Scribd
Upload
225 views2 pages

Kohat University of Science & Technology: (KUST) Institute of Business Studies

The document provides instructions and information for a series of accounting transactions completed by NC company during the month of June. Students are asked to: 1) Journalize the transactions into accounting journals. 2) Prepare T-format ledger accounts for the transactions. 3) Create a 10-column worksheet to analyze the transactions. 4) Prepare an income statement, statement of equity, and balance sheet based on the transactions.

Uploaded by

ilyas muhammad
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
225 views2 pages

Kohat University of Science & Technology: (KUST) Institute of Business Studies

The document provides instructions and information for a series of accounting transactions completed by NC company during the month of June. Students are asked to: 1) Journalize the transactions into accounting journals. 2) Prepare T-format ledger accounts for the transactions. 3) Create a 10-column worksheet to analyze the transactions. 4) Prepare an income statement, statement of equity, and balance sheet based on the transactions.

Uploaded by

ilyas muhammad
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 2

=]] KOHAT UNIVERSITY OF SCIENCE & TECHNOLOGY (KUST)

INSTITUTE OF BUSINESS STUDIES


Principle of Accounting BS-161 BS ACCOUNTING & FINANCE – 3rd OPEN BOOK ONLINE

FINAL Semester Examination

Maximum Marks: 50 Maximum Time: 24 Hours (10-00 AM)

Note: Answer sheet to be SUBMITTED within stipulated time. Attempt all questions:

INSTRUCTIONS FOR SUBMISSION: After you solve your paper,

1. Scan clearly THE ANSWER SHEET 2. CONVERT IT TO PDF

3. UPLOAD ON YOUR KCMS OR SUBMIT VIA Email: Sajjad hussain@kust.edu.pk .

Hard copy to be submitted WITHIN 24 HOURS SHARP.

Q 1: NC operates a business closes its accounts and prepares financial statements at the end of each

month. During the month of June entered into the following transactions;

June 1 Owner deposited $ 150000 cash in a company bank account .

June 2 Purchased $ 240000 equipment, paid $ 100000 cash and issued a 9 percent note for the balance.

June 3 Paid $ 10,000 four months advance rent.

June 4 Received $12000 cash as advance payment on equipment from xyz company.

June 5 Purchased office supplies on account from ABC $ 1850 payment due in 30 days.

June 9 Purchased on account from F.P. distributor $ 290 parts needed to repair a rental tractor.

Payment is due in ten days. ( HINT: USE MAINTENANCE EXPENSE)

June 10 Paid salaries for $ 3200.

June 15 Equipment rental fees earned amount $ 8900 ,of which $ 7200 was received in cash.

June 18 Paid the accounts payable to F.P. distributor.

June 19 Collected $ 800 of the accounts receivable.

June 23 Rented an equipment to M.L. Company at a price $ 110 per day to be paid when returned

back. This equipment is expected to remain with M.L. Company two to three weeks.

June 25 Paid salaries $ 3200.

June 28 Owner withdrew $ 3000 cash from the business for personal use.

June 30 Equipment rent fees earned and received in cash amounted $ 7850.

June 30 Received a bill from WAPDA for the month of June $ 340. Payment is due in 15 days.
Other data:

a. During June, the company earned $ 3210 of rental fees paid in advance on June 4.

b. Office supplies on hand at June 30, are estimated at $ 1160.

c. The rental equipment is being is being depreciated over a period of 10 years.

d. The advance payment of rent on June 3 covered a period of four months.

e. As of June 30 seven days rent on equipment rented to M.L .COMPANY has earned.

f. As of June 30, interest accrued on note payable amounted to $ 1050.

g. Salaries earned by employees amounted to $ 960.

Required: a. Journalize the above transactions. (15 Marks)

b. Prepare ledger in T format. ( 15 Marks)

c. Prepare a ten column work sheet. ( 10 Marks)

D. Prepare income statement (03 marks), a statement of equity (02 marks) and a

balance sheet. (05 Marks)

THE END

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy