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Accounting & Auditing Paper of 2011
Accounting & Auditing Paper 1.....
[IMG]http://i1139.photobucket.com/albums/n555/Riz2303/Accounting%20Paper%202011/1.jpg[/IMG] [IMG]http://i1139.photobucket.com/albums/n555/Riz2303/Accounting%20Paper%202011/2.jpg[/IMG] [IMG]http://i1139.photobucket.com/albums/n555/Riz2303/Accounting%20Paper%202011/3.jpg[/IMG] [IMG]http://i1139.photobucket.com/albums/n555/Riz2303/Accounting%20Paper%202011/4.jpg[/IMG] [IMG]http://i1139.photobucket.com/albums/n555/Riz2303/Accounting%20Paper%202011/5.jpg[/IMG] [IMG]http://i1139.photobucket.com/albums/n555/Riz2303/Accounting%20Paper%202011/6.jpg[/IMG] [IMG]http://i1139.photobucket.com/albums/n555/Riz2303/Accounting%20Paper%202011/7.jpg[/IMG] |
Accounting & Auditing Paper 2
Here is paper 2.............
[IMG]http://i1139.photobucket.com/albums/n555/Riz2303/Accounting%20Paper%202011/1-1.jpg[/IMG] [IMG]http://i1139.photobucket.com/albums/n555/Riz2303/Accounting%20Paper%202011/2-1.jpg[/IMG] [IMG]http://i1139.photobucket.com/albums/n555/Riz2303/Accounting%20Paper%202011/3-1.jpg[/IMG] [IMG]http://i1139.photobucket.com/albums/n555/Riz2303/Accounting%20Paper%202011/4-1.jpg[/IMG] [IMG]http://i1139.photobucket.com/albums/n555/Riz2303/Accounting%20Paper%202011/5-1.jpg[/IMG] [IMG]http://i1139.photobucket.com/albums/n555/Riz2303/Accounting%20Paper%202011/6-1.jpg[/IMG] [IMG]http://i1139.photobucket.com/albums/n555/Riz2303/Accounting%20Paper%202011/7-1.jpg[/IMG] |
Both the papers were balanced and conceptual-clarity based. General understanding of the subject was essential for these papers. Those who are crammers and can not strive to relate theoretical things with practical use may find these papers challenging.
Wish you good luck guys. Regards |
may GOD have mercy on 2011 aspirants.
the paper was highly conceptual demanding in depth study of the subject and a firm grip on the concepts. the days of easy papers for this subject are over.thank GOD i am a 2012 aspirant. best of luck to the candidtes who attempted this paper. |
Well...I think if somebody dont lose his senses after looking at the Q/paper than he/she can easily secure 130+ from this paper...
Not so much difficult...just same question only wording is change... You can say that only presentation of Question is changed... Anyhow Good Luck for All...and also Pray for me for Next Time... Regards,,,, |
both papers are conceptual not difficult at all.paper 1 is v simple.paper 2 is somewhat tricky n its pattern is changed lil bit.but dont worry css 2011 aspirants those who worked really hard will get through these papers.
best of luck |
No offense to anyone but commenting on a paper is another thing and attempting it in a competition exam is another. The pattern of paper was completely changed and questions were also given from different topics.
For example in Paper 1 no question was on trading and profit & loss account or Income and expenditure accounts or Accounts of non-profit organizations or cash budget. Still I would agree that paper 1 subjective should have been solved in time by someone who had grasp over all topics. However MCQs were very lengthy and there is no way someone could have solved them in 30 mins. Paper 2 was the real disaster point as questions on cost accounting were difficult and different. Secondly no one was expecting Income from business and if one searches the forums, the same experts were recommending people to read Income from Salary as it is expected (as is pattern in past papers). The MCQs of Paper 2 were also very difficult. In short, commenting on papers is really easy, attempting isn't. If any of you guys are so confident that it was easy for those having clear concepts, why don't you solve these papers in 6 hours and upload the solution? |
[QUOTE=mani1;281660]No offense to anyone but commenting on a paper is another thing and attempting it in a competition exam is another. The pattern of paper was completely changed and questions were also given from different topics.
