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Solved by Iftikhar Ali, M.Sc Economics, MCOM Finance Lecturer Statistics, Finance and Accounting
Principles of Accounting I, Solved Paper 2021 Annual, ICOM I, FBISE, MCQS, Short Questions, Extensive Questions
Table of Contents
MCQS
Q 1: Choose the correct answer A / B / C / D by filling the relevant bubble for each question on the OMR Answer Sheet according to the instructions given there. Each part carries one mark.
| 1 | The amount of cash or goods invested by the proprietor in a business is called: | ||
| A) | Revenue | B) | Asset |
| C) | Capital | D) | Expenses |
| 2 | Bank loan increases the liabilities as well as: | ||
| A) | Capital | B) | Asset |
| C) | Revenue | D) | Expenses |
| 3 | The concept of offsetting expenses against revenue is called: | ||
| A) | Matching concept | B) | Realisation concept |
| C) | Cost concept | D) | Going concern concept |
| 4 | Accounts which are related with expenses, losses and gains are known as: | ||
| A) | Personal accounts | B) | Real or property accounts |
| C) | Impersonal accounts | D) | Nominal accounts |
| 5 | The process of recording transactions in ledger is called: | ||
| A) | Recording | B) | Posting |
| C) | Journalizing | D) | Transferring |
| 6 | A gradual decrease in the value of fixed asset is called: | ||
| A) | Reduction | B) | Depreciation |
| C) | Revaluation | D) | Appreciation |
| 7 | Drawings are deducted from: | ||
| A) | Sales | B) | Expenses |
| C) | Income | D) | Capital |
| 8 | Closing stock is recorded in: | ||
| A) | Trading account and balance sheet | B) | Profit and loss account only |
| C) | Balance sheet only | D) | Trading account only |
| 9 | Bank reconciliation statement is prepared by: | ||
| A) | Banker | B) | Customers accountant |
| C) | Auditors | D) | Contractors |
| 10 | The favorable balance of cash book bank column is: | ||
| A) | Credit balance | B) | Debit balance |
| C) | Both Debit and Credit balance | D) | Nil balance |
| 11 | The book in which all cash transactions are primarily recorded is called: | ||
| A) | Pass Book | B) | Cheque Book |
| C) | Sales Book | D) | Cash Book |
| 12 | Wages paid for the erection of a machine debited to wages account is an example of: | ||
| A) | Error of omission | B) | Error of commission |
| C) | Error of principle | D) | Compensating error |
| 13 | If the amount is paid by the debtor before the due date, a deduction or allowance given by a creditor to a debtor is called: | ||
| A) | Cash discount | B) | Trade discount |
| C) | Sales returns and allowances | D) | Purchase returns and allowances |
| 14 | If any expense omitted to be recorded it will: | ||
| A) | Have no effect on profit | B) | Overstate the profit |
| C) | Understate the profit | D) | Overstate the expense |
| 15 | The excess of credit column over debit column in profit and loss account is called: | ||
| A) | Net loss | B) | Net profit |
| C) | Gross loss | D) | Gross profit |
| 16 | It is a statement of assets, liabilities and owner’s equity on a particular date: | ||
| A) | Financial statement | B) | Balance sheet |
| C) | Bank reconciliation statement | D) | Income statement |
| 17 | All those expenses which have become due but not paid: | ||
| A) | Accrued revenue | B) | Prepaid revenue |
| C) | Prepaid expenses | D) | Outstanding expenses |
| 18 | The account holder deposited money into the bank with the help of: | ||
| A) | Pay-in-slip book | B) | Cheque book |
| C) | Pass book Pass book | D) | Cash book |
| 19 | An expenditure which is related to sale of goods is shown in: | ||
| A) | Trading account | B) | Sales account |
| C) | Profit or loss account | D) | Balance sheet |
| 20 | All those goods which are lying unsold in a business are termed as: | ||
SECTION — B (Marks 30)
Short Questions
Q 2: Attempt any TEN parts. The answer to each part should not exceed 3 to 4 lines.
(i) What is meant by Bad Debt recovered’?
