View Single Post
  #1  
Old Tuesday, July 20, 2010
hassaan shuja hassaan shuja is offline
Junior Member
 
Join Date: Jul 2010
Posts: 11
Thanks: 8
Thanked 4 Times in 4 Posts
hassaan shuja is on a distinguished road
Default accounting past paper answers

I am solving past papers of Accounts.first i will provide you with partnership Q's.Afterwards other topics will also be provided.Plz notify me if you find any mistake in the solution.

2007 Q.5

journal Entries
=====================DEBIT CREDIT
1.CASH 23000
--------SAEED'S CAPITAL 20000
---------GOODWILL 3000

2. Goodwill 3000
--------Ahmad's Capital 2000
-------- Bilal's Capital 1000


3. Revaluation 840
-----------Building 400
-----------prov. for b/debts 440

4. stock 3000
-----------Revaluation a/c 3000

5. Revaluation a/c 2160
----------Ahmad's Capital 1440
-----------Bilal's Capital 720


B. PARTNER'S CAPITAL ACCOUNT

------------------Ahmad'S CAPITAL A/C
DEBIT CREDIT
---------------------------! b/d-------------15000
---------------------------! Goodwill-------- 2000
c/d ----------------18440 ! Revaluation a/c-1440
------- -------
---------------------18440------------------ 18440


BILAL'S CAPITAL A\C
DEBIT-----------------------------------------CREDIT
----------------------------! B/D --------------10000
----------------------------! Goodwill-----------1000
c/d----------------- 11720! Revaluation----------720
----------------------------- ----------------- ------
---------------------11720 --------------------- 11720

You can also show c's capital account.

C.
Balance Sheet
---------------------------------------------------------------------------
Ahmad's Capital***** 18440 ! Plant & machinery*******3600
bilal's Capital*******11720 ! Stock***************25000
C's capital*********20000 ! Debtors************* 15000
Bank o/d ********* 15000 ! less:- prov.b\debt ****** (440)
Creditors********** 2000 ! Cash ***************24000
****************--------- ******************** ---------
****************67160 ***********************67160
--------- ---------
Reply With Quote
The Following User Says Thank You to hassaan shuja For This Useful Post:
syed kashif (Thursday, July 03, 2014)