For example in Paper 1 no question was on [COLOR=royalblue][B][U]trading and profit & loss[/U][/B][/COLOR] account or Income and expenditure accounts or Accounts of non-profit organizations or cash budget. [/QUOTE] [COLOR=black][FONT=Verdana]Sorry, did you attempt CE-2011? If yes, then question # 02 of Part-II is from final accounts. Income statement and Trading and Profit & loss A/C are used interchangeably just with the difference of terminology (American vs British and sometimes with a difference of presentation style). Your objection over absences of trading and profit & Loss account is not valid.[/FONT][/COLOR] [FONT=Calibri][SIZE=3] [/SIZE][/FONT] Wish you good luck if you are candidate of CE-2011. |
Paper-I
Q:3,4, and 5 were Halwa questions: Q:3 of Section A. Basic concepts, principled, and terms of accounting. Q:4 of Section A. This question was about the ABC of accounting. Your first lecture of accounting class. Q: 5 of section A. Basic principle of revenue recognition taught at the time of final accounts (Income statement/P n L A/C and B/S) in light of IAS/IFRS-18 [url=http://www.accountancy.com.pk/reference_ias.asp?id=25]IAS-18 - Revenue | IFRS/IAS Summary | Accountancy[/url] Q:6 was not an easy question but partnership question is always included in paper so we should be fully prepared for this topic. Most expected question. Q:7 conceptual question based on IAS-1/IFRs/GAAP [url=http://www.ifrsclass.com/gaap/ifrs/ifrs-01.htm]International Financial Reporting Standards (IFRS) by IFRSclass.com[/url] [url]http://www.pcfr.org/downloads/09_08_Meeting_Materials/IAS1_summary.pdf[/url] [url]http://basiccollegeaccounting.com/materiality-concept/[/url] [url=http://www.peoi.org/Courses/Coursesen/acc/fram1.html]Accounting II Concepts[/url] Q:8 Most expected and repeated topic. Easy and expected question. Q:9 Expected and easy question. Understanding of depreciation of fixed assets in case of addition, and disposal is essential for accounting candidate. This topic is taught in the initial lectures before attempting final accounts question. |
[QUOTE=Raz;281667][COLOR=black][FONT=Verdana]Sorry, did you attempt CE-2011? If yes, then question # 02 of Part-II is from final accounts. Income statement and Trading and Profit & loss A/C are used interchangeably just with the difference of terminology (American vs British and sometimes with a difference of presentation style). Your objection over absences of trading and profit & Loss account is not valid.[/FONT][/COLOR]
[FONT=Calibri][SIZE=3] [/SIZE][/FONT] Wish you good luck if you are candidate of CE-2011.[/QUOTE] I am actually surprised you think trading & profit & loss account/Income Statement can be used interchangeably. No they can not. While the end result will be the same, the methodology and format all are completely different. This suggestions of yours will actually lead to failure of candidates as you are suggesting if the examiner asks for trading & profit & loss account one can draw an income statement and vice versa. This would be disastrous as the end format is completely different. Please refer to books of Sohail Afzal for detailed format of Income Statement and trading & profit & loss account and hopefully you will understand. Yes I gave the papers in 2011. Did you? [QUOTE=Raz;281682]Paper-I Q:3,4, and 5 were Halwa questions: Q:3 of Section A. Basic concepts, principled, and terms of accounting. Q:4 of Section A. This question was about the ABC of accounting. Your first lecture of accounting class. Q: 5 of section A. Basic principle of revenue recognition taught at the time of final accounts (Income statement/P n L A/C and B/S) in light of IAS/IFRS-18 [url=http://www.accountancy.com.pk/reference_ias.asp?id=25]IAS-18 - Revenue | IFRS/IAS Summary | Accountancy[/url] Q:6 was not an easy question but partnership question is always included in paper so we should be fully prepared for this topic. Most expected question. Q:7 conceptual question based on IAS-1/IFRs/GAAP [url=http://www.ifrsclass.com/gaap/ifrs/ifrs-01.htm]International Financial Reporting Standards (IFRS) by IFRSclass.com[/url] [url]http://www.pcfr.org/downloads/09_08_Meeting_Materials/IAS1_summary.pdf[/url] [url=http://basiccollegeaccounting.com/materiality-concept/]What do we mean by Materiality Concept « Accounting Basics,principles & Concepts « College Accounting Coach[/url] [url=http://www.peoi.org/Courses/Coursesen/acc/fram1.html]Accounting II Concepts[/url] Q:8 Most expected and repeated topic. Easy and expected question. Q:9 Expected and easy question. Understanding of depreciation of fixed assets in case of addition, and disposal is essential for accounting candidate. This topic is taught in the initial lectures before attempting final accounts question.[/QUOTE] With all due respect, people here know your own performance in 2009 paper. [B]Written posts of yours are available saying how good your papers went but when the result came out you hardly scored any marks (less than 60% if I am correct)[/B]. The point I am trying to make is that it seems you seem to oversimplify stuff, have over-confidence on your abilities and try to apply your throughts and procedures on everyone. Don't get me wrong. I respect you and all the help you provide to people here. But you should also simply not discard opinions of others. I have asked you before and I'll ask you again. If you think this was paper was super duper easy, please solve both the papers in alotted time of 6 hours and upload it. If you can not, [B]please respect opinions of those who actually gave the paper in 2011 (I did)[/B]. I repeat that I am not challenging you or something; I would be grateful to you if you solve these papers and upload it and trust me, nothing would be more helpful for the rest of the aspirants. I hope you will take this post of mine in positive sense. |