Bad Debt Recovered
A payment for a debt that was previously written off and declared uncollectible is referred to as “bad debt recovery.” For accounting purposes, bad debt recovery normally results in income because bad debt often makes a loss when it is written off.
(ii) State the convention of materiality.
Answer:
Convention of Materiality
According to the convention of materiality, only material’s significant facts should be provided to users of accounting information in order for financial statements to have meaning.
(iii) Define adjustment. Pass adjusting entry for prepaid expenses.
Answer:
Adjustments
Adjustments are made at the end of the accounting period to record the unrecorded and incomplete entries and to correct the record.
Journal entry for Prepaid Expense
| Prepaid Expense A/c Dr. | XXXX | |
| Expense A/c Cr. | XXXX |
(iv) Define Accounting and name the three main branches of accounting.
Answer:
Accounting
The process of recording and classifying a business’s transactions, followed by a summary, analysis, and reporting of these actions, is known as accounting. Three branches of accounting are given below:
(1) Financial Accountin
(2) Cost Accounting
(3) Managerial Accounting
(v) What is compound entry?
Answer
Compound Entry
In simple entry, we debit one account and credit other one is called simple entry whereas in compound entry we debit or credit more than one account is called compound entry.
(vi) Distinguish between, “selling expenses” and “administrative expenses”
Answer:
Selling and Administrative Expense
The expenditures involved with distributing, marketing, and selling a good or service are known as selling expenses. The costs associated with routine corporate activities are known as administrative expenses.
(vii) What is meant by “Trial balance”?
Answer:
Trial Balance
Trial balance is a part of book-keeping which is prepared after making Journal and Ledger. All the balances those are taken from ledger accounts are placed in Debit and Credit side according to their favorable balances. In trial balance both sides must be equal.
(viii) Explain Treble column cash book.
Answer:
Treble/Triple or Three Column Cash Book
A three column cash book is one that has three money columns, discount, cash, and bank at both the debit and credit sides or the double column cash book will become a three column cash book if a discount column is added. Known as a triple column cash book, it is the most extensive type of cash book.
(ix) Write down three types of bank accounts.
Answer:
Types of Bank Accounts
(1) Saving Account
(2) Profit & Loss Sharing Account
(3) Fixed Deposit Account
(4) Current Account
(x) Explain ‘Endorsement-of-the cheque’.
Answer:
Endorsement of the Cheque
When the holder or bearer of the cheque, transfers the cheque in favor of his/her creditor to pay the debt, the process is called endorsement of the cheque.
(xi) What is meant by suspense account?
Answer:
Suspense Account
In a company’s financial records, an area known as a suspense account is designated for the recording of unclear entries that require more examination to ascertain their correct categorization.
(xii) State the rules of debit and credit for assets, expenses, revenues, liabilities and capital.
Rules of Debit and Credit
| Title | Debit | Credit |
| Assets | Increase | Decrease |
| Expenses | Increase | Decrease |
| Revenues | Decrease | Increase |
| Liabilities | Decrease | Increase |
| Capital | Decrease | Increase |
Section — C Part I Marks 50
Note: Attempt any one question.
Q 3: From the following particulars write up a Treble or three column cash book of Mr. Talha…..
Q 3: From the following particulars write up a Treble or three column cash book of Mr. Talha:
