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ACCOUNTING FOR FIANANCIAL SERIVCES

6 Years
Past Papers

From
Summer 2006
To
Winter 2011

Study for JAIbP

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Accounting for Financial Services – Stage-I

Q.1 Please write the alphabate of your choice in the answer column. (09)
(Answer)
Making provision for doubtful debts in anticipation of actual bad debts is
on the basis of convention of:
i. A) Disclosure B) Consistency
C) Conservatism D) None of the above
Cash book is an example of:
ii. A) General journal B) It is not a journal
C) Special journal D) None of the above
As far as liquidity is concerned a company having a current ratio of 2.5 is
iii. always better than another company having a current ratio of 2.0
A) Yes B) No C) Not sure
Which of the following statements is False?
A) Patent and copyright costs are expensed when incurred.
iv. B) Software development costs may be capitalized.
C) Research and development costs are expensed when incurred.
D) None of the above
During period of rising prices:
A) LIFO COGS > Weighted Average COGS > FIFO COGS
v. B) LIFO COGS < Weighted Average COGS < FIFO COGS
C) LIFO COGS > Weighted Average COGS < FIFO COGS
All of the following statements are generally true except:
A) The accounting process only recognizes value changes arising
from actual transactions.
B) Accrual accounting may allocate transactions and cash flows to
vi.
time periods other than those in which the cash flows occur.
C) Reported income under the accrual concept provides a measure of
current operating performance based solely on actual current
period cash flows.
Which of the following would be classified as long-term debt?
A) Mortgages, current maturities of long-term debt, bonds.
vii. B) Mortgages, notes payable in three years, bonds.
C) Bonds, obligations under leases, obligations under running finance.
D) None of the above
The audit firm while auditing the accounts of Mari Limited found that
owners’ equity was understated and liabilities were overstated. Which of
the following errors could have caused the error?
A) Making the adjusting entry for depreciation twice.
B) Failure to record the earned portion of income received in
viii.
advance.
C) Failure to record the adjusting entry to record revenue which had
been earned but not yet billed to clients.
D) None of the above

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A worksheet can not be used for which of the following purposes?

A) Preparing interim financial statements without actually adjusting
or closing the accounts.
B) Reducing to a single page the presentation of financial
ix. information within the company’s annual report.
C) Showing accountants and management how proposed adjusting
entries and transactions will affect the financial statements.
D) None of the above

Q.3 State True or False in the answer column. Give brief reason for your selection at
the space provided below the question. (10)

(Answer)
A balance sheet summarizes the financial position of an entity for a
i.
period of time.
If the debit side of a trading account exceeds its credit side then the
ii.
balance is termed as Gross profit.
For calculating cash from operations, creditors in the beginning are added
iii.
to the net profit and creditors at the end are deducted from the net profit.
A company may use different depreciation methods in its financial
iv.
statements and its income tax return.
The banks are required to raise their paid-up capital to Rs.3.b by
v.
December, 31, 2006.
The process of preparation of trial balance always helps in tracing the
vi.
errors in accounting records.
The comparison of the results of one accounting period with that in the
vii. past is possible when the convention of consistency is adhered to by the
business.
The principle of consistency means that the company should use the same
viii.
method of depreciation for all the fixed assets.
The investing activities in the cash flow statement also include the
ix. amount of cash invested in money market funds during the accounting
period.
Writing-off of loans against the provision for bad loans has no effect on
x.
the income of the banks during the period of write-off.

Q.2 Computational Questions

i) Capital at the beginning of the year was Rs.20,000. During the year, owner
withdrew Rs.18,000 for his personal use while the capital at the end of the
year is Rs.31,000. What was his net profit for the year? (02)

ii) Ali purchased 8 units of a product on credit at Rs.50 each, less 25% trade
discount and is entitled to a cash discount of 5% if he pays within 14 days of the
invoice date. If he pays within the discount period, how much he will pay? (02)

iii) A sales manager is entitled to a 5% commission on net income arrived at after

deducting his commission. If the income before payment of commission is
Rs.21,000, what is the amount of net income? (02)
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iv) A firm prepares its annual accounts on June 30th. The ledger account shows
insurance A/c (debit) Rs.800 as on July, 2005. On December 31, 2005 the
annual insurance premium of Rs.2,100 became due and was paid. What
amount would be charged for insurance expense as on June 30, 2006? (02)

v) The opening balance in the Provision for Doubtful Debts was Rs.705. During
the year, the direct write-offs amounted to Rs.30 and at the year end the
Debtors account showed a balance of Rs.15,000 (after writing-off Rs.30). The
charge to profit and Loss account for bad debt expense for the year including
the direct write-off amounted to Rs.200. Calculate the percentage provision
that had been made for doubtful debts at the year end. (02)

Use the following data to answer Questions 6 to 9.

1. Net Sales Rs.12,000
2. COGS Rs 6,500
3. Increase in inventory Rs 1,000
4. Decrease in Accounts Receivable Rs 250
5. Increase in Accounts Payable Rs 500
6. Cash interest paid Rs 450
7. Dividends paid Rs 250
8. Cash interest received Rs 200
9. Sale of common stock Rs 2,750
10. Retirement of long-term debt Rs 1,250
11. Purchase of equipment Rs 1,200

vi) Calculate the firm’s cash flow from operations. (02)

vii) What was the firm’s cash flow from investing activities? (02)

viii) Calculate the firm’s financing cash flow. (02)

ix) If the firm had an opening cash balance of Rs.550, what was its closing cash
balance? (02)

x) At January 1, 2005, XYZ had a machinery costing Rs.45,000 which had been
depreciated by Rs.13,500. In the Profit and Loss Account for the year ended
December 31, 2005, depreciation was charged at 25% on the straight line
method instead of 30% on the reducing balance method. Calculate the impact
of this error in calculating the depreciation on the net income for the year. (03)

Q.3 As of December 31, 2005 following data are available in respect of the loans and
advances and consumer finance portfolios of PLC Bank Ltd. (15)

Loans & Advances Consumer Finance

 Regular (Normal) Rs.5,550 m Rs.750 m
 Substandard 250 m 50 m
 Doubtful 500 m 80 m
 Loss . 900 m 90 m

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The balance already available in the provisions for doubtful debts against each category is
as given below:
Loans & Advances Consumer Finance
 Regular (Normal) - Rs. 7.50 m
 Substandard Rs. 10 m Rs. 5.00 m
 Doubtful Rs.100 m Rs. 15.00 m
 Loss Rs.750 m Rs. 70.00 m

The Consumer Finance (Regular) includes an amount of Rs.250 million which is

unsecured.

Required:
Calculate the amount of provisions for bad debts for the period ended December 31, 2005 in
light of SBP’s Prudential Regulations in this respect?

Q.4 From the following information available for the years ended December 31,
2004, prepare the balance sheet and profit and loss account for ABC Bank
Limited in proper format. (20)
(Rs. In Million)
1 Cash and balances with treasury banks 9,854
2 Provision against NPLs and advances (185)
3 Share capital 1,250
4 Advances 44,466
5 Dividend income 26
6 Operating fixed assets 2,140
7 Deferred tax liabilities 138
8 Bills payable 1,117
9 Income from dealing in foreign currencies 110
10 Deposits and other accounts 64,857
11 Other liabilities 1,362
12 Mark-up / return / Interest earned 2,810
13 Investments 17,751
14 Other income 286
15 Reserves 504
16 Other provisions / write-offs (52)
17 Taxation for the year-Current (293)
18 Mark-up / return / interest expensed (1,217)
19 Balances with other banks 1,592
20 Other assets 1,614
21 Borrowings from Financial institutions 6,362
22 Provision for diminution in the value of investments (1)
23 Taxation for the prior year-Current (15)
24 Fee, commission and brokerage income 338
25 Other charges (1)
26 Administrative expenses (1,339)
27 Surplus on revaluation of assets 446
28 Subordinated loans 950
29 Taxation for the year-Deferred 2
30 Un-appropriated profit 431
31 Taxation for the prior year-Deferred 5
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Q.5 (25)
Sarfraz & Sons
Balance Sheet Excerpts
Years Ended December 31:

ASSETS 2003 2004 2005

Current Assets
Cash 600 800 500
Marketable Securities 1,500 500 0
Trade Debtors 3,000 4,000 5,000
Stocks 5,000 7,000 11,000
Prepaid expenses 500 600 700
Total Current Assets 10,600 12,900 17,200

Current Liabilities
Bank Overdraft 0 1,000 1,200
Creditors 1,700 3,300 6,800
Accrues Expenses 1,400 1,700 2,200
Current Portion of Long Term Debt 2,000 2,000 1,800
Total Current Liabilities 5,100 8,000 12,000

Profit and Loss Account Excerpts

For the Years Ended December 31:

2003 2004 2005

Sales 26,000 30,000 35,000
Cost of goods sold 6,000 8,000 26,000
Gross Profit 7,000 10,000 9,000
Expenses
Operating Expenses 4,000 5,000 6,000
Operating Income 3,000 5,000 3,000
Financial charges 500 490 480
Income before tax 2,500 4,510 2,520
Income tax 1,250 2,310 1,220
Profit after tax 1,250 2,200 1,300

Required:
a) Calculate the suitable ratios and comment upon the liquidity of the company.
b) Calculate the length of the operating cycle and comment up on the efficiency
of the management in utilizing the assets of the company.
c) As a lender what would be your recommendations?

