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Re: ::: vuaskari.com ::: pls urgent send me new long question solved mgt602

Mgt101 Final Term Current Paper 


mostly mcqs from cash flow statement, type of business and rectifying errors.

Q1. Difference between list companies and non list companies.
Q2. What is fixed capital in partnership.
Q3. Prepare Profit and lost account from given data.
Q4. Positive and negative cash flow statement to identify activity.
Q5. Define following.
Premium shares
cash flow statement
debenture
note for account.
Q6. identify cost of good sold.
Q7. preparing control account.

 

 

MGT101

Dated 20-07-2011

By bc110200204 *Sid*

Q1- Following is information of Shumile Ltd. for the year ended December 31st, 2009.

 

Particular

Rs.

Cash in hand

160,850

Bank overdraft

72,500

Accounts payable

5,000

Plant & Machinery

171,000

Furniture

30,000

Land

100,000

Accumulated profit & Loss c/f (credit balance ) on 31st December,2006

8,000

Gross Profit on 31st December,2006

125,000

Paid up capital

150,000

Capital reserves

12,000

Authorized Capital Rs. 10/each

500,000

 

Other information:

Depreciation is charged on all Depreciable Fixed Assets @ 10%

 

Required:

Prepare the capital and liability side of balance sheet as on 31st December, 2009.

Q2- Classify the followings whether these Entries are Operating, Investing or Financing activity by filling the appropriate boxes given below.

 

 

S. No.

 

ENTRIES

 

 

CLASSIFICATION

 

0

 

Dividends

 

 

Financing activity

 

1

 

Change in Long term debts

 

 

?

 

2

 

Change in Deferred income tax

 

 

?

 

3

 

Change in Common stock

 

 

?

 

4

 

Proceed from sale of Machinery

 

 

?

 

5

 

Gain from sale of Machinery

 

 

?

Q3- What journal entry would be passed for loss distribution of Rs. 18,000 among "Mr. A", "Mr. B" and "Mr. C" with the ratio of 1:3:5 respectively? Show complete working.

Q4- Calculate the amount of Net profit after tax if:

Ø      Sales revenue Rs. 100,000

Ø      Gross profit Rs. 75,000

Ø      Operating expenses Rs. 10,000

Ø      Interest charges Rs. 5,000

Ø      Tax@ 10%

Q5- Calculate Cash Profit from the following data:

Total sales                                         Rs. 50,000 (including cash sales Rs. 25,000)

Cost of purchases                             Rs. 30,000 (including credit purchases Rs. 20,000)

Other cash selling expenses            Rs. 5,000.

Q6- Mr. A, B & C entered into a partnership. At the beginning of the year their capital balances were Rs. 180,000, Rs. 140,000 and Rs. 80,000 respectively. Profit or loss is to be divided as:

Ø      Mr. A: one-half

Ø      Mr. B: one-third

Ø      Mr. C: one-sixth

Required:

            If profit is Rs. 390,000, calculate the share of profit for all the partners.

Q7- On January 31st the finished goods Inventory of XYZ Company was Rs 500,000. During the year, manual Cost of goods manufactured was Rs. 1,900,000, sales were Rs. 2,000,000 and Gross profit is 25% of sales.

Required:

Calculate the cost of opening finished goods inventory.

Q8- What types of changes are made in "statement of changes in equity"?

 

 

 

 

 

Paper Final Term MGT101

Group 4

Total  Question  were 65 (55 MCQ's) by mc110202852 Mazhar Hussain

A corporation has retained earning of Rs. 100,000 and Rs. 150,000 for the year ended 2006 and 2007 respectively. The corporations had net profits after taxes of Rs. 80,000 in 2007. What will be the amount of dividend paid in the year 2007

 

Aslam started a new business by depositing cash Rs. 10,000 in the name of the business in a local bank. How can the concept of separate entity be applied here?

Mr. B sold a car for Rs. 200,000. He should debit Rs. 200,000 to:

 

Mr. A paid to his creditor Rs. 10,000 and availed cash discount of Rs. 250. Mr. A should debit his creditor by:

 

Which account is increased with a debit and decreased with a credit?

Cash

 

Current accounts of the partners should be opened when the capitals are:

Fixed

 

In  cash flow statements, which of the following would appear as an inflow of cash?

The repayments of a bank loan

 

Which of the following account is the summary of all accounts of suppliers of goods?