01 May 2020 Mr. Talha started business with cash Rs. 96,000
02 May 2020 Deposited with bank Rs. 26,000.
04 May 2020 Purchase goods from Ramzan for Rs. 1,600 issued cheque for payment
05 May 2020 Purchased iron safe for Rs.1,200, paying cash Rs. 600, issued cheque for the balance.
06 May 2020 Purchased goods on credit from Ali for Rs. 2,200.
07 May 2020 Sold goods on account to Salman for Rs. 2,200
08 May 2020 Transportation paid Rs. 1000
10 May 2020 Defective goods returned by Salman Rs. 100
11 May 2020 Received a cheque from Salman for Rs. 2,100
12 May 2020 Paid Salman’s cheque into bank.
28 May 2020 Goods sold to Kashif for cash Rs. 3,300
28 May 2020 Stationery purchased for cash Rs. 1,500
29 May 2020 Cheque issued to Ali for Rs. 2,150 and Discount received Rs. 50
30 May 2020 Rent received Rs 2,500.
30 May 2010 Salaries paid Rs. 3,300 by cheque
Solution:
Mr. Talha
Treble Column Cash Book
For the Month of May 2020
| Date | Particulars | V/No | L.F | Discount Allowed | Cash | Bank | Date | Particulars | V/No | L.F | Discount Received | Cash | Bank |
| 2020 | 2020 | ||||||||||||
| May, 1 | Capital A/C | 96,000 | May, 2 | Bank A/C | C | 26,000 | |||||||
| May, 2 | Cash A/C | C | 26,000 | May, 4 | Purchases A/C | 1600 | |||||||
| May, 11 | Salman A/C | 2,100 | May, 5 | Iron Safe A/C | 600 | 600 | |||||||
| May, 12 | Cash A/C | C | 2100 | May, 8 | Transportation A/C | 1000 | |||||||
| May, 28 | Sales A/C | 3,300 | May, 12 | Bank A/C | C | 2100 | |||||||
| May, 30 | Rent A/C | 2500 | May, 28 | Stationery A/C | 1500 | ||||||||
| May, 29 | Ali’s A/C | 50 | 2150 | ||||||||||
| May, 30 | Salaries A/C | 3,300 | |||||||||||
| Mar 31 | Balance c/d | 72,700 | 20450 | ||||||||||
| 0 | 103900 | 28100 | 50 | 103900 | 28100 | ||||||||
Q 4: From the following trial balance of Tahir and Sons, prepare a trading and profit and loss account and balance sheet for the year ended on 31st December 2020…..
Q 4: From the following trial balance of Tahir and Sons, prepare a trading and profit and loss account and balance sheet for the year ended on 31st December 2020.
| Particulars | Debit Rs. | Credit Rs. |
| Cash in hand | 15,000 | |
| Debtors | 42,500 | |
| Furniture & Fixtures | 90,000 | |
| Opening Stock | 60,000 | |
| Goodwill | 60,000 | |
| Accumulated depreciation on furniture & fixture | 9000 | |
| Bank overdraft | 27,500 | |
| Capital | 95,000 | |
| Mortgage loan | 60,000 | |
| Sales less returns | 232,500 | |
| Commission earned | 15,000 | |
| Purchases less returns | 145,000 | |
| Rent Expense | 24,000 | |
| Misc. expense | 2500 | |
| 439,000 | 439,000 |
Adjustments:
- Closing stock on December 31, 2020 was Rs. 105,000
- Depreciation on furniture @ 10% p.a
- Rent unexpired Rs. 6000
- Commission earned but not received Rs. 3000.
Solution:
Tahir & Sons
Trading Profit & Loss Account
As on 31st December 2020
| Details | Rs. | Details | Rs. |
| Opening Stock | 60,000 | Sales less returns | 232,500 |
| Purchases less returns | 145,000 | Closing Stock | 105,000 |
| Gross Profit c/d | 56750 | ||
| 132,500 | 337,500 | ||
| Gross Profit b/d | 132500 | ||
| Commission earned 15000 | |||
| Depreciation on Furniture | Add earned but not received 3000 | 18000 | |
| (90,000 x 0.10) | 9000 | ||
| Rent 24,000 | |||
| Less Unexpired (6000) | 18000 | ||
| Misc. expense | 2500 | ||
| Net Profit transferred to Capital | 121,000 | ||
| 150500 | 150500 |
Tahir & Sons
Balance Sheet
Year ended 31st December 2020
| Assets | Rs. | Liabilities | Rs. |
| Furniture & Fixture 90,000 | Capital 95000 | ||
| Less Depreciation (18,000) | 72,000 | Add Net Profit 121,000 | 216,000 |
| Unexpired Rent | 6000 | Bank overdraft | 27,500 |
| Commission earned but not received | 3000 | Mortgage loan | 60,000 |
| Goodwill | 60,000 | ||
| Cash in hand | 15,000 | ||
| Debtors | 42,500 | ||
| Closing Stock | 105,000 | ||
| 303500 | 303500 |
Part II Marks (10 x 3 = 30)
Note: Attempt any THREE questions.
