Chapter 5 Extra review questions
|
|
- Charleen Tate
- 5 years ago
- Views:
Transcription
1 Accounting for Non-Accountants 10th Online Material 1 Chapter 5 Extra review questions 1 Enter up the entries needed in the journal to correct the following errors. Narratives are not required: (a) Advertising 34 paid by cash should have been entered as 43. (b) Sale of goods for 220 to N Heyward entered into the account of N Henwood. (c) Private withdrawal of 75 cash had been debited to Heating expenses account. (d) Returns outwards of 25 had been credited to Returns inwards by mistake. (e) A cheque payment of 12 for sundry expenses was missed out of the ledgers. The Journal Dr Cr Advertising 9 Cash 9 N Henwood 220 N Heyward 220 Drawings 75 Heating expenses 75 Returns inwards 25 Returns outwards 25 Sundry expenses 12 Cashbook (Bank) 12 2 You have extracted a trial balance on 31 December 2018 which failed to agree by 202, a shortage on the debit side of the trial balance. A suspense account was opened for the difference. In January 2019, the following errors, made the previous year, were found: (a) The returns inwards daybook had been undercast by 60. (b) The purchases account had been undercast by 110. (c) Commission received of 40 had been credited in error to the Sales account. (d) A credit sale of 32 to M Savage had only been entered in the Sales account.
2 2 Accounting for Non-Accountants 10th Online Material You are required to: 1 Show the journal entries necessary to correct the errors. 2 Draw up the suspense account after the errors have been corrected. 3 If the net profit for the year had previously been 970, show statement of corrected net profit for the year ended 31 December 2018 after all the above corrections have been made. The Journal Dr Cr Returns inwards 60 Suspense 60 Purchases 110 Suspense 110 Sales 40 Commission received 40 M Savage 32 Suspense 32 Suspense Jan 1 Balance b/d 202 Jan 31 Returns inwards 60 Jan 31 Jan 31 Purchases 110 Jan 31 Sales Statement of corrected net profit as at 31 December 2017 Net profit b/d 970 Less Returns inwards undercast 60 Purchases undercast
3 Accounting for Non-Accountants 10th Online Material 3 3 The following are extracts from the cashbook and the bank statement of A Hadfield. You are required to: (a) Write up the cashbook up to date and state the new balance as on 31 December (b) Draw up a bank reconciliation statement as on 31 December Cashbook Dec 1 Balance b/d 331 Dec 8 W Pagden 71 Dec 8 T Barker 99 Dec 21 R Booth 187 Dec 24 S Prince 274 Dec 27 S Gilham 67 Dec 31 Balance c/d Bank statement Dr Cr Balance 2021 Dec 1 Balance b/d 331 Dec 11 T Barker Dec 12 W Pagden Dec 16 Direct debit Dec 18 R Booth Dec 29 Credit transfer Updated Cashbook Dec 1 Balance b/d 331 Dec 8 W Pagden 71 Dec 8 T Barker 99 Dec 21 R Booth 187 Dec 24 S Prince 274 Dec 27 S Gilham 67 Dec 31 Credit transfer 140 Dec 31 Direct debit 95 Dec 31 Balance c/d
4 4 Accounting for Non-Accountants 10th Online Material A Hadfield Bank Reconciliation Statement as on 31 December 2021 Balance as per updated cashbook 424 Add Unpresented cheques Less Lodgements not yet credited 274 Balance as per bank statement From the following details, construct the sales ledger control account for the month of April April 1 Sales ledger balances 3,200 Totals for April: Sales daybook 22,750 Returns inwards daybook 800 Cheques and cash received 20,000 Discounts allowed 650 April 30 Sales ledger balances 4,500 Sales ledger control account Apr 1 Balance b/d 3,200 Apr 30 Returns inwards daybook 800 Apr 30 Sales daybook 22,750 Bank 20,000 Discounts allowed 650 Balance c/d 4,500 25,950 25,950
5 Accounting for Non-Accountants 10th Online Material 5 5 You are required to prepare a purchases ledger control account from the following for the month of July July 1 Purchases ledger balances 8,300 Totals for July: Purchases daybook 29,750 Returns outwards daybook 1,300 Cheques and cash paid to suppliers 29,000 Discounts received 950 July 31 Purchases ledger balances 6,800 Purchases ledger control account Jul 31 Returns outwards 1,300 Jul 1 Balance b/d 8,300 Bank 29,000 Jul 31 Purchases daybook 29,750 Discounts received 950 Balance c/d 6,800 38,050 38,050 6 From the following data, prepare control accounts for both the purchases ledger and the sales ledger and ascertain the closing balances on each ledger at the end of the month.
