Guess Papers for Class XI

Guess Papers for Class XII

1st Year Commerce

2nd Year Commerce

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

Accounting
Banking
English
Commercial Geography
Pakistan Studies
Statistics
Urdu

Class 2nd Year Accounting Guess Paper Commerce

Important Questions:

Adjusting entries

1. Record depreciation on equipment Rs.10000.
2. Provide allowance for depreciation on machinery Rs.25000.
3. Depreciation expense is Rs.5000.
4. Depreciate the furniture by 10%. (Furniture cost-Rs.150000).
5. Depreciation on fixed assets is 5%. (Fixed assets-Rs.200000).
6. Allowance for depreciation is 5% of book value.
   (Furniture-250000, Allowance for depreciation-50000)
7. Depreciate building by 10% of book value.
   (Building-500000, Accumulated depreciation-140000)
8. Allowance for depreciation is 4% of book value.
   (Furniture-630000, Allowance for depreciation-30000)
9. Bad debts expense for year 5000.
10. Provided allowance for bad debts are 5600.
11. 5% of net sales to be uncollectible. (Sales revenue-550000, Sales return-80000).
12. 2% of account receivable is estimated to be irrecoverable.
    (Account receivable-580000)
13. Uncollectible expenses are 5600.
14. 1% of sales revenue is to be bad debts. (Sales revenue-1500000).
15. 2% of account receivable is uncollectible expense. (Account receivable—900000).
16. 1% of net credit sales are to be converted into bad debts.
    (Sales-680000, Cash sales-200000, Sales return-50000, Sales discount-30000)
17. 2% of net credit sales are to be assumed as bad debts.
    (Sales-7850000, Cash sales-2600000, Sales return-150000, Sales discount-130000)
18. 2% of account receivable is uncollectible expense. (Account receivable—7500000)
19. Unpaid salaries for the month of December Rs.25000
20. Accrued rent expenses Rs.5400
21. Accrued salaries for the year Rs.2500
22. Insurance expense remained unpaid Rs.3600
23. Insurance expenses not recorded Rs.3640
24. CDGK taxes accrued for the month of December Rs.6600
25. Salaries earned by employees but not yet paid Rs.36000
26. Building has been used in December but rent has not been paid Rs.15000
27. Accrued salaries expenses for the year Rs.21500
28. Unpaid salaries Rs.25000
29. Salaries earned by employees but not yet paid Rs.24000
30. Commission receivable Rs.5600
31. Commission revenues earned but remained uncollected Rs.6670
32. Services revenue receivable Rs.12000
33. Rent earned but not yet received Rs.25000
34. Commission earned but not yet received Rs.7800
35. Insurance premium earned but not yet received Rs.15000
36. Commission revenue receivable Rs.12000
37. Commission earned but not yet received Rs.7280
38. Rent revenue earned but receivable Rs.3690
39. Rent expense for year Rs.15000
    (Trial Balance: Rent expense Rs.12000)
40. Rent expense for the year Rs.15500
    (Trail Balance: Rent expense Rs.11500)
41. Salaries expense during year Rs.290000
    (Trial Balance: Salaries expense Rs.250000)
42. Insurance expense for year Rs.25000
    (Trial Balance: Insurance expense Rs.20000)
43. Insurance was paid in advance for three years in august Rs.360000
    (Trial Balance: Insurance expense Rs.360000)
44. Insurance was expired 40%.   (Trial Balance: Insurance expense Rs.16000)
45. Wages unpaid 60000. (Trial Balance: Wages expense Rs.50000)

Question No: 01 financial statement

Given is the unadjusted trial balance of JJ Corporation:

Data for adjustments

1. merchandise inventory ending valued at 26000
2. office supplies expired 60%
3. prepaid rent remains 75% or ¾
4. prepaid insurance is expired by ½
5. salaries outstanding 3000
6. commission receivable 2300
7. unearned services income converted into income by rate of 40%
8. depreciation on fixed assets 10%
9. increase the allowance for bad debts by 1000
10. interest payable on bank loan 10% of the loan

