I.Com part I Boys Principles of Accounting Q. 1 select the most appropriate Answer: 7*1=7 I.

Errors which occur in original books of accounts are called: a. Original errors II. Wrong addition is; a. Error of omission b. Error of commission c. Error of principle d. Compensating error III. If a legder account balance is not posted to trial balance it will be called: a. Error of omisssion b. Error of commission c. Error of posting d. Trial balance error IV. suspense Account is a: a. Permanent account b. Temporary account c. Fictitious account d. None of these V. Which error affects only one account? a. Error of omission b. Errors of commission c. Errors of principle d. Error of posting VI. Real account b. Personal account c. Nominal account d. both a and b VII. The errors which are related to .. effect the profit of business: a. Trading accoutn b. Trading and Profit and Loss a/c c. Balance sheet d. None of these Short Questions: Attempt any FIVE 1. 2. 3. 4. 5. 6. 7. 5*2=10 b. Book keeping errors c. Trial balance errors d. None of these

What is meant by Book keeping Errors? What is meant by Error of omission? What is meant by Error of commission? What is meant by Error of recording? What is meant by Error of posting? What is meant by Trail Balance errors? What is meant by suspense account? Rectify the following errors by passing necessary journal entries: a. Sold goods to A for Rs. 2000 posted to B account. 1*8=8

b. c. d. e.

Purchased goods from Naseem for Rs. 5000 credited to waseem account. Purchased furniture for Rs. 15000 was recorded as Rs. 1500. Cash paid to Rashid Rs. 1020 was recorded in the books as 1200. Sales book was overcast by Rs. 1800.

B. Com part I Boys

1*20=20

Financial Accounting The following balances are obained from the books of Mr. Zain as on 1st Janaury 2011 and December 31, 2011. Sundry Creditors Furniture and Fixtures Office Equipments Outstanding Expenses Motor Car Prepaid Expenes Cash and Bank Sundry Debtors Stock in trade Bills payable The following informations are relevent for the year 2011. i. ii. iii. iv. Cash drwaings during the year amounted to Rs. 30000 and goods costing Rs. 12000 were taken by Mr. Zain for his persoanl use. He sold one building at Karachi for Rs. 200000 out of which he invested Rs. 50000 in his business. One sales invoice amounting to Rs. 10000 dated: 1-10-2011 was omitted in book. Write off 20/3% from sundry debtors. Required: You are required to show by means of a statement as to how would you arrive at the net profit for the year ended 31st Decemeber, 2011 if the accounts were maintained on cash basis. 01-01-2011 220000 92000 96000 5000 9400 2800 90000 160000 50000 18000 31-12-2012 150000 126000 95400 11760 75200 5000 7600 170000 75000 10000

I to B Boys and Girls: Q. What is Formation procedure of Joint stock Company? 1*20=20

Auditing B.Com part II 1*20=20 Q. What is Internal Check as regard to Cash?

B. Com II B. Tax

1*20=20

The following data relates to Mr. Hassan for the tax year ended 30th June 2013. Calculate his tax payable. Basic salary 280000 Property Insurance paid 40000 Bouns 40000 Gain on sale of private 5000 company shares{within 12 months} Pay in the lieu of Leaves 50000 Share form AoP 14000 Special Additional 20000 Employer deducted tax 1500 Allowance Coveyance Allowance 30000 Contribution to approved 30000 retirement fund Free Furnished accomodation 20000 Persoanl expenditures 5000 provided by empolyer p.m. Zakat Deducted 10000 Golden handshake received 100000 during the tax year Rental Income 100000 Hotel bills paid by the 20000 company relating to a pleasure trip

Note: Accomodation was provided in Mufasal Area. Average of Tax for last three years is 20%.

Principles of Accounting I.Com part I Girls Q. 1 select the most suitable answer: 1. A Bill of Exchange is accepted by: a. Drawer b. Drawee c. Payee d. None of them 2. A Bill of Exchange is drawn in case of: a. Cash sale b. Credit sale c. sales Return d. Purchases Return 3. The period after which a bill of exchange becomes payable is called: a. Accounting period b. Maturity c. Tenor d. None of these 4. Accomdation Bills are drawn and accepted for: a. Credit sales b. services c. Financial Help d. Payment of Debt 5. A BOE is liablity for: a. Drawer b. Drawee c. Payee d. All of these 6. Bank for collection account is a: a. Current account b. Fixed account c. Temporary account d. Permanent 7. The process of writing bill of exchange is called: a. Draw b. Entry c. Posting d. All of these Answers the Questions on;y Five 1. Bill of Exchange 2. Drwaer 3. Payee 4. General Acceptance 5. Maturity 6. Term Bill of Exchange 7. Inland Bill Q. No. 3 Gulfam sold goods worth Rs. 2000 to Ghulam Dastgir on credit. On April 1, 2007, Gulfam drew a bill for the amount at one month on Ghulam Dastgir. Ghulam Dastgir accepted the bill and returned it to Gulfam. Gulfam kept the bill until maturity. On the due date, the bill was dishounored and Gulfam paid Rs. 25 as noting charges. Give necessary entries in the books of Gulfam and Ghulam Dastgir.