07-25-2011, 10:30 PM
Q: What journal entry would be passed for profit distribution of Rs. 9,000 among Mr. A, Mr. B and Mr. C with the ratio of 1:3:5 respectively? Show complete working.
Q: Briefly explain the cash system of accounting with the help of example.
Q: ABC Inc. had the following positive and negative cash flows during the year
Positive cash flows:
Rec from custom 250,000
Interest and dividend 50,000
Sale of plant asset 350,000
Issued stock 500,000
Negative Cash Flows:
Paid to suppliers and employees 130,000
Purchase of inventory 40,000
Purchase of treasury stock 35,000
Payment of interest 20,000
Paid cash dividend 50,000
Q: Determine the amount of cash provided by or used for operating act?
Q: If accounts receivable at beginning: 250,000
Account receivable at the end: 190,000
Credit sales: 300,000
Then you are required to calculate the cash receipts from sales by preparing the accounts receivable account.
Q: What do you know about the fluctuating capital in a partnership?
What is gen ledger? List down the comp of standard gen ledger?
Q: If the capitals of the partners are fixed, pass journal entries for the following:
• Drawing made by partner
• Excess drawn amount is returned by partner
• Profit distribution among partner
Q: Listed below are corporations that receive cash from customers prior to earning revenue:
• PIA
• Nawa-e-Waqt
• ABC group of colleges (for profit comm. College)
• Model town club
• XYZ incorporation (health insurance)
Listed below are the accounts used by these corporations to report unearned revenues
(I was unable to note remaining part of this question)
Q: Briefly explain the cash system of accounting with the help of example.
Q: ABC Inc. had the following positive and negative cash flows during the year
Positive cash flows:
Rec from custom 250,000
Interest and dividend 50,000
Sale of plant asset 350,000
Issued stock 500,000
Negative Cash Flows:
Paid to suppliers and employees 130,000
Purchase of inventory 40,000
Purchase of treasury stock 35,000
Payment of interest 20,000
Paid cash dividend 50,000
Q: Determine the amount of cash provided by or used for operating act?
Q: If accounts receivable at beginning: 250,000
Account receivable at the end: 190,000
Credit sales: 300,000
Then you are required to calculate the cash receipts from sales by preparing the accounts receivable account.
Q: What do you know about the fluctuating capital in a partnership?
What is gen ledger? List down the comp of standard gen ledger?
Q: If the capitals of the partners are fixed, pass journal entries for the following:
• Drawing made by partner
• Excess drawn amount is returned by partner
• Profit distribution among partner
Q: Listed below are corporations that receive cash from customers prior to earning revenue:
• PIA
• Nawa-e-Waqt
• ABC group of colleges (for profit comm. College)
• Model town club
• XYZ incorporation (health insurance)
Listed below are the accounts used by these corporations to report unearned revenues
(I was unable to note remaining part of this question)