-.-.-.-.-

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Accounting for Financial Services - Stage-I

ISQ Examination (Winter-2006)

Q.1 Please write the alphabate of your choice in the answer column. (10)
(Answer)

The purpose of adjusting entries is to:

Adjust the owner’s capital account for the revenue, expense, and
A
withdrawal transactions which occurred during the year.
Apply the realization principle and the matching principle to
B
i transactions affecting two or more accounting periods
Adjust daily balances in assets, liabilities, revenue and expense
C
accounts for the effects of business transactions
Prepare revenue and expense accounts for recording the
D
transactions of the next accounting period
E None of the above.
Which of the following statements best describes the nature of depreciation:

Allocation of the cost of a fixed asset to the periods in which

A
services are received from the asset
Regular reduction of asset value to correspond to decline in the
B
market value as the asset ages
ii.
A process of correlating the carrying value of an asset with its
C
gradual decline in physical efficiency
Allocation of cost in a manner that will ensure that plant and
D equipment items are not carried on the balance sheet at amounts
in excess of net realizable value
E None of the above
Which of the following is not the indicator of liquidity position of a bank:

A Credit Deposit Ratio

iii. B Liquid Assets to Liquid Liabilities Ratio
C Statutory Liquidity Ratio
D Currency notes held
E None of the above
Which of the following is not part of Tier–I capital of the bank:

A Premium on shares
iv B Reserve for bonus
C Surplus on revaluation of securities
D Discount on issue of shares
E None of the above

A Cost of funds exceeds its return on earning assets

v B Operating expenses exceeds gross profits
C Other income exceeds other expenses
D Capital budget exceeds depreciation
E None of the above
Which of the following is not treated as part of the Tier-II capital of the
bank:

A Subordinated debt
vi B Surplus on revaluation of fixed assets
C General provisions
D Branch Expansion expenses
E None of the above
Which of the following would not be classified as current assets of a
manufacturing company:

A Cash in Hand
vii B Inventory
C Receivables
D Short-term Borrowing
E None of the above
Which of the following is not an intangible asset:

A Software development cost

viii B Goodwill
C Pre-payment for purchase of softwares
D Website development cost
E None of the above
Revaluation gain / loss on “Held for Trading” securities is taken to:

A Equity
ix B Surplus / Deficit on revaluation of securities
C Profit & Loss Account
D Balance Sheet
E None of the above
The term “IFRS” refers to:

A Information on Financial Reserves and Securities

x B Internal Financial Resources System

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C International Financial Reporting System
D International Financial Reporting Standards
E None of the above

Q.2 State True or False in the answer column. Give brief reason for your selection at the space
provided below the question. (17)
(Answer)

Software expenses are depreciated on annual basis and charged to

i
Profit and Loss Account.
Net book value represents the fair value of an asset net of
ii
accumulated depreciation.
If a capital expenditure is erroneously treated as a revenue
iii
expenditure, this will understate the net income of the current year.
The Accounting principle of Consistency require a company to use
iv
the same rate of depreciation for all of its assets.
Accumulated depreciation represents a fund being accumulated for
v
the replacement of plant assets.
The Statement of Cash Flows is designed to assist users in assessing
vi
the profitability of a company.
Bank reconciliation means an analysis that explains the difference
vii between the balance of accounting records and cash book of the
bank.
A Balance Sheet shows the Assets, Liabilities, and Owner’s Equity of
viii a business entity, valued in conformity with generally accepted
Accounting principles.
Accountants assume no business will last for ever; therefore, assets
ix are never valued in a Balance Sheet in excess of their immediate sale
value.
According to the rules of Debit and Credit for Balance Sheet
x accounts, decreases in liability and owner’s equity accounts are
recorded by debits.
According to matching concept, an entity is not only to measure
xi revenues in a particular accounting period but also has to calculate
expenses which can be assigned in earning such revenues.
The principle of conservatism takes into account all potential profits
xii
but leaves all potential losses.
xiii The provision for bad debts is debited to sundry debtors account.
An expenditure incurred on increasing the useful life of a fixed asset
xiv
is revenue expenditure.
A major objective of accounting for inventories is the proper
xv determination of income through the process of matching appropriate
costs against revenues.
The damaged stock, if its market price is less than its cost price,
xvi
should be valued at cost price.
xvii Sales + closing stock – Purchases- Gross Profit = Opening Stock.

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Q.3 Choose one of the two alternatives given below and fill in the blanks in the given
statements: (10)

As per the going concern concept, the business is viewed as having _____ life, until
i
and unless it has entered into a state of liquidation. (definite/indefinite).
ii The closing debit balance falls on the__________ side. (debit/credit)
Any expenditure incurred in acquiring the right to carry on a business is ________
iii
expenditure. (capital/revenue)
In FIFO method, issues of materials are priced in order of their________.
iv
(issues/purchases)
In periods of rising prices, the profit under LIFO method is indicated at ________
v
amount. (reduced/increased).
Any gain on the sale of non-current asset should be_______ the net profit for
vi
determining funds from operation. (added to/deducted from)
If the net profit earned during the year is Rs. 50,000 and the amount of debtors in the
vii beginning and at the end of the year is Rs. 10,000 and Rs.20,000 respectively, then the
cash from operations will be equal to Rs.________ . (40,000/60,000)
For calculating cash generated from operations, provision for doubtful debts is
viii
_______ the profit made during the year. (added to/deducted from)
As per the requirements of State Bank of Pakistan, loans classified as loss require a
ix
provision of______ of outstanding balance, net of liquid assets. (100%/ 50%)
If there is decrease in cost of goods sold, it will result in ______ in the gross profit.
x
(increase/decrease)

Computational Questions:

ABC Ltd. has a total equity of Rs.5,000,000/-. Its sales turnover is 4 times of
i equity and the net profit margin on sales is 5 percent. What is the Return
on Equity (ROE). (02)
ABC Ltd. has a credit sales of Rs.2,400,000/- during 2005. The outstanding
receivables as of 1st January and 31st December, 2005 were Rs.375,000/- &
ii
Rs.425,000/- respectively. Calculate the Debtor Turnover Ratio and the
debt collection period. (02)
The ratios relating to liquidity position of ABC Ltd. are given below:
2003 2004 2005
- Current Ratio 2.00 2.13 2.28
- Acid Test Ratio 1.20 1.10 0.90
iii
- Debtors Turnover 10.00 8.00 7.00
- Stock Turnover 6.00 5.00 4.00
The Current Ratio is increasing, while the Acid Test Ratio is decreasing.
Q.4 Explain the contributing factor(s) for this apparently divergent trend. (02)
ABC Ltd. has decided to replace one of its existing staff cars by trade in
with a new car. The old car was purchased for Rs.800,000/- and has been
depreciated by the Straight Line method with the assumption of a 5 years
life and no salvage value. Annual depreciation expense is Rs.160,000/- .
After 4 years of use, the car is traded in with a new model having a list

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iv price of Rs.1,000,000/-. Automobile dealer grants a trade in allowance of
Rs.240,000/- for the old car; the additional amount to be paid to acquire
the new car is, therefore, Rs.760,000/-.

You are required to calculate the (i) Book value of old car, (ii) Gain or loss
on exchange and (iii) Accumulated depreciation (03)
Based on the data given at Question 3(iv) above, give the general entries to
v
record the removal of the old car and recording of the new car. (02)
ABC Ltd’s net profit was Rs.4 million in 2004 and Rs.1.6 million in 2005.
vi What percentage increase in net profit must ABC Ltd. achieve in 2006 to
offset the decline in profits in 2005 (02)
A and B belonging to the same industry have applied to a bank for a loan of equal
amount to be repaid over two years:-

Company ‘A’ Company ‘B’

- Current Ratio 3.2 : 1 2.0 : 1

- Acid – test Ratio 1.7 : 1 1.1 : 1
Q.5 - Debt-equity Ratio 30 : 70 40 : 60
- Number of times interest earned 6 5

Based on above you are required to answer the following questions:

a) If you could grant a loan to only one company, which would it be and why? (05)
b) If you could grant a loan to both the companies, would you be willing to do so
and why or why not? (05)
Royal Bank Ltd. has received credit applications from two small companies
manufacturing ready-made garments for an unsecured short-term loan of Rs.500,000
each. In order to remain within the limit on aggregate unsecured lending under
Prudential Regulations, the bank can grant loan to only one of these companies. The
relevant information provided by the two companies is given below:

Rs. in Thousands

ABC Ltd. XYZ Ltd.

Assets
Cash 170 300
Sundry Debtors 274 424
Stock 900 1,350
Total Current Assets 1,344 2,074
Other Assets 1,000 1,020
Q.6 Total Assets 2,344 3,094
Liabilities & Equity
Current Liabilities 500 640
Long-term loans 800 1,000
Share Capital 800 1,200
Retained Earnings 244 254
Total Liabilities & Equity 2,344 3,094
Additional information :
2,400 1,700
Sales
30% 40%
Rate of Gross profit on sales

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Based on the above information, you as the credit officer of the bank are required to:

(i) Calculate the relevant ratios of both these companies. (10)

(ii) Recommend to the management that which company should be granted the credit
andy why? (05)

Q.7 Following information is available in respect of Republican Bank Ltd. for the
year ended December 31, 2005:

(Rs. in thousand)

1 Fee, commission and brokerage income 838

2 Administrative expenses 2,592
3 Mark up / return / interest earned 8,780
4 Balances with other banks 5,550
5 Other Liabilities 2,271
6 income from dealing in foreign currencies 356
7 Reserves 5,862
8 Provision against non-performing loans and advances 638
9 Taxation for the prior years (188)
10 Surplus on revaluation of assets 1,218
11 Advances – net of provisions 85,977
12 Other income 207
13 Bad debts written off directly 0
14 Borrowings from financial institutions 10,562
15 Unappropriated profit 0
16 Taxation for the year - Deferred 196
17 Bills Payable 1,316
18 Deposits and other accounts 118,795
19 Share capital 1,507
20 Deferred Tax Assets 0
21 Investments – net of provisions 25,708
22 Dividend income 51
23 Subordinated loans 3,000
24 Mark up / return / interest expensed 4,278
25 Liabilities against assets subject to finance lease 2
Reversal of provision for impairment in the value of
26 36
investments
27 Deferred tax liabilities 567
28 Other charges 2
29 Operating Fixed Assets 3,193
30 Cash and balances with treasury banks 11,767
31 Lendings to financial institutions 10,172

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32 Other Assets 2,733
33 Taxation for the current year 829
34 Gain on sale of investments 100

You are required to prepare on the SBP prescribed format:

i) Balance Sheet as of 31st December, 2005 (15)

ii) Profit & Loss Account for the year ended 31st December, 2005. (10)

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Accounting for Financial Services - Stage-I
ISQ Examination (Summer-2007)

Following are some transactions of a proprietorship firm. Please indicate how increase and decrease
Q.1
in each transaction will affect the “assets” and “liabilities” of the firm. (05)
i The proprietor invests Rs 8,000,000 cash in the business.
ii He purchases land for Rs 3,000,000 and pays in cash.
He purchases a building for Rs 4,500,000 and pays Rs 2,000,000 in cash and the balance Rs 2,500,000
iii
after two months.
iv Sold a portion of land for Rs 900,000 (at its cost) on credit.
v Rs 2,500,000 was paid in full settlement of building cost in cash.

Zeeshan Ltd. is calculating its ratios relating to debt paying ability for the year ending 31st
Q.2
December 2006. Following is the relevant information: (10)
Income Statement Rs
Sales (60% cash sales) 8,000,000
Cost of goods sold expenses 5,600,000
Interest Expenses 1,500,000

Balance Sheet
1st January 2006 (Rs) 31st December 2006 (Rs)
Cash 900,000 1,200,000
Accounting Receivable 1,400,000 2,000,000
Inventory 1,700,000 2,800,000
Plant and Equipment 4,000,000 4,500,000
(net of accumulated depreciation)
Accounts Payable 2,250,000 2,500,000
Taxes Payable 1,180,000 1,000,000

i Working capital
ii Current ratio
iii Acid-test ratio
iv Difference between current and acid test ratio?
v Accounts receivable turnover.
vi Average collection period for Accounts Receivable.
vii Reasons for relatively slow collection period in (vi)
viii Inventory Turnover
ix Average selling period for inventory.
x Should Zeeshan Ltd., be concerned about its average selling period for inventory.

Q.3 The following figures have been taken from the books of Standard Commercial Bank Ltd.

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Q.3
(20)
Authorized capital
200,000,000
2,000,000. ordinary shares of Rs. 100. each
Issued, subscribed and paid-up capital.
100,000,000
2,000,000 ordinary shares of Rs.100. each, Rs. 50. called and paid
Reserve Fund 70,000,000
Acceptances and endorsements on behalf of customers 40,000,000
Bills for collection 28,000,000
Sundry creditors 6,000,000
Unclaimed Dividends 6,000,000
Loans, overdrafts and cash credits 1,400,000,000
Bills Payable-In Pakistan 160,000,000
Bills, discounted and purchased 100,000,000
Interest and discount 130,000,000
Borrowed from banks 140,000,000
Cash with other banks 260,000,000
Cash with SBP 300,000,000
Cash in hand 12,000,000
Premises (after depreciation upto 31.12.2005) 240,000,000
Dividend for 2005 10,000,000
Profit and Loss (cr) on 1.1.2006 42,000,000
General Expenses (including stationery 1,000,000 and director’s
2,000,000
Fees 400,000)
Rent 4,000,000
Salaries (including salary to General Manager 4,800,000 and
16,000,000
Director’s Fees 1,000,000).
Interest accrued and paid. 40,000,000
Investments (at cost) 600,000,000
Money at call and short notice 60,000,000
Current Accounts. 1,600,000,000
Savings Bank Deposit 600,000,000
Fixed Deposit 190,000,000

Additional Information:
a Assume “Investment” mentioned above is at below market value.
b The prescribed break down of “advances” may be ignored.
c Rebate on bills discounted and purchased for unexpired terms amounted to Rs 1,000,000.
d Charge depreciation @5% on premises on original cost (260,000,000)
Provision for doubtful debts amounting to Rs 6,000,000. is to be made. The bank has no business outside
e
Pakistan.
Required: Profit & Loss Account and Balance Sheet for the year ended 31st December 2006 as near

Q.4 Following is the “Statement of cash flows” for a company for the year ended 31st December
Q.4
2006. (15)
Cash flows from operating activities: (Rs)
Net Income 250,000
Annual depreciation 140,000
Increase in accounts receivable (30,000)
Decrease in inventory 20,000
Decrease in accounts payable (100,000)
Increase in faxes payable 70,000
Total cash flows from operating 350,000

Cash flows from investing activities: (Rs)

Sale of equipment 80,000
Plant and equipment purchase (170,000)
Total cash flows from investing activities (30,000)

Cash flows from financing activities: (Rs)

Payment of note payable (140,000)
Increase in bonds payable 340,000
Payment of dividends (140,000)
Total cash flows from financing activities 60,000
Increase in cash 320,000

The company sold equipment costing Rs 140,000 during 2006. The equipment was sold for its net book
value.
Required:
Fill in the amounts in the balance sheet for 2006 by using the information from the “statement of cash
flows”. Provide computations.
Balance Sheet
31st December 2006 and 2005
2006 2005
Assets:
Cash 420,000
Account receivable 570,000
Inventory 720,000
Total Current Assets 1,710,000
Plant & equipment (cost) 1,100,000
Less accumulated depreciation (250,000)
Total Assets 2,560,000

Q.5 Computational Questions: (05)

Calculate a trader’s drawings from the following information:
Opening capital 200,000
i
Closing Capital 230,000
Net profit 50,000
A company incurred a loss of Rs.20,000 on trade- in of a machine which was originally purchased at a
ii cost of Rs.100,000. The machine has been traded-in with a new machine having a list price of
Rs.120,000. Cash payment to vendor amounted to Rs.85,000. Calculate the book value of old machine.
A trader starts a business with Rs. 10,000 cash and a van worth Rs.5,000. At the end of his first year he
has Rs.2,000 in the bank, stock worth Rs.5,000, debtors valued at Rs.2,000 and the van which is now
iii
worth Rs. 4,000. If he has withdrawn Rs.2,000 from the business during the year for his personal use,
what is the amount of profit/loss for the year?
From the following data of ABC Bank calculate the capital adequacy ratio as required by SBP:
iv Capital held 2,500
Risk-weighted assets (total) 38,500
v From the data in 4 above calculate the amount of total capital required and shortfall in capital, if any?

Based on historical data of XYZ Co., it has been observed that the accounts receivables are
Q.6 recovered 50% in the month of transaction, 30% in the next month, 15% in the 3rd month and 5%
in the 4th month. (15)
Following information is available for the company:
Month of Transaction Credit Sales in Rs.
April 200,000
May 150,000
June 180,000
July 160,000
August 120,000
September 100,000
October 80,000
November 90,000

Required: Calculate the month-wise amount expected to be received during July to December.

PPI Ltd. Acquired a food processing machine for Rs.75,000 on February 15, 2005. Thecompany’s
policy is to record full year’s depreciation if the asset is purchased during the first half of the year.
The machine is estimated to have a residual value of Rs.30,000 at the end of its service life which is
Q.7
expected to be 6 years. The machine’s working hours are estimated at 25,000. Its production is
estimated at 40,000 units. During 2005, the machine was operated for 4,200 hours and produced
8,000 units.
Required:
Compute the depreciation charge for 2005 by using: (10)
a) Straight line method
i b) Service hours method
c) Productive output method
d) Sum of the year’s digits method
e) Declining balance method, using an annual rate of 35%
ii Journal-entry to record the depreciation under the straight-line method. (3)
iii Show presentation on Balance Sheet as at December 31, 2005 based on the straight-line method. (2)

Q.8 You are provided with the following information at the end of June 30 (05)
a Unpaid wages Rs.3000
b Unexpired insurance Rs.2000
c Unearned income Rs.1000
d Interest payable on loan Rs.6000
e Interest receivable on investments Rs.4000
Required: Make adjusting entries to incorporate the above information in the accounts.

M has a beginning inventory of Rs.50,000 on January 1. During the month of January, net
Q.9 purchases amount to Rs.20,000 and net sales total Rs.30,000. Assume that M’s normal gross profit
rate is 40% of net sales. Using these facts, calculate the cost of inventory on January 31: (05)

Q.10 Balance Sheet of AA & Co. showed the following information as at December 31, 2005.
Account Receivables 225,300
Allowance for Doubtful Accounts 6,759
Following transactions took place during the year ended December 31, 2006.
Credit sales 1,245,500
Cash Sales 230,600
Cash collected 1,386,200
Doubtful accounts written off 2,300
Company has a policy of providing for 3% of outstanding Receivables as Allowance for doubtful
accounts.
Required:
(a) Prepare the following accounts for the year as they would appear in the books of AA & Co.

i) Accounts Receivable Account. (02)

ii) Allowance for Doubtful Accounts. (02)

(b) Compute the amount of allowance for doubtful accounts required at the end of the year. (01)

Accounting for Financial Services – Stage-I

ISQ Examination (Winter-2007)

Q.1 State TRUE or FALSE in the answer column: (08)

(Answer)
Accounting provides useful and reliable information on am
1 entity’s economic activities to interested persons both within
and outside the organization.
Profit seeking organizations generally aim to provide goods
2 and services in such a manner so as to earn an acceptable rates
of return on owner’s investment.
External accounting reports need not conform with generally
3
accepted accounting principles.
Controlling is the process of ensuring that an organization’s
4
plan is successfully implemented.
Accounting reports do not play an important part in the
5
control process.
6 Accounting information is an economic commodity.
A debtor is a firm or person to whom payment is to be made
7
for goods supplied or services rendered.
Every business transaction has two basic concept one involves
8
receipt of benefit and the other parting of a benefit.
Accounting cycle moves thru the stages of: Analysis,
9
recording.
10 Total and control Accounts are not the same.
Common size income statements show income and expenses
11
as percentage of total assets.
The price-earnings ratio is used to evaluate earning power of a
12
company.
The dividend yield calculation include the market price per
13
share.
The return on total assets ratio measures how wisely
14
management uses debt to acquire assets.
Inventory shortages are less likely when inventory turnovers is
15
high.
Basic accounting equation is applicable to marketing
16
concerns.
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Q.2 Please write the alphabet of your choice in the answer column. (20)

(Answer)
The analysis of financial statements helps identify a
company’s strengths and weaknesses. It indicates if a
company:

1 A) is managing its inventory efficiently

B) has sufficient plant assets.
C) is collecting accounts receivable quickly.
D) is achieving all of the above.
E) None of the above
Common size income statements show:

A) revenue and expenses as standardized Rupee amounts.

B) assets, liabilities and shareholder’s equity as negatives.
2
C) revenue and expenses as percentage of sales revenue.
D) assets and liabilities as percentage of shareholder’s
equity.
E) None of the above
Earning per share indicates how:

A) much of a company’s net income is paid out as dividend.

B) much of a company’s net income can be paid as dividend
3 and retained for growth.
C) much of a company’s net income the preference
shareholders are entitled to.
D) effectively a company uses its assets.
E) None of the above
Which of the following is not included, directly or indirectly
in the formula for the price earnings ratio?

A) current market price per share.

4
B) earning per share.
C) number of ordinary shares outstanding.
D) dividends per share.
E) None of the above
The return on assets is a useful ratio for financial analysis.
This ratio includes all but________.
5
A) net income. B) average total assets.
C) after tax interest expense. D) preference dividends.
E) None of the above
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The return on ordinary shareholder’s equity is often calculated

by financial analysts. This ratio is designed to show:

A) how efficiently management uses company’s assets.

B) what is the total return to ordinary share holders.
6
C) how efficiently the company collects accounts
receivable.
D) what percentage of total share holders equity is paid as
dividend.
E) None of the above
A company’s average collection period for accounts
receivable is useful when it is:

A) compared to prior year’s results.

7
B) compared to competitor’s results.
C) compared to budgets results.
D) all of the above.
E) None of the above
Inventory turnover is a measure of the liquidity of inventories.
Inventory turnover is:

A) cost of goods sold divided by the change in inventory.

8
B) sales revenue divided by average inventory.
C) cost of goods sold divided by average inventory.
D) sales revenue divided by beginning inventory.
E) None of the above
Which of the following is not a “cash equivalent”:

A) A money market fund.

9 B) A short-term note receivable.
C) A Govt. Treasury bill.
D) Commercial paper.
E) None of the above
A change in balance sheet item other than cash is:

A) ignored while preparing the statement of cash flows.

10 B) considered only as a possible cash outflow.
C) a potential cash flow.
D) a change in a liability.
E) None of the above
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Which of the following statements about cash flow is true?

A) a cash outflow is indicated when the equipment account

increases.
B) a cash outflow is indicated if the long term debt account
11
increases.
C) a cash flow is indicated if the long term debt account
decreases
D) a cash outflow is indicated if the equipment decreases.
E) None of the above
Which one of the following is not source of cash:

A) decreasing assets other than cash.

12 B) increasing liabilities.
C) decreasing owner’s equity.
D) increasing owner’s equity.
E) None of the above
Which one of the following is use of cash:

13 A) increasing liabilities. B) decreasing owner’s equity

C) decreasing assets other than cash.
D) Increasing owner’s equity. E) None of the above
When a company earns a profit on its operations this usually
generates a:
14
A) cash inflow B) cash outflow
C) no increase or decrease in cash.
D) none of the above
Depreciation expenses is:

A) a cash inflow.
15
B) ignored when preparing statement of cash flows.
C) added to the accumulated depreciation account.
a cash outflow. E) None of the above
Which of the following is least important as a measure of
short-term liquidity?
16
A) Quick ratio B) Current ratio
C) Debt ratio D) Cash flow from operating activities
E) None of the above
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In each of the past five years the net sales of Alpha Ltd have
increased at about half the rate of inflation, but net income has
increased approximately twice the rate of inflation. During
this period the company’s total assets, liabilities, and equity
have remained almost unchanged, dividends are
approximately equal to net income. These relationships
suggest (indicate all correct answers):
17
A) Management is successfully controlling costs and
expenses.
B) The company is selling more goods every year.
C) The annual return on assets has been increasing.
D) Financing activities are likely to result in a net use of
cash.
E) None of the above
The following data are available from the annual report of a
company:
Current Assets Rs. 480,000
Current liabilities Rs. 300,000
Average total assets Rs. 2,000,000
Operating income Rs. 240,000
Average total equity Rs. 800,000
18
Net Income Rs. 80,000
Which of the following “statements” are corret?

A) The return on equity exceeds the return on assets.

B) The current ratio is .625:1
C) Working capital is Rs. 1,200,000
D) None of the above answer is correct.
Zeeshan Co. Ltd’s net income was Rs. 400,000 in 2004 and
Rs. 160,000 in 2005. What percentage increase in net income
must the Co. achieve in 2006 to offset the decline in profits in
19 2005?

A) 60% B) 150% C) 600%

D) 67% E) None of the above
A sure figure of working capital:

20 A) Cash Balance B) Cash & Bank Balance

C) Credit Limit from Bank D) All the above
E) None of the above
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Q.3 Fill in the blanks in the statement given below: (20)

i. Account to be debited due to use of permanent assets in known as

_______________________ account.

ii. The method of recording an equal amount of depreciation every year is known as
__________________________ method.

iii. When depreciation every year goes on declining and it is charged at a fixed
percentage it is called _______________________ method.

iv. When bank statement contains credits and the same are not recorded in the “Cash
Book”, the “Bank Statement” Balance will be _______________________ than
the balance shown in the cash book.

v. The closing balance of the “Cash Book” will be ________________________than

the closing balance shown in the bank statement if it contains bank charges which
have not been recorded in the “Cash Book”.

vi. The statement which ties up the balance shown in the “Bank Statement” and the
“Cash Book” is known as_________________________.

vii. Balance sheet can either be made in ____________ form or _____________ form.

viii. ____________________ assets are shown first in the Balance Sheet of a Bank.

ix. _____________ assets consist of Patents, Copyrights, Trademark, Goodwill etc.

x. The matching principle governs the and_

of expenditure.

xi. The matching principle directs to measure the ________________________.

xii. Some expenses are easy to match against particular________________________.

xiii. IAS – 7 deals with_______________________________________.

xiv. IAS – 11 deals with_____________________________________.

xv. IAS – 14 deals with_____________________________________.

xvi. IAS – 40 deals with_____________________________________.

xvii. While granting loan by a Bank to a “single person” the total exposer should not
exceed __________________ percent of the total ________________ of the
Bank. Out of this exposer _______________ percent should be _______________
and __________________ percent should be ___________________.
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xviii. While granting loan by a Bank to a “Group” the total exposer should not exceed
_________________ percent of the total ___________________ of the Bank.
Out of this exposer ___________________ percent should be ________________
and _____________________ percent should be.

xix. The total contingent liability of a bank should not exceed____________________

times of the _____________________ of the bank.

xx. Borrower’s exposer in total should not exceed ________________________ times

of ________________________ as disclosed in the latest Balance Sheet.

Q.4 The trial Balance of a Company show the following balances as on 30th June
2007. (20)

Rs.
Bank Account 2,030,000
Accounts Receivable 2,156,000
Stores supplies Inventory (opening) 94,000
Trade Inventory (opening) 7,900,000
Stores Equipment 4,400,000
Unexpired Insurance 532,000
Carriage Inward 266,000
Accumulated Depreciation 510,000
Miscellaneous Expenses 382,000
Accounts Payable 1,740,000
Directors current Account (Dr.) 3,180,000
Paid up capital 10,462,000
Sales 34,155,000
Salaries and wages 3,550,000
Rent and Rates 2,100,000
Advertisement and promotional expenses 458,000
Purchases 19,819,000
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Additional information:
Trade inventory on 30th June, 2007 6,020,000
th
Stores supplies Inventory on 30 June, 2007 28,000
Expired Insurance. 142,000
Depreciation for the year 400,000
Accrued salaries and wages 34,000
Prepared Rent. 400,000
Accrued Advertisement and promotional expenses 42,000
Required:
An eight column “work sheet” for the year ended 30th June, 2007 excluding “adjusted
trial balance”

Q.5 Quetta Coal mining Co. Ltd., purchased mining rights over a piece land having
coal deposits estimated at 10.0 million tons for Rs. 8.0 billion. An additional cost
of Rs.20.0 million was incurred for construction of infrastructure facilities. The
estimated value of land after extraction of deposits was Rs. 10.0 million. 800,000
tons of coal was extracted during the first year. In the second year the company
incurred a further expenditure of Rs. 10.0 million on a new approach road and
extracted 1.6 million tons of coal. (06)
Required:
Amount of depletion to be charged for the first and second year of operation.

Q.6 Best Audio Ltd sells top of the line Stereo Equipment. A new state of the art
speaker system has been introduced. During the current year the company
purchased nine of these speaker system at the following dates and acquisition
costs: (04)

Units Unit Cost Total Cost

Date
purchased (Rs) (Rs)
October 1 2 3,000 6,000
November 17 3 3,200 9,600
December 1 4 3,250 13,000
Available for sale during the year 9 28,600

On November 21 the Co. sold four of these speakers, the other five remained in
inventory at 31st December. The company uses a “perpetual inventory system”.
Required:
A) Cost of goods sold B) Closing inventory using the following methods
C) Average Cost D) First in First Out (FIFO)
E) Last-in first out (LIFO)
showing the number of units and the unit costs of the cost layers comprising the “cost of
goods sold” and the closing inventory.
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Q.7 The Accountant of Modern Traders has completed the books of accounts and
prepared Trial Balance for the year ended 30th June 2006. It was found that
“debits” exceeded “credits” by Rs. 27,880. This amount was credited to a
suspense account, after sometime following errors were detected:

1 Sales returns book was undercast by Rs. 1,000.

Purchase of some furniture for Rs. 3,000 was passed through
2
purchase day book.
Rs. 3,750 paid as wages to workers for making show-cases was
3
charged to wages account.
Purchase of Rs. 6,710 was posted to the debit of creditors account as
4
Rs. 6,170.
A cheque for Rs. 2,000 received from Saleem was dishonoured and
5
was passed to the debit of allowances account.
Goods costing Rs. 1,000 had been returned by a customer and were
6
taken into stock but no entry was made in the books.
7 A sale of Rs. 2,000 to Imran & co. was credited to their account.
Sale amounting to Rs. 10,000 was passed through purchased day
8
book. The customer’s account had however been correctly debited.

Required:
(A) Journal Entries (without narration) to rectify the errors with reasons. (08)
(B) suspense Account (04)

Q.8 Given below are some of the assets, liabilities items from the SBP prescribed
balance sheet for the banks circulated as per BSD Circular #4 of 2006. You are
required to briefly describe these items.

A) Lending to financial institution (02)

B) Operating fixed assets (02)
C) Subordinated loan (02)
D) Surplus (deficit) on revaluation of assets (02)
E) Contingencies & commitments (02)

-.-.-.-.-.-
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ACCOUNTING FOR FINANCIAL SERVICES – Stage-I

ISQ Examination (Summer-2008)

Q.1 State TRUE or FALSE in the answer column: (10)

Q.2 Please write the alphabet of your choice in the answer column. (20)

Q.3 Fill in the blanks in the statement given below: (05)

Q.4 Put by letter whether each of the actions listed below will immediately (10)
- increase (I),
- decrease (D) or
- have no effect (N) on the ratios shown.

Acid- Debt to
Current
test equity
ratio
ratio ratio

1 Company issued ordinary shares for cash

2 Bought raw materials on account

3 Received money from accounts receivable

4 Expiration of prepaid rent

5 Payment of cash dividend

6 Purchase of long term investment with cash

7 Sale of fixed assets for cash with no gain or loss

8 Stock written off

9 Refinance on a long term basis currently matured debt

10 Bought fixed asset with a 6 month note

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Q.5 The followings are the figures of unadjusted Trail Balance at year end. With the
help of additional information prepare 10 columnar worksheet. (15)

Capital 350,000
Machinery 122,500
Debtors 94,500
Drawings 31,500
Purchases 332,500
Creditors 49,000
Wages 175,000
Bank 52,500
Stock in Trade 70,000
Rent 15,750
Sales 507,500
Sundry expenses 12,250

Additional information
Closing stock 21,000
Accrued Rent 1,750
Prepaid Wages 7,000
Depreciation on Machinery 10% p.a

Q.6 From the following prepare Perpetual Inventory Records based on Moving
Average. (05)

Unit Cost
Unit
(Rs)

March 1, 2007 Opening Inventory 700 100

March 9, 2007 Purchase 1,050 110
March 10, 2007 Sale 1,400 -
March 15, 2007 Purchase 1,400 116
March 18, 2007 Sale 1,050 -
March 24, 2007 Purchase 350 126
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Q.7 On 01-01-2000 a firm purchases machinery amounting to Rs. 500,000 on 1-07-

2002 it buys additional machine worth Rs. 100,000 and spends Rs. 10,000 on its
erection. The accounts are closed each year on 31st December. The firm charges
annual depreciation @ 10%. (04)

Required:
Machinery Account for 5 years under
(i) Straight line Method (ii) Reducing balance method.

Q.8 The record of a firm was destroyed by fire in June 2005 and the following data
are available: (05)

Year 2005 Sales Purchase

August 434,000 397,000
September 472,550 270,000
October 486,000 330,000
November 495,250 370,000

Opening Stock on 1st August 2005 was Rs. 336,500

Required
Computation of closing stock at the end of each month and gross profit assuming that
sales are made at 15% above cost (calculate up to the nearest rupee)

Q.9 On 1st Jan 2008 Mr. Faisal owed Mr. Akhtar Rs. 44,280. Further transactions
between the two were as under:- (04)

i) Jan. 16, 2008, Mr. Faisal purchased goods from Mr. Akhtar amounting to
Rs.58,160
ii) Feb 20, 2008 Mr. Faisal received cash amounting to Rs. 37,540 from
Mr. Akhtar.
iii) March 18, 2008 Mr. Faisal purchased goods from Mr. Akhtar in the sum
of Rs.40,390.
iv) Mr. Akhtar charged Mark-up @ 6% p.a. on the daily balances to be
charged up to 31-03-2008.

Required:
Compute mark-up payable by Mr. Faisal to Mr. Akhtar
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Q.10 The accountant of International Traders has completed the books of accounts
and prepared Trial Balance for the year ended 30th June 2006. It was found that
“debits” exceeded “credits” by Rs. 38,770. This amount was credited to a
suspense account, after sometime following errors were detected:

i) Sales return book was under cast by Rs. 2,500.

ii) Purchase of some furniture for Rs.5,000 was passed through purchase day
book.

iii) Rs.4,930 paid as wages to workers for making show-cases was charged to
wages account.

iv) Purchase of Rs.7,610 was posted to the debit of creditors account as

Rs.7,160

v) A cheque for Rs.3,800 received from Saleem was dishonoured and was
passed to the debit of allowances account.

vi) Goods costing Rs. 1,500 had been returned by a customer and were taken
into stock but no entry was made in the books.

vii) A sale of Rs. 1,750 to Imran & Co. was credited to their account.

viii) Sale amounting to Rs. 15,000 was passed through purchased day book.
The customer’s account had however been correctly debited.

Required:
(a) Journal Entries to rectify the errors with reasons. (08)
(b) Suspense Account (04)
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Q.11 These are the real figures of a leading bank of Pakistan for the period ended
December 31, 2007.

(Rupees in thousand) 2007 %

Income from banking services 15,088,220

Cost of services (2,200,432)
Value added by banking services 12,887,788
Non-banking income 14,297
Provision against non-performing assets (2,874,226)
10,027,859

Salaries, allowances and other benefits 3,733,127 37.2%

Income Tax 1,876,918 18.7%
As dividends 2,827,843 28.2%
Depreciation / Amortization 341,656 3.4%
Retained in Business 1,248,315 12.4%
10,027,859 100%

Use your judgment to briefly describe: (10)

1. Income from banking services
2. Cost of services
3. Provision against non performing assets
4. Distribution to owner and government
5. Retained in business

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ACCOUNTING FOR FINANCIAL SERVICES – STAGE-I

ISQ EXAMINATION (WINTER) 2008
Q.1 Please write the alphabet of your choice in the answer column. (27)

(Answer)
Accrual accounting techniques are used to:

A) assign revenues and expenses to the appropriate

accounting period.
B) record the anticipated effects of actions that may occur
1 at a future date.
C) report the results of actions whose monetary effects are
difficult to estimate.
D) allocate non-operating revenues and expenses to the
appropriate business unit.

Q.2 Choose one of the two alternatives given below and fill in the blanks in the
following Statements. (09)

1) Acceptances, endorsements and other obligations __________ a contra item

(are /are not)

Q.3 Following transactions were carried out during 2007 by Chaudry Waseem Limited
(CW). Put a letter whether each of the transaction will immediately. (10)

-- Increase (I),
-- Decrease (D), or
-- have no effect (N) on the ratios/figures shown

Fixed
Working Current
Assets
Capital Ratio
Turnover
January 1, 2007: CW issues 100,000 shares of
1
stock at Rs 10 par-value.
January 20, 2007: CW purchases a building for
Rs 50,000 and purchases equipment for
2
Rs 20,000. It pays half the price in cash and
the other half through a bank loan.
March 1, 2007: CW acquires finished goods
for Rs 200,000. CW pays cash for half of the
3
merchandise, and the remainder is purchased
on account.

IBP-the knowledge Institute

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March 30, 2007: CW pays Rs 25,000 in

4
employee salaries.
July 1, 2007: CW decides to rent additional
5 building space and pays for six months rent, at
Rs 2,000 a month, in advance.
August 22, 2007: CW sells all of the finished
goods for Rs 400,000, of which Rs 200,000 is
6
on account and the remainder is received in
cash.
October 30, 2007: CW collects Rs 100,000 in
7 cash from its accounts receivable, and uses this
money to pay down its accounts payable.
November 23, Year1: CW declare dividend @
8
Rs 2.50 per share, payable on Dec. 30, 2007
December 30, 2007: Depreciation for the year
9 is Rs 2,000 on the building and Rs 2,400 on
the equipment.
December 30, 2007: CW pays Rs 250,000 in
10
dividends.

Q.4 On 30th June, 2008 the balance on an organisation's cash book was a debit of
Rs 10,420. On the same date the bank statement showed that the organisation was in
credit with a total of Rs 8,380. The following was then discovered:

(A) Bank charges of Rs 240 were shown on the bank statement but had not been
entered into the cash book.

(b) The payments side of the cash book had been undercast by Rs 1,000.

(d) Cheques drawn by the organisation for Rs 1,200, Rs 600 and Rs 350, had not
yet been presented at the bank by 30th June and there fore did not appear on
the bank statement.

(e) A cheque receipt from a customer of Rs 2,250 had been paid into the bank
account on 29th June but did not appear on the bank statement until 3rd July.

Required:
Prepare the bank reconciliation statement as at 30th June 2008. (10)

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Q.5 Following information is made available to you about a Plant purchased by your
company for the factory: (06)

Purchase price -- Rs 12,000,000

Estimated useful life -- Five years
Estimated salvage value at the end of useful life -- Rs 2,000,000

Using Straight line depreciation method:

A) Record depreciation for the third year
B) Record disposal on cash, if sold for 2,575,000 at the end of useful life.
C) Record disposal on credit if sold for 2,575,000 at the end of fourth year

Q.6 Following is the Balance sheet of a leading commercial bank as at December 31,
2007 (10)

2007 2006
ASSETS
Cash and balances with treasury banks 23,039,577 14,742,711
Balances with other banks 1,705,445 3,292,041
Lendings to financial institutions 19,050,239 5,777,382
Investments 46,953,241 44,926,652
Advances 144,033,634 111,206,774
Operating fixed assets 6,445,111 4,720,662
Deferred tax assets 638,168 680,093
Other assets 10,161,361 7,227,953
252,026,776 192,574,268
LIABILITIES
Bills payable 2,278,007 2,448,620
Borrowings 18,410,425 9,693,785
Deposits and other accounts 206,031,324 161,410,268
Sub-ordinated loans 2,500,000
Other liabilities 5,119,267 4,471,948
234,339,023 178,024,621
NET ASSETS 17,687,753 14,549,647
REPRESENTED BY
Share capital 4,488,642 4,488,642
Reserves 6,133,209 5,693,484

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Unappropriated profit 5,607,796 2,731,979

16,229,647 12,914,105
Surplus on revaluation of assets – net of tax 1,458,106 1,635,542
17,687,753 14,549,647

Examine the data and comments upon the operations, growth and asset, liability
management of the bank.

Q.7 (A) Ace company is calculating its ratios relating to debt paying ability for the
year ended 31st December’ 2002. Following are the relevant informations:

Income Statement
Net income Rs. 180,000
Interest Expenses Rs. 60,000
Income Tax Rs. 45,000

Balance Sheet

1st January 2002 31st December 2002

Total shareholder’s equity Rs. 240,000 Rs. 300,000
Total liabilities & shareholders
equity Rs. 600,000 Rs. 750,000

The company had 10,000 ordinary shares outstanding for the entire year of 2002.
There were 5,000 preference shares issued on 31.12.2002 for which the company
received Rs. 25,000.

Required :
(i) Times interest earned ratio (02)
(ii) Debt to equity ratio (02)
(iii) Book value per share (02)

Q.7 (B) A company takes an average of 81.11 days to collect an Accounts

receivable. Total sales was Rs. 600,000 of which 70% were cash sales.

Required : Average balance in Accounts Receivable (02)

Q.7 (C) A company takes an average of 125 days to sell an item of inventory. The
average balance in inventory is Rs. 146,000.

Required : Calculation of cost of goods sold. (02)

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Q.7 (D) Sohail & Co. has a dividend payout ratio of 80% and a dividend yield of
25%. The current market price is Rs 40.