6 6 Accounting for Non-Accountants 10th Online Material 2020 January 1 Purchases ledger balances 3,490 January 1 Sales ledger balances 3,955 Totals for January: Sales daybook 64,217 Purchases daybook 46,959 Cheques and cash paid to suppliers 38,766 Discounts received 1,899 Discounts allowed 2,430 Sales ledger balances set-off against purchases ledger balances 1,000 Returns outwards daybook 1,240 Bad debts 619 Returns inwards daybook 1,900 Cash and cheques received from customers 54,333 January 31 Purchases ledger balances? January 31 Sales ledger balances? Sales ledger control account Jan 1 Balance b/d 3,955 Jan 30 Returns inwards 1,900 daybook Jan 30 Sales daybook 64,217 Bank 54,333 Discounts allowed 2,430 Set-offs 1,000 Bad debts 619 Balance c/d 7,890 68,172 68,172 Purchases ledger control account Jan 31 Returns outwards 1,240 Jan 1 Balance b/d 3,490 Bank 38,766 Jan 31 Purchases daybook 46,959 Discounts received 1,899 Set-offs 1,000 Balance c/d 7,544 50,449 50,449
9. SELF BALANCING LEDGERS
9. SELF BALANCING LEDGERS SOLUTIONS TO ASSIGNMENT PROBLEMS PROBLEM NO.1 In the Debtors Ledger General Ledger Adjustment Account Cr. Particulars 2011 Particulars Debtors Ledger Adjustment Account Returns
More information8 Self-Balancing Ledgers
8 Self-Balancing Ledgers BASIC CONCEPTS System Ledger keeping of Self Balancing Ledger System implies a system of ledger keeping which classifies ledgers as per nature of transactions. In this system,
More informationChapter 5. Control Accounts. Notes to teachers
Chapter 5 Control Accounts Notes to teachers 1 Start with Chapters 3 and 4 of Frank Wood s Introduction to Accounting and briefly explain to students the basic principles of recording in the books and
More informationRecord Transactions in the Journal. Copy (post) to the Ledger. Prepare the Trial Balance
Explain accounts, journals, and ledgers as they relate to recording transactions and describe common accounts Chapter 2 Record Transactions in the Journal 2 Basic summary device Detailed record of increases
More informationProfit (P) = Increase or Decrease in Net Assets (I) + Drawings (D) Capital (C) Income Expense = Profit / (Loss) Asset = Liability Capital
Rule of Double Entry Assets Liability Capital Expense Income DEBIT CREDIT Increase Decrease Accounting Equation Asset = Capital + Liability Capital = Asset Liability = NET ASSETS Business Equation Profit
More informationOsborne Books Tutor Zone. Bookkeeping Controls. Answers to chapter activities
Osborne Books Tutor Zone Bookkeeping Controls Answers to chapter activities Osborne Books Limited, 2016 2 b o o k k e e p i n g c o n t r o l s t u t o r z o n e 1 Payment methods 1.1 (a) A standing order
More informationPrinciples of Accounts. Comprehensive Worksheet. Class 9. 2 nd Term
Principles of Accounts Comprehensive Worksheet Class 9 2 nd Term The City School / PAF Chapter/ Comprehensive Worksheet/May 2018/ Accounts Class 9 Page 1 of 8 Topics for 2 nd Term 1. Statement of profit
More informationTRIAL BALANCE. Samir K Mahajan
TRIAL BALANCE Samir K Mahajan TRIAL BALANCE: MEANING AND METHOD Trial balance is a statement which shows debit balances and credit balances of all accounts in the ledger. Since, every debit should have
More informationKULLEĠĠ SAN BENEDITTU Secondary School, Kirkop HALF YEARLY EXAMINATION 2015/2016. Question A B C D Global Mark. Max. Mark
KULLEĠĠ SAN BENEDITTU Secondary School, Kirkop Mark HALF YEARLY EXAMINATION 2015/2016 FORM 4 ACCOUNTING TIME: 1h 30min Question A B C D Global Mark Max. Mark 10 14 40 36 100 Mark Instructions to students:
More informationAccounting Fundamentals February 2011
Accounting Fundamentals February 2011 Suggested answers and examiner s comments Important notice When reading these suggested answers, please note that the answers are intended as an indication of what
More informationModule Title: Financial Accounting 2
CORK INSTITUTE OF TECHNOLOGY INSTITIÚID TEICNEOLÍOCHT CHORCÍ Semester 2 Examinations 2007/08 Module Title: Financial ccounting 2 Module Code: CCT 6009 School: School of usiness Programme Title: achelor
More informationBSc (Hons) Tourism and Hospitality Management. Cohort: BTHM/12B/FT Year 1. Examinations for 2012/2013 Semester I. & 2012 Semester II
BSc (Hons) Tourism and Hospitality Management Cohort: BTHM/12B/FT Year 1 Examinations for 2012/2013 Semester I & 2012 Semester II MODULE: FINANCIAL ACCOUNTING MODULE CODE: ACCF 1102A Duration: 2 Hours
More informationPrepare the necessary journal entries to correct the above. Narrations are not required.
