QUESTION 1 :

In, 2016, Zaka Securities Earned Sales Revenues of Rs. 540,000. Their
Expense were of Rs. 175,000 & Purchase License with a Cost of
Rs, 80,000. The Accountant paid the charity on behalf of owner for
Rs. 5000. Net Income for the year 2016.

QUESTION 2 :
Global Printed Limited. Purchase one hundered laser printers for
Rs. 36,000 each during the year & sold all of them for cash at a prices
of Rs. 45,000 each. What will be the mark-up & margin percentage
for the business ?

QUESTION 3 :

A business had non-current assets with a crying amount of Rs. 50,000

at the start of the financial year. During the year the business sold
assets that had cost of Rs. 4,000 and had been depreciation by
Rs. 1,500. Depreciation for the year was Rs. 9,000. The carrying amount
of assets at the end of the financial year wasRs. 46,000. How much
cash has been invested in non-current during the year.

QUESTION 4 :

At the beginning of the year, the allowance for doubtful debts was
Rs. 3,400. At the year end, the allowances required was Rs. 4,000.
During the year Rs. 2000 of debts were written off which included
Rs. 400 previously provided for ?

What is the charges to Income Statement for Bad Debts for the years ?

QUESTION 5 :

Telecom Engineering, Producers CCTV Cameras with accessories.

On July 1, 2016 opening balance of its accounts receivables was
Rs. 50,000. During the year it sold 250 Cameras on credit for Rs. 4,750
each. It allowed discounts of Rs. 35,625 toits customers & receivables
cash of Rs. 676,875 from its customers. It was expected that 6% of its
account receivables at June 30, 2017 may be written off.The value of
net account receivables at June 30, 2017 should be.

QUESTION 6 :
 Al-Jadeed Company's pre-adjusted trial balances the following balances.

Sale Revenue Rs. 1,150,000

Cash Sales Rs. 250,000
Account Receivables Rs. 750,000
Allowances for Doubts Debts Rs. 80,000

Bad Debts are estimated to be 12% of net sale. What amount of

bad debts expense will the Company record ?

QUESTION 7 :

On 1st January 20X7 Ahmed's trade receivables were Rs. 50,000. The
following relatives to the year ended 31 DEC 20X7.

Credit Sales Rs. 700,000

Cash Receipts Rs. 550,000
Discount Allowed Rs. 80,000
Discount Received Rs. 7,500

Cash Receipts includes Rs. 10,000 in respect of a Receivables previously

written off. What was the value of receivable at 31 DEC 20X7 ?

QUESTION 8 :

The folllowing information is available about the transaction of Razi,

A Sole Trader who does not keep proper accounting records :

Opening inventory RS. 77.000

Closing inventory Rs. 84,000
Purchase Rs. 763,000
Gross Profit Margin Rs. 30%

Based on this information, What is Razi's Sale Revenue on the

year ?

QUESTION 9 :

On 31 March 2017, The cash of Rani Enterprices shows Rs. 13,500 (credit).
 During the month 3 cheques were issued to Vendors amounting
Rs. 4,500, 11,750 & 3,200 but notcleared till month end. One its customer
cheques deposited for Rs. 15,000 at the end of the day. On 15 March
2017, Inter company fund for Rs, 25,000 tranfered that has not been
accounted for in the company ledger. A cheques for Rs. 7,500 returned
due to Non-Sufficient Fund (NSF). Bank debited charges for RS. 150 & 50.
The balance on thebank statement on which 31 , 2017 is :

QUESTION 10 :

Ashrafi limited made a profit for the year of Rs. 18,750, after accounting
for depreciation for Rs. 8000, Recivables increased by Rs. 1000, Inventory
decreased by Rs. 1800 and payable increased by Rs. 350. What was
Ashrafi Limited's increase in Cash and Bank balances during the year?

QUESTION 11 :

Valiba Equipment purchaesd a coffee vending machine on January 1st

2012 for Rs. 75,000. The estimated life of the mahine was 4 years with
the scrap value of Rs. 15,000. The machine was sold on may 31, 2015
Rs. 18,500. The businesss uses the Straight Line Method (SLM) for
depreciation. The profit or loss on disposal was :

QUESTION 12 :

A laptop was purchased for Rs. 120,000 and it was estimated that its
residual value will be Rs. 20,000 at the end of its useful life. Monthly
depreciation expenses of RS. 1,666.6 was recorded by using Straight Line
Methods. The annual depreciation rate is :

QUESTION 13 :

Net Assets on 31st Dec 2013 were Rs. 85,000. During the year, the owner
employeed further capital of Rs. 35,000 and with draw Rs. 8,000.
Net Assets on 31st Dec 2014 were Rs. 90,000. What was the Profit or Loss
for the year 2014 ?

QUESTION 14 :

A firm bank statement show that during the month of May 2015 Rs. 300
have been debited as bank charges & Rs. 200 have been credited on
account of dividend income. The balances on 31st May 2015 as per bank
statement is Rs. 600 overdraft. If both the above entries remain
 unrecored in the cash book, then what would be the balance as per
Cash Book an 31st May 2015 ?

QUESTION 15 :

At 31st Dec 2011, A business had net assets of Rs. 10,000. At 31st Dec 2012
net assets had risen to Rs. 12,500. Profit for the year was Rs. 8000 & no
new capital was introduced. How much were drawings in the periods .

