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FPSC · CSS 2025

Accountancy & Auditing, Paper I

100 marks · 3 hours · 7 questions · official PDF, 5 pages
Practice 20 MCQs
This paper Accountancy & Auditing · all yearsQ. 2 · Categorize the above details under…Q. 3 · Prepare the necessary adjusting journal…Q. 4 · Prepare an unadjusted Trial Balance…Q. 5 · Ali, Bilal, and Sara formed…Q. 6 · Prepare the Raw Materials Inventory…Q. 7 · the Material Price Variance and…Q. 8 · Calculate the contribution margin for…With this paperPart-I MCQs20Official PDF5 pp← 20242025 →
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SECTION–I

Q. 2
  1. (a)Categorize the above details under different heads of accounting equation. [5]
  2. (b)Prepare the balance sheet of ABC Traders as of December 31, 2024 using the information above. [15]
(20)
Q. 3
  1. (a)Prepare the necessary adjusting journal entries for the above adjustments. [6]
  2. (b)Prepare an Income Statement for the year ended December 31, 2024. [7]
  3. (c)Update the Balance Sheet to reflect these adjustments. [7]
(20)
Q. 4
  1. (a)Prepare an unadjusted Trial Balance as of December 31, 2024. [10]
  2. (b)Incorporate the adjustments and prepare the adjusted Trial Balance. [10]
(20)
Q. 5

Ali, Bilal, and Sara formed a partnership business on January 1, 2024, under the name ABS Traders. The partners agreed to share profits and losses in the ratio 3:2:1 respectively. The following balances were provided at the end of the first year, December 31, 2024: Particulars Amount (PKR) Cash 80,000 Accounts Receivable 150,000 Inventory 200,000 Furniture & Fixtures 100,000 Accounts Payable 90,000 Loan Payable 110,000 Ali's Capital (Jan 1, 2024) 200,000 Bilal's Capital (Jan 1, 2024) 150,000 Sara's Capital (Jan 1, 2024) 100,000 Ali's Drawings 30,000 Bilal's Drawings 20,000 Sara's Drawings 10,000 Net Income for the Year 120,000

  1. (i)Using the data provided, prepare an unadjusted trial balance as of December 31, 2024. [5]
  2. (ii)Distribute the Net Income of PKR 120,000 among the partners (Ali, Bilal, and Sara) based on their agreed profit-sharing ratio of 3:2:1. [5]
  3. (iii)Calculate the adjusted capital balances for each partner after considering their profit ratio. [5]
  4. (iv)Prepare the Capital Accounts for Ali, Bilal, and Sara in a T-account format or in a statement form. [5]
(20)

SECTION–II

Q. 6
  1. (a)Prepare the Raw Materials Inventory T-account, including purchases, usage, and ending balance. [7]
  2. (b)Calculate the total manufacturing costs added to production during November. [7]
  3. (c)Prepare the Work-in-Process Inventory T-account, including beginning balance, costs added, and ending balance. [6]
(20)
Q. 7
  1. (i)the Material Price Variance and the Material Quantity Variance. [7]
  2. (ii)the Labor Rate Variance and the Labor Efficiency Variance. [7]
  3. (iii)the Overhead Spending Variance and the Overhead Efficiency Variance. [6]
(20)
Q. 8
  1. (i)Calculate the contribution margin for both coffee drinks and desserts. [7]
  2. (ii)Compute the weighted average contribution margin (WACM) based on the sales mix. [7]
  3. (iii)Determine the break-even sales in units for the café. [6]
(20)

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About this paper

The 2025 CSS Accountancy & Auditing paper set by the Federal Public Service Commission. Question wording only; questions marked “Not yet checked” have not been compared with the official paper yet. Open the official paper beside the questions to check any of them.

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