Adikavi Nannaya University (ANU) 2009 LL.M Financial accounting - Question Paper

INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF PAKISTAN
March 2011 Extra Attempt exams
Thursday, the 24th March 2011
FINANCIAL ACCOUNTING (S-301)
STAGE ? 3
Time Allowed: 02 Hours 45 Minutes Maximum Marks: 90 Roll No.:
(i) Attempt all ques..
(ii) Answers must be neat, relevant and brief.
(iii) In marking the ques. paper, the examiners take into account clarity of exposition, logic of arguments,
effective presentation, language and use of clear diagram/ chart, where improper.
(iv) learn the instructions printed inside the top cover of ans script CAREFULLY before attempting the paper.
(v) Use of non-programmable scientific calculators of any model is allowed.
(vi) DO NOT write your Name, Reg. No. or Roll No. anywhere inside the ans script.
(vii) ques. No.1 ? ?Multiple option Question? printed separately, is an integral part of this ques. paper.
(viii) ques. Paper must be returned to invigilator after finishing/ writing the examination.
Marks
Q. two Naveed, Nadir and Basit entered into a joint venture for cultivation and sale of mangoes. They
share profit and loss in the ratio of 4:2:1. The transactions connected with this venture were:
2010
November 01 Naveed rented land for 2 months for Rs.240,000.
03 Nadir supplied plants costing Rs.204,000.
04 Naveed employed labour for planting, Rs.104,000.
15 Nadir charged motor expenses, Rs.19,600.
21 Naveed employed labour for fertilizing, Rs.72,000.
28 Naveed paid the subsequent expenses: Sundries Rs.7,600, Labour
Rs.84,000, Fertiliser Rs.29,600.
December 12 Basit employed labour for lifting mangoes, Rs.166,400.
22 Selling expenses paid by Basit, Rs.127,200.
27 Basit received cash from sale proceeds, Rs.1,166,400.
Required:
(i) Prepare Memorandum Joint Venture Account. 10
(ii) Show the joint venture accounts in the books of Naveed, Nadir and Basit (balances in
the accounts of ?Naveed? and ?Nadir? are settled by cash from Basit).
08
Q. three Karachi Ltd., has a branch in Lahore at which a full set of books is kept. At the end of the year
the subsequent summary is compiled of the transactions ranging from the branch and head office as
recorded in the books of accounts:
Rs.
Balance due from branch January 01, 2010 302,400
Goods supplied to branch 347,400
Expenses paid on behalf of branch 55,000
Cash received from branch 450,000
Goods returned by branch 6,000
At December 31, 2010 the branch profit and loss account showed a net profit of Rs.210,000
for the year.
Required:
(a) Show Head office Account in the books of branch. 05
(b) Show Branch Account in the books of head office. 07
PTO

Earning:   Approval pending.