QUESTION 16 :

The cost of an Assets is Rs. 340,000 & is depreciated under 25% reducing
method. The assets is disposal off after 2 years for Rs. 194,250. The Gain
or Loss on disposal is :

QUESTION 17 :

The cost of some items of two different categories are Rs. 560 &
Rs. 1,170 & net realizable value are Rs. 630 & Rs. 1,060 respectively. The
value of inventory or financial statement would be :

QUESTION 18 :

An assets is disposal off Rs. 22,7000 resulting in loss on disposal of

Rs. 4,300. The carrying value of the assets is :

QUESTION 19 :

On January 1st 2016, Azeem started a new business. During the year, his
personal drawings were Rs. 10,000 & additional in business was Rs. 15,000.
He sustained a loss of Rs. 20,000. The capital on Dec . 31st . 2016 was
Rs. 135,000. What was his capital January . 1st . 2016 ?

QUESTION 20 :

The opening balance of allowance for doubtsfull debts account is Rs.1,000,

where as the closing balance of accounts receviables is Rs.100,000. What
amount of allowance for doubtsfull debts should be charged to profit or
loss using a 5% allowance for doubtsfull debts for the current accounting
periods ?

QUESTION 21 :
 On January 1st 2018, Payable were owed Rs. 10,000 by Dec 31 2018, They
were owed Rs. 8,000. During the year, Receivables & payables contras
were Rs. 35,000 ; Credit purchase were Rs. 60,000 & Rs. 2,500 discount were
received. What was paid to the supplier during the year ?

QUESTION 22 :

Rates of Income Tax are :

On first Rs. 400,000 Nill

On next Rs. 100,000 2%
On the Remainder 5%

If a person earns Rs, 600,000 per annum, the Income Tax payable by
him/her is :

QUESTION 23 :

At the end of the financial year, Tractor & Co had the following non-current
assets.

Land & Building at cost RS. 10.4 Million

Accumulated Depreciation Rs. 0.12 Million

The company decided to revalue its land and buildings at the year end
Rs. 13.5 Million. The revaluation surplus would be :

QUESTION 24 :

On Sept 1st , 2018. Waris Traders had inventory of Rs. 380,000. During the
month, Sales totaled Rs. 650,000 & Purchase were Rs. 480,000. On Sept 30,
2018 a fire destroyed some of the inventory. The undamaged goods were
valued at RS. 220,000. The business operating with a standard Gross Profit
Margin of 30%. Based on this information, What is the cost of the inventory
destroyed in the fire ?

QUESTION 25 :

From the ledger of Falcon Traders, Following information was extracted for
the year ending June 30, 2016.
Rs.
Sales ?
 Stock as on July 1st, 2015 25,000
Purchases ?
Discount Received 4,500
Stock as on June 30, 2016 32,000
Cost of Sales 68,500
Profit of Cost 25%

Sales and Purchase for the year ended June 30, 2016 were :

QUESTION 26 :

Western Ltd, had sales of Rs.20 Million and cost of sales Rs. 15.4 Million.
What is the Gross Profit Margin ?

QUESTION 27 :

A company had sales of Rs. 220,000 & purchase of Rs. 160,000. Opening
inventory & closing invntory were Rs. 24,000 & Rs. 20,000 Respectively. The
rate of inventory holding periods in days (based on the average level of
inventory for the periods) is :

QUESTION 28 :

A fire in the offficer of Lewis has destroyed most of the accounting records.
The followings information has been retriered :

RS.
Sales 630,000
Opening Inventory 24,300
Closing Inventory 32,750
Opening payables 29,780
Closing payables 34,600

Gross Profit for the periods should represent a Mark-up of 40%. What was
the total cash paid to supplier in the year ?

QUESTION 29 :

Harry has a Mark-up of 25% on Cost of Sales. The following information is

also a available.

Rs.
 Receivables at start of year 6,340
Receivables at end of year 5,200
Cost at start of year 620
Receivables at end of year 500
Total Cash Payment 16,780

The only receipt during the year consisted of cash and cheques received
from customers. What is the Gross Profit for the year?

QUESTION 30 :

The following extract relates to X Co. for 2015& 2016.

2016 2015
Revenues 26,000 20,000
Cost of sales Gross profit -24,050 -15,400
Gross profit 4,950 4,600
Operating Expenses -2,770 -2,460
Operating Profit 2,180 2,140

What is the opearting profit margin for 2015 & 2016 ?

QUESTION 31 :

The following extract of the statement of Profit or Loss relates to Z Co. for
the year ended september 30, 2016 :

RS.
Gross Profit 15,175
Expenses -2,460
Profit Before Interest & Tax 12,175
Finances Cost -5,000
Profit Before Cost 7,715
Tax -1,515
Profit After Tax 6,200

What is interest cover fot rhe year ?

QUESTION 32 :

Extract from the account of Dilawar showed balances as fellows :

2019 2018
 Share Capital (Rs 1 each) 300,000 120,000
Share Premium 260,000 100,000

A bouns issued of 1 shares for every 12 held at the 2018 year-end occurred
during the year & loan notes of Rs. 300,000 were issued at par. Interest of
Rs. 12,000 was paid during the year. What is the Net Cash in flow financing
activities ?

QUESTION 33 :

The following information relates to Yasir Ltd :

2016 2015
Credit Sales 26,000 20,000
Receivables (Average) 6,740 4,400
Cash 960 120

What is the receivables collection period for 2015 &2016 ?

QUESTION 34 :

Given selling prices of Rs. 700 & Gross Profit Mark-up of 40%. What is the
cost of an items ?

QUESTION 35 :

Sunset Limited, Grathered the following information during reconciliation

of bank statement for the month of July 2017 :

Cash Balance Rs. 50,500

Deposite in transit RS. 3,500
Interest credited by bank Rs. 1,100
Bank charges for services Rs. 50
Outstanding cheques Rs. 18,000
Not sufficient fund (NSF) cheques Rs. 5000

The adjusted cash balance as on July 31 will be :