::: vuaskari.com ::: MGT101 - Financial Accounting - Today's Payper (18-07-11)

AOA Every one:-

 

Find below my today's Subjective paper  of MGT101 for your information:-

 

1.      Calculate Net profit / Net loss from the information given below; (5 Marks)

Gross Loss: 5800 Rs

Sales Salaries: 3,000

Custom duty on purchases: 6000

Freight on sales: 1000

Interest on loan: 500

 

2.      Mr. X & Y were partners in 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 salary of Rs. 200 P/M. Prepare Profit distribution account of X & Y Partnership. (5 Marks)

 

3.      When closing stock is given in trail balance only, then what will be its effect in profit and loss account and balance sheet and why ?

When depreciation is given in trial balance only, then what will be its effect in profit & loss account and Balance sheet and why ? (5 Marks)

 

4.      Write note on the following terms:- (5 Marks)

Net capital employed

Share holder's Equity

Gain on sale of Fixed Assets

Return on Investment.

 

5.      Mr. AB & C entered into a partnership. At the beginning of the year their

capital balances were Rs. 50,000 , Rs. 60,000 and Rs. 70,000 respectively. Profit or loss is to be divided with the ratio of 3:2:1 among Mr. A,B & C respectively.

If loss is Rs. 168,000 calculate the share of loss for all the partners. (3 Marks)

 

6.  Cost of assets is Rs. 50,000 on 1st January 2008.

     Depreciation rate is 10% P.A

     Financial year is January 01 to December 31.

     Calculate Depreciation expense and written down value. (3 Marks)

 

7. Differentiate between debtor's turnover ratio and creditor's turnover ratio.

     (3 marks)

 

MCQ -56 Nos. ( 30 % Past papers)

 

May Allah Bless All of US.

 

Regards,

 

Pioneer

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