1 a) Define General Accounting.

b) Discuss Accounting Cycle.

c) What is Accrual Basis & Cash Basis Accounting?

2 a) Define GAAP.
b) What is Perputial & Period Inventory System?
c) What is Depreciation? Discuss different types of Depreciation.

3 a) As an Accountant how can you manage your Accounting System at morden age?
b) Difference between General Accounting & Management Accounting.

4 Short note:
Depreciation, Debit Note & Credit Note, GAAP, IAS & IFRS, Adjusting Entry & Reversing Entry, Bank
Reconcilation, Fair Value & Book Value,Chart of Accounting.

5 a) Discuss about Assestment Year & Income Year as per BD Income tax rule.
b) What is amortiazion & Which types of Assets evaluation by amortiazion?
c) What is Sales Discount & Purchase Discount?
e) What is LIFO, FIFO & LCM?

6 a) What is Direct Material & Indirect Material with Examples?

b) What is Accounting Equeation? Briefly discuss.

7 a) What is Cash Divident & Stock Divident?

8 Transaction for the months of July-2017:

a) The owner invested additional cash of tk.25,000, equipment Tk.30,000 & Notes Payble Tk.25,000
b) Paid for pre expenses to acquaire a Building with Land Tk. 88,000
c) Paid Accounts payable Tk. 33,000
d) Collected from Accounts Receivable Tk. 45,000
e) The owner withdrew Tk. 7,000 Cash & Tk. 800 goods
f) Paid 2 months advance for Shop Space tk. 1600
g) Paid Transport for office equipment Tk. 1,000
h) Paid 3 Months Insurance is tk. 3000
i) Purchase Additional Office Supplies on credit Tk. 4,000
j) Paid for Chemical Test to BUET Tk. 9,000
k) Salary Provision Tk. 40,000 & Paid Tk.3,000
L) Invoice on Puchase Goods tk. 15,000
m) Repair Cost Tk. 4000 for Buildings & Tk. 3,000 for Equipment
n) Paid for Car Accedient Penalty Tk. 3,000
o) Sales Tk. 40,000 received Cash tk. 12,000 & Note Tk. 10,000
p) Purchase Tk. 55,000 cash Tk. 25,000 and paid Note Tk. 15,000
q) Bad debts 3% of Accounts Receivable Tk. 50,000
r) Salary & Others Benefites paid to Employees tk. 80,000 & Workers Tk. 20,000 and Security Tk. 5,000
s) Collection Tk. 5000 from Insurance Company.

9 a) Find Gross Profit:

Cash Sales Tk. 20,000, Credit Sales Tk. 30,000, Notes Sales Tk. 30,000 & Others Sales Tk. 25,000
Purchase 80% on Gross Sales, Opening Inventory is 20,000 & Ending Inventory 5% on Purchase.
b) Cost Of Sales is tk. 14,000. Purchase for the period are Tk. 14,000,
Carreage Inwards is Tk. 1,000, Carreage Outwards is Tk. 1,500 and Closing inventory is tk. 13,000.
What was the Opening inventory figure?

A Tk. 10,500
B Tk. 11,500
C Tk. 12,000
D Tk. 13,000

c) Mr. Bishal paid Tk. 2,500 for gas during the year. At the beginning of the year he owed Tk. 500 & at the end
he owed Tk. 1,000. nt for that year:What Charged should have appeared in his Income Statement.

A Tk. 2,000
B Tk. 2,500
C Tk. 3,000
D Tk. 3,500

d) A business has opening capital of CU 2000, represented entirely by inventory. During the first year's trading,
when the proprietor took no drawings, the following transactions occurred.
CU
Purchases of goods for resale on credit 4300
Payments for trade payables 3600
Sales, all on credit 8000
Receipts from trade receivables 3200
Non-current assets purchased for cash 1500
Other expenses, all paid in cash 900
The bank has provided an overdraft facility of up to CU 3000
All other expenses relate to the current year.
Closing inventory is valued at CU 1800
Requirementment
Prepare a profit and loss statement and the year end a balance sheet as at the end of the year.

e) Walton Company purchases a factory machine at a cost of TK. 18,000 on January 1,2010. Walton expects
the machine to have a salvage value of TK.2000 at the end of its 4-year useful life.
During its useful life, the machine is expected to be used 160,000 hours. Actual annual horly use was : 2010,
40,000; 2011, 60,000; 2012,35,000; and 2013, 25,000.

