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Solved Practical Examples MS Excel

The document contains three questions related to accounting. The first question requires the preparation of an income statement for CHINA BEEF RAMEN, considering various financial figures and a tax rate of 15%. The second question asks for the calculation of gross income based on given sales and purchase data, while the third question consists of four sub-questions covering definitions and discussions on accounting concepts and the role of AI in accounting automation.

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5 views1 page

Solved Practical Examples MS Excel

The document contains three questions related to accounting. The first question requires the preparation of an income statement for CHINA BEEF RAMEN, considering various financial figures and a tax rate of 15%. The second question asks for the calculation of gross income based on given sales and purchase data, while the third question consists of four sub-questions covering definitions and discussions on accounting concepts and the role of AI in accounting automation.

Uploaded by

mu.asgharalii
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Q # 1: 20 marks

Requirement: Using the information of CHINA BEEF RAMEN, prepare an income statement. Assume a tax rate of 15% and 50,000
ordinary shares outstanding during 2024.

No DESCRIPTIONS $
1 Total Sales Revenue 1,350,000
2 CGS 5,75,000
3 Interest revenue 7,500
4 Loss abandonment of plant assets 22,500
5 Gain from extinguishment of debt 14,000
6 Selling & administrative expense 2,40,000
7 Effect of change in estimated useful lives of fixed assets 17,500
8 Loss of nature calamity 15,000
9 Gain on disposal of discontinued operation 25,000

Q # 2: 20 marks

Ascertain the gross income from the following particulars: Rs.

Purchases during the year, 1990. 350,000


Purchases discounts 3700
Purchases returns and allowances: 2050
Sales: 470,000
Sales discount. 1500
Sales returns and allowances: 2200
Merchandise inventory on 1.1.1990. 50500
Merchandise inventory on 31.12.1990 30,800
Transportation Inwards: 9500

Q # 3: 10 marks each.

1) Define Accounting and bookkeeping


2) Discuss the branches of accounting and its importance and concepts
3) Define Cloud Accounting & its future.
4) Define Role if AI in Accounting Automation.

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