Q 5: Show the effect of following transactions on the accounting equation…..
Q 5: Show the effect of following transactions on the accounting equation.
Mr. Kaman commenced business with cash Rs. 200,000.
He purchased furniture for Rs. 10,000.
He purchased goods worth Rs. 50,000 for cash and goods worth Rs. 30,000 on credit.
He sold goods to Saleem for Rs. 20,000 costing Rs. 17,000 on credit basis.
He withdrew cash Rs. 3,000 for his personal use.
He paid rent of building Rs. 2,000.
Solution:
| Assets | Liabilities | + | Owners’ Equity | |||||
| S/No | Cash | Furniture | Goods | Debtors | Creditors | Capital | ||
| (i) | 200,000 | 200,000 | ||||||
| (ii) | -10,000 | 10,000 | ||||||
| Balance | 190,000 | 10,000 | 200,000 | |||||
| (iii) | -50,000 | 80,000 | 30,000 | |||||
| Balance | 140,000 | 10,000 | 80,000 | 30,000 | 200,000 | |||
| (iv) | -17,000 | 20,000 | 3000 | |||||
| Balance | 140,000 | 10,000 | 63,000 | 20,000 | 30,000 | 203,000 | ||
| (v) | -3,000 | -3,000 | ||||||
| Balance | 137,000 | 10,000 | 63,000 | 20,000 | 30,000 | 200,000 | ||
| (vi) | -2,000 | -2,000 | ||||||
| Balance | 135,000 | 10,000 | 63,000 | 20,000 | 30,000 | 198,000 | ||
Assets = Liabilities + Owner’s Equity
228,000 = 30,000 + 198,000
228,000 = 228,000
Q 6:
01 January 2020 Mr. Ajmal started business with cash Rs. 1,00,000…….Required:(i) Journalize the transaction. (ii) Post them in the ledger. (iii) Prepare a trial balance.
Q 6:
01 January 2020 Mr. Ajmal started business with cash Rs. 1,00,000.
02 January 2020 Opened bank account with Rs. 50,000.
05 January 2020 Purchased goods from Karachi stores worth Rs 20,000 on credit basis.
08 January 2020 Sold goods to Rafiq and sons for Rs 11,000.
19 January 2020 Payment made to Karachi stores Rs. 15,000 by cheque.
22 January 2020 Goods lost by fire Rs. 2,000.
24 January 2020 Gods taken away by the proprietor for his personal use Rs 1,500.
31 January 2020 Paid salaries Rs. 3,000 and rent Rs. 2,000 by cheques.
Required:(i) Journalize the transaction. (ii) Post them in the ledger. (iii) Prepare a trial balance.
Solution:
- Journalize the Transaction
Journal
| Date | Detail | L/F | Dr. | Cr |
| 2020 | ||||
| Jan, 1 | Cash A/c | 100,000 | ||
| Capital A/c | 100,000 | |||
| (Mr. Ajmal invested cash into business as capital) | ||||
| Jan, 2 | Bank A/c | 50,000 | ||
| Cash A/c | 50,000 | |||
| (Cash deposited into bank) | ||||
| Jan, 5 | Purchases A/c | 20,000 | ||
| Karachi stores A/c | 20,000 | |||
| (Purchased goods from Karach Stores on credit) | ||||
| Jan, 8 | Rafiq & Sons A/c | 11,000 | ||
| Sales A/c | 11,000 | |||
| (Goods sold on credit to Rafiq & Sons) | ||||
| Jan, 19 | Karachi stores A/c | 20,000 | ||
| Bank A/c | 20,000 | |||
| (Payment made to Karachi Stores through bank) | ||||
| Jan, 22 | Lost by Fire A/c | 2000 | ||
| Purchases A/c | 2000 | |||
| (Goods Lost by Fire) | ||||
| Jan, 24 | Drawing A/c | 1500 | ||
| Purchases A/c | 1500 | |||
| (Goods taken away by the proprietor for personal use) | ||||
| Jan, 31 | Salaries A/c | 3000 | ||
| Rent A/c | 2000 | |||
| Bank A/c | 5000 | |||
| (Paid Salaries & rent through cheque) | ||||
| Total | 209500 | 209500 |
- Ledgers
Cash Account (1)