 

 

Mr. A & B entered into a partnership with an equal investment and equal share in profit or loss. Markup on capital of Mr. A is Rs.2,000 and markup on drawings of Mr. B is Rs.3,000. The net income for the year is Rs.50,000. What will be the profit share of Mr. A?

 

Mr. A & B entered into a partnership invested Rs.50,000 and Rs.65,000 with an equal share in profit or loss. Markup on capital of Mr. A is Rs.2,000 and markup on drawings of Mr. B is Rs.3,000.  The net income for the year is Rs.85,000. What will be the profit share of Mr. A?

 

The following balance and discrepancies were found on 31 March 2008:

 

 

 

Particulars

Rs.

Cash book balance (Dr)   

5,000

Un-presented cheques

1,000

Un-credited cheques

500

 

Prepayments would be treated as:

Deferred revenues will become revenue when they are:

 

 

Subjective

 

Q. Rectify the following errors by passing necessary journal entries

Ø  Cash sales of Rs. 600 to Kareem were wrongly debited to Kareem

Goods of Rs. 200 drawn by the proprietor from the business for private use were wrongly credited to cash account

 

If:

·         Accounts payable at beginning                                        Rs. 250,000  

·         Accounts payable at the end                                                    190,000

·         Credit purchases                                                                       200,000

 

Then:

You are required to calculate the cash payment as a result of purchases by preparing the Accounts Payable Accounts.

 

Q. What are the different types of inventories of manufacturing concern? Discuss briefly.

 

Q. X and Y were partners in a business sharing profits in the ratio of 3:1. Their capital were Rs.30,000 and Rs.10,000 respectively. They earned a net profit of Rs. 160,000. Mr. Y was entitled to a salary of Rs.200 p.m. Prepare Profit Distribution Account of X & Y Partnership.

Q. ABC company had current and total assets of Rs.450,000 and Rs.1,000,000, respectively. The company's current and total liabilities were Rs.267,000 and Rs.600,000, respectively. Calculate the amount of working capital and the current ratio using this information

 

Q. You are required to calculate the Gross profit, Operating income and Net income by prepare Income statement with the help of given date for the year ended 2008.

 

 

 

Raw material Stocks 31-12-2007

Rs. 31,000

Work in process 31-12-2007

25,000

Cost of goods sold

536,339

Additional data

·         Other income for the year Rs. 5,000.

·         Other expenses for the year Rs. 15,000.

·         Selling expenses for the year Rs. 10,000

·         Administration expenses for the year Rs. 20,000

Sales for the year Rs. 1,000,000.

-- 


On Sat, Jul 23, 2011 at 7:24 PM, Ahmad tahir Tahir <ahmadtahir8@yahoo.com> wrote:
pease aagar aap ke pass mgt 101 ke paper hain to share kare dain i m very thank full to you and God bless you
From: adnan khalid <adnank896@gmail.com>
To: vuaskari_com@googlegroups.com; tovu-and-company <vu-and-company@googlegroups.com>; CoooL Virtual University Students <coool_vu_students@googlegroups.com>; VU Pakistan <pak-youth@googlegroups.com>; vustudymania <vustudymania@googlegroups.com>; vu-club@googlegroups.com; vuguyscom@googlegroups.com; vu_eagle_eye <vu_eagle_eye@googlegroups.com>; vuhelp_pk@googlegroups.com; vulmsit@googlegroups.com
Sent: Friday, July 22, 2011 10:08 AM
Subject: ::: vuaskari.com ::: pls urgent send me new long question solved mgt602

pls urgent send me new long question solved mgt602

--
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MIS Group: http://groups.google.com/group/askari_mis?hl=en





--

Regards, 

Professor Copy Paste,
MCS 2nd Semester



--
We say, "Be one as Pakistani Nation and grow up for Pakistan's Future". Wish you all the best. Join www.vuaskari.com,
To post to this group, send email to vuaskari_com@googlegroups.com
Visit these groups:
This (Main) Group:http://groups.google.com/group/vuaskari_com?hl=en?hl=en
MIT/MCS Group: http://groups.google.com/group/vu_askarimit?hl=en?hl=en
HRM Group: http://groups.google.com/group/askari_hrm?hl=en?hl=en
Banking Group: http://groups.google.com/group/askari_banking?hl=en?hl=en
Management: https://groups.google.com/group/vuaskari_mgt?hl=en
Marketing: https://groups.google.com/group/vuaskari_mkt?hl=en
MIS Group: http://groups.google.com/group/askari_mis?hl=en

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