B. Com part I Financial Accounting Pass necessary journal entries to rectify the following errors: a. An item of Rs.

53 has been debited to a persoanal account as Rs. 35. b. A sum of Rs. 100 written of as depreciatiom on furniture was not debited to depreciation account. c. The total of purchases book was added Rs. 60 short. d. A machine bought for Rs. 5000 has been debited to purchase account. e. Sale of old machine for Rs. 500 to Mukaram has been entered in the sales book. f. Total of Return outward book was Rs. 100 short. g. A sale of Rs. 350 to R has been entred correctly in the sales book but credited to s account as Rs. 305. h. Cash received from John Rs. 300 has been debited to Johns account. i. Furniture purchased for Rs. 3000 was not entered in the books.

B. Com part I Introduction to Business Q. Discuss the various kinds of company in detail?

B. Com Part II Auditing: Q. 1. Define Internal control system? 5 marks 15 marks

2. What are its Objectives? Also states the Objectives of the Internal Check?

B. Com part II Business Taxation: Compute the Income and tax liability of Mr. Junaid, who is 63 years old and working as a teacher, for the tax year ended 30th June 2013: Basic salary per annum Rs. 360000 House rent Allowance Rs. 108000 Travelling and daily allowance Rs. 18000 Conveyance Allowance Rs. 24000 Rental Income from property Rs. 20000 p.m. Gain on sale of shares of a listed company {shares were held for more than 12 months} Rs. 80000 Share of profit from a firm Rs. 30000 Income derived from fruit processing business Rs. 40000 Income from talk delivered on TV net Rs. 18800 Pension received Rs. 50000 Leave fare Assistance Rs. 30000 Loan from Empolyer @ 3% Rs. 500000

I.Com part I Girls Principles of Accounting Q. 1 select the most appropriate Answer: I. Errors which occur in original books of accounts are called: a. Original errors II. Wrong addition is; a. Error of omission b. Error of commission c. Error of principle d. Compensating error III. If a legder account balance is not posted to trial balance it will be called: a. Error of omisssion b. Error of commission c. Error of posting d. Trial balance error IV. suspense Account is a: a. Permanent account b. Temporary account c. Fictitious account d. None of these V. Which error affects only one account? a. Error of omission b. Errors of commission c. Errors of principle d. Error of posting VI. Real account b. Personal account c. Nominal account d. both a and b VII. The errors which are related to .. effect the profit of business: a. Trading accoutn b. Trading and Profit and Loss a/c c. Balance sheet d. None of these Short Questions: Attempt any FIVE 1. 2. 3. 4. 5. 6. 7. What is meant by Book keeping Errors? What is meant by Error of omission? What is meant by Error of commission? What is meant by Error of recording? What is meant by Error of posting? What is meant by Trail Balance errors? What is meant by suspense account? Rectify the following errors by passing necessary journal entries: b. Book keeping errors c. Trial balance errors d. None of these

a. b. c. d. e.

Sold goods to A for Rs. 2000 posted to B account. Purchased goods from Naseem for Rs. 5000 credited to waseem account. Purchased furniture for Rs. 15000 was recorded as Rs. 1500. Cash paid to Rashid Rs. 1020 was recorded in the books as 1200. Sales book was overcast by Rs. 1800.

I.Com part I BOYs Principles of Accounitg Select the most appropiate anwer: 1. To record a transaction which has not been recorded is called: a. Transaction b. Enrty c. Adjustment d. Posting 2. Revenue received in advance is called: a. Outstanding revenue b. Accured revenue c. Unearned Revenue d. None of these 3. Prepaid Expenses are: a. Expense b. Revenue c. Assets d. Liability 4. Depreciation is: a. Direct expense b. Indirect expense c. Asset d. Liability 5. Interest on drawings is: a. Expense b. Revenue c. Assets d. Liability 6. Each Adjustment has at least: a. One effect b. Two effect c. Three effect d. None of these 7. Adjustments are made at the: a. Beginning of the year b. Middle of year c. End of the year d. Any time

Short Questions: Attempt any FIVE 1. 2. 3. 4. 5. 6. 7. Cash system Matching concept Outstanding expense Accrued Revenues Depreciation Provision Normal Loss

Prepare the trading and profit and loss account and balance sheet for the year ended 31st March 2012. Name of the accounts Drawings Debtors Furniture Wages Trade expenses Selling Expenses Office expenses Opening stock Purchases Investment Sales Commission Capital Creditors Loan Adjustmetns: j. k. l. m. Closing stock Rs. 4000 Prepaid wages Rs. 750 Depreciation on furniture @ 10% Unearned commission Rs. 100 Debit Rs. 650 26250 6900 2750 475 250 500 2000 5000 6000 Credit Rs.

25000 600 20000 4175 1000