07-18-2011, 10:43 PM
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)
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)
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