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Marks Question No. 2 (A) (I) Journal Entries: Rupees Debit Credit

The document provides sample journal entries, a revised statement of profit or loss, and calculations for the cash flow statement for a financial accounting exam. Key details include: 1) Journal entries for various accounting adjustments like sales returns, purchase returns, depreciation, gains and losses. 2) The revised statement of profit or loss incorporating the impact of the adjustments. 3) Workings for the cash flow statement showing calculations of cash received from customers, cash paid to suppliers, and cash paid for employee wages by using the balances in relevant ledger accounts.

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41 views

Marks Question No. 2 (A) (I) Journal Entries: Rupees Debit Credit

The document provides sample journal entries, a revised statement of profit or loss, and calculations for the cash flow statement for a financial accounting exam. Key details include: 1) Journal entries for various accounting adjustments like sales returns, purchase returns, depreciation, gains and losses. 2) The revised statement of profit or loss incorporating the impact of the adjustments. 3) Workings for the cash flow statement showing calculations of cash received from customers, cash paid to suppliers, and cash paid for employee wages by using the balances in relevant ledger accounts.

Uploaded by

Asimsa
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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SUGGESTED SOLUTIONS/ ANSWERS – SPRING 2017 EXAMINATIONS 1 of 8

FINANCIAL ACCOUNTING [G1] – GRADUATION LEVEL


Marks
Question No. 2
(a) (i) Journal Entries:
Rupees
Debit Credit
Sales return account 4,490 0.5
Suspense account 4,490 0.5
Purchases return account 4,490 0.5
Suspense account 4,490 0.5
Plant account 4,800 0.5
Repair and maintenance account 4,800 0.5
Depreciation expense 480 0.5
Accumulated depreciation account 480 0.5
Discount allowed 418 0.5
Suspense account 418 0.5
Suspense account 459 0.5
Discount received 459 0.5
Insurance expense account 290 0.5
Suspense account 290 0.5
Sales account 2,400 0.5
Accumulated depreciation account 4,000 0.5
Non-current disposal account 6,000 0.5
Gain on sale of non-current asset 400 0.5

(ii) Revised Statement of Profit or Loss:


Rupees
Profit as per draft income statement 51,510
Sales return (4,490) 0.5
Purchase return (4,490) 0.5
Repair and maintenance expense 4,800 0.5
Depreciation expenses (480) 0.5
Discount allowed (418) 0.5
Discount received 459 0.5
Insurance expense (290) 0.5
Gain on sales of asset 400 0.5
Sales account (2,400) 0.5
Revised profit or loss account 44,601 0.5
SUGGESTED SOLUTIONS/ ANSWERS – SPRING 2017 EXAMINATIONS 2 of 8

FINANCIAL ACCOUNTING [G1] – GRADUATION LEVEL

Question No. 3
Rupees
Operating activities:
Cash received from customers (W-1) 22,639,305 01
Cash payments to suppliers (W-2) (17,313,465) 01
Cash paid to and on behalf of employees (W-3) (3,598,350) 01
Net cash inflow from operating activities 1,727,490 01

Workings:
W-1: Receivable Ledger Control Account Rupees
Balance b/f 3,987,600 Cash receipts (Balance) 22,639,305 0.5 + 01
Sales revenue 23,841,705 Balance c/f 5,190,000 0.5 + 0.5
27,829,305 27,829,305 0.5

Payables Ledger Control Account


W-2:
(excluding non-current asset purchases) Rupees
Cash paid (Balance) 17,313,465 Balance b/f 3,158,460 01 + 0.5
Balance c/f 3,873,600 Purchases 0.5
– Cost of sales 16,587,450 0.5
– Administration 1,441,155 0.5
21,187,065 21,187,065 0.5

W-3: Wages Control Rupees


Net wages paid (Balance) 3,598,350 Balance b/f 129,600 01 + 0.5
Balance c/f 219,750 Cost of sales 2,188,500 0.5 + 0.5
Administration 1,500,000 0.5
3,818,100 3,818,100 0.5

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