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Important Guess Papers

Inter Board Karachi (Commerce) 2011-2012

Exams have never become easy!
The added Guess Papers will aid you to attempt Examination paper fully and to get success in it.

Guess Papers for Class XI

Guess Papers for Class XII

1st Year Commerce

2nd Year Commerce

Accounting new
Business Mathematics
English new
Islamiat new
Principles Of Commerce new
Principles Of Economics new
Urdu new

Accounting new
Banking new
English new
Commercial Geography
Pakistan Studies new
Urdu new

Class 1st Year Accounting Guess Paper Commerce

Important Questions:

Section A: (Multiple Choice Questions)

Note: Attempt all questions from this section.

Q.1:- Choose the correct answer for each from the given option:

i) Discount on list price or catalogue price is known as:

  1. Sales discount
  2. Early settlement discount
  3. Purchases discount
  4. Trade discount

ii) Mathematical error in the preparation of ledger can be detected with the help of :

  1. Financial statements
  2. General journal
  3. Special journals
  4. Trial Balance

iii) Which of the following best describes "Sales".

  1. Old Office equipment
  2. Merchandise sold on cash only
  3. Merchandise sold on credit only
  4. Merchandise sold on cash and credit

iv) If an account shows a credit balance that account represents:

  1. Revenue
  2. Liabilities
  3. Owner's Equity
  4. All of the above

v) The process of recording transactions in chronological order is called:

  1. Posting
  2. Journalizing
  3. Balaning
  4. Transferring

vi) Trial balance can be best describe as:

  1. It is a part of financial statements
  2. It shows a list of balances of all accounts
  3. It shows a financial performance of business
  4. It shows financial position of business

vii) The balance brought forward in the Bank Account in the condition of overdraft is on the:

  1. Debit side
  2. Credit side
  3. May be on either side
  4. None of the above

viii) Which of the following is returns outwards:

  1. Goods purchased from suppliers
  2. Goods returned by customers
  3. Goods taken by customers
  4. Goods returns to suppliers

ix) Which of the following ia a contra entry:

  1. Cash is deposited in to bank
  2. Cash is withdrawn from bank for office use
  3. Cheque deposited in to bank on any future date
  4. All of the above

x) Which of the following represents clains to economic resources:

  1. Assets, but not liabilities or owner's equity
  2. Liabilities and owner's equity, but not assets
  3. Liabilities, but not assets or owner's equity
  4. Owner's equity, but not assets or liabilitis

xi) A cheque issued by you but not yet paid by the bank is called:

  1. Dishonoured cheque
  2. Certified cheque
  3. Unpresented cheque
  4. Uncontrolled cheque

xii) Which of the following items in not reponsible for differences between cash book balnce and bank statement:

  1. Interest given by bank
  2. Outstanding cheque
  3. Direct deposit by customer
  4. Equipment purchased on cash

xiii) Salaries paid Rs. 10,000 were posted to salaries account as Rs.1,000. To rectify the error, the salaries account will be:

  1. Debited by Rs 10,000
  2. Credited by Rs 10,000
  3. Credited by Rs. 9000
  4. Debited by Rs. 9,000

xiv) Which of the following best describes "Drawing":

  1. Owner invested cash into business
  2. Withdrew cash from bank for office use
  3. Cash and commodities taken by owner for personal use
  4. Dep[osited cash in to bank

xv) In accounting term, "Purchases" means:

  1. All items purchased on credit
  2. Goods purchased on cash only
  3. Goods purchased for resale purpose
  4. Goods purchased on credit only

xvi) Which of the following is correct:.

