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Subject: Advanced Financial Accounting Paper: Tirne:3 Hr6. Mark6:t00
NOTE: Aftempt any FIVE guesfrons. All questions carry equal marks.
Qucotloxl
Write Shon Answers of thc following:
I-Explian Amalgrmation 2' DefinJaeounts Pryablo
3- Definc Equity Finance 4- Explain share prcmium
5- Define Bank 6 Explain Foreign B-ranch z-
sp;isl i.roil i"" for winding up & Dohnc worting cspirsr
I -Dcfinc Crediror's Tumovcr Rario. l0- Explain li{crger;iC;;;;y
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Qu€lioE, PEld-nai
ぬC Ⅸ tracぉ iomホ o3alance S饉 OfAntar Compally umttd Fttmlabed"
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A● thOrも c,鵬 :8::
40,000 ordinary sharss of lts. 100 e{ch
L
“
4.04111.lX10
Iorued, rubocrlbed & psid up csplt h
20,000 sharcs ofRs. 100 r:ach
2,00o,000
Rescrve Fund
1,200,000
Profit & Loss Accounr
800,000
The Board rccommended:
r- To issus Bonus Sharcs in the ratio ofone.bonus share for every
fivo ordinary sharcs herd.
l-'lo issue RiSht sharcs in thc ratio ofone ri8ht sharE for cvery iour ordinary straree rrc6.
rhe Bonus Shares will
'io'proriaea
nol be_ertitlsd for rbove Right shares. For thi purpose of issue of uonu.
,r,*r, t . n na, *e*-to out
ol Profit & Loss Account 8rd Reserve Fund in'Equal proportion.
neq3i{: Make neccssary journal Entrics lo givi effcq
'to
thc recommondarion of the Board and show how thcy
would alfoct the Balancc Shcer.
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QuOglio63
Muslirn Company Limited Kamcbi has D% outstading Dobenrurcs of Rs. 100.
000 on li January 2019, The
ll'n!a8y pays inlsiesl on 30'[ June & 3l' hgly:
ltiumaases 300 debennrres for canccrruion <i
2019 at Rs.9E Ex'lnt(Ycst' lt funher purthsses 200 dqbeniwes for rld€mption
i;6;1,
onlst O91ob66,20l9, aRs. 97 Cum-
Inlclrjsl
Rcquiredr Pass neccssary Joumal Dntries (including crosing enhies) in the books of company for 2019.
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Quertio!;d
Shafi & Co., Lahorc has a branch at Cujrat. Goods uc invoiccd to thc branoh at the sclling price, being cost plus
25%. 'l'he brrnch kccps its own sales ledger and dcposirs all cash reosived aairy to c&'h
olrhe hcad offrce
account oponod at llBL' Oujrat. A]l exgnsel aT paid by choquc from Lahore.
From the following information.
Prcparc Branch account in the Books of Head oflice rftermating necesssry edjushents
& calculadbranch profrr
Stock O!_ol‐ 201,
31‐ 12‐ 20:9
0!‐ 0]‐ 2019
Dcbtors 3:‐ 12‐ 2019
31‐ :2‐ 2019
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"i
Questinn:5
What is Departmental Account System? Discoss its Important Fcaturcs,
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({'A'> Page 1 of 2 P.T.0.
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Dccember,2019.
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撤 響 ￨
Material from stores
Material direct to site
Material in hand on Dec.3lst20l9
Labor on site
Wages accrued on 3 I st Dec' 20 I 9
Hire and use ofplam-plant upkecp rccount
８
５
General overfterd rllocated to the contract
１
５
Direct expens€s
Direcl expenscs accrued on Dec. 3lst 2019
Wo* not yet ccrtified at cost
Cash rcceivod from conmqce
Rcquired:
tij$nr.., er*unt (ii) Conrractoc,s Accouot (iii) Show Rclevanl ltcms in Balance Shet.
(l /tv (u) ct$ *P $t0,,ff $ ttp
":sr$,
G * "*' 1o' /
Quertion:8
'ii" t March 201 E '
ii'fin"-,lg fii.l Balancs relalcs to Ringo Ring Company Ltd' as on 3 I
Crcdit Brlanccs R、
Debit Balances Rs.
180p00 OJhtt capital(3000 Shares O:lυ υCaCn′
Sundry Debtors
Plant 8:,000 Proit attd Loss Arc(31‐ 03‐2017)
Fumiturc 12,000 Gtts Pro■ 1
Closing Stock as ft 3143.2018 153岬 0eneral Reserve
Rent and Taxes 24,∞ 0 Suntty Credbお
Salaries 47脚 しiabil“ ies for expenses
Office Expenscs 32,5∞ DisCount‐ Cr
p/● Debentures 4Q000
Discount 1 3,500
lAdvance lncome
Tax
lCash in hrnd
I
lCompcnsrtion to Employees
598,00()
598,000
of compalty consistscf 5,000 shercs of
The following additii]nal information is avaihhlel Thc Authori?,ad
-cepitsl as audii exponscs, Chargo dcprcoiotion
Rs. 100 each. otrlc€ Expcnses i;;ild. R". t;oo as eudir fee and Rs. 500 lbr or'e
on ptant and fumirurc @ Sv"; O;i;;iing 6ipensos:. Salaries !s. +OOO, Interest.on dcbenturcs uapaid
'raxation to be made up to Rs' L'"3t" Ivrite off
year. Transfer to ccnerat R.r.*;ir"
i060;na- iiovision for
30% of preliminary expenses and Rs. 5 per share as final dividend'
R"qrir&, - PrepaL Prof* &t oss account and Balance She€t as on 3l' Match 2018'
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