Accounting - Paper 2 - For Class ICOM - Part 2 (Commerce Group) - Complete Solved Model Papers 2020 -2021

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Accounting- Paper 2
For Class XII (Commerce Group)
Solved Model papers 2020 -2021

Special Thanks To Sir Sameer Hussain 

Time: 1 Hour 30 Min      Max. Marks: 50
SECTION "B" (SHORT-ANSWER QUESTIONS) (30 Marks)

Note: Attempt any Three questions from this section. All questions carry equal marks

SOLUTION OF Q.2:

HANIA WELFARE TRUST

INCOME AND EXPENDITURE ACCOUNT

FOR THE PERIOD ENDED DECEMBER 31, 2020

(Note: We add surplus to expenditure when total income is greater than expenditure.
Surplus = Total Income - Total expenditure i.e: Surplus = 110,000 - 87000 =23,000)

SOLUTION OF Q.3:

PARTNERSHIP

INCOME DISTRIBUTION SUMMARY

FOR THE PERIOD ENDED DECEMBER 3I, 2020

SOLUTION OF Q.4:

Case - 1:
Computation: (Goodwill to old Partners):

SOLUTION OF Q.5:

Other Assets = Total Assets - Cash
Other Assets 400,000 - 20,000
Other Assets - 380,000

Quick Company

General Journal

SOLUTION OF Q.6:

ASIF COMPANY LTD

GENERAL JOURNAL

SECTION "C" (DETAILED - ANSWER QUESTION) (20 Marks)

Note: Attempt any one part.

SOLUTION OF Q.7(a):

Computation of Depredation Expense by Straight Line Method:

SANA LTD.
GENERAL JOURNAL
(ADJUSTING ENTRY UNDER STRAIGHT LINE METHOD)

Date	Particulars	P/R	Debit	Credit
31 Dec 2019	Depreciation expense    Allowance for depreciation (To record the depreciation expense)		20,000	20,000

SANA LTD.
GENERAL JOURNAL
(CLOSING ENTRY UNDER WORKING HOURS METHOD)

Date	Particulars	P/R	Debit	Credit
31 Dec 2020	Expense and revenue summary     Depreciation expense (To close the depreciation expense account)		36,000	36,000

SOLUTION OF Q.7(b):

Computation of Capital at End:
Assets

MR. ASIM
STATEMENT Of AflMRS
AS ON DECEMBER 31, 2020

SOURCE: Board Of Intermediate Education Karachi