Instructions
Prepare depreciation schedules for the following methods: (a) straight-line (b) declining- balance using
double the straight- line rate.

(f) On January 1, 2018, Skyline Limousine Co. purchased a limo at an acquisition cost of TK. 28,000. The
vehicle has been depreciated bt the sraight-line method using a 4-year service life and a TK. 4,000 salvage
value. The company's fiscal year ends on December 31.

Instructions
Prepare the journal entry on entries to record the disposal of the limousine assuming that it was:
 (a) Retired and scrapped with no. salvage value on January 1, 2022.
(b) Sold for TK. 5,000 on July 1,2021

(g) Prepare adjusting journal entries for the year of July-2017

1 Performed services for patients who dental plan insurance. At January 31, Tk. 8,750 of such service was
earned but not yet billed to the insurance companies.
2 Utilily expense incurred but not paid prior to Jauary 31 totaled Tk. 5,200
3 Purchased dental equipment on January 1 for Tk. 8,00,000 paying Tk. 2,00,000 in cash and signing a Tk.
6,00,000 3-year note payable. The equipment depreciates Tk.4,000 per month. Interest is Tk. 5,000 per
month.
4 Purchased a one-year malpractice insurance policy on January 1 for Tk. 12,000.
5 Purchase Tk. 16,000 of dental supplies. On January 31, determined that Tk. 4,000 of supplies were on hand.
6 Office supplies had balan ce of Tk. 2,000 on January 1. Purchases debited to office supplies during the year
amount to Tk. 1,500 . A year-end inventory reveals supplies of Tk. 500 on hand.
7 Depreciation of office equipment is estimated to be Tk. 5,000 for the year.
8 Property taxes for six months, esrimated at Tk. 2,000 have accrued but have to been recorded.
9 Unrecorded interest receivables on government bonds is Tk. 2,000.
10 Unearned revenue has a balance of Tk. 2,000. Services for Tk. 1,000 received in advance have now been
performed..
11 Services totalling Tk. 2,000 have been performed, the customer has not yet been billed.
12 Interest income accrued at December 31, Tk.500
13 Expired insurance for the month Tk. 1,500.
14 Advertising expenses Tk. 20,000 was to be written off in four year.
15 Accounts receivable Tk. 30,000. 3% of accounts receivable is to be considered uncollectible.
1 a) Define General Accounting. 2
b) Discuss Accounting Cycle. 2
c) What is Accrual Basis & Cash Basis Accounting? 2

2 a) As an Accountant how can you manage your Accounting System at modern age? [2*2=6]
b) Difference between General Accounting & Management Accounting.

3 Short note: [5*2=10]

Ledger, Inventory, Finished Goods, Depreciation, Debit Note & Credit Note,

4 Transaction for the months of July-2017: Prepare Journal [10*1=10]

a) The owner invested additional cash of tk.25,000, equipment Tk.30,000 & Notes Payble Tk.25,000
b) Paid for pre expenses to acquaire a Building with Land Tk. 88,000
c) Paid Accounts payable Tk. 33,000
d) Collected from Accounts Receivable Tk. 45,000
e) The owner withdrew Tk. 7,000 Cash & Tk. 800 goods
k) Salary Provision Tk. 40,000 & Paid Tk.3,000
g) Paid Transport for office equipment Tk. 1,000
h) Paid 3 Months Insurance is tk. 3000
i) Purchase Additional Office Supplies on credit Tk. 4,000
j) Paid for Chemical Test to BUET Tk. 9,000

5 a) Find Gross Profit: [5*2=10]

