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PART -I

THEORY PAPER
Time: 60 Minutes
Marks: 15

Attempt any five questions. All carries equal


marks.
1. Write three benefits of computerized Accounting System.

2. If you will be selected for the post of Accountant in any


organization which techniques of Peachtree will you prefer
(use) the most for your job.

3. Differentiate receipt voucher and payment voucher.

4. Define Sale and its types.

5. List three major functions of any Commercial bank.

6. Write down the following equations:


a. Accounting equation.

b. Formula of Net Income

c. Formula of Net sales

PART -II

PRACTICAL PAPER
Time: 120 Minutes
Marks: 25

Question No. 01

Marks:

12

1. Mr. Muhammad Tarique is starting business of


Computers Accessories with the name of TARIQUE
COMPUTERS at Khairpur City.
Being a Computerized Accounting Student you have
to help him to record his business transactions in
Peachtree Accounting Software.
So create business in Peachtree Accounting
Software with the Name TARIQUE COMPUTERS.
Process the below transactions
1. Create Chart of Accounts listed below

Cash Account
A/c Receivables
A/c Payables
Purchase Account
Taj Muhammad Capital
Retained Earnings
Drawing Account
Sales Account

2. Mr. Muhammad Tarique Invested Rs. 5,000,000/cash.

3. Create list of Inventory Items listed below also


assign Id to each item.

Black LCD (suggested Price Rs. 5000/- for each)


White LCD (suggested Price Rs. 3,500/- for each)
Key Boards (suggested Price Rs. 400/- for each)
Mouse (suggested Price Rs. 250/- for each)

4. Create Vendor List


M/s. Boss Computers ( LCDs Supplier)
M/s. Sami Computers (Key Board & Mouse)
5. Purchase Inventory for business

60 Black LCD from M/s. Boss Computers at cost of Rs. 4,000/each


30 White LCD from M/s. Boss Computers at cost of Rs. 2,600/each
1500 Key Boards from M/s. Sami Computers at cost of Rs. 300/each
1500 Mouse from M/s. Sami Computers at cost of Rs. 180/- each

6. Record Payments to Vendors


Rs. 300,000/- to M/s. Boss Computers
Rs. 550,000/- to M/s. Sami Computers

7. Create List of Customers


M/s. Siddique Traders
M/s. Mehran College
M/s. Al-Sajjad Cafe

8. Record the Sales transactions.

Sold
Sold
Sold
Sold

20
10
50
60

Black LCD to M/s. Siddique Traders on credit


White LCD to M/s. Siddique Traders on credit
Key Board to M/s. Mehran College on credit
Mouse to M/s. Al-Sajjad Cafe on credit

9. Record Receipts from Customers


50% Payment received from each customer
M/s. Siddique Traders
M/s. Mehran College
M/s. Al-Sajjad Cafe

Question: 2
(Marks 08)
Question: RED Palace Corporation closes its accounts once a year on
December 2015.

RED PALACE CORPORATION


Adjusted Trial Balance
December 31, 2015

Chart of Accounts
Cash
Accounts Receivable
Prepaid rent
Unexpired Insurance
Airplanes
Accumulated Depreciation: Airplanes
Notes Payable
Interest payable
Unearned Passenger revenue
Raja, Capital
Raja, Drawing
Freight revenue
Fuel expense
Salaries expense
Maintenance expense
Salaries payable
Freight revenue receivable
Rent expense
Insurance expense
Depreciation expense
Interest expense
Passenger revenue
Total

Amount
22,750
28,300
5,400
32,800
855,000

Amount

237,500
450,000
4,500
80,500
171,750
7,750
66,000
47,600
72,525
6,700
1,625
11,750
2,700
4,100
4,750
4,500
1,106,625

94,750
1,106,625

Required:
a. Prepare Income Statement for the year ended December 31,
2015
b. Prepare the Balance sheet in Report form at December 31,
2015.

Question No. 03
Marks(5)
The cash book of M/s. J.Jones showed a balance at the bank of Rs.
5,700/- in hand on 31 January 2016. At the same date, the bank
statement balance of M/s. J.Jones account was Rs. 4,690/- . The
difference was accounted for as follows:
a. Cheques for Rs. 1,555/- sent to creditors on 30 January were
not paid by the bank until 8 February.
b. Cheques amounting to Rs. 1,974/- paid into the bank on 31
January were not credited by the bank until 1 February.
c. A standing order for a charitable subscription of Rs. 600/had been paid by the bank on 21 January but no entry had
been made in the cash book.
d. A cheque paid by M/s. J.Jones for rent on 15 January for Rs.
345 had been entered in his cash book as Rs. 354/-.
REQUIRED:

Prepare bank reconciliation statement.