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FINALTERM EXAMINATION
Spring 2010
MGT101- Financial Accounting (Session - 4)
Time: 90 min
Marks: 69
Student Info
StudentID:
Center: OPKST
Q No. 9 10 11 12 13 14 15 16
Marks
Q No. 17 18 19 20 21 22 23 24
Marks
Q No. 25 26 27 28 29 30 31 32
Marks
Q No. 33 34 35 36 37 38 39 40
Marks
Q No. 41 42 43 44 45 46 47 48
Marks
Q No. 49 50 51 52 53
Marks
Question No: 1 ( Marks: 1 ) - Please choose one
Liabilities of the members of the ________ is only limited to the capital introduce by
member/s.
► Partnership
► Company
► Sole proprietorship
► None of the given options
► Depreciable assets
► Current assets
► Liquid assets
► Floating assets
► Raw material
► Work in process
► Merchandise inventory
► All of the given options
► Rs. 400
► Rs. 800
► Rs. 2,000
► Rs. 2,400
► Error of principle
► Error of omission
► Error of commission
► Error of original entry
► Rs. 1,000
► Rs. 9,000
► Rs. 10,000
► Rs. 11,000
► Sole-Proprietorship
► Partnership
► Trust
► Public Limited Company
Answer:
The profit account does not included the salary of partner nor the markup on capital or
interest on drawing, this all we do after calculating the net income in profit and loss
appropriation account to get to the distributable income/profit among the partners as
per the profit/loss sharing ratio.
Answer:
In case of admission of any new partner all the assets and liabilities is revalued
as well as the good will of the partnership company. The new ratio get sets for
profit/loss sharing among the partner.
Answer:
Extract from Cash Flow Statement.
Solution: