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FIN611 Current Midterm Paper Fall 2013 Shared by Sidra File 2



FIN611: Advanced Financial Accounting

Dated: 26.12.2013
Total Marks: 41
MCQs: 22 Marks
3 marks Question: 9 marks
5 marks Questions: 10 Marks

3 Marks Questions:

1.      What is the difference between the Debenture and share?

2.      Pass journal entries in the books of ABC Company's head office who maintains its branch books under stock and debtor system, if the goods are:
1.      sent to the branch at invoice amounting to Rs. 5,000;
2.    returned by the branch to head office amounting to Rs. 2,000.

3.
Particulars
Rs.
Subscription received during the year 2005    
4,500
Subscription outstanding at the beginning of the year 2005              
1,400
Subscription outstanding at the end of the year 2005                        
2,600

Required:
                 Based on the above information, calculate the amount of subscription income for the year 2005.

5        5 Marks Questions:
1.                   What is the difference between Branch And Department Account.
2.                   Write the presentation of Contra items of financial statement
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