| Date | Detail | J/R | Amount | Date | Detail | J/R | Amount |
| 2020 | 2020 | ||||||
| Jan,1 | Capital A/c | 100,000 | Jan, 2 | Bank A/c | 50,000 | ||
| Jan, 31 | Balance c/d | 50,000 | |||||
| 100,000 | 100,000 |
Capital Account (2)
| Date | Detail | J/R | Amount | Date | Detail | J/R | Amount |
| 2020 | 2020 | ||||||
| Jan, 31 | Balance c/d | 100,000 | Jan,1 | Cash A/c | 100,000 | ||
| 100,000 | 100,000 |
Bank Account (3)
| Date | Detail | J/R | Amount | Date | Detail | J/R | Amount |
| 2020 | 2020 | ||||||
| Jan, 2 | Cash A/c | 50,000 | Jan, 19 | Karachi Stores A/c | 15,000 | ||
| Jan, 31 | Salaries A/c | 3000 | |||||
| Jan, 31 | Rent A/c | 2000 | |||||
| Jan, 31 | Balance c/d | 30,000 | |||||
| 50,000 | 50,000 |
Purchases Account (4)
| Date | Detail | J/R | Amount | Date | Detail | J/R | Amount |
| 2020 | 2020 | ||||||
| Jan, 5 | Karachi Stores A/c | 20,000 | Jan, 22 | Loss by Fire A/c | 2000 | ||
| Jan, 24 | Drawing A/c | 1500 | |||||
| Jan, 31 | Balance c/d | 16500 | |||||
| 20,000 | 20,000 |
Karachi Stores Account (5)
| Date | Detail | J/R | Amount | Date | Detail | J/R | Amount |
| 2020 | 2020 | ||||||
| Jan, 19 | Bank A/c | 15,000 | Jan, 5 | Purchases A/c | 20,000 | ||
| Jan, 31 | Balance c/d | 5000 | |||||
| 20,000 | 20,000 |
Rafiq & Sons Account (6)
| Date | Detail | J/R | Amount | Date | Detail | J/R | Amount |
| 2020 | 2020 | ||||||
| Jan, 8 | Sales A/c | 11,000 | Jan, 31 | Balance c/d | 11,000 | ||
| 11,000 | 11,000 |
Sales Account (7)
| Date | Detail | J/R | Amount | Date | Detail | J/R | Amount |
| 2020 | 2020 | ||||||
| Jan, 31 | Balance c/d | 11,000 | Jan, 8 | Rafiq & Sons A/c | 11,000 | ||
| 11,000 | 11,000 |
Loss by Fire Account (8)
| Date | Detail | J/R | Amount | Date | Detail | J/R | Amount |
| 2020 | 2020 | ||||||
| Jan, 22 | Purchases A/c | 2000 | Jan, 31 | Balance c/d | 2000 | ||
| 2000 | 2000 |
Drawing Account (9)
| Date | Detail | J/R | Amount | Date | Detail | J/R | Amount |
| 2020 | 2020 | ||||||
| Jan, 24 | Purchases A/c | 1500 | Jan, 31 | Balance c/d | 1500 | ||
| 1500 | 1500 |
Salaries Account (10)
| Date | Detail | J/R | Amount | Date | Detail | J/R | Amount |
| 2020 | 2020 | ||||||
| Jan, 31 | Bank A/c | 3000 | Jan, 31 | Balance c/d | 3000 | ||
| 3000 | 3000 |
Rent Account (11)
| Date | Detail | J/R | Amount | Date | Detail | J/R | Amount |
| 2020 | 2020 | ||||||
| Jan, 31 | Bank A/c | 2000 | Jan, 31 | Balance c/d | 2000 | ||
| 2000 | 2000 |
- Trial Balance
Trial Balance
| S/N | Account Name | Account No | Debit | Credit |
| 1 | Cash Account | 1 | 50,000 | |
| 2 | Capital Account | 2 | 100,000 | |
| 3 | Bank Account | 3 | 30,000 | |
| 4 | Purchases Account | 4 | 16,500 | |
| 5 | Karachi Stores Account | 5 | 5000 | |
| 6 | Rafiq & Sons Account | 6 | 11,000 | |
| 7 | Sales Account | 7 | 11,000 | |
| 8 | Loss by Fire Account | 8 | 2000 | |
| 9 | Drawing Account | 9 | 1500 | |
| 10 | Salaries Account | 10 | 3000 | |
| 11 | Rent Account | 11 | 2000 | |
| Total | 116,000 | 116,000 | ||
Q 7: In-taking out a trial balance the accountant finds that the total of the debit side exceeds that of credit side by Rs. 2110. He places the difference to a suspense account and subsequently detects the following mistakes…..
