APEX GROUP OF COLLEGES

Paper: P. Accounting Send-up Examination 2023 Class: Intermediate (Part-I)

Marks: 20 OBJECTIVE TYPE Time:30 Minutes
Name: ____________________ Paper Code 6 0 8 2
Class/Section: ____________ Roll No.___________ Date:
NOTE: Write your Roll No. in space provided. Over-writing, Cutting, Erasing, using lead pencil will result in loss of marks.
Q.No.1: You have four choices for each objective type question as A, B, C and D. The choice which you think is
correct, fill that circle in front of that question number. Use marker or pen to fill the circle. Cutting or filling two or
more circles will result in zero mark in that question.
Note: Over-writing, cutting, erasing, using lead pencil, will result in loss of marks. (1x20=20)
Q.1 Question A B C Ds

All those things which are purchase

1 Goods Asset’s Liabilities Sale
for resale purpose are called.
Primary Final Secondary
2 Book- keeping provides the. All
function information function
3 How many branch of accounting? Two Three Four One
The term expenses and expenditures Singular or
4 Same Different Opposite
are. plural
A person who owes money to the
5 Debtor Creditor Shareholder Owner
business is called.
Stages for proceeding a transaction
6 Recording Classifying Summarizing All
are
Expenses paid by a business Cash and
7 Cash Capital None of these
decrease. Capital
8 Every transaction affects. One item Two items Four items So many items

9 Resources owned by the business. Assets Liabilities Capital Profit

When cash is paid to creditors, it will
10 Cash Capital Debtor None of these
decrease.
The excess of asset over liabilities is
11 Profit income Capital Equities
called.
Cash and Cash and Cash and
12 Received Cash from Azhar will affect. None
owner equity creditor debtor
Cash and Cash and Cash and Cash and
13 Cash paid to Nadeem will affect.
owner equity creditors debtors goods
14 Discount allowed is. An asset An expenses A revenue Liability

15 How many categories of accounts? Two Three Four Five

Asset’s Asset’s
16 Debit the increase in. Assets Capital All
expenses revenue
Preliminary
17 Journal is called the book of. Original entry First entry All
entry
18 Discount received is. Asset Expenses Revenue Liability
Increase Increase Increase
19 Credit signifies. All
liability revenue capital
Increase Increase Increase
20 Debit signifies All
liability revenue capital
 APEX GROUP OF COLLEGES
Paper: P. Accounting Send-up Examination 2023 Class: Intermediate (Part-I)
Marks: 80 SUBJECTIVE TYPE Time:2:30 Hrs
Name: Date:
_____________________
SECTION-II
Q. NO.2: Attempt Any Five Definitions. 5x2=10
i. Define Accounting ? v. Define Transaction ?
ii. Define Book Keeping ? vi. Define Drawing ?
iii. Define Business ? vii. Define Liability ?
iv. What is Assets ? viii. What is mean by Sales ?
Q. NO.3: Attempt Any Five Definitions. 5x2=10
i. Define Trade Discount ? v. What is mean by Stock ?
ii. Define Double Entry System ? vi. Define Commission ?
iii. What is mean by Cash Sales ? vii. What is meant by Journal ?
iv. Define Real Account ? viii. Define Accounting Equation ?

Note: Attempt any THREE Questions? (20x3=60)

Q. NO.4 Record the given transactions in journal (20)
 Business started with Cash Rs. 10,000
 Goods purchased for cash Rs. 1000.
 Paid Rent by Cash Rs. 500
 Commission received by cash Rs. 500.
 Sold Goods for Cash Rs. 1200.

Q. No 5 Show the effect of the following transactions upon the accounting equation: (20)
i. Ali started business with cash Rs.250000.
ii. Goods bought by cash Rs. 12000.
iii. He Purchase Building Rs. 100000.
iv. He paid Rent Rs. 1200
v. He sold goods for cash Rs. 3000

Q. NO.6 Prepare Journal of the Following Transactions,

1) Mr Sultan Started Business With cash Rs. 10,000.
2) He Purchased Goods Form Ali Rs. 2000.
3) He sold Goods for Cash Rs. 500.
4) He withdraw from business for personal use Rs. 1000
5) He Paid commission Rs. 100.

Q.No.7 Prepare Accounting Equation,

 Ali started business with Cash Rs. 20000.
 He purchased Goods Rs 10000.
 He sold Goods to Raheel Rs 5000.
 He paid salaries Rs 2000.
 He paid into bank Rs 1000

Q. NO.8 Prepare Journal of the Following Transactions,

1) Mr Sultan Started Business With cash Rs. 10,000.

2) He Purchased Goods Form Ali Rs. 2000.
3) He sold Goods for Cash Rs. 500.
4) He withdraw from business for personal use Rs. 1000
5) He Paid commission Rs. 100.