Cash Sales Tk. 20,000, Credit Sales Tk. 30,000, Notes Sales Tk. 30,000 & Others Sales Tk. 25,000
Purchase 80% on Gross Sales, Opening Inventory is 20,000 & Ending Inventory 5% on Purchase.
b) Cost Of Sales is tk. 14,000. Purchase for the period are Tk. 14,000,
Carreage Inwards is Tk. 1,000, Carreage Outwards is Tk. 1,500 and Closing inventory is tk. 13,000.
What was the Opening inventory figure?
A Tk. 10,500
B Tk. 11,500
C Tk. 12,000
D Tk. 13,000

6 Prepare adjusting journal entries for the year of July-2017 [5*1=5]

1 Performed services for patients who dental plan insurance. At January 31, Tk. 8,750 of such service was
earned but not yet billed to the insurance companies.
2 Utilily expense incurred but not paid prior to Jauary 31 totaled Tk. 5,200
3 Purchased dental equipment on January 1 for Tk. 8,00,000 paying Tk. 2,00,000 in cash and signing a Tk.
6,00,000 3-year note payable. The equipment depreciates Tk.4,000 per month. Interest is Tk. 5,000 per
month.
4 Purchased a one-year malpractice insurance policy on January 1 for Tk. 12,000.
5 Purchase Tk. 16,000 of dental supplies. On January 31, determined that Tk. 4,000 of supplies were on hand.
7 A business has opening capital of CU 2000, represented entirely by inventory. During the first year's
trading, when the proprietor took no drawings, the following transactions occurred.
CU [5*1=5]
Purchases of goods for resale on credit 4300
Payments for trade payables 3600
Sales, all on credit 8000
Receipts from trade receivables 3200
Non-current assets purchased for cash 1500
Other expenses, all paid in cash 900
The bank has provided an overdraft facility of up to CU 3000
All other expenses relate to the current year.
Closing inventory is valued at CU 1800
Requirementment :
Prepare a balance sheet as at the end of the year.
1 a) Define GAAP. 1
b) What is Perpetual & Period Inventory System? 3
c) What is Depreciation? Discuss different types of Depreciation. 3

2 Short note: [8*1=8]

Depreciation, Debit Note & Credit Note, GAAP, IAS & IFRS, Adjusting Entry & Reversing
Entry, Bank Reconciliation, Fair Value & Book Value,Chart of Accounting.
3 a) What is Cash Dividend & Stock Dividend? [5*1=5]

4 Transaction for the months of July-2017: [10*1=10]

a) The owner invested additional cash of tk.25,000, equipment Tk.30,000 & Notes Payble Tk.25,000
b) Paid for pre expenses to acquaire a Building with Land Tk. 88,000
c) Paid Accounts payable Tk. 33,000
d) Collected from Accounts Receivable Tk. 45,000
e) The owner withdrew Tk. 7,000 Cash & Tk. 800 goods
p) Purchase Tk. 55,000 cash Tk. 25,000 and paid Note Tk. 15,000
q) Bad debts 3% of Accounts Receivable Tk. 50,000
r) Salary & Others Benefites paid to Employees tk. 80,000 & Workers Tk. 20,000 and Security Tk. 5,000
k) Salary Provision Tk. 40,000 & Paid Tk.3,000
j) Paid for Chemical Test to BUET Tk. 9,000

5 a) Find Gross Profit: [5*1=5]

Cash Sales Tk. 20,000, Credit Sales Tk. 30,000, Notes Sales Tk. 30,000 & Others Sales Tk.
25,000 Purchase 80% on Gross Sales, Opening Inventory is 20,000 & Ending Inventory
5% on Purchase.

b) Mr. Bishal paid Tk. 2,500 for gas during the year. At the beginning of the year he owed Tk. [5*1=5]
500 & at the end he owed Tk. 1,000. nt for that year:What Charged should have appeared
in his Income Statement.
A Tk. 2,000
B Tk. 2,500
C Tk. 2,500
D Tk. 2,500

c) On January 1, 2018, Skyline Limousine Co. purchased a limo at an acquisition cost of TK. [5*1=5]
28,000. The vehicle has been depreciated bt the sraight-line method using a 4-year service
life and a TK. 4,000 salvage value. The company's fiscal year ends on December 31.
Instructions
Prepare the journal entry on entries to record the disposal of the limousine assuming
that it was:
(a) Retired and scrapped with no. salvage value on January 1, 2022.
(b) Sold for TK. 5,000 on July 1,2021

