Professional Documents
Culture Documents
Roll No:
Federal Board HSSC-II Examination Answer Sheet No: ____________
Principles of Accounting Model
Signature of Candidate: ___________
Question Paper
Signature of Invigilator: ___________
SECTION – A
Note: Section-A is compulsory and comprises pages 1-5. All parts of this section are
to be answered on the question paper itself. It should be completed in the first
20 minutes and handed over to the Centre Superintendent.
Deleting/overwriting is not allowed. Do not use lead pencil.
Q.1 Insert the correct option i.e. A/B/C/D in the empty box opposite each
part. Each part carries one mark.
A. Cash Book
B. Statement of Affairs
C. Trial Balance
D. Personal Account
A. Cash sales
B. Credit sales
C. Credit purchase
D. Bills receivable
iv. The treatment of Consignment outward book is similar to that of:
A. Sale book
B. Purchase book
C. Cash book
D. Pass book
A. Consignee to consignor
B. Debtor to creditor
C. Principal to agent
D. A and C
xvii. When does the need for the valuation of goodwill arise?
A. On retirement or death of a partner
B. On admission of a new partner
C. On dissolution or sale of firm’s business
D. All of the above
xix. When one of the partners becomes insolvent, who bear his loss?
A. All partners
B. The insolvent partner himself
C. The solvent partners
D. Both B and C
____________________
Marks Obtained:
FBISE
WE WORK FOR EXCELLENCE
Note: Sections ‘B’ and ‘C’ comprise pages 1-5 and questions therein are to be
answered on the separately provided answer book. Answer all the questions
from section ‘B’ and section ‘C’. Use supplementary answer sheet i.e., sheet
B if required. Write your answers neatly and legibly.
SECTION – B
(30 marks)
Note: Attempt ALL the questions. The answer to each question should not exceed
3 to 4 lines.
Q.2 What do you understand by the term “Del creder commission”? (3)
Q.3 Write three points of difference between balance sheet and statement of
affairs. (3)
Q.4 Under single entry system, what kinds of book-keeping records are kept? (3)
Q.7 State with reason whether interest on capital will be calculated on closing
capital or opening and fresh capital. (3)
Q.8 What is the difference between Diminishing Balance Method and original
cost method? (3)
(OR)
What is scrap value? Write down the formula of depreciation if scrap
value is given. (3)
____________________
SECTION – C
(Marks: 50)
Q.12 The following is the balance sheet of Ahmad and Bilal, who were sharing
profits in the ratio two-third and one-third on 31st December, 1991
BALANCE SHEET
Q.13 Sitara Chemical Ltd had a nominal capital of Rs 500,000/- divided into 50000
shares of Rs 10/- each. The company issued 5000 shares to promoters against
preliminary expenses, and 5000 shares to Directors. Remaining 40000 shares
were issued to General Public for subscription:
Company received 45000 share applications from public.
Required: Pass Journal entries in the books of the company and prepare
balance sheet for the year ended 31st December 2005.
a. Journal Entries. (7)
b. Balance sheet according to the companies ordinance
1948. (8)
Q.14 On January 1st 2001 a company purchased machinery for Rs 1,00,000/- and
spent Rs 10,000/- on its installation. On 30th September 2003, ¼ of the
machinery was sold for Rs 15,000/- as it became useless. On the same date the
company purchased a new machinery for Rs 30,000/-. Depreciation was
provided for annually on 31st December at the rate of 10% per annum on the
written down value method.
Required:
a. Prepare the machinery account for four years. (5)
b. Depreciation account from 2001 to 2004. (5)
(OR)
Following is the receipts and payment A/C of Al-Khidmat foundation as on
31st December 2004:
Receipts Rs Payments Rs
Balance b/d 2500 Wages and salaries 2000
Subscription 3500 Insurance expense 500
Life membership fee 900 Repairs 1000
Entrance fee 800 Advertising 400
Donations 2000 Postage and Telegram 300
Miscellaneous receipts 500 Machinery 2550
Interest 250 Balance c/d 3700
10450 10450
Adjustment:
On 31st December 2004 subscription outstanding Rs 1200/-, and Rs 500/-
subscription for previous year. Donation being arrears amounting Rs 400/-, and
Rs 200/- for previous year. Wages and salaries outstanding Rs 600/-. Insurance
expense prepaid upto April 30th 2004 of Rs 200/-. Depreciate machinery at 5%
per annum.
Required: Prepare income and expenditure A/C and balance sheet for
the year ended 31st December 2004. (10)
Q.15 On 1st April 1995 Messrs Pak Pur China Limited consigned 20 crates of
crockery to Rahim sons of Sialkot and the consigning company paid Rs 1500/-
as truck charge Rs 250/- for packing and Rs 150/- for loading and unloading.
The cost of consigned goods was Rs 1500/- per crate. Consignee sent a bank
draft of Rs 5000/- as advance. On receipt in Sialkot Rahim Sons incurred
following expenses on consigned goods:
a. Octori Duty Rs 375/-
b. Godown Rent Rs 450/-
c. Labour expenses Rs 212/-
d. Miscellaneous expenses Rs 51/-
The rate of commission settled between the parties was 10% of gross sales. On 10th
June 1995, 18 crates were sold at Rs 2000/- per crate and Rahim Sons submitted
an account sale and sent a cheque for the balance to Pak Pur China Limited.
Required:
a. Account sale sent by Rahim Sons. (3)
b. Valuation of unsold stock. (2)
c. Profit on consignment account. (3)
d. Consignee account from consignor book. (2)
(OR)
Mr. Farhan keeps his books on single entry system. His financial position
was as follow
January 1st 2003 December 31st 2003
Sundry debtors 3000 3500
Furniture 9000 9000
Plant and Machinery 5000 5000
Stock 7000 6000
Cash in hand 500 600
Bills payable 2000 2000
Sundry creditors 6000 7000
During the year, he withdrew from the business a sum of Rs 4000/-. He
introduced fresh capital on 1st April 2003 of Rs 2500/-. Depreciate plant and
machinery at 5% per annum and maintain a provision on sundry debtors at 3%
per annum. Allow interest on capital at 4% per annum.
Required: Find out the profit or loss for the year ended 31st
December 2003. (10)
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