  1. Compound entry requires at least two accounts
  2. Posting is done chronologically in journal
  3. Debit means left hand side for every ledger
  4. Capital = Assets - Net loss

xvii) Which of the following is not an asset:

  1. Account recivable
  2. Prepaid expense
  3. Note recivable
  4. Account payable

xviii) Transaction is only possible when there are:

  1. At least one party
  2. At least two parties
  3. Maximum two parties
  4. Not more than three parties

xix) Which of the following discount is given on prompt payment:

  1. Trade discount
  2. Quality discount
  3. Cash discount
  4. None of the above

xx) Which of the following is a liability:

  1. Machinery
  2. Loan from X
  3. Building
  4. Cash

Section B: (Short Answer Questions)

Q2- Important Short answer Questions:

  1. Accounting Theory:
    Define Accounting
    State the rules of Debit and Credit
    List the steps involved in Accounting cycle
    State the Fundamental Accounting Equation
    Show the effects of Transactions on Accounting Equation
  2. General Journal:
    1. Muhammad Umar started business with a cash investment of Rs. 500,000/ and equipment Rs. 100,000/.
    2. Cash deposit into bank for business account Rs. 100,000/.
    3. Purchased merchandise on cash Rs. 75,000.
    4. Cash sales Rs. 50,000/.
    5. Withdrew cash from bank for personal use Rs. 15,000/.
    6. Paid Salaries to the employess by cheque Rs. 6,000/.
    7. Recieved rent of the building in advance of Rs. 10,000 cash.

    a) Analyse of the above transactions.
    b) Record the above transaction in General Journal.
  3. Ledger and Trial Balance:
    Following are the ledger balances of Sadique and Sons on june 30, 2011.
    Capital Rs. 146,000/-
    Cash in hand Rs. 45,000/-
    Cash in Bank Rs.65,000/-
    Purchases Rs. 140,000/-
    Salaries Expenses Rs. 28,000/-
    Sales Rs. 270,000/-
    Wages Rs. 2,200/-
    Furniture Rs. 50,000/-
    Sales Return Rs. 1,800/-
    Machinery Rs. 66,200/-
    Bank Charges Rs. 1,100/-
    Stationary and printing Expenses Rs. 2,200/-
    Advertising Expenses Rs. 2,500/-
    Purchase Returns Rs. 1600/-
    Account Recievable Rs. 20,000/-
    Account Payable Rs. 32,000/-
    Investment securities (5%) Rs. 22,400/-
    Insurance Expenses Rs. 3,200/-

    prepare Trial Balance as at year ended June 30, 2011 in sequence.
  4. Cash Book:
    hammad a sole trader uses Three column cash book. on Ugust 1, 2011, he had cash in hand Rs. 50,000/- and cash in bank Rs. 72,000/-. During the month of August 2011 he completed the followin gtransactions.
    Aug 01: Purchased Merchandise for Rs.7,300/- and issued a cheque for the amount.
    Aug 0: Cash sales and deposit into Bank Rs. 8,000.
    Aug 10: Recievd a cheque for Rs. 7,900/- from Moin in full settlement of his account of Rs. 8,000/- and deposit the cheque in Bank.
    Aug 18: Withdrew cah for personal use Rs. 4,000/-
    A ug 20: Issued cheque for Rs. 4,500/- to Ahmer in full settlement of his account of Rs.4,00/-
    Aug 24: Withdrew from Bank Rs. 5,000/- for office use.
    Aug 31: Rent paid cheque Rs. 3,500/-

    a) Enter the opening balances on August 1, and record above transactions in the three column book.
    b) Balance the cash book on August 31, 2011.
  5. Sales Journal:
    The following particulars are related to Credit Sales of Waqas and Company , for the month of August 2011.
    Date Credit Terms Bill No Sold On Amount (Rs..)
    Aug. 07, 2011 2/10, n/30 102 Umer & Co. 16,000/-
    Aug. 13, 2011 5/07, n/15 103 Vali Bros. 5,000/-
    Aug. 19, 2011 2/10, n/20 104 Waqar Sons. 8,000/-
    Aug. 28, 2011 2/15, n/com 105 yameen & Co. 9,000/-

    a) Prepare Sales Journal and enter there in th eabove information. Foot and rule the journal indicating posting reference and check - mark.
    b) Set - up appropriate controlling accounts in the General ledger.
  6. Bank Reconcillation:
    1) The balance per book of Wisha & Co. is Rs. 4,139,29.
    2) The bank statement shows a balance of Rs. 6,22841 up to August 31, 2011.
    3) Cheques outstanding as of August 31, Were as follows: No. C777 for Rs. 1,052.27 and No. C985 Rs. 1,232.00.
    4) also accompanying the bank statement was paid cheque for Rs. 44.50 of Mujahid and company. The bank had charged his cheque to the account of Wish & Co. erroneously.
    5) On August 29, the bank collected a non- interest bearing note for Wisha & Co. The note was for Rs. 362/- the bank charged a fee of Rs. 4.00/-
    6) A deposit of Rs. 409.40 was in transit; it had been mailed to the bank on August 31.
    7)The service charges on the account for August amounted to Rs. 99.22, and debit memo was returned with the bank statement.