@mani1
If one performs well in a paper and result does not come out accordingly, it necessarily does not mean lack of knowledge/skills/preparation. You should know that FPSC sometimes targets a particular subject and punishes it badly. Same was the case with CSS Accounting and Auditing paper 2009. I personally know candidates scoring below 100 who scored 150+ in their earlier attempts even with less preparation. Although, I am not a an accounting expert but have studied this subject in my bachelors and masters. I don't think paper was as much difficult as you are pretending. If paper is lengthy, conceptual and questions are asked in a different way, it does not mean something too difficult or impossible. Candidates who get use to a particular style and format and don't consider alternative patterns while preparation may face difficulty in such type of paper. CSS Accounting paper may always not be as simple as B.Com. If B.Com style questions and easy objectives have been asked frequently in the exam, it does not mean that it should be considered consistent format and standard to be followed every year. Yes, I agree that objectives were lengthy and difficult to be completed within time. On the whole, this paper may be ranked in between 'difficult' and 'easy'. |
@Mani
I second Raz on the income statement issue. Please don't get emotional and pay respect to others. You claim that you respect Raz but your tone was really disrespectful. The paper was a bit different from what they use to set. It was lengthy, specially the MCQs part. |
DEAR MANI,
The Profit and loss account is also known as a "statement of profit and loss", an "income statement"(in US) or an "income and expense statement". The difference you are emphasizing is related to type of industry i.e. Manufacturing or Services. Manufacturing Concerns term their income statement as P&L account as they have to show their cost of goods sold separately. In 2011 ACCS paper, the question was about a services business so they termed the statement as Income Statement. Regards, Zulfiqar Ali (MBA Finance) |
[QUOTE=zulfi215;282538]DEAR MANI,
The Profit and loss account is also known as a "statement of profit and loss", an "income statement"(in US) or an "income and expense statement". The difference you are emphasizing is related to type of industry i.e. Manufacturing or Services. Manufacturing Concerns term their income statement as P&L account as they have to show their cost of goods sold separately. In 2011 ACCS paper, the question was about a services business so they termed the statement as Income Statement. Regards, Zulfiqar Ali (MBA Finance)[/QUOTE] Sir I agree with your point but what I am talking about is [B][U]Trading & Profit & Loss Account V/S Income Statement[/U][/B]. The former has a different format e.g. in Trading Account, Direct costs are all individually listed on LHS to arrive at a Gross Profit which is then included in the Profit & Loss Account where indirect costs are listed on LHS and indirect revenues on RHS to arrive at Net Income. On the other hand, in an income statement, Gross profit is directly arrived at after deducting COGS and a single column format is used unlike the Trading & P/L Account. I have already said before that end result for both will be same (obviously) but their format and application is different, a fact which can be confirmed from B.Com books where separate chapters and questions are dedicated for both. [B]Plus you can contact any teacher/CA and he will tell you that you can not substitute Trading & P/L Account with Income statement and vice versa, since examiner has explicitly mentioned what he wants[/B] [QUOTE=Amir Shafique;282033]@Mani I second Raz on the income statement issue. Please don't get emotional and pay respect to others. You claim that you respect Raz but your tone was really disrespectful.[/QUOTE] I know in my heart that I respect him and I do not need your certification. Secondly, please learn that disagreeing with someone or initiating a debate does not necessarily means disrespecting the other [QUOTE=usman khalid;281978]@mani1 If one performs well in a paper and result does not come out accordingly, it necessarily does not mean lack of knowledge/skills/preparation. [/QUOTE] Actually it does. Tests/Exams are specifically formulated to test the ability/aptitude/preparation of a candidate [QUOTE=usman khalid;281978] You should know that FPSC sometimes targets a particular subject and punishes it badly. Same was the case with CSS Accounting and Auditing paper 2009. I personally know candidates scoring below 100 who scored 150+ in their earlier attempts even with less preparation.