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AIOU OLD PAPER CODE 438 PRINCIPLES OF ACCOUNTING SPRING 2015

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AIOU PAST PAPER CODE 438 SPRING 2015

Aiou old paper or past paper for principles of accounting for the semester spring 2015. This code describes the basics of accounting for beginners. You students can find this old paper by the following tags, aiou old paper code 438, aiou past paper code 438, and aiou old paper code 438 spring 2015, aiou past paper code 438 spring 2014.
Allama Iqbal Open University Islamabad
Level: Bachelor Paper: Principles of Accounting (438)
Semester: Spring, 2015 Max Marks: 100 Pass Marks: 40
Note: ATTEMPT FIVE QUESTIONS. QUESTIONS NO 8 IS COMPULSORY.

Q.1: Define the Receipts and Payments Account and Income & Expenditure account. In what ways are the two accounts different? Explain. 20

Q.2: A machine is bought for Rs. 60,000 and is expected, at the end of its life, to have residual value of Rs. 5,000. The machine will need .replacing after 4 years. Calculate the depreciation for each year, and prepare machine account using: 20 i. Straight-line method ii. Reducing balance method (using a rate of 50%)

Q.3: You are to write up a three-column cash book for Mr. Blue from the details which follow. Then balance off at the end of the month and show the discount accounts in the general ledger. 20
May 1 Balances brought forward: Cash in hand Rs.758; Bank overdraft Rs.1,470.
May 2 Blue pays further capital into the bank Rs.1,000.
May 4 Banked cash Rs.200.
May 8 The following firms paid us their account by Cheque, in each case deducting a 5% discount: Green Rs.80, Red Rs.220.
May 10 The Cheques of Green and Red were deposited into bank
May 14 Cash purchases Rs.700 with 5% trade discount.
May 16 Paid the following by Cheque, in each case deducting 2.5% cash discount: Yellow Rs.240. Black Rs.300.
May 18 The Cheque received from Green was returned by bank as dishonored.
May 25 Cash sales Rs. 1,200.
May 28 Withdrew cash from bank Rs. 250 for personal use.

Q.4: Enter up the entries needed in the journal to correct the following errors. Narratives are not required: 20
(a) Motor expenses of Rs.56 entered incorrectly in the Motor vehicles account.
(b) Insurance Rs.98 paid by cash should have been entered as Rs.89.
(c) Sale of goods for Rs.375 to S Groom entered into the account of S Green.
(d) Private withdrawal of Rs.I50 cash had been debited to Sundry expenses account
(e) Returns outwards of Rs.75 had been credited to Returns inwards by mistake.
(f) Purchase of stock on credit from D Winter for Rs.115 had been completely omitted.

Q.5: X, Y and Z are partners. They share profits and losses in the ratio of 3:2:1. In the first year of trading, ending 31 December 2014, the partnership earned a net profit of Rs. 15,800. They have agreed interest should be allowed on fixed capital balances at 10% per annum. Also, it has been agreed that Y should receive a partnership salary of Rs. 4,500 per annum. Capital account balances are as follows: X Rs. 8,000, Y Rs. 6000 and Z Rs. 6,000. 20 Required: You are required to draw up the appropriation account of the partnership for the year ended 31 December 2014.

PAST PAPER FOR CODE 438 SPRING 2015

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