Required :
(i) Calculation of dividend per ordinary share (02)
(ii) Calculation of earning per share. (01)

Q.8 Mr. Ayaz was unable to pay his creditors and as such was insolvent. The
balances in the books on that date of Mr. Ayaz was as follows:

Estimated to
Book Values
Realize
Plant and Machinery 2,864,000 1,400,000
Furniture and Fixtures 700,000 550,000
Inventory 1,500,000 1,080,000
Shares of Rs. 10 each fully paid 200,000 50,000
Life Policy of Mr. Ayaz 200,000 200,000
Accounts Receivable – Good 860,000 860,0000
Accounts Receivable – Doubtful 120,000 60,000
Accounts Receivable – Bad 200,000
Cash-in-hand 10,000 10,000
Bank overdraft 2,540,000
Preferential creditors 234,000
Trade creditors on open accounts 2,380,000

The bank held security on assurance policy for Rs 600,000 on the owner’s life surrender
value Rs 200,000. On 1st July, 2005 there was a surplus of assets over liabilities amounting to
Rs 4,800,000 and during the period the owner withdrew Rs 1,400,000 from the business. The
Receiver completed some pending transactions resulting into a profit of Rs 100,000.

Required:
(i) Statement of affairs (06)
(ii) Computation of Net loss during the period (05)
(iii) Deficiency Account. (04)

-.-.-.-.-.-

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ACCOUNTING FOR FINANCIAL SERVICES – STAGE-I

ISQ Examination (Summer-2009)

Q.1 State TRUE or FALSE in the answer column: (18)

Q.2 Please write the alphabet of your choice in the answer column. (35)

Q.3 Following transactions were carried out during 2008 by Chinawala Brothers
(CWB). Put a letter whether each of the transaction will immediately (10)

- Increase (I),
- decrease (D), or
- have no effect (N) on the ratios/figures shown.

Leverage Return Quick

Ratio on Assets Ratio

1. January 1, 2008: CWB issues 150,000 shares of

stock at Rs.10 par-value.

2. January 20, 2008: CWB purchases a building for

Rs.70,000 and purchases equipment for
Rs.35,000. It pays half the price in cash and the
other half through a bank loan.
3. March 1, 2008: CWB acquires finished goods for
Rs.150,000. CWB pays cash for half of the
merchandise, and the remainder is purchased on
account.

4. March 30, 2008: CWB pays Rs.45,000 in

employee salaries.

5. July 1, 2008: CWB decides to rent additional

building space and pays for six months rent, at
Rs.3000 a month, in advance.

6. August 22, 2008: CWB sells all of the finished

goods for Rs.400,000, of which Rs.300,000 is on
account and the remainder is received in cash.

7. October 30, 2008: CWB collects Rs.160,000 in

cash from its accounts receivable, and uses this
money to pay down its accounts payable.

8. November 23, Year1: CWB declares dividend

@Rs.2.50 per share, payable on Dec. 30, 2008.
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9. December 30, 2008: Depreciation for the year is

Rs.3000 on the building and Rs.2400 on the
equipment.

10. December 30, 2008: CWB pays Rs.250,000 in

dividends.

Q.4 (A) A company manufactures tools to customer specifications. Following data

relate to a customer’s order for March. (02)

Direct material used. Rs. 42,000

Direct labour hours worked 500
Direct labour hourly rate Rs. 18
Machine hours used 300
Applied factory overhead rate per machine hour Rs. 60

Calculate total manufacturing costs.

(B) From the informations given below regarding a Department calculate

FIFO Equivalent units of production for the Department. (02)

Materials Conversion
Percent Percent
Units Units
Completed Completed

Open Inventory 30 70% 30 90%

New units started 350 -- 350 --
Closing Inventory 20 80% 20 50%

Materials __________________

Conversions ________________

(C) From the following informations find out “cash collections” for February.
Rs.
Forecast Sales December 120,000
January 100,000
February 150,000
March 250,000
April 200,000
May 160,000
of the above forecast sales 80% are credit Sales, collection pattern are as
under: 30% of Accounts in the month of Sale and balance 70% in the
following month. (02)
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(D) A company takes an overage of 81.11 days to collect an accounts

receivable. Total sales were Rs 600,000 of which 70% were cash sales.
Calculate the average balance in accounts receivable. (02)

(E) Maheen Ltd has a dividend payout ratio of 80% and a dividend yield of
25%. The current market price is Rs 40 calculate: (02)
(i) Dividend per common share
(ii) Earning per share

Assuming that share is of Rs. 10 each.

Q.5 Following is the financial high lights of a Commercial Bank in Pakistan. (05)

Rupees in million
2006 2005 2004 2003 2002
Total Income 1,071 809 540 571 658
Net Mark-up income 332 288 283 211 238
Profit after tax 295 272 286 162 157
Paid-up Capital 3,242 2,162 2,162 2,162 2,103
Shareholders Equity (Net) 4,058 2,962 2,735 2,375 2,202

Review the above data and offer your comments on each item especially mentioning
percentage increase / decrease.

Q.6 Following are adjusted and un-adjusted Trial Balance of a company as on 30th
June’ 2007. (12)

Un-adjusted Adjusted
Dr. Cr. Dr. Cr.
Rs Rs Rs Rs
Cash 101,500 100,000
Accounts Receivable 107,800 107,800
Trading Inventory 390,000 301,000
Store supplies inventory 4,700 3,300
Prepaid insurance 19,100 12,000
Store Equipment 205,000 205,000
Carriage outward expenses 13,300 13,300
General Expenses 19,100 19,100
Proprietor’s Drawing 159,000 159,000
Salaries 177,500 179,200
Rent Expenses 80,000 80,000
Advertising 22,900 22,900
Purchases 982,000 982,000
Entertainment Expenses 1,200 1,200
Accounts Payable 62,000 62,000
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Accumulated Depreciation 18,000 38,000

Proprietor’s Capital 503,100 503,100
Sales 1,500,000 1,500,000
Commission Income 200,000 160,000
Stores Supplies Expenses 1,400
Insurance Expenses 7,100
Depreciation Expenses 20,000
Salaries Payable 1,700
Cash Short / over (Suspense Account) 1,500
Un-earned commission 40,000
Profit & loss Account 390,000 301,000
Total Rs 2,283,100 2,283,100 2,605,800 2,605,800

Required:
i) Adjusting Journal entries as on 30.06.2007
ii) Opening journal entries as on 01.07.2007
iii) Reversing journal entries as on 01.07.2007

Q.7 From the following data prepare perpetual inventory records based on
A) FIFO and
B) LIFO Methods (10)

Dates Particulars Qty Unit Price

Dec 20,2008 Opening Inventory 2000 100

Dec 22,2008 Purchased 4000 105
Dec 24,2008 Sold 5000
Dec 26,2008 Purchased 5000 110
Dec 28,2008 Sold 4000
Dec 30,2008 Purchased 6000 115

-.-.-.-.-.-
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ACCOUNTING FOR FINANCIAL SERVICES – STAGE-I

ISQ Examination (Winter-2009)

Q.1 State True or False in the answer column.

Q.2 Please write the alphabet of the selected answer in the given space:

Q.3 Choose one of the two alternatives given below and fill in the blank in the
following statements:

Q.4 There was a credit balance of Rs 4,190/- in bank statement of the ABC Company
on 29th February, 2009. On the very date the cash book of the company showed a
debit balance of Rs 5,210/-. On going through the above records, it revealed that:

A) Payments side of cash book was under cast by Rs 500/-

B) Under mentioned charges were not entered in the cash book:

(i) With holding income tax Rs 300/-
(ii) Bank charges Rs 100/-
(iii) Profit Rs 280/-

C) The payment of Rs 350/- made by the bank in compliance with the

existing instructions of the company has not been entered in the cash book

D) A cheque amounting to Rs 1,125/- received from a customer paid into the

bank on 27th February, 2009 did not appear in the bank statement till 1st
March, 2009

E) Cheques drawn by the company for Rs 600/-, Rs/- 300 & Rs 175/- had not
been presented at the bank

Required:
Prepare the Bank Reconciliation Statement as at 29th February 2009.
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Q.5 From the following data prepare:-

Perpetual Inventory record based on methods

A) LIFO
B) FIFO

Unit Unit Cost (Rs)

June 1, 2009 Opening Inventory 2,000.00 30.00

June 9, 2009 Purchase 3,000.00 33.00
June 10, 2009 Sale 4,000.00
June 15, 2009 Purchase 4,000.00 34.80
June 18, 2009 Sale 3,000.00
June 24, 2009 Purchase 1,000.00 37.80

Q.6 Asad & Co are reviewing their receivables at the year end, 30th June 2009 which
total Rs 187,930/- before reflecting the following:

A) Bad debts of Rs 3,710/- are to be written off

B) Rs 1,200/- has been received in respect of a bad debt which was written
off in the previous year. No. more money is expected to be received from
the customer
C) The provision for doubtful debts at 1st July 2008 comprised:

Specific provisions
Naveed & Bros Rs 1,714
Khalid & Sons Rs 1,300
-----------
General provision, 2% of debts Rs 3,014
not already provided for Rs 2,420
-----------
Rs 5,434
======

The provision against Naveed & Bros debt is no longer required as their debt is
included in Rs 3,710/- bad debts to be written off in the period

The provision against Khalid & Son’s debt is to remain, and provision is required in
respect of the debt of Sohail Nawab which stands at Rs 6,200/-

The general provision is to remain at 2% of debts not already provided for.

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Required:
A) open up a receivables Ledger control account and a bad debts expense
account and record the transactions in (A) and (B) above

B) Calculate the provision for doubtful debts at 30 June 2009

C) Open up a provision for doubtful debts account and record the

Provision at 30 June 2009

D) Show how the receivables of Asad & Co would be reported in his

balance sheet at 30 June 2009

Q.7 Journalize following transactions in the books of M/s Amin Brothers

Note : Computations need to be shown clearly

Machinery worth Rs. 1,000,000/- in cash purchased on July 1, 2007

Depreciation is charged on diminishing balance method @ 20% with no salvage

value at the end

On 1st Jan 2008 this machine is exchanged with a new one that has a cash price
of Rs 800,000/-. Old machinery is valued at Rs 750,000/-. Difference is adjusted
through Cash payment.