[/QUOTE] Do you have any proof of biasness of FPSC? If yes, please move the court of law so that your grievances may be addressed. If not, lets not debate on presumptions as I can put forward 100s of them too. If anyone scored less, its simply because he did not knew or was over-confident and made some mistake. There is no way examiner would unduly cut marks, especially in a mathematical paper like Accounting where you are either correct or wrong. Had it been a paper like History, I would have inclined towards your point of view but not in case of Accounting. Lets not base our debate on assumptions. [QUOTE=usman khalid;281978] Although, I am not a an accounting expert but have studied this subject in my bachelors and masters. I don't think paper was as much difficult as you are pretending. If paper is lengthy, conceptual and questions are asked in a different way, it does not mean something too difficult or impossible. [/QUOTE] You are entitled to your opinion, as is everyone else, and I respect that. Let me clarify here that I am not against anyone's opinion but what I am against is imposing your opinion on someone else, especially when you yourself didn't even give the paper. I personally felt that paper was hard, and I personally would value opinion of someone who actually gave the paper instead of someone who didn't. That does not however means that I do not respect your or Raz Bhai's opinion. I do; However I am against imposition of opinions. [B]Thats why I said that if anyone feels the paper is easy, kindly solve it and upload it for the benefit of all[/B] Hope everything is clarified |
[QUOTE=mani1;282549]
Actually it does. Tests/Exams are specifically formulated to test the ability/aptitude/preparation of a candidate [/QUOTE] I agree with you on this point. But what I was talking about that bad result does not necessarily mean lack of preparation/skills etc. There may be many other factors involved. Do you think candidates scoring 700+ score in CSS and unfortunately failing a particular subject will have no aptitude? not prepared? and incompetent? Our examination and marking system has many shortcomings and CSS is no exemption to it. [QUOTE=mani1;282549] Do you have any proof of biasness of FPSC? If yes, please move the court of law so that your grievances may be addressed. If not, lets not debate on presumptions as I can put forward 100s of them too. If anyone scored less, its simply because he did not knew or was over-confident and made some mistake. There is no way examiner would unduly cut marks, especially in a mathematical paper like Accounting where you are either correct or wrong. Had it been a paper like History, I would have inclined towards your point of view but not in case of Accounting. Lets not base our debate on assumptions. [/QUOTE] I don't have any grievances in this regard as I am not a party to this Accounting Paper. However, what I have said about targeting a particular subject is not an individual opinion rather an opinion shared by many aspirants and qualifiers. Well, you are talking about Accouting being a mathematical subject which if done correctly gives good score. Let me remind you some other fact. History is not a mathematical subject in which you can score nearly full marks. But if you have seen the result of Islamic and Indopak histories in CSS 2009, you would notice that candidates scored as high as 188. Not a single candidate might have scored as high in Accounting paper that year. The candidate who scored 170 in Indopak history in 2009 managed to score only 89 in 2010. So this is not only about competency/attitude/prepardness, it is about the trend in a particular year, examiner marking the paper, complexity of the paper etc. it also depends upon luck also. In 2010, Accounting also proved to be disastrous. A candidate whose both papers went great scored 87. After exams, he solved both paper and get it checked from an experienced accounting teacher of Punjab University who has been a paper setter in different exams. The teacher gave him overall score 170 but his actual was 87. He was very skilled, had great aptitude, and was well prepared but even then scored low despite of having easy accounting paper. I respect difference of opinions. Every one may have his/her own opinion. I have just tried to emphasize what I have found to be factual and logical. |
@ mani
[QUOTE]With all due respect, people here know your own performance in 2009 paper. Written posts of yours are available saying how good your papers went but when the result came out you hardly scored any marks (less than 60% if I am correct)[/QUOTE] If you call this respect than I can't argue. BTW I am not certifying anything. just want to say that Raz is correct about the income statement vs profit & loss account thing. It means the same. |
Income statement and Trading/profit&loss account are used for the same purpose. the only difference is the difference of the format as one is made in the statement form and the other is made in T-shape format. If you are asked to make a statement then you can't make an account.
