MGT101 Midterm Subjective Papers Spring 2016

1.  Q # 1 what do you know about operating expenses what are the types and 1 example ? (3 Marks)
2.  Q#2 Make payable account from below

•  Purchased goods from suplier 100,500.00 
•  Payment Made to suplier 50,000.00 
•  Discount from suplier 5,000.00  (3 Marks)

1.  Q # 4 Make General Journal 1 system was given (5 marks)
2.  Q # 4 Make Balance sheet statements was given (5 Marks)
3.  Q #5 Cost of goods manufactured from given statement (5 Marks)

MGT101 paper 30-05-2016

Question no1: Senior account of Star corporation had provided data related to machinery accounts for year ended 2014 to the junior account asked to prepare machinery account of the company. He produced following mentioned machinery account....
Particulars Dr.(Rs.) Particulars Cr.(Rs.)
Balance B/D 575,000 Cash A/C- Dispose 75,000
Depreciation 72,000 Cash A/C- Acquisition 200,000
Balance C/D 372,000
647,000 647,000
Check Account carefully and Prepare revised machinery account after doing necessary correction in provided account? Marks: 03
Question no 2: Following Information Taken from Rahim traders:
Cost of Asset 150,000
Life of Asset 5 years
Depreciation Method Straight Line Method
Residual Value 20,000
Sale Price after 5 years 30,000
Calculate the Profit and loss account sale of Asset? Marks: 03
Question no 3: Prepare “T” account of Machine based as following Information:
Opening balance of Account 200,000
Machine Bought from Mr. B amounting 100,000 on cash basis during year
Machine sold to Mr. A amounting 50,000 on cash basis during year Marks: 05
Question no 4: Based on following information you required Gross profit and net profit/loss for Wahid Industries:
Sale Revenue 74,000
Cost of Sale 71,000
Salary 2,000
Rent 1,500
Depreciation 4,500 Marks: 05
Question no 5: Following data extract from book of Account of ABC Corporation:
Raw material charged to Produce (WIP) 110,000
Goods are sold during period costing 45,000
Raw Material closing balance 35,000
Purchase of Raw material during period 90,000
Carriage Outward 2,150
Calculate Value of opening Raw Material by preparing raw material Accounts? Marks: 05