Required

Prepare
1. Adjusting entries
2. Income Statement
3. Balance sheet

Question No. 02 Single Entry

Given data belongs to AAA Corporation:

Data for adjustment:

1. Owner invested 2100 cash as additional investment.
2. Drawing 120 p.m
3. Commission income unearned 100
4. Insurance expired by 90
5. Prepaid rent amount to 1300
6. Depreciation on fixed assets is 10%
7. Bad debts expenses are 300

Required:

-Computation for capital
-Income statement
-Statement of affairs

Question No 03 depreciation

FWBL purchases a machine from Japan on Jan 01 at cost price of 200000.
They are sanctioned with 10% trade discount.

When they upload the machine from Japan they paid the following expenses:
-Loading charges 12000
-Custom duty 8000
-Insurance in transit 25000

And then machine arrives at Pakistan on June 30. In Pakistan they paid following expenses:
-Import duty 20000
-unloading charges 18000
-fire insurance 2000

And then installation charges were paid to engineers at 20000 with test run cost of 5000. The machine is ready fro production now at 5 July.

The machine is expected to have a working life of 100000 hours and it can produce 1200000 units. The life of machine is 25 years.
The salvage value of machine is 0.

Required:

-Calculate the cost.
-Calculate the depreciation under the following methods for 1st two years.
-Straight line -working hours -unit production -diminishing balance.
-Prepare the adjusting and closing entries.
-Prepare ledgers for allowance for depreciation account.

Question No. 04 Issue of shares and debentures

Given transactions belong to Warren-Buffet who has authorized capital of $15000000. It have par value of $150 per share.
-It offered 1200 shares to general public for subscription. The subscription is undersubscribed by 15% shares. Company allotted the shares to applications received.
-Company purchased a building at $10000 and in consideration for payment it issues 150 shares.
-Company acquired a machine at cost price of $15000 and issued shares at par in payment of the same.
-Company offered 1000 shares at market value of $175. the subscription was over subscribed by 255 shares and directors allotted the desired shares and advised bank to return the remaining.
-Company sold 100 debentures of $1000 each at 1100 and redeemable at par value.
-Company made issue of 150 debentures at 900 for payment of vehicle purchased at $100000.
-Issue 200 debentures at 1120 and redeemable at 1150.
-Issue 200 debentures at 920 and redeemable at 1120.

Required:

P repare general journal entries.

Question No 05: Retained Earnings

Given balance belongs to DANISH corporation.
Retained earnings 2500000/=
-Closing process revealed credit balance of income summary at Rs.210000/=

Following decisions are made for the year appropriations:

-create general reserve of 10000
-made building extension and renovation reserve 5000
-reserve for debenture redemption 12000
-contingency reserve is ¾ of general reserve

Required:

-journal entries
-partial balance sheet

Question No. 06 Admission of Partner

given is the balance sheet of  Gizelle marketers

They decided to admit A as new partner.

Required

Record admission of A under the following conditions:
-A invest cash to acquire 1/6 ownership of firm.
-A invest 100000 to get 1/3 owner ship.
-A invest 100000 in total capital of 350000 to get ¼ interest
-A invest 80000 in total capital of 320000 to get 1/3 interest
-A invest 120000 and get 2/5 ownership and other partners do not reduce their capital.

Question No. 07 dissolution

On this date they liquidate their business:

Case I

-account receivable was collected up to 90%
-other assets were sold for 300000
-account payable was paid 90%
-notes payable were paid completely.

Case II

Account receivable were collected up to 100%
-other assets were sold for 200000
-account payable was paid 100%
-notes payable were paid completely.

Required:

-liquidation summary
-computation and general entries under each case.

Question No 08 retirement

J K and N are partners with capital balances of 100000 each and share profit and loss in ration of 1:1:2
K retires from firm:

Required:

Prepare computation and entries under following assumptions
-K is compensated with an office building against his capital.
-N purchases K capital by paying him 120000
-K transferred his capital to M.
-K is paid 110000 and records the increase in capital as goodwill.
-K is paid 85000. (Record bonus)

Best Of Luck

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