BAHRIA UNIVERSITY (KARACHI CAMPUS) 

MIDTERM EXAMINATION – FALL SEMESTER – 2022

  
(COURSE TITLE ACCOUNTING INFORMATIO SYSTEMS COURSE CODE _ACC 622)
 
 
Class: (BBA/MBA/BS) (Morning )
Course Instructor: Dr. Samina Riaz Time Allowed: 90 Minutes
Date: 19.11.2022 Session: _3 Max Marks: 25
Student’s Name: _______ Reg. No: _________

Instructions: (Read carefully before the exam begins):

Marks 15
Required
with the help of following information, Prepare & save the following reports:
1 General Journal
2 Ledger
3 Trial balance as on March 31, 2020
4 Income Statement for the period ended March 31, 2020
5 Balance Sheet as on March 31, 2020

Company name: Mabry Corporation

Accounting Period: January to December
Accounting Year: 2020
First month of data entering: January 2020

Beginning Balances:

The account balances for Mabry Corporation were as follows:

Cash $12,000
Account receivable $6,000
Equipment $25,000
Accumulated Depreciation ($12,000)
Prepared Rent $0
Accounts Payable $4,000
Notes Payable $12,000 (Funds were originally borrowed on Oct 1, 2019, with an interest rate of 10 percent)
Interest Payable $300
Salaries payable $0
Common Stock $10,000
Retained Earnings $4,700

Mabry Corporation recorded the following transactions for the three months.

January
01.        Performed services for $36,000 on account.
01. Paid rent of $6000 for the period Jan 01, 2020, to Jan 01, 2021.
05. Incurred operating expense of $18,000 on account.
06.  Collected $32,000 of accounts receivable.
12. Paid $19,000 of accounts payable.
13.  Paid note and interest due on Oct 01, 2020.
31. Recorded rent expense $500.
31. Recorded depreciation expense of $1,200.

February
01.Performed services for $48,000 on account.
01 Paid amount $8,400 for the period Jan 01, 2020, to Jan 01, 2021 for insurance.
06.Incurred operating expense of $24,000 on account.
09.Collected $52,000 of accounts receivable.
12.Paid $20,000 of accounts payable.
28.Recorded rent expense $500.
28.Recorded accrued salaries of $2,100.
28.Recorded depreciation expense of $1,200.
28.Recorded Insurance expense $700.
March
01.Paid accrued salaries.
01.Performed services on account of $56,000.
09.Paid amount $9,000 for office supplies purchased.
14.Incurred operating expense of $32,000 on account.
15.Collected $55,000 of accounts receivable.
18.Paid $33,000 of accounts payable.
20.Sold equipment for $2,000, the equipment had a cost of $5,000 and accumulated depreciation of $4,000.
31.Recorded rent expense $500.
31.Recorded depreciation expense of $1,000.
31.Recorded Insurance expense $700.
 Required
With the help of following information, Prepare & save the fo
1 Bank Reconciliation Statement for the month ended 31st January
2 Balance sheet as on 31st January, 2021.

Company:
Accounting period: January to December 2021
Business type:

The following transactions occurred during January, 2021

1st January: Deposited 1100000 in Silk Bank to start a business

5 January:
th
Purchased building for 200000, furniture for 90000 and issued a check
7th January: Purchased office supplies for 3000 and issued notes payable
10 January:
th
Purchased inventory on account for 120000
13th January: Purchased 3 months’ prepaid insurance for 15000, payment will be made in
15 January:
th
Sold 30000 units @ Rs10 each and deposited check in Silk Bank
21st January: Purchased goods for 200000 and issued a check.
31 st
January: Paid 200000 salaries to employees and issued a check.

Bank Statement Balances:

Deposits 1400000
Withdrawals 675300
Balance 724700

Adjustments:

Ø  One of the employees deposited his salary check of Rs15000 after banking hours
Ø  Bank Service Charges 200
Ø  Check book charges 100
 Marks 10

h the help of following information, Prepare & save the following reports:
k Reconciliation Statement for the month ended 31st January, 2021
ance sheet as on 31st January, 2021.

Hensley Enterprise
ary to December 2021
Sole proprietorship

during January, 2021

osited 1100000 in Silk Bank to start a business

hased building for 200000, furniture for 90000 and issued a check
hased office supplies for 3000 and issued notes payable
hased inventory on account for 120000
hased 3 months’ prepaid insurance for 15000, payment will be made in February, 2021
30000 units @ Rs10 each and deposited check in Silk Bank
hased goods for 200000 and issued a check.
aid 200000 salaries to employees and issued a check.

posited his salary check of Rs15000 after banking hours