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Old Wednesday, May 06, 2015
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Default [Summer] 2011: Accounting for Financial Services

ISQ Examination (Summer-2011)

Q.1 Please write the alphabet of the selected answer in the given space:

Q.2 List 04 revenue and expenditure items for financial institutions.

Q.3 List 2 off balance sheet items for financial institutions.

Q.4 The following financial statements are from the 2010 Annual Report of the Niagara Company:

Required: Cash Flow statement by using Indirect Method

Q.5 Explain the closing process through “expense and revenue summary account”.

Q.6 Identify which general accounting principle best describes each of the following practices:
(a) Mr. Ali owns both beverages and tourism services. In preparing financial statements for tourism services, Mr. Ali makes sure that the expense transactions of beverages are kept separate from tourism’s statements.
(b) In December, 2010, A-Plus Floors received customer’s order and cash prepayments to install carpet in a new house that would not be ready for installation until March, 2011. A-Plus Floors should record the revenue from the customer order in March 2011, not in December, 2010.
(c) If Rs 30,000 cash is paid to buy land, the land is reported on the buyer’s balance sheet at Rs 30,000.
(d) A telecommunication company sells talk time through scratch cards. No revenue is recognized when the scratch card is sold, but it is recognized when the subscriber makes a call and consumes the talk time.

Q.7 The following balances are extracted from the books of M/s . Asrar & Bros at December 31, 210.
Cash - Rs 3,950
Supplies - Rs 9,720
Prepaid Insurance - Rs 2,400
Equipment - Rs 26,000
Account Payable - Rs 6,200
Unearned Consulting Revenue - Rs 3,000
Capital - Rs 30,000
Withdrawals - Rs 600
Consulting Revenue - Rs 5,800
Rental Revenue - Rs 300

The following transactions need to be adjusted as on December 31, 2010.
(a) Remaining unused supplies are Rs 8,670.
(b) Depreciation expense for the period is Rs 375.
(c) Insurance expired during the period Rs 100
(d) Rs 250 consulting revenue have been earned from the unearned consulting revenue.
(e) Unpaid salaries Rs 210.
(f) Accrued consulting revenues Rs 1,800.
A) Prepare the adjusted trial balance at December 31, 2010.
B) Prepare work sheet for the period ended on December 31, 2010.

Q.8 The following information relates to transactions between a company and its customers.
  • Balance as on 1.4.2009 is Rs. 50,000.
  • Bad debts are 2% and discount to the customers is given @ 1% of the opening balance of Sundry Debtors.
  • Returns from the customers are Rs 3,000
  • Cash received from Debtors is Rs. 2,30,000.
  • Cash received from Debtors in transit is Rs. 14,000.
  • Cash Sales are Rs. 5,00,000.
  • Credit Sales are Rs. 2,50,000.
Required: Calculate the amount of Sundry Debtors as on 31.3.2010.

Q.9 Table shows the balance sheet and income statement of ABC ltd. As on 31st December, 2010.

Required: Compute Return on Capital Employed (ROCE).

Q.10 The following information is collected of accounts receivable of M/s Modern Chemicals Ltd.

Compute the following:
A) Accounts Receivable outstanding as on 31st December, 2010.
B) The management estimates that 1.5% of its credit sales will prove to be uncollectible. Make provision under income statement approach.
C) Pass journal entry for the amount of provision computed at (B) above and prepare a T account showing the balance which will appear against Allowance for Bad Debt Account at the close of the year.

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