@ mani bro never write these sort of lines.it doesn't reflect some good manners. |
Conceptual
Both the papers were conceptual. I have attempted and I am satisfied with the attempt. I could anticipate 130+ marks.
No doubt, the pattern was changed but papers were not difficult. The MCQs portion of first papers was lengthy, 30 minutes were proved short. The subjective portion, at first glance, looked a mess but later as I proceed, That's proved really easy. Textual papers, you have to find the things in the questions and place them in the right slot, simply. |
@ Raz
well brother i am waiting when u would elaborate paper 2 |
secondly all my respected seniors and my fellow aspirants for css 2011 any paper is tough as well as easy all depends on prep,luck and coping wid nerves ,to be honest paper was conceptual but a changed pattern where either choice was taken out of the equation as we saw in auditing portion to a high jump for taxation numerical in standard.Concepts matter but everyone goes through past papers to get an idea of whats going on so in comparison wid past there was a major shift in pattern and standard
all those lucky ones appearing in 2009 and 2010 come on friends you had some sweet candies while this year it was a bull ( a very tricky and angry bull) |
after all, ma prayers paid off... im ssooo happy for such a paper... i wos afraid like bcom type papers were in vogue for css exams bt when i saw this paper, all ma worries fled like nthng.... i read comments of sm ppl tagging this paper as difficult, those ppl would have crammed accounting in their degrees and sm ppl were cramming it in the exam hall, literally a girl sitting right behind me wos full on cramming it ;)... im expecting about 170 marks in this paper... best of luck fr ya ppl too
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vickiestic-you appear professionally qualified because only a professional,like an acma or a ca,can fully solve these papers and claim to secure 170 plus. are you an acma or a ca?if you are to secure 170 plus, then you must have done all mcqs correct which was an impossible task. kindly therefore share answers of the mcqs. Also plz share answers of the other questions.
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[QUOTE=mussaa;282715]Income statement and Trading/profit&loss account are used for the same purpose. the only difference is the difference of the format as one is made in the statement form and the other is made in T-shape format. If you are asked to make a statement then you can't make an account.
@ mani bro never write these sort of lines.it doesn't reflect some good manners.[/QUOTE] the point is that if u are asked to prepare an income statement then you shuld behave accordingly as income statement shows us information like cost of goods sold,Total of operaing & non operating expenses, income from operations (OPBIT),income before intrest n tax (EBIT) and income before tax (EBT)etc. not depicted by profit n loss A/C which is useded in ratio analysis n cost accounting records in industries. i remember appearing in a paper in my institute whn i was asked to prepare cash flow statement by direct method.i tried hard to solve it by direct method but i was not able to reconcile my answr with closing cash balance n then i solved it by indirect method but i was awarded no marks for that cz that was not required by the examinar although both methods give the same results. |
i m a student of icmap and from the pattern of papers of 2011, it seems that an acma has set the papers because it is a habit of icma to give tough time to students and set difficult papers. they also concede a few marks to big questions-you must have noticed that preparation of financial statements was given 25 marks but this it has been allowed 20 with increase in no of requirements.another i ve also learnt at the institute is that they are not much concerned about the format.they give full marks if concept is clear. so i think the discussion on the format is useless.
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IAS 18 Revenue
One question is about IAS 18. I have some material about IAS 18 that I copied from a website.