6 Prepare adjusting journal entries for the year of July-2017 [5*1=5]

a) Services totalling Tk. 2,000 have been performed, the customer has not yet been billed.
b) Interest income accrued at December 31, Tk.500
c) Interest income accrued at December 31, Tk.500
d) Advertising expenses Tk. 20,000 was to be written off in four year.
e) Accounts receivable Tk. 30,000. 3% of accounts receivable is to be considered uncollectible.
 WALTON DIGITECH INDUSTRIES LIMITED
QUESTIONS SHEET
Dated: 16-01-2019
Marks: 50 Time: 60 Minutes
1) a) Define IFAC Code of Ethics. [3*3=9]
b) What is discussed at IFRS 15?
c) Distinguise the Conflicts of Interest between stockhoder and stakeholder.
2) Short note: [5*2=10]
ABC, DOD, WIP Goods, Impairment, 2/10 net 30.

3) Calculted The Net Profit: [5*1=6]

Cash Sales Tk. 50,000, Credit Sales Tk.40,000, Notes Sales Tk. 25,000 & Others Sales Tk. 40,000
Purchase 75% on Gross Sales, Opening Inventory is 25,000 & Ending Inventory 7% on Purchase, Paid
Salary 20,000, Office Rent 5,000, Stationaries 2,000 and bnak charge 575.

4) Transaction for the months of July-2019: Prepare a cash book [10*1=10]

1/7/2019 The owner invested additional cash of tk.25,000, equipment Tk.30,000 & Notes Payble
Tk.25,000
5/7/2019 Paid for pre expenses to acquaire a Building with Land Tk. 88,000
9/7/2019 Paid Accounts payable Tk. 33,000
15-07-2019 Collected from Accounts Receivable Tk. 45,000
20-07-2019 The owner withdrew Tk. 7,000 Cash & Tk. 800 goods
22-07-2019 Salary Provision Tk. 40,000 & Paid Tk.3,000
15-07-2019 Paid Transport for office equipment Tk. 1,000
27-07-2019 Paid 3 Months Insurance is tk. 3000
29-07-2019 Purchase Additional Office Supplies on credit Tk. 4,000
31-07-2019 Paid for Chemical Test to BUET Tk. 9,000

5) Prepare adjusting journal entries for the year of July-2017 [5*1=5]

a) Performed services for patients who dental plan insurance. At January 31, Tk. 8,750 of such service was earned
but not yet billed to the insurance companies.
b) Utilily expense incurred but not paid prior to Jauary 31 totaled Tk. 5,200

c) Purchased dental equipment on January 1 for Tk. 8,00,000 paying Tk. 2,00,000 in cash and signing a Tk.
6,00,000 3-year note payable. The equipment depreciates Tk.4,000 per month. Interest is Tk. 5,000 per month.

d) Purchased a one-year malpractice insurance policy on January 1 for Tk. 12,000.

e) Purchase Tk. 16,000 of dental supplies. On January 31, determined that Tk. 4,000 of supplies were
on hand.
[10*1=10]
6) The following information is available for the Silverman Company on December 31, Year 2003:
Raw Materials Labor Costs
Inventoy, January 1 Tk.9,000 Direct Tk.19,000
Inventoy, December 31 Tk.12,000 Indirect Tk.17,000
Additional information:
Heat and electricity for the factory……………………………………………'Tk. 25,000
Materials purchased during the year………………………………………….. Tk 40, 000
Cost of goods in process during the year……………………………………...103,000
Working-in-process, December 31………………………………………………. 7, 000
Sales……………………………………………………………………. 125,000
Finished goods inventory, January 1…………………25, 000
Cost of goods sold…………………………………………………………105,000
Selling, general and administrative expenses……………………………….. 11, 000
All materials are considered direct materials.
Required: Prepare a statement of cost of goods manufactured and an income statement.
**THE END**