MGT101 Midterm current paper Courtesy by JugnoOo

On Sat, Dec 15, 2012 at 5:41 PM, ^*^Aniqa Malik^*^ <shinestar.star86@gmail.com> wrote:

The following are some of the causes of difference between the Cash Book and the Pass Book balances found on 31^stDecember, 2010. If you start with the Cash Book debit balance in preparing a Bank Reconciliation Statement as on 31^st December, 2010, will you add them or deduct? 3

 

Particulars	Add/Less
Credit side of cash book was overstated	?
The bank charges paid recorded twice in cash book	?
A receipt of dividend recorded twice in cash book	?

 

Differentiate the following: 3

v  Current Liability

Long term Liability

 

What is the importance of "NARRATION" in Journal Entry? 3

 

From the following data prove that Assets = Liabilities + Capital ( 5)

Ø  Cash in hand                       Rs.38,000

Ø  Cash at bank                        Rs.95,000

Ø  Purchases                             Rs.105,000

Ø  Outstanding expenses       Rs.12,000

Ø  Net profit                                Rs.58,000

Ø  Sales                                      Rs.67,000

Ø  Furniture & fixture               Rs.55,000

Ø  Loan from bank                    Rs.28,000

Equity                                     Rs.90,000

 

 

 

·         Original cost of fixed asset Rs. 1,000,000

·         Accumulated Depreciation Rs. 400,000

·         Revalued amount of fixed asset Rs. 500,000

 

Required:

                 Calculate the Written down value and Loss on revaluation of fixed asset (5)

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Regards

Aniqa Malik

The Coward dies a thousand deaths, 

the Valiant, only once!

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