TIME ALLOWED: THREE HOURS
PART-I(MCQS): MAXIMUM 30 MINUTES
MAXIMUM MARKS = 20
MAXIMUM MARKS = 80
NOTE: (i) Part-II is to be attempted on the separate Answer Book.
(ii) Attempt ONLY FOUR questions from PART-II by selecting TWO questions from EACH
SECTION. ALL questions carry EQUAL marks.
(iii) All the parts (if any) of each Question must be attempted at one place instead of at different
(iv) Write Q. No. in the Answer Book in accordance with Q. No. in the Q.Paper.
(v) No Page/Space be left blank between the answers. All the blank pages of Answer Book must
(vi) Extra attempt of any question or any part of the question will not be considered.
(vii) Use of Calculator is allowed.
PART – II
SECTION – I
Q. No. 2.
Some amounts are omitted in each of the following financial statements.
Retained earnings, Jan. 1
Retained earnings, Dec. 31 13,500
Instruction: Determine the missing amounts.
Q. No. 3.
Burno Co. purchased equipment on Jan. 1, 2005 at a total invoice cost of
Rs.280,000, additional costs of Rs.5,000 for freight and Rs.25,000 for
installation were incurred. The equipment has an estimated salvage value of
Rs.10,000 and an estimated useful life of five years. What is the amount of
accumulated depreciation at Dec. 31,2006 if the straight-line method of
depreciation is used?
A plant asset cost Rs.27,000 when it was purchased on Jan. 1, 2008. It was
depreciated by the straight-line method based on a 9-year life with no salvage
value. On June 30, 2008, the asset was discarded with no c