Model Paper D.Com Part -II

Model Paper Financial Accounting

Khyber Pakhtunkhwa Board Of Technical Education Peshawar

D.Com Part –II (New Revised Course)

Model Paper: - Financial Accounting

Time Allowed:3 Hours

Total Marks: 100

Note: - Section-A is compulsory attempt on the question paper and returned after 30 minutes, cutting, erasing and overwriting is not allowed.

Time Allowed:30 Minutes Section – A

Marks: - 20

Q.1: - a) Fill in the blanks by using the most appropriate word. (10)

i. Good will is an _______________ asset.

ii. LIFO stands for ________________________.

iii. A Public LTD company must have at least __________________ members.

iv. Over applied FOH is __________________ from applied cost of goods sold.

v. Trading concerns & non trading concerns differ because of their ___________ .

vi. A partnership must have at least ____________________ members.

vii. Good will is record on the _________________ side of balance sheet.

viii. The loan advanced to a Limited company at fixed rate of ______________.

ix. Statement of retain earning is also called as ___________________.

x. ________________ is gradually decrease in the value of asset due to use.

b) Select the correct option. (A,B,C,D) & write in the empty box. (10)

i. Actual FOH is calculated at the

a) beginning of the year b) end of the year c) Mid of the year d) during the year

ii. Red entry is made to record

a) return to supplier b) return from factory c) none of them d) both a & b

iii. The face value of the share is called as.

a) book value b) Par value c) market value d) future value

iv. Investors in corporation are called

a) promoters b) managers c) partners d) share holders

v. The written agreement of partnership is called

a) partnership deed b) certificate c) contract d) increment

vi. The liability of minor partner of firm is .

a)controlled b) limited c) unlimited d) uncontrolled

vii. A retired partner is one who has

a)contributed capital b) brough his capital c) withdrawn his capital

d) deposit his capital

viii. The realization account is prepared at the time of

a)dissolution b) admission c) retirement d) formation

ix. The depreciation is charged for

a)accident of asset b) incident of asset c) repair of asset d) use of asset

x. Unclaimed dividend is shown as .

a) asset b) expense c) income d) liability

Time Allowed:2hour 40 Minutes

Marks: - 80


Q. No. 2: - Define any five from the following.

i) Dividend

ii) Accumulated Depreciation

iii) Debenture

iv) Balance sheet

v) Deficit

vi) Retain Earning

vii) Good Will

viii) Fixed Asset


Part – III

Q.7: - Pass the necessary Journal entries for the following.

a) A company issued 1000 – 6% debenture of Rs. 100 each at Par.

b) A company issued 1000 – 6% debenture of Rs. 100 each at premium of 10%.

c) A company issued 1000 – 6% debenture of Rs. 100 each at 10% discount.

Q.8: - XYZ Corporation Ltd having a paid up Capital of Rs. 400000, divided into

4000Shares of Rs. 100 each provided the following information.

a) The opening balance of Retain earning is Rs. 36000& the net income for

the year Rs. 60000.

b) The directors of the company have to decided to

i) Pay dividend of 10% on paid up capital.

ii) Create general reserve of Rs. 4000.

iii) An amount of Rs. 5000 is set aside for Income tax liability.

iv) Rs. 6000 are transferred to employee provident fund.

Required: - Pass Journal entries & prepare statement of retained earning.

Part – IV

Q.9: - A company purchased a machine at a cost of Rs. 140000. The estimated

life of an asset is 10 years, and the scope value is Rs. 20000.

Required: - Compute the annual depreciation expenses on straight line methods

prepare a scheduled of depreciation for the life of an asset.

Q.10: - From the following prepare an Income and Expenses Account for the year

ended 31st Dec, 2013.






Balance of cash


Bar expenses


Sale of furniture


Sundry expenses


Membership fee


Office expenses


Interest on securation









Balance of cash






Subscription Rs. 400 received in advance. The society owns land Rs. 8000 for construction of hotel.


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