PACE COLLEGE OF MANAGEMENT SCIENCES

HARIPUR
Subject: Financial Accounting Class: BS Com- I(A & C)
Maximum Marks: 15 Time Allowed:02 Hours
Note: Attempt All.
Q: 1. Define the following. (05)
(i) Special journal (ii) Conservatism principal (iii) Financial
Statements
(iv) Intangible Assets (v) Matching principal (vi) Contra entry
(vii) Compound Journal Entry (viii) Balance sheet (ix) Trade discount
(x) Materiality principal
Q: 2. Following are the transaction of IRFAN TRADING COMPANY for the month of
may 2019. (05)
May 2 Cash Invested into business Rs.80000
May 3 Purchased merchandise on credit from Mr.Adil Rs. 10000.
May 5 Purhased merchandise for cash Rs. 5000
May 8 Sold Merchandise on account to Mr. Ahmad Rs. 8000
May 9 Paid carriage on purchase Rs. 300
May 11 Sold merchandise for cash Rs. 7000
May 12 Merchandise returned to Adil Rs. 300
May 18 Paid Cash to Mr.AdilRs. 5000
May 25 Merchandise returned by Mr. Ahmed Rs. 500
May 31 Paid Staff Salaries Rs. 3000
Q: 3.Record the following transactions in Three Column Cash Book. (05)
June 2 Cash in hand Rs. 20000
June 4 He receives a cheque for Rs. 600 from k-
June 5 He pays Rs.19000 into bank account
June 6 He pays Rs.450 into bank account
June 6 He pays into bank the cheque received from k
June 10 He pays R by cheque Rs 330, and received Rs.20 discount
June 15 He receives cheque of Rs. 450 from M and allowed him Rs. 35
discount. The cheque is deposited into the bank on same date.
June 17 He pays Rs. 375 to J in full settlement of his account Rs. 425
June 21 He draws cheque for his personal expenses Rs. 250
June 25 He draws cheque for office use Rs. 400