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
--------- ---------

accounting past paper answers
 

friends i am posting ratio analysis answers here please check it and correct it if i am wrong

[B]2012[/B]
part a
(1) current assets = 200,000
(2) inventory = 60,000
(3)net sales = 360,000
(4) gross profit = 72000

part b

(1)working capital = 500,000
(2)current ratio = 3
(3)quick ratio = 2.4
(4) inventory turnover ratio = 4 times
(5)accounts receivable turnover = 5 times
(6) gross profit percentage = 70.41%
(7) net profit percentage = 37.53%
(8)operating expenses rate = 62.47%

[B]paper 2011[/B]
(1) Inventory turnover ratio = 5times
(2) Accounts receivable turnover = 9 times
(3) total operating expenses = 65%
(4) gross profit percentage = 35%
(5) return on average stock holders equity = 0.2
(6) return on average assets = 0.088

solve the following question..

Paper II 2012

Q.2 Following information related to AADIL manufacturing company for the year ended December 31, 2007:
Direct material (beginning) Rs.50,000
Direct material purchased 300,000
Direct material (ending) 20,000
Direct labor ?
Factory overhead (70% of conversion cost) 140,000
Work in process (ending) ?
Work in process (beginning-30% more than its ending) ?
Cost of goods manufactured is 8/15 of sales ?
Sales revenue (1000 units) 1,500,000
Finished goods (beginning)(25 units) 30,000
Finished goods (ending)(60 units) 80,000
Administrative & general expenses 210,000
Marketing & selling expenses 20,000
REQUIRED: (20)
1. Calculate all missing figures.
2. Prepare statement of cost of goods sold.
3. Income statement for the year ended December 31, 2007.
4. Units manufactured.
5. Per unit cost of goods manufactured.
6. Gross profit per unit sold.

cost of goods sold. = 750,000
Income statement for the year ended December 31, 2007. RS 520,000
Units manufactured. = 1035units
per unit cost of goods manufactured = RS 772.94
gross profit per unit = Rs750
direct labour= Rs60,000
cost of goods mft = 800,000
unable to calculate WIP opening and ending Inventory now tell me your answer

[B]Depreciation (2012)[/B] Kindly somebody solve this question.....

[B]Q. 9. The non current asset section of Aadil & Co. at December 31, 2005 is as under:-[/B]
Land Rs. 1,000,000
Office equipment Rs. 5,000,000
Less: accumulated depreciation 250,000 4,750,000
Machinery Rs. 600,000
Less: accumulated depreciation 120,000 480,000
Total non current asset 6,230,000
[B]OTHER INFORMATION:[/B]
All assets were purchased on January 2, 2004
The firm depreciates all assets on a straight line basis with no residual value and with
the following lives:
Office equipment 40 years
Machinery 10 years
[B]The following transactions occurred during 2006:[/B]
Apr. 01. A new additional equipment was purchased for Rs. 1,000,000 and
machinery at a cost of Rs. 50,000. All items were paid for in cash.
Jul. 15. Repairs of Rs. 5,000 were made for cash on machinery.
Sep. 30. Machinery with a cost of Rs. 100,000 and accumulated depreciation of
Rs. 20,000 (as of 31st December, 2005) was sold for Rs. 82,000 cash.
Dec. 31. Machinery with a cost of Rs. 50,000 and accumulated depreciation of Rs. 10,000
(as of 31st December, 2005) was traded in for new machinery. The firm received
a trade-in allowance of Rs. 32,000. The list price of the new machinery is
Rs. 85,000.
[B]REQUIRED:
Make all the required Journal entries.
Show all necessary computations.[/B]

