The trial balance of Bright Morning Ltd has been provided for the year ended 31 December, 2012 as follows: DR. GHC Buildings. 160,000 Stated capital
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1 QUESTION 1 The trial balance of Bright Morning Ltd has been provided for the year ended 31 December, 2012 as follows: DR CR Buildings 160,000 Stated capital 250,000 Bank 23,000 Sales 260,000 Trade receivables 30,000 Trade payables 24,600 Plant & machinery 190,000 Accumulated depreciation on plant & machinery 80,000 Purchase of raw materials 9 Selling expenses 9,000 Administrative expenses 2,600 Distribution expenses 16,200 Factory wages 13,000 Factory expenses 9,200 Rates 5,600 Inventory: 01/01/2012 Raw materials Work-in-progress Finished goods You are provided with the following additional information: (1) Inventory at 31 December, 2012: - Raw materials 16,600 - Work-in-progress 20,000 - Finished goods 24,000 (2) Rates of 1,600 had been prepaid (3) Provide for depreciation on cost as follows: Building - 3% Plant & machinery - 10% 22,000 17,000 21, , ,600 Required: Prepared the Income Statement for the year ended 31 December, 2012 and a Statement of Financial Position as at that date. ICAGP Page 1 of 5
2 QUESTION 2 You are given the following as the summary of the bank account of Precious Enterprise for the year ended 31 December Balance (1/1/2011) Receipts from receivables Investment income 9, ,000 68,700 Payment to creditors for goods Rent Insurance Salary Drawings Sundry expenses Balance c/d 30,400 2,000 1,500 11, ,700 68,700 Cash sales amounted to 15,000 out of which the following payments were made: Wages 5,600 Purchases 5,500 Drawings 2,000 Sundry expenses 300 The following additional information is given: Inventory Trade payables Trade receivables Insurance prepaid Rent prepaid Sundry expenses owing 31/12/ /12/2012 7,850 9,200 12,600 14,000 17,300 15,800 1, , You are required to prepare the following: Trade Receivables Control Account (ii) Trade Payables Control Account (iii) Income Statement for the year ended 31 December, QUESTION 3 The statement of the financial position of Obiba Brokeman given below did not agree and the balance of 26,940 was entered in the suspense account. ICAGP Page 2 of 5
3 Obiba Brokeman Statement of Financial Position As At 30 th June, 2012 Furniture & Fittings Delivery Van Cost 90, ,000 Depreciation 3 42,000 Net Book Value 54,000 60,000 Current Assets Inventory Accounts receivable Cash at bank Current Liabilities Accounts payable Net current asset Net assets ,300 7,200 11,100 71,100 Financed By: Capital Add net profit for the year Suspense account 32,160 26,940 71,100 Upon investigations, the following errors were discovered: (ii) (iii) (iv) (v) (vi) (vii) (viii) Accounts payable had been understated by. The sales figure for the period was understated by 540. The closing inventory amounted to 7,200 but the amount stated in the statement of financial position was the beginning inventory. A loan from the Country Bank of 3,000 was credited to the income statement. Discount allowed of 600 had been credited to the income statement and discount received of 900 had been debited to the income statement. Drawings of had been debited to the income statement. A new delivery van costing 3,000 had been debited to the delivery van running expenses. It is the policy of Obiba Brokeman not to charge depreciation in the year of purchase. The balance on the allowance for bad debts account of 1,080 as at 1 July 2011 had been credited to the income statement account, the bad debt allowance should have been made equal to 10% of account receivables as at 30 th June ICAGP Page 3 of 5
4 (ix) Depreciation is charged on the furniture and fittings at the rate of 20% per annum on cost, and on delivery van at the rate of 50% on the reducing balance. The depreciation for the year to 30 th June 2012 had been correctly charged to the income statement for the year but no adjustments had been made elsewhere. You are required to prepare: A statement correcting the net profit for the year. (ii) The corrected statement of financial position as at 30 th June QUESTION 4 (a) State three (3) purposes of Accounting Information. (6 marks) (b) (c) Identify four (4) users who have stake in Accounting Information and state their information needs. (8 marks) Explain the following Accounting Concepts. Going Concern (ii) Prudence (6 marks) (Total: ) QUESTION 5 The cash book of Adjoa Shikishiki Ltd for the year ending 31 st December 2012 is as follows: Opening balance Receipts: Cheque No from Billy Ham Cheque No from Global Express Cheque No from Agba Ltd Cheque No from Morris Ltd Cheque No from Dunenyo Farms Payments Cheque No to Alfa Ltd Cheque No to Baba Ali Cheque No to Mawuko Ltd Cheque No to Bonsu Ltd Cheque No to Srodae Co. Closing balance 4, , ,065 4, , , , ,000 4, , ,695 1,002, ,205 52,191 ICAGP Page 4 of 5
5 Investigations of the records for the period revealed the following information: (ii) (iii) A dividend of 400 on shares in GT2 Ltd was paid direct to bank account and no entry was made in the company s cash book. An amount of 4,887 received from a customer by credit transfer during the period had not been recorded in the cash book. Bank charges of 1,356 shown in the bank statement had not been entered in the cash book. (iv) (v) (vi) Standing orders entered in the bank statement had been omitted from the cash book in respect of rates to the Oman District Assembly, of 3,456 and insurance of 450. Cheque No paid to Mawuko Ltd had not been presented at the bank and cheque No from Agba Ltd and deposited into the bank account had not been credited to the company s account. A cheque for 714 had been debited to the company s account in error by the bank. You are required to prepare a Bank Reconciliation Statement as at 31 st December 2012 together with a corrected Cash Book. ICAGP Page 5 of 5
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