CERTIFIED INTERNATIONAL TAX ACCOUNTANTS UK
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1 CERTIFIED INTERNATIONAL TAX ACCOUNTANTS UK SAMPLE QUESITONS SUBJECT/MODULE: PROGRAMME / LEVEL: Financial Accounting I CITA Level I
2 INSTRUCTION: Attempt all questions TIME: 3hrs APPLICATION: Students are advised to apply the Tax Laws of their respective countries and all assumptions must be stated. Question 1 The following balances were extracted from the books of Madam Adwoa Sarpomaa, a restaurant operator at Anyaa, for the ended 31ts December, Premises at cost 2,400, Furniture & Fittings 1,600, Capital 5,092, Drawings 2,000, Sundry Creditors 2,080, % Long-term Loan 950, Interest on loan paid 95, Investment- 10% Government bond 1,000, Cash in hand 10, Bank 530, Sundry debtors 1,500, Bad debt 26, Provision for depreciation (1/1/2010) Premises 180, Furniture & Fittings 480, Provision for bad debt 45, Investment income received 25, Cost of goods sold 10,380, $
3 Stock in- trade (31/12/2010) 510, Sales 20,312, Returns inwards 355, Carriage outwards 200, General Expenses 33, Rent & Rates 642, Salaries & wages 4,300, Discount Received 220, Discount Allowed 28, Additional information Madam Adwoa Sarpomaa depreciates Premises at rate of 2 ½% and Furniture & Fittings at 10 % cost. General expenses of $33, is accrued and Rent and Rates $140, During the year, she took some goods from stock which valued $180, and presented it as a gift to her friend. Included in the Salary & Wages is an amount of $300, paid to workers to renovate the Madam Adwoa s friend house. Provision for bad debt should be increased to 5% of debt. 25 Marks Required: (a) Prepare the income statement for Madam Adwoa Sarpomaa for the year ended 31 December, Marks (b) A balance sheet of Madam Adwoa Sarpomaa as at that date. 15 Marks Question 2 Your friend wanted to go into partnership. She approached you to explain to her on the following; a) Where there is partnership agreement, what are the elements to be considered in the agreement? 5 Marks
4 b) Where there is no partnership agreement, what are the rules to be considered? 5 Marks. Question 3 Below are the transactions of a manufacturing company, Nana Attaah Enterprise Limited, for the year ended 2010 $ 000 $000 Stock as at 1/1/2010 Finished goods 27, Raw materials 13, Purchases of raw materials 460, Carriage outwards 9, Repair to machinery 21, Banks overdraft 20, Cash in hand 80, Plant and machinery 200, Provision for depreciation (1/1/2010): Plant and machinery 50, Debtors and Creditors 150, , Discounts 12, Commission 73, Printing & Postage 7, Manufacturing wages 163, Factory power, lighting and cooling 50, Indirect Labour cost 17, Provision for unrealized profit 2, Administrative salaries and wages 137, Bank interest 2, Royalty 10, Stated Capital 210, Sales 950, ,440, ,440, Additional information i. Stock balances at the end of the year were. Finished goods $37,180, raw materials $21,000 ii. Provision for depreciation on plat and machinery should be 20% on cost iii. Profit margin on manufactured good is at the rate of 10% on cost of production.
5 You are required to: Prepare a Manufacturing, Trading and Profit and Loss account for the year ended 31/12/2010 and a Balance Sheet as at that date. 25 Marks Question 4 Mr. Kofi Amponsah started business as a restaurant operator on 1 st January, 2011 with an initial capital of $4, cash. The following is a summary of his business transaction during the first six months of trading: 1. A delivery van was bought and on 1/1/2011 at a cost of $3, It was estimated to have useful of 5 years at the time of purchase. 2. During the period, supplies were paid $10, for vegetables and invoices totaling $3, remained unpaid at 31/12/ Cash sales totaled $13, Credit sales amounted to $3, and $ out of this amount was outstanding as at 31/12/ Rent of $1, was paid on the commencement of then business 6. An amount of $1, was paid for sundry operating expenses. Bills for electricity and telephone (both constituting part of the sundry expense), estimated at $20.00 and $40.00 respectively, had not been received as at 31/12/ During the period, Mr. Kofi Amposah withdrew cash of $ from the business for his private use 8. The stock of vegetables at close of business of 31/12/2011 was valued at cost at $ You are required to: a) Write up the ledger accounts (including cash); 10 Marks b) Extract a trial balance as at 31/12/ Marks c) Briefly state any three advantages of Control Accounts. 5 Marks Question 5 Briefly state any three of Fundamental Accounting Principles or concepts. 5 Marks
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