Q.8 Prepare adjusting entries for the year ended October 31, 2009, based on the
following data:

a) A two-year insurance policy costing Rs 30,000/- was purchased on September

30, 2007.

b) Employee salaries are owed for 3 days of a regular 6-day work week. Weekly
payroll, Rs 18,000/-.

c) The balance in Supplies before adjustment is Rs 9,600/-. A physical count

reveals Rs 2,350/- of supplies on hand on October 31, 2009.

d) Equipment was purchased at the beginning of the year for Rs 320,000/-. The
equipment has a useful life of 4 years and no salvage value. The company
uses Straight line method for recording Depreciation

e) Unearned Service Revenue has a balance of Rs 94,200/- before adjustment.

Records show that Rs 62,725/- of that amount has been earned by October
31, 2009.
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Q.9 Differentiate between:

A) Generally Accepted Accounting Principles & International Accounting

Standards
B) Perpetual & Periodical Methods of Store Keeping Records
C) Bank Drafts & its Pay-order
D) Bankruptcy & Liquidation

-.-.-.-.-.-
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ACCOUNTING FOR FINANCIAL SERVICES – STAGE-I

ISQ Examination (Summer-2010)

Q.1 State True or False in the answer column.

Q.2 Please write the alphabet of the selected answer in the given space:

Q.3 Strike out one of the two words which is not true from the following statements.
Give reasons for your choice below each statement.

(i) Purchase of new spare wheel at a cost of Rs. 5000 for an old truck because
the spare wheel was stolen, is Revenue / Capital expenditure.

Reason:-

(ii) Spent Rs. 30,000 for a PABX telephone exchange of a higher capacity in
replacement of existing one of lower capacity, is Revenue/ Capital
expenditure
Reason:-

(iii) Construction of new under-ground water tank at a cost of Rs, 100,000

because the water was leaking from the old one, is Revenue/Capital
expenditure
Reason:-

(iv) Purchase of new pencil cells at a cost of Rs. 100 for wall clocks, is Revenue
/ Capital expenditure

Reason:-

(v) Purchase of a new Toyota Truck at a cost of Rs. 1,000,000/= in

replacement of old KIA Truck, is Revenue / Capital expenditure

Reason:-
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(vi) Installation charges of Rs. 200,000/= of a newly purchased plant, is

Revenue/ Capital expenditure

Reason:-

(vii) Consultancy fees paid for a new project estimated to be completed at

Rupees ten million, is Revenue/Capital expenditure

Reason:-

(viii) The re-painting of a car of a new colour at a cost of Rs. 50,000/= after 4
days of its purchase because the colour of the car is not liked by the
management, is Revenue/Capital expenditure

Reason:-

(ix) Paid Rs. 5000 for painting the company name and product on the new car
purchased at a cost of Rs. 500,000/-, is Revenue / Capital expenditure

Reason:-

(x) Purchase of a new battery of an office car for Rs. 4000 in replacement of
unserviceable one, is Revenue/ Capital expenditure

Reason:-

Q.4 ABC & Company had the following transactions upto 30th June 2009

(i) Purchased goods for Rs. 50,000 and availed a cash discount of 5%
(ii) 2% Commission received in Cash on third party deal of Rs. 20,000
(iii) Paid Rs. 400 as wages to Mr. Waheed
(iv) Sold goods for Rs. 34,500 to Ahreem & Co
(v) Sales worth Rs. 4,000 were returned by Shahed Brothers
(vi) A cheque for Rs. 1000 was received for cash sales from Mr. Jaffer
(vii) Sold an old asset which was rendered unserviceable for Rs. 15,000
(viii) A cheque for Rs. 10,000 was discounted through bank at 1%
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(ix) Cash payment of Rs. 390 was made to Shamim Brothers for purchase of
office supplies
(x) A cheque for Rs. 4,000 issued to a creditor was dishonored by bank and
returned by creditor

Required:
Journal Entries to record the above transactions

Q.5 Following is the information about bank transactions in respect of Jamal and
Company.

(i) On September 30, balance of cash book was Rs. 264,130 and balance as
per bank statement was Rs. 278,278
(ii) Cash receipts of Rs. 40,126 on September 30, were not deposited till
October 1
(iii) Among the paid cheques returned by the bank was one for Rs. 21,000
drawn by Jamal Brothers, but charged in error to Jamal and Company
(iv) The following memoranda accompanied the bank statement

(a) Debit Memo for service charges for the month of September Rs. 315
(b) Debit memo attached to a cheque of AB Company, marked NSF
for Rs. 6,245
(c) Credit memo for Rs. 60,500 representing the proceeds of non
interest bearing note collected by the bank from Jamal and
Company. The note face value was Rs. 61,000, balance was
deducted by bank as collection charges.

(v) Following cheques were issued, but not presented for payment.
Cheque No 348 Rs 12,600
351 Rs 5,180
356 Rs 3,554
-------------
Rs 21,334
=======
Required

(a) Bank Reconciliation Statement as of September 30 (07)

(b) Journal Entries to correct the cash book balance (03)
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Q.6 Mohammad Naqi & Co entered into a deal with Hanif Enterprizes for the
purchase of their business. Following are the balance sheets of Hanif Enterprizes
and Mohammad Naqi & Co .

Hanif Enterprizes
(Rs)
Assets Liabilities & Equity

Inventories 65,000 Account Payable 24500

Notes Receivable 37,000 Long-term Loans 71000
Prepaid Insurance 3,600 Share Capital 180000
Plant & Equipment 197,000 Retained Earnings 27100
302,600 302,600

Mohammad Naqi & Co

(Rs)
Assets Liabilities & Equity

Inventories 136,400 Account Payable 56,600

Account Receivable 26,000 Bank Borrowings 112,400
Unexpired rent 600 Capital 200,000
Plant & Equipment 151,000
Cash & Bank balance 55,000
369,000 369,000

The basis of purchase is net worth (owners equity) of Hanif Enterprizes plus Rs. 100,000
for good will. A sum of Rs. 300,000 will be borrowed from bank for the purpose of the
purchase.

Required:

(A) Work out the purchase price including goodwill (03)

(B) Revised balance sheet of Mohamamd Naqi & Co after

incorporating the deal (07)
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Q.7 Hamid & Mahmud deal in grocery. Following data is extracted from their
Balance Sheet as on June 30, 2009.
(Rs)
Balance as on June Balance as on June
30, 2009 30, 2008
Interest Payable 17,500 2,000
Unearned Rental Income 30,000 60,000
Unexpired Insurance 18,000 Nil

Income Statement for the year ended June 30, 2009 of Hamid & Mahmud
provides following information relating to above heads of accounts

Interest Expenses Rs 20,000/-

Rental Income Rs 360,000/-
Insurance Expenses Rs 14,000/-

Required:

Computation of cash received and paid during the year end June 30, 2009 on
account of

A) Rental Income (02)

B) Interest (02)
C) Insurance (02)
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Q.8 Give below the formula for calculating each of the following ratios & briefly
state purpose of the ratio: (10)

(i) Current Ratio

(A) Formula

(B) Purpose

(ii) Acid test Ratio

(A) Formula

(B) Purpose

(iii) Merchandise Inventory Turnover

(A) Formula

(B) Purpose

(iv) Turnover of Accounts Receivable

(A) Formula

(B) Purpose

(v) Income to owners equity

(A) Formula

(B) Purpose
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THE INSTITUTE OF BANKERS PAKISTAN

ISQ Examination (Winter-2010)
ACCOUNTING FOR FINANCIAL SERVICES

Q.1 State True or False in the answer column.

Q.2 Please write the alphabet of the selected answer in the given space:

Q.3 Choose one of the two alternatives given below and fill in the blank in the
following statements:

Q.4 Following is the trial balance of Shahid & Co as on 30th June, 2010

(Rupees)
Title of Account Debit Credit
Finished goods Inventory --- July 1, 2009 458,000
Process Inventory--- July 1, 2009 172,000
Materials Inventory---July 1, 2009 178,000
Book Debts 226,200
Creditors 771,000
Buildings 800,000
Accumulated depreciation on building 80,000
Machinery & Equipment 1,700,000
Accumulated depreciation on machinery 340,000
Cash in hand 112,600
Bank overdraft 471,800
Unexpired Rent 6,000
Accrued Expenses 66,000
Paid up capital 800,000
Retained Earnings 176,400
Material Purchased 3,504,000
Sales 5,395,000
Salaries and other benefits 370,000
Stores and spare consumed 40,000
Electricity & Gas 70,000
Rent Expenses 7,000
Other Factory Expenses 222,000
Administrative Expenses 83,000
Selling & Distribution Expenses 144,000
Bank Charges 7,400
8,100,200 8,100,200
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Following adjustments have to be made in the above data:-

(i) Closing Inventories on 30th June, 2010 were

a) Materials 204,000
b) Work in Process 77,000
c) Finished goods 512,000

(ii) Provision for Insurance 16,000

(iii) Depreciation to be charged on straight line

method at 5% on Building and 10% on Machinery

(iv) Provision for doubtful debts 5,900

(v) Sales return to be recorded 77,000

Required:

1) Journal entries to record the adjustment

2) A profit & loss account for the year ended 30th June, 2010
3) A balance sheet as on 30th June, 2010

Q.5 A) Differentiate among Deferred Costs, Accrual and Prepayments

B) How would you classify the following transactions?

i) Amount spent on making an advertisement film which will be used

for many years
ii) Portion of Rent paid in advance for one year at the end of the year
iii) Wages for the last month of the accounting year remained unpaid.
iv) Amount for the services rendered not received till the end of the
year.

Q.6 A company purchased items for inventory during 2009 at continuously higher
costs. Its last two purchases of 2009 were 20 units on December 20 at a cost of
Rs.14 per unit and 30 units on December 30 at a cost of Rs.15 per unit. On
December 28, 2009 the company made its last sale for the year when it sold 10
units. Calculate Cost of Goods Sold based on following methods. Complete
Calculation must be shown:

A) LIFO periodic
B) LIFO perpetual
C) FIFO periodic
D) FIFO perpetual

-.-.-.-.-.-
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THE INSTITUTE OF BANKERS PAKISTAN

ISQ Examination (Summer-2011)
ACCOUNTING FOR FINANCIAL SERVICES

Q.1 Please write the alphabet of the selected answer in the given space:

Q.2 List 04 revenue and expenditure items for financial institutions.

Q.3 List 2 off balance sheet items for financial institutions.

