Here are some questions from current papers of MGT101..........
Today I had MGT101 paper. It was good.
There were 32 Questions in all, 28 MCQ and other 3,3, and 5,5 marks question respectively
MCQ were all from past papers
Subjective
Question 1 ) Rule of Asset Revaluation?
Question 2 ) Prepare Account Recv from the given data
Question 3 and Question 4 are given below.
Question
Cost of Asset 120,000
Residual Value 20,000 Life 4 Years
Find Depreciation and Written Down Value
Another paper.......
difference between journal voucher and payment voucher Marks3
Answer
Payment Voucher
The purpose of the payment vouchers is to provide a means for paying any taxes due on income which is not subject to withholding. This is to ensure that taxpayers are able to meet the statutory requirement that taxes due are paid periodically as income is received during the year.
Journal Voucher
A journal voucher is an integral part of the audit trail, and carries
(1) a serial number,
(2) transaction date,
(3) transaction amount,
(4) ledger account(s) affected,
(5) reference(s) to documentary evidence (such as invoices or receipts) supporting the entry,
(6) brief description of the transaction, and the
(7) signature(s) or initials of one or more authorized signatories. A journal is, in effect, a collection of financial data culled from journal vouchers.
2 Questions related accumulated depreciation
Another paper........
Q:1 what are drawns ? and their importance in financial statements? (2 marks)
Q:2 accounts receivable and payable was given to draw. (5marks)
Another Paper...........
.This question was in my today's paper og MGT101.
28 mcqs and 4 ques
1) Prepare T account for Accounts Receivable for date i dont remeber (5 marks)
Cash collected 585000
Total Sale 515062
Cash Sales 25% of total Sale
Balance of A/r Rec May 31 2011 55950
Amount NOTnot recvd from Debtors 2500
2)Prepare T account for cash a/c (3 marks)
Balance 50000
Total receipt 500000
Total Payments 480000
Discount Received 1570
Third was closing stock value by weighted average method.(5 marks) it was easy
Fourth was book value and profit on sale (3 marks)
Another paper.........
MCQs 50% from past papers
4 subjective were:
1: Find depreciation with the help of given data. 3 marks
Cost of the asset Rs. 200,000
Residual Value Rs. 80,000
Expected Life 4 years
2: From the information given below, you are required to prepare an Accounts Payable (A/P) Account for the month of March 2011 to find out the amount of cash paid during the month of March: 3 marks
Rs.
Goods purchased during the year 387,280
Balance of A/P as on May 01, 2011 254,360
Balance of A/P as on Many 31, 2011. 55,910
3: Ahmad Limited acquires an asset costing Rs. 40,000. The company estimates its useful life for 7 years with a residual value of Rs. 5,000. The company charges depreciation using straight-line method. In second year, the company estimates its residual value Rs. 10,000 and remaining useful life of 5 years. 5 marks
Required:
Compute the Book value of the asset at the end of 2nd year.
4: From the following data find out the amount of operating expenses. Also show your working. 5 marks
Rs.
Purchases 485,360
Sales returns and allowances 15,250
Opening stock 157,690
Closing stock 50,730
Freight inward 7,680
Another paper.........
what is Difference between expenses and expendature?3marks
what is Difference between capital receipt and revenue receipt?03marks
aik bank statament sy tha n aik LIFO FIFO .detail bhool gai
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