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Old Tuesday, April 15, 2008
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Post Accountancy & Auditing, Paper-1

ACCOUNTING & AUDITING PAPER II
PART II
Section-I (Cost Accounting)


Q.2 The Solo Company uses process cost system. Tailoring department of the company produces cotton shirts. All direct materials are introduced at the process. Conversion costs are incurred uniformly throughout the process. The company started 500 shirts. It completed and transferred 400 shirts. At the end of the month 80 shirts were in process. Each shirt in ending work in process was 75% converted. Cost incurred during May; direct materials Rs. 43200 and conversion costs Rs. 92000.

Required: Prepare Cost of Production for the month of May,2007

Q.3 The materials analyst for moderate Company is asked to determine the number of units of material A to order for March delivery. The production schedule calls for 10000 units of this material for January operations; 13500 units for February; and 14800 units for March. On January 1, the inventory shows 10000 units on hand; 14000 units are on order for January delivery; and 13000 units oin order for February delivery; and 7500 units minimum reserve inventory is maintained.

Required: Determine the quantity to order for March delivery.

SECTION-II (Auditing)


Q.4 Draw a specimen of unqualified audit report of a public limited company?

Q.5 Differentiate between internal audit and statutory audit?

SECTION-III (Income Tax)


Q.6 What are various sources of income chargeable to tax under the head “Income from other sources”?

Q.7 Mr. Ali is an officer in AB Company Ltd. He supplied information for the year ending June30, 2007 as started below:

i. Basic salary per month Rs. 25000.
ii. Dearness allowance Rs. 14000.
iii. House Rent allowance per month Rs. 12500.
iv. Gas and electricity allowance Rs. 15000.
v. Conveyance allowance Rs. 2500 per month.
vi. Medical allowance Rs. 1500 per month.
vii. Leave fare assistance including hotel bill Rs. 13000
viii. Insurance money received on maturity of policy Rs. 150000.
ix. Income from Khas Deposit Certificate Rs. 500.
Required: Calculate tax liability of Mr. Ali.

SECTION-IV (Business Organization & Finance)


Q.8 Define business combination? What are the causes of business combinations?

Q.9 Differentiate between unlisted company and lised company in Pakistan?

Last edited by Last Island; Tuesday, April 15, 2008 at 09:55 PM.
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