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"?
As salam o alekum
plz share to me final term papers of mgt 101 ( financial accounting)
thanx & regards
m. adil
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Visit these groups:
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