Q 7: In-taking out a trial balance the accountant finds that the total of the debit side exceeds that of credit side by Rs. 2110. He places the difference to a suspense account and subsequently detects the following mistakes:
- Stationery purchased for Rs. 890 but debited to stationery Account as Rs. 980.
- A sum of Rs. 650 received from Aslam was credited twice in his account.
- Wages Rs. 250 paid for installing a machine were debited to wages account as Rs. 520.
- A sale of Rs. 1000 to Farid was credited to his account twice.
- Old furniture sold for Rs. 6,000 was wrongly recorded as 600.
Required: Pass the rectifying journal entries and close the suspense account.
Solution:
| Date | Detail | L/F | Amount Dr. (Rs.) | Amount Cr. (Rs.) |
| (i) | Suspense A/c | 90 | ||
| Stationery A/c | 90 | |||
| (being stationery account overstated, now rectified) | ||||
| (ii) | Aslam A/c | 650 | ||
| Suspense A/c | 650 | |||
| (being Aslam account credited twice, now rectified) | ||||
| (iii) | Machine A/c | 250 | ||
| Suspense A/c | 270 | |||
| Wages A/c | 520 | |||
| (being wages wrongly credited with incorrect amount, now rectified) | ||||
| (iv) | Farid A/c | 3000 | ||
| Suspense A/c | 3000 | |||
| (being Farid account credited twice, now rectified) | ||||
| (v) | Suspense A/c | 5400 | ||
| Furniture A/c | 5400 | |||
| (being furniture account understated, now rectified) | ||||
Suspense Account
| Date | Detail | J/R | Amount | Date | Detail | J/R | Amount |
| (i) | Stationery A/c | 90 | Balance b/d | 2110 | |||
| (iii) | Wages A/c | 270 | (ii) | Aslam A/c | 650 | ||
| (v) | Furniture A/c | 5400 | (iv) | Farid A/c | 3000 | ||
| 5760 | 5760 |
Note: In paper question, given suspense account balance was wrong but I used here correct balance.
Q 8: Prepare a “Bank Reconciliation statement” from the following particulars.
Q 8: Prepare a “Bank Reconciliation statement” from the following particulars.
- Overdraft balance as per the pass book (Dr.) on 31.12.2020 Rs. 5000.
- Interest on overdraft charged by the bank for half year Rs. 275 debited in the pass book only.
- Two cheques for Rs. 7500 and Rs. 5000 paid in on 30th December 2020 were not credited by the bank.
- Two cheques for Rs. 1,050 and Rs. 4,000 issued in December 2020 had not been presented at the bank during the month.
- A cheque for Rs. 2,000 entered in the cash book (debit side) was not sent to the bank for collection.
Bank Reconciliation Statement
| (i) | Balance as per Pass Book Overdraft Dr. | (5000) | |
| (ii) | Add interest on overdraft charged by bank only but not recorded in cash book | 275 | |
| (iii) | Add uncredited cheques (7500 + 5000) | 12500 | |
| (iv) | Less Unpresented Cheques: (1050 + 4000) | (5050) | |
| (v) | Add Cheque recorded in cash book but not sent to bank for collection | 2000 | |
| Balance as Per Cash Book Dr. | 4725 |
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