[QUOTE=zahra raza;543728]cost of goods sold. = 750,000
Income statement for the year ended December 31, 2007. RS 520,000
Units manufactured. = 1035units
per unit cost of goods manufactured = RS 772.94
gross profit per unit = Rs750
direct labour= Rs60,000
cost of goods mft = 800,000
unable to calculate WIP opening and ending Inventory now tell me your answer[/QUOTE]
answer with format of paper 2 cost section Q#2

raw material opening = 50000
Add) purchases = 300000
stock available for use = 350000
less) ending material = 20000
STOCK CONSUMED = [ 330,000]
add) direct labor = 60,000
PRIME COST = [ 390,000 ]
add) FOH = 140,000
MANUFACTURING COST [ 530,000 ]
add) opening WIP = 270,000
COST OF GOODS TO BE MANUFACTURED = [ 800,000 ]
less) closing wip = 189,000
COST OF GOODS MANUFACTURES = [ 611,000 ]
add) finished goods opening = 30,000
COST OF GOODS AVAILABLE FOR USE = [ 641,000 ]
less) finished goods closing = 80,000
COST OF GOODS SOLD =[ 561,000 ]

I/S for the year
sales = 1500,000
CGS = (561,000)
Gross profit = 939,000
admin expense = ( 210,000 )
marketing expense = ( 20,000 )
Net profit = 709,000

units manufactures = 1035 units
thats it :)

[QUOTE=seher bano;543735][B]Depreciation (2012)[/B] Kindly somebody solve this question.....

[B]Q. 9. The non current asset section of Aadil & Co. at December 31, 2005 is as under:-[/B]
Land Rs. 1,000,000
Office equipment Rs. 5,000,000
Less: accumulated depreciation 250,000 4,750,000
Machinery Rs. 600,000
Less: accumulated depreciation 120,000 480,000
Total non current asset 6,230,000
[B]OTHER INFORMATION:[/B]
All assets were purchased on January 2, 2004
The firm depreciates all assets on a straight line basis with no residual value and with
the following lives:
Office equipment 40 years
Machinery 10 years
[B]The following transactions occurred during 2006:[/B]
Apr. 01. A new additional equipment was purchased for Rs. 1,000,000 and
machinery at a cost of Rs. 50,000. All items were paid for in cash.
Jul. 15. Repairs of Rs. 5,000 were made for cash on machinery.
Sep. 30. Machinery with a cost of Rs. 100,000 and accumulated depreciation of
Rs. 20,000 (as of 31st December, 2005) was sold for Rs. 82,000 cash.
Dec. 31. Machinery with a cost of Rs. 50,000 and accumulated depreciation of Rs. 10,000
(as of 31st December, 2005) was traded in for new machinery. The firm received
a trade-in allowance of Rs. 32,000. The list price of the new machinery is
Rs. 85,000.
[B]REQUIRED:
Make all the required Journal entries.
Show all necessary computations.[/B][/QUOTE]

Journal entries Dr Cr

Apr 1:

Off: equipments 1000000 Dr
Cash 1000000 Cr

Machinery 50000 Dr
Cash 50000 Cr

Jul 15

Repairs exp:5000 Dr
Cash 5000 Cr

Sept 30

Cash 82000 Dr
Acc: Dep 20000 Dr
Machinery 100000 Cr
Profit(I/S) 2000 Cr

Dec 31

Machinery (new) 85000 Dr
Acc Dep: (working 1)15000 Dr
Loss in trade in (working 2) 3000 Dr
Machinery(old) 50000 Cr
Cash(working 3) 53000 Cr


Computation

Land Rs. 1,000,000(a)

Office equipment(working 4) 6,000,000
Less: accumulated depreciation(working 5) 400,000 = 5,600,000(b)

Machinery(w6) 585,000
Less: accumulated depreciation(w7) 145,000 = 440,000(c)

Total non current asset(a+b+c) 7,040,000


Workings:

W1

Acc: Dep @ 2005 add dep for year 2006
10000+5000=15000

W2

Old machinery less Acc: dep(w1)=net book value less trade in allowance = loss in trade
50000-15000=35000-32000=3000

W3

New machinery price less trade in allowance = cash paid
85000 – 32000 = 53000

W4

Old equipments + new equipments = office equipments
5000000+1000000=6000000

W5

Depreciate at straight line basis means divide equipments with their life
So 6000000/40 years= 150000 is depreciation charges for the year 2006

Means

The accumulated depreciation is
250000 till 2005
150000 of 2006
400000 is total acc: dep till 2006.