Correction of errors HKDSE (2017, 5) (Correction of errors) ABC Limited drafted a trial balance as at 31 December 2016, before the preparation of the closing entries. As the trial balance did not agree,
More informationAS Accounting. ACCN1 Introduction to Financial Accounting Mark scheme June Version 1.0: Final Mark Scheme
AS Accounting ACCN1 Introduction to Financial Accounting Mark scheme 2120 June 2016 Version 1.0: Final Mark Scheme Mark schemes are prepared by the Lead Assessment Writer and considered, together with
More informationFINANCIAL ACCOUNTING FUNDAMENTALS. A date is then fixed for the commencement of the standard which date is often stated in the standard itself.
SOLUTION 1 a. Process of Developing Accounting Standards Identification of the need for an accounting standard for the purpose of resolving conflicting or varied views on a subject matter or where existing
More informationACCAPAPER F3 FINANCIAL ACCOUNTING WEEK FOUR TOPIC PART REVIEW QUESTIONS
ACCAPAPER F3 FINANCIAL ACCOUNTING WEEK FOUR TOPIC PART REVIEW QUESTIONS 1.The following control account has been prepared by a trainee accountant: Opening balance 308,600 Cash received from credit customers
More informationNet Profit Add: interest on drawings: Jane x Allen x 5
ACCOUNTING ORDINARY LEVEL GRADE 12 1 1. Jane and Allen are in partnership. Their partnership agreement provides that 1. Interest on capital is allowed at 10% per annum. 2. Interest on drawings is charged
More informationThis document consists of 9 printed pages.
Cambridge International Examinations Cambridge Ordinary Level PRINCIPLES OF ACCOUNTS 7110/21 Paper 2 MARK SCHEME Maximum Mark: 120 Published This mark scheme is published as an aid to teachers and candidates,
More informationCurrent liability Creditors mark each
.. Jacintha Trading and Profit and Loss Account for the year ended 3 December 200 $ $ $ Opening stock 60000 Sales 63000 Purchases 26500 Less sales returns 550 Less purchases returns 475 62450 26025 Add:
More informationOsborne Books Tutor Zone. Advanced Bookkeeping. Answers to chapter activities
Osborne Books Tutor Zone Advanced Bookkeeping Answers to chapter activities Osborne Books Limited, 2016 2 a d v a n c e d b o o k k e e p i n g t u t o r z o n e 1 The accounting system 1.1 FINANCIAL DOCUMENTS
More informationCommecs College Macro Plan ( )
Commecs College Macro Plan (-) Subject: Accounting Class: XI Sections: AZIZ TABBA, BUKHARI Unit No. Start Date 1 Aug 01, End Date Aug 03, Number Of Periods Topic/Chapter Contents Objectives By the end
More informationCA FOUNDATION MAY 2019 EXAM
SUGGESTED SOLUTION CA FOUNDATION MAY 2019 EXAM SUBJECT- ACCOUNTS Test Code - CFN 9116 BRANCH - () (Date :) Head Office : Shraddha, 3 rd Floor, Near Chinai College, Andheri (E), Mumbai 69. Tel : (022) 26836666
More informationAccounting Technicians Ireland First Year Examination: May 2017 Paper: FINANCIAL ACCOUNTING Tuesday 9 May a.m. to p.m.
