LUMS

ACCOUNTING & FINANCE (ACCT 370)

CLASS WORK-1A

Place the following incomes under their correct heads. Salary (s. 12), property (s.
15), business (s. 18), capital gain (s. 37) or other sources (s. 39)

1. Emoluments paid to part-time directors ____________

2. Loan of company written off by the bank ____________

3. Sub-letting of a bedroom by a tenant _____________

4. Sale/purchase of shares as regular business ______________

5. Compensation on delayed refund ______________

6. Profit on sale of shares allotted to employee _______________

7. Payment received by tenant from landlord to vacate property _______________

8. Income from agricultural land located in Australia _______________

9. Amount received by a member parliament _______________

10. Profit received on sale of jewellery ________________