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

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

    Uploaded by

    Asimsa
    28 views2 pages
    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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    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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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    28 views2 pages

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

    Uploaded by

    Asimsa
    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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    of 2

    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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