Pre-Test-2022_Accounting_CQ_EV_ Sample Questions
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Subject Code: 2 5 3 BAF Shaheen College Dhaka
Pre-Test-2022
Subject: Accounting 1st Paper Creative Question
[Answer total 7 questions including any 3 from section ‘B’ any 2 from section ‘C’ with compulsory 2 questions from section ‘A’]
Section – A
1. The followings are the trial balance and other information of Niladry Enterprise of 2012 : Nitadry Enterprise
Trial Balance 31st December 2012
Account Name Dr. Tk. Cr. Tk.
Opening stock 75,000
Purchase & Sales 2,90,000 5,20,000
Return 500 1,000
Salary 4,2,000 `
Purchase & sales discount 2,000 500
Advertisement 18,000
House Rent 14,000
Stationary 4,000
Capital 1,28,000
Fixed Assets 3,00,000
Loan (01-04-2012) 1,00,000
Sundry Debtors 25,000
Sundry Creditors 18,000
Bad debts provision 1,500
7,69,500 7,69,500 Other information :
1. Closing stock was valued at Tk. 40,000.2. Unused stationary Tk. 500.
3. Calculate interest on loan @ 6%. 4. Goods sold Tk. 10,000 but not yet recorded.
5. 10% of the total debtors is irrecoverable.6. Depreciate fixed assets @ 5%.
Requirements :
a) Calculate the amount of net purchase. 2
b) Prepare profit & loss Account assuming gross profit Tk. 2,05,000. 4 c) Show the situation of Assets and liabilities at 31st December 2012 of Niladry enterprise. 4 2. Authorized capital of Arfan Ltd. Company is Tk. 20,00,000 divided into 20,000 shares. After preparing profit
and loss account their trial balance was as follows:-
Account name Taka Account name Taka
Machineries Furniture
Investment from General reserve Account receivable
Leasehold property Closing stock Income tax
Advance house rent
6,50,000 2,00,000 1,00,000 1,00,000 6,00,000 3,00,000 50,000 50,000
Share capital General reserve
Profit and loss account(31-12-2012) Accrued salary
Accounts payable
14,00,000 1,00,000 4,80,000 20,000 50,000
20,50,000 20,50,000
Adjustments:
4. Declare dividend tk.5/share.
5. Transfer Tk. 20,000and Tk. 30,000 to sinking fund and dividend equalization fund respectively.
6. Transfer Tk. 25,000 of net profit to general reserve.
Creative questions:
a) Calculate the amount of dividend to be declared. 2
b) Prepare profit and loss appropriation account from the above information. 4
c) Prepare a balance sheet according to above information. 4
Section - B
Pre-Test-2022_Accounting_CQ_EV_ Sample Questions
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3. The followings are the information of Nargis and sons relevant with bank on 30 June 3012 : 1. Bank balance as per cash book Tk. 23500.
2. Issued cheques of Tk. 450, tk. 1,500, Tk. 200 and Tk. 1000 were not pleaced in bank for payment.
3. Cheques of Tk. 2750 and Tk. 12050 were deposited into bank but not collected before 30 June 2012.
4. A debtors directly deposited Tk. 5570 in our bank account but was not recorded in cash book.
5. Loan repayment installment of Tk. 3500 was paid by bank but recorded in cash book.
6. Bank paid interest Tk. 1,450 and charged commission Tk. 550.
Requirements :
a. Calculate the total amount of cheques issued but not presented in bank. 2 b. Prepare a bank reconciliation statement from the above information. 4 c. Except the above information another debtors has deposited Tk. 3000 directly in our bank account but not recorded in
cash book. So, what would be the pass book bank balance. 4
4. On 1st March 2012 Mr. Ifty introduced Tk. 2,00,000 by selling his personal Motorcycle, his personal used almirah of Tk.
12,000 and goods of Tk. 20,000 to start a new business named Ifty Traders. The followings are the transaction happened in his business :
March 1 Goods purchase of tk. 25,000 from Ajhar on Credit.
" 8 Old furniture purchased of Tk. 8,000 and repairment payment Tk. 500.
" 12 A manager is appointed at a monthly salary Tk. 12,000.
" 27 Sales good Tk. 23,000 including vat.
" 31 goods purchase by prize bond of Tk. 10,000.
a. What is the amount of vat received? 2
b. Describe the above events whether transaction according to modern method. 4
c. Prepare a Journal Book from the above information. 4
5. Titash and Co. started business with cash Tk. 1,00,000 on 1st May 2010. The followings are the events occurred in his business :
May 5 Cash purchase Tk. 10,000 " 25 Goods Sales of Tk. 20,000.
" 30 The owner invested Tk. 75,000 by selling his personal price bound.
Requirements :
a. What is the amount of capital of the business. 2
b. Journalize the above transactions in the books of Titash and Co. 4
c. show the relevant leaders under moving balance method. 4
6. The followings are the ledger balances of Etc. Traders.
Account Name Tk.