We heard some years a go about great dispute between Price Waterhouse Coopers and a big listed entity whose main business activity was selling calling cards. PWC (World’s no.1 Audit Company) being the auditors of the company did not agree with the revenue recognition policy of the listed entity. As you know calling cards are not used for a long period after they are sold by the company. There was a question whether the revenue should be recognized at the time of sale of cards or at the time when they are utilized. At the end PWC was the winner of the dispute and that listed entity had to change its revenue recognition policy. Due to that dispute its share price came down from 65CU to 2CU. From this scenario you can understand the importance of revenue recognition policy. IAS 18 deals with rules regarding revenue recognition. It’s damn important for every auditor to remain up to date with the alterations of IAS 18 and have a complete grip on the matters specified in it. It is also important for auditors to grasp all the knowledge of IAS 18. A summary of IAS 18 is available for your review. This summary contains all the concepts of IAS 18 with necessary explanations in a very concise way. It is also important for students for revision purpose and for those professionals who does not get time to upgrade their knowledge. You can read it on the following link. [url=http://www.ias-plus.com/2011/02/ias-18-revenue/]IAS 18 (Revenue) | IAS – Plus[/url] |
[QUOTE]One question is about IAS 18.[/QUOTE]
Which question is about IAS-18? |
@faraz... yaar actually ive done ACMA of UK, u must be familiar to CIMA, rite??? and u r doing icma then i think u wud b used to such questions.... and ea i cudnt do all the mcqs frm paper 1 bt i attempted 17-18 mcqs and they r all correct.... and definitely i'll upload answers, i dnt have ma question paper on which i'd marked all the answers and these days im busy withan assignment.... give me a few days... is it okay???
and bro IAS 18 is [B]revenuie recognition[/B] |
If Accounting 2011 paper were a compulsory paper then it would have been my favorite one. I attempted it well but as a matter of fact you don't have to pass or get good marks in optional papers but in fact, you have to push your score in the net of 150's or above. So thumps down for accounting paper and hopes shattered at least for next two attempts.
Furthermore, your paper will be marked by Hailey college lecturers. Not by the Chartered Accountants of ICAP or Management Accountants of ICMAP who have sufficient time and get adequate remuneration for paper marking based on conceptual answers. Here, marks will be awarded according to correct answers. No step-wise marks will be given in any mathematical question, I guess. And MCQS will be another battle to fight with. Being a Chartered Accountant I am a die-hard lover of Accountancy but in my opinion swimming against the current is a futile thing. May Allah Bless all of us and may Shower His blessings upon those who work hard. |
i being an experienced financial personnel, can say with guarantee that this Accounting Paper was way way tricky than all the previous years and it is just might be the glimpse which FPSC show that trend of this paper is now changing. It will be almost impossible to score 150 in this paper even for accounts expert. Apart I am CA finalist.
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can some one please be kind enough to post the answers of paper one question. 2 ? i would greatly appreciate it and im sure the 2012 aspirants who have opted accounting will too :)
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I got 144 (81+63), though I am not a full time commerce or accountancy student. The only think I have is the clarity of basic concepts.
Just read auditing during the break between both the papers. |
@ mir usama
In question 2 of paper one, we first have to make adjusting entries, then we have to make closing entries.
Actually part b is to be worked on first for part a. After that the effect of after closing trial balance is to be showed in income statement, profit/loss effect will be closed in statement of changes in equity or in other words statement of retained earingings, finally the amount of retained earnings will be depicted in balance sheet. I don't know how to send mathematical solutions online, otherwise I would have surely solved it for you. Hope you got the line of action from above discription. |
@khan sb
Sir what is the amount of net income or loss?? and Balance Sheet?? |
@ Bilawal
Just solved it in exam; got 81 in paper 1 so hopefully I attempted it correctly. will try to solve again and post the net incom/loss and the figures of total assets, liabilities and equity. Hopefully, by Friday, you know last month, tough schedule. But I must say the paper was a sudden shock due to change of pattern, plus i could only solve 13 objectives in the alloted time.
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you make the income statement after adjustments. however trial balance is made twice once before adjustments and other after adjustments.
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According to me, answer of question 6 in paper one is as follows
a) Capital Ahmad(Dr.) 34926 Capital Ali (Dr.) 44074 Cash (Cr.) 79000 b) Cash (Dr.) 13000 Capital Jawwad (Cr.) 13000 Capital Ahmed (Dr.) 40674 Capital Ali (Dr.) 51326 Cash (Cr.) 92000 please feel free to correct me in case i am wrong |
Request for solution of Question 2, Paper 2, accountancy 2011
It is a humble request to candidates of accounting to please solve Question 2, Paper 2, accountancy 2011 and post it. thanks
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