Scribd Logo
Upload

Welcome to Scribd!

  • 79 views

    Final Assessmenr Paper - Fa - Spring - 2021

    Uploaded by

    Anus Ghufran
    1. The document provides information for a final term assessment for a Financial Accounting course, including 4 multiple part questions. 2. Question 1 asks the student to prepare a bank reconciliation and journal entries based on information provided about cash balances and transactions for Moon Designing Company. 3. Question 2 provides a trial balance for Vego Company and asks the student to complete the accounting cycle, including adjusting entries, adjusted trial balance, income statement, statement of retained earnings, and balance sheet. 4. Questions 3-6 ask the student to calculate missing values in schedules and financial statements based on additional information provided.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Final Assessmenr Paper - Fa - Spring - 2021

    Uploaded by

    Anus Ghufran
    79 views4 pages
    1. The document provides information for a final term assessment for a Financial Accounting course, including 4 multiple part questions. 2. Question 1 asks the student to prepare a bank reconciliation and journal entries based on information provided about cash balances and transactions for Moon Designing Company. 3. Question 2 provides a trial balance for Vego Company and asks the student to complete the accounting cycle, including adjusting entries, adjusted trial balance, income statement, statement of retained earnings, and balance sheet. 4. Questions 3-6 ask the student to calculate missing values in schedules and financial statements based on additional information provided.

    Original Title

    106208 -FINAL ASSESSMENR PAPER - FA - SPRING- 2021

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    1. The document provides information for a final term assessment for a Financial Accounting course, including 4 multiple part questions. 2. Question 1 asks the student to prepare a bank reconciliation and journal entries based on information provided about cash balances and transactions for Moon Designing Company. 3. Question 2 provides a trial balance for Vego Company and asks the student to complete the accounting cycle, including adjusting entries, adjusted trial balance, income statement, statement of retained earnings, and balance sheet. 4. Questions 3-6 ask the student to calculate missing values in schedules and financial statements based on additional information provided.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    79 views4 pages

    Final Assessmenr Paper - Fa - Spring - 2021

    Uploaded by

    Anus Ghufran
    1. The document provides information for a final term assessment for a Financial Accounting course, including 4 multiple part questions. 2. Question 1 asks the student to prepare a bank reconciliation and journal entries based on information provided about cash balances and transactions for Moon Designing Company. 3. Question 2 provides a trial balance for Vego Company and asks the student to complete the accounting cycle, including adjusting entries, adjusted trial balance, income statement, statement of retained earnings, and balance sheet. 4. Questions 3-6 ask the student to calculate missing values in schedules and financial statements based on additional information provided.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    COLLEGE OF COMPUTING AND INFORMATION SCIENCES

    Final-Term Assessment Spring-2021 Semester


    Class Id 106208 Course Title Financial Accounting
    Program BSCS Campus / Shift Main Campus / Morning
    Date 9 –May - 2021 Total Marks 40
    Duration 03 hours Faculty Name Faisal Ismail
    Student Id Student Name
    Copy the above format on your answer sheet.

    Attempt ALL questions and show proper working for every solution. (40 Marks)
    Answers must be neat, relevant, brief and hand written.

    Question-1 (6 Marks)

    The following information pertains to Moon designing Company.

    1. Cash balance per bank, July 31, $8,000.

    2. July bank service charge not recorded by the depositor $37.

    3. Cash balance per books, July 31, $8,021.

    4. Deposits in transit, July 31, $1,500.

    5. Bank collected $900 note for Moon in July, plus interest $36, less fee $20. The
    collection has not been recorded by Moon, and no interest has been accrued.

    6. Outstanding checks, July 31, $600.

    Required

    (a) Prepare a bank reconciliation at July 31.

    (b) Journalize the adjusting entries at July 31 on the books of Moon designing
    Company.
    Question-2 (15 Marks )

    VEGO COMPANY
    TRIAL BALANCE
    December 31,2019

    DEBIT CREDIT
    Cash 80,000
    Accounts receivable 35,000
    Office Supplies 22,000
    Equipment 60,000
    Accounts Payable 15,000
    Unearned Revenue 30,000
    Capital Stock 129,000
    Dividend 10,000
    Retain Earning 11,000
    Service Revenue 75,000
    Salary Expense 35,000
    Misc expense 18,000
    260,000 260,000

    Additional information
    1. Accrued but unpaid employee salaries were Rs.6,000 at December 31, 2019.
    2. Revenue unearned at December 31, 2019 was Rs.11,000.
    3. Service provided to customers but unbilled at December 31, 2019 was Rs.26,000.
    4. Depreciation of equipment for the year Rs.2,500.
    5. Office Supplies on hand at December 31, 2019 was Rs.7,000.

    Required
    a. List down the steps involved in Accounting Cycle.
    b. Prepare Adjusting Entries for the year ended 31 December 2019.
    c. Posting of adjusting entries to their respective T-accounts.
    d. Prepare an adjusted Trial Balance.
    e. Prepare Income Statement , Statement of Retain Earning for the year ended 31
    Dec 2019 and Balance Sheet as at 31 Dec 2019.
    Question-3 (proper working and computation required) (5 Marks)

    3a. Net sales for the month are $800,000, and bad debts are expected to be 1.5% of net
    sales. The company uses the percentage-of-sales basis. If Allowance for Doubtful
    Accounts has a debit balance of $4,000 before adjustment, what is the balance after
    adjustment?

    3b. As of December 31, 2018, Candyland Company has assets of $3,500 and
    owner’s equity of $2,000. What are the liabilities for Candyland Company as of
    December 31, 2018?

    Question-4 (5 Marks)

    Complete the following schedule which contains information from the financial
    statements of Pearl Co. Ltd. (Note: Solution without working does not gain marks)

    Beginning Net Ending Gross Net


    Net sales COGS Expenses
    Inventory Purchases Inventory Profit Income
    a. 320,000 48,000 181,333 ? 176,000 ? ? 13,333
    b. 1,260,000 414,000 ? 333,000 882,000 378,000 297,000 ?

    Question-5 (4 Marks)

    Briefly explain the following terms

    1. Mathching principle
    2. Operaing Cycle of service and merchandising company
    3. Periodic and Perpetual inventory system
    Question-6 (5 marks)

    Here are incomplete financial statements (in rupees) for Levis, Inc. (Note: Missing
    figures without working does not gain marks)
    LEVIS, INC.
    Balance Sheet
    Assets Liabilities and Stockholders’ Equity

    Cash 18,000 Liabilities

    Inventory 22,000 Accounts payable 5,000

    Buildings 60,000

    Stockholders’ equity

    Common stock (a)

    Retained earnings (b)

    Total liabilities and

    Total assets 100,000 stockholders’ equity 100,000

    Income Statement Retained Earnings Statement

    Revenues 85,000 Beginning retained earnings 25,000

    Cost of goods sold (c) Add: Net income (e)

    Salaries and wages expense 15,000 Less: Dividends 10,000

    Net income (d) Ending retained earnings 45,000

    Required
    Calculate the missing amounts (in rupees).

    You might also like