Question No.2, Mr Shaheer Bank Reconciliation Statement It is the one of the easiest question in the punjab university paper, however it requires complete understanding of the cash book and bank transactions, This question would take maximum 10 minutes in exam hall. Balance as per Passbook in given, Add Cheque credited on 2nd January, because they are already entered in the Shaheer's cash book, Insurance premium is added to the passbook to reconcile with cash book balance.
Question No.3 Rectification of Errors and Suspense Account Make a proper format of debit and credit rectification journal entries, Give narration if asked by the examiner. Carefully analyse the transactions for one sided and two sided errors. If suspense account still shows the balance , it implies that there are some unidentified balance in the accounting records.
Question No.4 Mr Zaheer Statement of Affairs Opening Closing Prepare opening statement of Affairs and Put the capital balance in closing statement of Affairs.
Preparation of Profit and loss statement, Add drawings in capital and subtract opening capital as on Ist January 2013
Question No.5 Trading and Profit and Loss A/C Find out the gross profit and net profit , post income and expenses in P& l account.
Balance sheet as on 31st December 2013
Question No.6 Literary Society Income and Expenditure Account
Question No.7 Partners Capital Accounts Humaira , Saba Goodwill Calculation
Question No.8 Concept of Double Entry Advantages, Disadvantages.