W6

old machinery 600000(a)
add: machine purchase on 1 April 50000(b)
less: machine sold on 30 September 100000(c)
less: machine sold on 31 December 50000(d)
add machine purchase on 31 December 85000(e)
total machinery (a+b-c-d+e) 585000

W7

Acc: dep for machine @ 2005 120000(a)
Less dep of asset sold on September 20000(b)
Less dep of asset sold on December 10000(c)
Acc: dep @ 2005 after sold assets(a-b-c) 90000(d)
Add: dep for the year 2006 (w8) 55000(e)
Total Acc: dep till 2006 (d+e) 145000


W8

old machinery 600000(a)
add: machine purchase on 1 April 50000(b)
less: machine sold on 30 September 100000(c)
less: machine sold on 31 December 50000(d)
available for dep of 2006 are (a+b-c-d) 500000
nw 500000/10years so 50000 plus 5000(w1) =55000


seniors check please..

[B]Requirement 1,2,3[/B]
Adil compnay
Income Statement


Sales 1,500,000
Less: Cost of Goods Sold
Direct Material-Opening 50,000
Add: Direct Material Purchased 300,000
Direct Material Available for use 350,000
Less: Direct Material-Ending (20,000)
Direct Material Used 330,000
Add: Direct Labor (30% of Conversion) 60,000
Prime cost 390,000
Add: FOH Costs (70% of Conversion) 140,000
Total Manufacturing Cost 530,000
Add: Work in Process – Opening 1,170,000
Cost of goods put in to process 1,700,000
Less: Work in Process- ending (900,000)
Cost of goods manufactured (8/15 of Sales) 800,000
Add: Finished Goods-Opening 30,000
Cost of goods available for sale 830,000
Less: Finished goods-Ending (80,000) (750,000)
Gorss Profit 750,000
Less: [B]Operative Expenses[/B]
Administrative and General Expenses 210,000
Marketing and selling 20,000 (230,000)
[B]Net Income[/B] 520,000


[B]Requirement 4[/B]
Units Sold 1000
Add: Finished goods ending 60
1060
Less: Finished goods opening (25)
Units Manufactured 1035

[B]Requirement 5:[/B]

Per unit cost of goods manufactured = 800,000 / 1035
= 772.94
[B]Requirment 6:[/B]

G.P per unit sold = 750,000 / 1000
= 750




[B]Working for (W-I-P inventories)[/B]

Let
W_I_P ending inv = x,
so according to question,
opening inventory will be (x+.30x) (30% more then ending)

[B]Now difference between Cost of goods manufactured and Total factory cost is 270,000 (800,000-530,000).[/B]

So,
Opening – ending = 270,000
(x + 0.30x) – x = 270,000
1.30x – x = 270,000
0.30x = 270,000
x = 270,000/0.30
x = 900,000

[B]So ending inventory is 900,000. Now follow the reverse process and you will get the opening inventory = 1,170,000[/B]

[B][COLOR="Blue"]Now Proof of working:[/COLOR][/B]

(X+0.30x) - x = 270,000
1170000 – 900000 = 270,000
270,000 = 270,000


Seniors please check it out.
Zahra Raza I have given calculation of w-i-p inventories. Check it out.

2012
Q#6 (A)
George =Rs 90000
Stewart= Rs 45000
Thomas= Rs. 15000
Creditors of stewart only get Rs 45000
(B)
Andrew get Rs 24000
Andrew’s loss = 1000
Carrol get Rs 8000
Carrol’s loss = 2000
Murrey get 8000
Murrey’s profit Rs 5000
Carrol is most vulnerable to loss
plz aspirants check am i right..?