Mgt101 VU Midterm current papers Fall 2011 (www.vusolutions.com) virtual university of paksitan
28 mcqs and 4 ques
1) Prepare T account for Accounts Receivable for date i dont remeber (5 marks)
Cash collected 585000
Total Sale 515062
Cash Sales 25% of total Sale
Balance of A/r Rec May 31 2011 55950
Amount NOTnot recvd from Debtors 2500
2)Prepare T account for cash a/c (3 marks)
Balance 50000
Total receipt 500000
Total Payments 480000
Discount Received 1570
Third was closing stock value by weighted average method.(5 marks) it was easy
Fourth was book value and profit on sale (3 marks)