Accounting Technicians Ireland First Year Examination: May 2017 Paper: FINANCIAL ACCOUNTING Tuesday 9 May 2017 9.30 a.m. to 12.30 p.m. INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY Candidates must indicate
More informationTeacher: Mr. Jones ACCOUNTS WORKBOOK GRADE 11 PRINCE WILLIAMS HIGH SCHOOL TERM 1
Name: Class: Option: 1 Teacher: Mr. Jones ACCOUNTS WORKBOOK GRADE 11 PRINCE WILLIAMS HIGH SCHOOL TERM 1 INSTRUCTIONS TO CANDIDATES REVIEW NOTES AND ANSWER QUESTIONS PROVIDED ALL YOUR ANSWERS MUST BE WRITTEN
More informationLOYOLA COLLEGE (AUTONOMOUS), CHENNAI
LOYOLA COLLEGE (AUTONOMOUS), CHENNAI 600 034 B.Com. DEGREE EXAMINATION COMMERCE FIRST SEMESTER APRIL 2016 CO 1500 FINANCIAL ACCOUNTING Date: 02-05-2016 Dept. No. Max. : 100 Marks Time: 01:00-04:00 Answer
More informationSUGGESTED ANSWERS SPRING 2015 EXAMINATIONS 1 of 5 FUNDAMENTALS OF FINANCIAL ACCOUNTING SEMESTER-1
SUGGESTED ANSWERS SPRING 25 EXAMINATIONS 1 of 5 Q. 2 (a) Akber (Private) Limited Statement of Profit or Loss for the year ended June 30, 25 1.5 Rs. 000 Sales (30,725 225) 30,500 + Opening inventory 900
More informationCERTIFICATE IN BOOK-KEEPING
Practice Paper CERTIFICATE IN BOOK-KEEPING Level 2 Subject Code: ASE20050 Time allowed: 2 hours 30 minutes INSTRUCTIONS FOR CANDIDATES Answer all 4 questions. All questions carry equal marks. Study the
More informationDate of Homework assigned: 7 Apr 2014 Due date: 16 Apr 2014 Exercise book: Book 1
2013-2014 / F.4 BAFS / HA11 / P.1 TWGHs Wong Fut Nam College Form 4 Business, Accounting and Financial Studies Homework Assignment 11 FA Ch1-3 Preparation of Financial Statements for Sole Proprietorships
More informationRequired: Draw up a three-column cash book to record the above transactions and balance off the cash book at the end of the month.
Chapter 1 Books of original entry and ledgers (I) Mary Company had the following transactions during the month November 2014: Nov 3 Credit purchases from: Hilary Lam $13,580, Tammy Yiu $55,500. 5 Credit
More informationMultiple choice questions for Accounting for Non-Accountants 10 th edition
Accounting for Non-Accountants 10th Online Material 1 Multiple choice questions for Accounting for Non-Accountants 10 th edition Set 3 20 questions 1 At the start of the year, the balance on Kieran s capital
More informationPlease write all your answers in blue or black ink in the answer book provided. There are 3 questions to attempt.
Desk Number. University Card Number FOUNDATION Mid Term Assessment Group November 2016 Accounting 1.5 hours Instructions Please write all your answers in blue or black ink in the answer book provided.
More informationS.5 BUSINESS, ACCOUNTING AND FINANCIAL STUDIES Accounting Module
FANLING LUTHERAN SECONDARY SCHOOL 2015 2016 FIRST TERM EXAM S.5 BUSINESS, ACCOUNTING AND FINANCIAL STUDIES Accounting Module Date : 19th January, 2016 Time allowed: 8:30 am - 10:45 am (2 hour 15 minutes)
More informationNABTEB Past Questions and Answers - Uploaded online
QUESTION 1 NATIONAL BUSINESS AND TECHNICAL EXAMINATION BOARD NBC MAY/JUNE 2005 FINANCIAL ACCOUNTING (a) Differentiate between preference shares and ordinary shares of a company. (b) Explain the following
More informationACCT-112 Final Exam Practice Solutions
ACCT-112 Final Exam Practice Solutions Question 1 Jan 1 Cash 200,000 H. Happee, Capital 200,000 Jan 2 Prepaid Insurance 10,000 Cash 10,000 Jan 15 Equipment 15,000 Cash 5,000 Notes Payable 10,000 Jan 30
More informationCAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education
www.xtremepapers.com Centre Number Candidate Number Name CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education ACCOUNTING 0452/03 Paper 3 Candidates answer on the
More informationBefore reading these additional examples, make sure you have read Cathy Sibley s article on Control Accounts, published in June 2012 Velocity.
C02 Financial Accounting Fundamentals Control Accounts Before reading these additional examples, make sure you have read Cathy Sibley s article on Control Accounts, published in June 2012 Velocity. Let
More informationAccountancy. Blue Print. Part A
Accountancy Blue Print Part A S.No Lesson Name V.Short Short Long Total 1. Introduction - 3(1) 4(1) - 7 2. Theory Base Accounting 1(1) 3(2) - 7 3. Recording of business transactions - 4(1) 6(2) 16 4. Trail
More informationMARK SCHEME for the May/June 2007 question paper 0452 ACCOUNTING
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June question paper 0452 ACCOUNTING 0452/02 Paper 2, maximum raw mark
More informationPANCHAKSHARI S PROFESSIONAL ACADEMY PVT LTD (Your Lifelong Knowledge Partner )
50 Questions 50 Marks 60 Minutes Rectification of Error Select the best choice to answer the following questions: 1. Which of the following statement is/are correct? (i) A separate suspense account should
More informationAccounting Technicians Ireland First Year Examination: Summer 2015 FINANCIAL ACCOUNTING Tuesday 12 May a.m. to p.m.