Capital 70,000
Honourium 7,500
Bank overdraft 15,000
Gas and coal 3,000
Royalty 6,000
Bank Balance 10,000
Sale of old furniture 3500
Cole & petrol 6,500
Interest on drawings 4,000
Debtors 22,500
Discount received 17,000
Sub-rent 9,000
Dividend received 10,000
Interest on bank overdraft 1,000
Salary for drawing office 20,000
Good sent on consignment 6,000
Due sub rent 2,000
Due interest on investment 1,000
Tax free Assets 35,000
Requirements :
a. Calculate the amount of capital receipt. 2 b. Calculate the difference between current assets and current liabilities.4 c. Prepare a Trial balance from the above information. 4
7. Mohona group of company purchased a new machine at Tk. 1,80,000 on 1st April 2012 and paid carriage and installation charge of Tk. 15,000 and Tk. 5,000 respectively. The expected life time of the machine is 10 years and a salvage value is Tk.
Pre-Test-2022_Accounting_CQ_EV_ Sample Questions
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20,000. Company closes its books of accounts on 31st December of each year and calculates depreciation using diminishing balance method.
Creative question:
a. Calculate the amount of annual depreciation under straight line method. 2
b. Show the journal for first two years in modern concept. 4
c. Prepare a depreciation table by showing 4 year’s depreciation and show the book value of the machine at the end of 4th year.
4
Section – C
8. Eva and Riva are in partnership sharing profits and losses in the ratio 3:2:1 respectively. On 1st January 2012 their total capital was Tk. 1,00,000. Interests are to be charged on their capital and drawings @ 10%. Eva and Riva withdrew cash Tk. 1,000 at the starting and at the ending of each month respectively. On 1st December 2012 Riva provided loan of Tk. 10,000 to the business. After providing effect of any of the above adjustment except interest on loan their net profit of the business was Tk. 75,000.
Requirements:
a) Calculate the amount of interest on loan of Riva. 2
b) Calculate the amount of profit should be distributed and show the distribution. 4 c) Prepare capital account and show the closing balance of capital. 4 9. The following is the trading and profit & loss account of Alif and co.:
Alif and Co. Ltd.
Trading, Profit and Loss a/c At the year ended on 31st December’ 2012
Details Taka Details Taka
Opening stock
Purchase (65% on credit) Gross profit
Administrative expenses Advertisement expenses Bad debts
Carriage outward Interest on loan Net profit
12,50,000 16,25,000 5,00,000
Sales (80% on credit) Closing stock
Gross profit Sub rent
20,00,000 2,50,000
22,50,000 22,50,000
50,000 20,000 15,000 25,000 60,000 3,50,000
5,00,000 20,000
5,20,000 5,20,000
Other information:
Closing debtors Tk. 4,00,000; Creditors Tk. 1,50,000 and a 5% loan taken on 30 June’ 2012.
Creative questions:
a) How much was the loan taken by Alif & Co.? 2
b) Calculate gross profit ratio and net profit ratio. 4
c) Calculate debtor’s turnover ratio and creditor’s turnover ratio. 4 10. The following is the Balance Sheet of the Surma Co. Ltd:
Surma Trading Co. Ltd.
Balance Sheet As at 31 st December, 2008
Liabilities Tk. Assets Tk.
Share capital 15,00,000 Land and Building
14,70,00 0 Profit and Loss
Appropriation AlC
3,30,000 Furniture 2,00,000
10% Loan 4,75,000 Machinery 2,00,000
Sundry creditors 2,50,000 10%
Investment
1,00,000 Bank Overdraft 50,000 Stock in Trade 2,50,000 Accrued expenses 20,000 Sundry Debtors 3,25,000 Cash in hand 80,000
25,50,000 25,50,00
0
Sales during the year Tk. 20,00,000; cost of goods sold (COGS) Tk. 14,00,000; Opening Stock Tk. 2,00,000.
Gross profit Tk. 6,00,000 and Net profit is Tk. 3,00,000.
Pre-Test-2022_Accounting_CQ_EV_ Sample Questions
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(a) Calculate the amount of current capital. 2
(b) Show the current ratio and liquidity ratio of the company. 4
(c) Show the gross profit ratio and net profit ratio of the company. 4
11. Tim Wana Company has the following inventory, purchases and sales data for the month of January,2014:
Date Explanation Units Unit cost(tk)
Jan.1 11 15 21 22 23 25 27 30
Beginning Inventory Purchase
Sales Purchase Sales Sales Purchase Issued Issued
1,300 600 750 350 400 450 550 250 400
12.00 14.00
- 13.50
- - 13.80
a) Determine the closing inventory units. 2
b) Determine the amount of closing inventory using FIFO Method. 4
c) Determine the amount of closing inventory using Average Cost Method. 4