Q.4 The following financial statements are from the 2010 Annual Report of the
Niagara Company:

Income Statement for Year Ended December 31, 2010

US$
Sales 1,000
Cost of goods sold (650)
Depreciation expense (100)
Sales and general expense (100)
Interest expense (50)
Income tax expense (40)
Net income 60

Balance Sheets at December 31, 2009 and 2010

2009 2010
US$ US$
ASSETS
Cash 50 60
Accounts receivable 500 520
Inventory 750 770
Current assets 1,300 1,350
Fixed assets (net) 500 550
Total assets 1,800 1,900
LIABILITIES AND EQUITY
Notes payable to banks 100 75
Accounts payable 590 615
Interest payable 10 20
Current liabilities 700 710
Long-term debt 300 350

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Deferred income tax 300 310

Capital stock 400 400
Retained earnings 100 130
Total liabilities & equity 1,800 1,900

Required: Cash Flow statement by using Indirect Method

Q.5 Explain the closing process through “expense and revenue summary
account”.

Q.6 Identify which general accounting principle best describes each of the following
practices:

(a) Mr. Ali owns both beverages and tourism services. In preparing financial
statements for tourism services, Mr. Ali makes sure that the expense
transactions of beverages are kept separate from tourism’s statements.

(b) In December, 2010, A-Plus Floors received customer’s order and cash
prepayments to install carpet in a new house that would not be ready for
installation until March, 2011. A-Plus Floors should record the revenue
from the customer order in March 2011, not in December, 2010.

(d) A telecommunication company sells talk time through scratch cards. No

revenue is recognized when the scratch card is sold, but it is recognized
when the subscriber makes a call and consumes the talk time.

Q.7 The following balances are extracted from the books of M/s . Asrar & Bros at
December 31, 210.

Cash Rs 3,950
Supplies Rs 9,720
Prepaid Insurance Rs 2,400
Equipment Rs 26,000
Account Payable Rs 6,200
Unearned Consulting Revenue Rs 3,000
Capital Rs 30,000
Withdrawals Rs 600
Consulting Revenue Rs 5,800
Rental Revenue Rs 300

The following transactions need to be adjusted as on December 31, 2010.

(a) Remaining unused supplies are Rs 8,670.
(b) Depreciation expense for the period is Rs 375.
(c) Insurance expired during the period Rs 100

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(d) Rs 250 consulting revenue have been earned from the unearned consulting
revenue.
(e) Unpaid salaries Rs 210.
(f) Accrued consulting revenues Rs 1,800.

Required:
A) Prepare the adjusted trial balance at December 31, 2010.
B) Prepare work sheet for the period ended on December 31, 2010.

Q.8 The following information relates to transactions between a company and its
customers.

• Balance as on 1.4.2009 is Rs. 50,000.

• Bad debts are 2% and discount to the customers is given @ 1% of the
opening balance of Sundry Debtors.
• Returns from the customers are Rs 3,000
• Cash received from Debtors is Rs. 2,30,000.
• Cash received from Debtors in transit is Rs. 14,000.
• Cash Sales are Rs. 5,00,000.
• Credit Sales are Rs. 2,50,000.

Required: Calculate the amount of Sundry Debtors as on 31.3.2010.

Q.9 Table shows the balance sheet and income statement of ABC ltd. As on 31st
December, 2010.

Balance Sheet Income Statement

Fixed Assets 100,000 Sales 100,000
Current Assets 50,000 COGS 20,000
Investments 20,000 Operating Expenses 10,000
170,000 Depreciation 5,000
Capital 20,000 Interest 2,000
Reserves 80,000
Long Term loans 40,000 Tax 10,000
Current Liabilities 30,000 Total Expense 47,000
170,000 Profit 53,000

Required: Compute Return on Capital Employed (ROCE).

Q.10 The following information is collected of accounts receivable of M/s Modern

Chemicals Ltd.
Rupees
Accounts Receivable 1-1-2010 750,000
Less Allowance for Bad Debt Account 100,000

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Total Rs 650,000
Credit Sales for the year 2010 2,800,000
Other transactions during the year were as under:
Accounts Receivable written off 75,000
Cash collection against credit sales 1,900,000
Account Receivable recovered which were written off previously 25,000

Compute the following:

A) Accounts Receivable outstanding as on 31st December, 2010.

B) The management estimates that 1.5% of its credit sales will prove to be
uncollectible. Make provision under income statement approach.

C) Pass journal entry for the amount of provision computed at (B) above
and prepare a T account showing the balance which will appear against
Allowance for Bad Debt Account at the close of the year.

-.-.-.-.-.-

IBP-the knowledge Institute

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Accounting Past Papers - ibpnextgen.blogspot.com

THE INSTITUTE OF BANKERS PAKISTAN

ISQ Examination (Winter-2011)

Accounting for Financial Services – Stage-II

Section-I

Multiple Choice Questions

Number of Questions: 30

Marks: 45

Allotted Time: 60 minutes

Section-II
Constructed Response Questions
Number of Questions: 08

Marks: 55

Allotted Time: 120 minutes

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Accounting Past Papers - ibpnextgen.blogspot.com

Q.31 Following data pertains to the Yakjehti Bank. Identify which of the
following transactions shall be classified as Operating, Investing and
Financing activities.

Exhibit: Business Transactions

Sl. Transactions Classification

1 Repurchased own outstanding stock

2 Purchased additional machinery

3 Fixed capital expenditure

4 Dividend income received

5 Dividend paid to stock holders

6 Net investments in securities, associates and joint venture

7 Lending to financial institutions

8 Proceeds from sale of fixed assets

9 Exchange adjustments

10 Borrowings from financial institutions

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Accounting Past Papers - ibpnextgen.blogspot.com

Q.32 The following data pertains to company A:

Acquisition cost of asset Rs.60,000

Salvage value Rs. 5,000
Useful life 5 years
Cash flow per year Rs.10,000
Accumulated depreciation Rs. 6,000
Expected output of machine 20,000 units

Use the above data to answer the following:

A. Calculate the first year’s depreciation expense based on straight

line method (SLM) and double declining method (DDM)?

B. Compared to reported equity using Double declining method, if the

company A had used straight line method to calculate the
depreciation expense, the equity would have been lower same or
higher in initial years? Justify your answer.

C. What will be the effects on cash flow statement in each method?

Justify your answer.

Q.33 Return on equity is one of the measures of profitability commonly used

to evaluate the return generated on investors’ investments. Following
data pertains to Aquarius Manufacturing Co.

Financial Ratios 2007 2008

Operating Margin 0.12 0.1
Return on Assets (%) 5.76% 5.13%
Assets to Equity ratio 1.2 1.53
Tax burden 0.5 0.51
Interest burden 0.6 0.61
Asset turnover 1.6 1.65

A. Calculate the return on equity for FY2007 and FY2008 using the
above data?

B. Has the company’s Return on Equity (ROE%) changed i.e.

decreased or increased or remained constant in FY 2008
against previous year?

C. What are the factors that gave rise to that change? Briefly justify
your answer.

Q.34 A) Describe how trial balance is prepared. Explain its

importance.

Q.34 B) Briefly state Adjusted Trial Balance and its purpose.

Page 3 of 6
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Q.35 On 1 October 2009 M/s Jami Solutions entered into an agreement to

lease a generator that had an estimated life of 10 years. The lease period
is for four years with annual rentals of Rs. 5,000 payable in advance from
1 October 2009. The generator is expected to have a nil residual value at
the end of its life. It has a fair value of Rs. 50,000 at the inception of the
lease.

A. Identify the type of lease.

B. Show journal entries to record lease transaction and related

depreciation expense.

C. How should the lease be accounted for in the income statement and
Balance Sheet of M/s Jami Solution for the year end on 31 March
2010?

Q.36 With reference to the quality of financial statements, define the following
concepts.

A. Reliability

B. Relevance

C. Prudence

D. Materiality

E. Accounting period

Q.37 Osaka manufacturing uses general journal to record its day to day
business transactions. Osaka recently purchased a production plant to
meet the increasing demand of the product. Sequence of the
transactions relating to the plant is given below

A. On 1 January 2010, purchased a plant for cash Rs. 1,000,000.

B. On 3 December 2010, recorded depreciation expense using straight

line method with 10 years of useful life and zero salvage value
estimated after ten years.

C. On 1 January 2011, sold the plant for Rs. 1,000,000 cash.

Question: Create the general journal entries using the above sequence of
transactions.

Q.38 Suppose you are working as a credit analyst in You Bank. Your manager
has asked you to prepare a comparative analysis of the business
performance of two similar businesses, M/s Yarn Expert and M/s Cotton
Cares to decide further credit line.

The financial accounts of the two firms are as under:

Page 4 of 6
Accounting Past Papers - ibpnextgen.blogspot.com

M/sYarn Expert M/s Cotton Cares

Balance Sheet
Assets
Cash & cash Equivalents 4,000 8,000
Notes receivable 7,000 13,000
Inventory 5,000 16,000
Operating Fixed Assets 18,000 33,000
Other Assets 5,000 6,000

Total Assets 39,000 76,000

Liabilities & Stockholder's Equity

Accounts payable 4,000 5,000
Notes payable 7,000 8,000
Bonds payable 13,000 24,000
Capital 11,000 16,000
Retained Earnings 4,000 23,000

Total Liabilities & Stockholder's Equity 39,000 76,000

Income Statement

Sales 60,000 95,000

Cost of Goods Sold 41,800 67,000
Gross Margin 18,200 28,000

Operating Expenses
Selling Expense 9,000 12,000
Administrative expenses 4,000 6,000
Interest expenses 2,000 3,600
Income Tax 1,800 3,500
Total Operating expenses 16,800 25,100

Net Income 1,400 2,900

Additional information:
• Number of shares of M/s Yarn Experts and M/s Cotton Cares is 1,000 and
3,000 respectively.
• Market price of shares of M/s Yarn Experts is Rs. 35 and of M/s Cotton
Cares is Rs. 18
• Dividend paid by M/s Yarn Experts is Rs. 6 and by M/s Cotton Cares is
Rs. 5.2

Compute the following:

Page 5 of 6
Accounting Past Papers - ibpnextgen.blogspot.com

A. Prepare an analysis of liquidity, using any 3 of the following ratios –

current ratio, quick ratio, Average days sales collected, average
days inventory converted.

B. Prepare an analysis of profitability using any 4 of the ratios from

gross profit margin, net profit margin, asset turnover, returns on
asset, returns on equity, earning per share.

-.-.-.-.-.-

Page 6 of 6

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