)

(il): Credit transaction.

(vi): Liabilities.

(xii).Outrtuding Expenses.

(xv) Snearned income

Subjective part

(All questions carry equal marks)

Q-2: Enter the following Transactions in the journal of the Mr. Amjad.

i)

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IV)

v)

VI)

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Introduced the cash Rs. 200,000 and furniture Rs.40, 000

Purchased goods from saleem Rs.60, 000

Bought machinery Rs. 80,000.

Paid cash to saleem Rs. 59,000 in full settlement of his account

Cash given away as charity Rs. 1,000

Paid salaries Rs. 9,000 and telephone charges Rs. 7,000,

Sold goods to Akram at a list price less 5% trade discount Rs.20.000

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

Q. 3: Prepare the rectify Journal entries.

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) Rs500 withdrew 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 wascem Rs 4000 and credited his account by Rs 3000.

Q.4. Enter the transaction in Double column cash book.

April 1

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

April 5

ustadni.com

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. 13000.

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 deposited inVisiwebsite: ustadni.com