Aoa every1, I attempted my fin621 ppr today which was not easy. I did laiba’s file n hafiz bhai quiz file , but only 2 or 3 mcq were from them…rest were new n tricky. I advise u ppl not to take fin621 easy as I did

Subjective Q are as follows:-
Q1. Why businesses record Land at its original cost, even though its of much more value then its cost. Give reasons. 3marks

Q2. Do inventory valuation methods affect profitability of the company? Give examples 3marks

Q3. Is it possible that income summary reports a net loss while the cash generated from operations is a positive figure? Give example 5marks.

Q4. Gul Ahmad company has Cash sales 270,000 credit sales 490,000 account receivable decreased by 320,000.
Calculate net sales reported in income statement. 2marks my ans= 270 + 490 = 760
Calculate cash received from customers on account of account receivable. 3marks my ans = 270 + 320 = 590

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