    Prepare bank reconcillation statement for Wisha & Co. On August 31, 2011 based on the information given above.

  7. Correction Errors:
    The following errors were discovered before closing the Books of Hamza & Co.
    1) The coat of and office table amounting to Rs. 10,000/- has been entered in purchase account.
    2) An amount of Rs. 3,000/- withdrawn by the proprieter has been debited on Mise. General Expense.
    3) Old furniture sold for Rs. 25,000/- has been entered in the sales account.
    4) Office equipment purchased for 1450/- has been posted to sales equipment account.
    5) A credit sale of merchandise to Ali Bhai Rs. 28000/- has been posted to Wali Bhai account.

    Prepare correcting entries in General Journal of Hamza & Co.

Section C: (Detailed Answer Questions)

Note: Attempt all questions from this section.
8- Financial Statement and Closing Process:
Given:An alphabetical listing of the account balances of Jamshed's Clothing Store after its second Complete year of operation is shown below. All necessary adjustments as on December 31st Have been Recorded and posted.

Account Receiveable Rs. 19480/-
Property Taxes Payable Rs. 580/-
Cash Rs. 8430/-
Depriciation Expense Rs. 1230/-
Insurance Expense Rs. 1530/-
Jamshed Capital Rs. 36930/-
Notes Receiveable Rs. 3500/-
Property Taxes Rs. 570/-
Purchase Return and Allowances Rs. 4280/-
Sales Return and Allowances Rs. 37565/-
Supplies Rs. 715/-
Transportation - in Rs. 4225/-
Account Payable Rs. 11535/-
Accumulated Expense Rs. 2055/-
Equipment Rs. 7960/-
Inventory Jan.01 Rs. 21780/-
Jamshed Drawing Rs. 5600/-
Prepaid Insurance Rs. 390/-
Purchases Rs. 129835/-
Rent Expense Rs. 7200/-
Sales Rs. 211820/-
Selling Commission Expense Rs. 8790/-
Supplies Expense Rs. 580/-

The inventory determined by count at December 31, was 19470.

a) Prepare the income statement for the year ended December 31, 2011.
b) Prepare balancesheet as on December 31, 2011.
c) Prepare adjusting OR closing entries in general journal. (Use the following data).

The trail balance of Bahadur Corporation was prepared from the records of the firm on June 30, 2011, the close of its fiscal year.

Accounting Title Debit Balance (in Rs.) Credit Balance (in Rs.)
Cash 8635  
Account Receiveable 14260  
Inventory, beginning 37240  
Unexpired Insurance 720  
Office Supplies 505  
Land 15640  
Buildings 38000  
Accoumulated Depreciation Building   9120
Equipment 9600  
Accumulated Depreciation: Equipment   1600
Account Payable   12040
Bahadur Capital   71570
Sales   179735
Sales Returns and Allowances 3290  
Purchases 119965  
Purchase Return and Allowances   2145
Transportation - in 2965  
Salaries and Wages Expences 24740  
Property Taxes Expenses 685  
Total 276210 276210

Other Data:
i) Provide depreciation on fixed assests 10% of cost.
II) Accrued salaries payable as of June 30 were Rs. 3140/-.
III) Examinations of policies showed Rs. 380/- unexpired insurance on June 30.
IV) Office supplies in hand at June 30 amount to Rs. 235/-.
V) Inventory of merchandise on June 30 was Rs. 27910/-.

Guesspapers Inter Board Karachi for Class XI, XII, (1st, 2nd Year) Science, Arts and Commerce Group Exams Guess Papers 2011, 2012, Karachi, Pakistan

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