Accounting Technicians Ireland First Year Examination: Summer 2015 Paper: FINANCIAL ACCOUNTING Tuesday 12 May 2015 9.30 a.m. to 12.30 p.m. INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY Candidates must
More informationCONTROL ACCOUNTS. The debtors control and creditors control accounts facilitates accounting control over the debtors and creditors accounts.
CONTROL ACCOUNTS SPECIFIC OUTCOMES Post to the general ledger, debtors ledger and creditors ledger from the subsidiary books and balance ledger accounts where necessary. Reconcile the control accounts
More informationAn error is an irregularity in the accounting records that renders the financial statements not valid.
QUESTION 1 (a) An error is an irregularity in the accounting records that renders the financial statements not valid. i. List five (5) accounting errors that do not affect the agreement of the trial balance.
More informationAccounting Technicians Ireland First Year Examination: August 2017 Paper: FINANCIAL ACCOUNTING Tuesday 15 August a.m. to p.m.
Accounting Technicians Ireland First Year Examination: August 2017 Paper: FINANCIAL ACCOUNTING Tuesday 15 August 2017 9.30 a.m. to 12.30 p.m. INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY Candidates
More informationITL Public School Annual Examination ( )
ITL Public School Annual Examination (2015-1) Date: 29.02.1 Class: XI Accountancy (055) (Set -B) Time: hrs M. M: 90 General Instructions: 1. All questions are compulsory 2. Marks for each question are
More informationPadasalai.Net s Quarterly Exam Model Question Paper. Time Allowed : 2:30 hours Maximum Marks : 90 XII-Accountancy
Padasalai.Net s Quarterly Exam Model Question Paper Time Allowed : 2:30 hours Maximum Marks : 90 XII-Accountancy I. CHOOSE THE CRECT ANSWER 20 X 1 =20 1. Pick the odd one out. a) Outstanding salary b)
More informationFinal Accounts Preparation
Osborne Books Tutor Zone Final Accounts Preparation Answers to chapter activities Osborne Books Limited, 2016 2 f i n a l a c c o u n t s p r e p a r a t i o n t u t o r z o n e 1 Business organisations
More informationTHE INDIAN COMMUNITY SCHOOL, KUWAIT
THE INDIAN COMMUNITY SCHOOL, KUWAIT SERIES : II MTE / FN/2017-2018 CODE : M 055 TIME ALLOWED : 2 HOURS NAME OF STUDENT : MAX. MARKS : 50 ROLL NO. :.. CLASS/SEC :.. NO. OF PAGES : 5 ACCOUNTANCY ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
More informationTHE INDIAN COMMUNITY SCHOOL, KUWAIT
THE INDIAN COMMUNITY SCHOOL, KUWAIT SERIES : II TERM /FN/ 2018-2019 CODE : 055 TIME ALLOWED : 2 HOURS NAME OF STUDENT : MAX. MARKS : 50 ROLL NO. :.. CLASS/SEC :.. NO. OF PAGES :4 ACCOUNTANCY ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
More informationGeneral instructions: All the questions must be attempted in serial order. Working notes should be given neatly with
Class 11th, Accountancy, Practice Paper-2 Time 3 hrs. M.M. 90 General instructions: All the questions must be attempted in serial order. Working notes should be given neatly with the solutions. Q1. What
More information13. BRANCH ACCOUNTS SOLUTIONS TO ASSIGNMENT PROBLEMS
13. BRANCH ACCOUNTS SOLUTIONS TO ASSIGNMENT PROBLEMS PROBLEM No. 1 (A) Debtors Method: Delhi Branch Account 2010 Particulars Rs. Rs. 2010 Particulars Rs. Rs. Jan. 1 Dec.31 By Bank Stock 7,000 Cash Sales
More informationComposed & Solved Hafiz Salman Majeed
FINALTERM EXAMINATION Fall 2008 MGT101- Financial Accounting (Session - 4) Question No: 1 ( Marks: 1 ) - Please choose one Wages outstanding given in the trial balance will be treated as a (an): Asset
More informationMTP_Intermediate_Syl 2016_June2017_Set 1 Paper 5- Financial Accounting
Paper 5- Financial Accounting Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 5- Financial Accounting Full Marks : 100 Time allowed:
More informationExecutive Level. Financial Accounting & Reporting Fundamentals. (3) