Question No: 1
Mr. A, B & C entered into a partnership. At the beginning of the year their capital balances were Rs. 180,000, Rs. 140,000 and Rs. 80,000 respectively. Profit or loss is to be divided as:
Ø Mr. A: one-half
Ø Mr. B: one-third
Ø Mr. C: one-sixth
Required:
If profit is Rs. 390,000, calculate the share of profit for all the partners.

Question No: 2
Write down the components of Cash Flow Statement.

Question No:3
What is bank overdraft? Mention an example for this. Why companies have to pay mark up on it. Under which head mark up paid on overdraft is shown in financial statement.

Question No: 4
Indicate in which section of the Balance Sheet each of the following accounts is classified. Use the symbols CA for current assets, NCA for non current assets, CL for current liabilities, LTL for long term liabilities, and SHE for stockholders' equity.

Accounts Section
Prepaid rent               

Dividends payable 

Salaries payable 

Prepaid insurance 

Retained earnings 

Mortgage payable (due in 15 years) LTL

Unearned service revenue 

Accounts receivable 

Land 

Office supplies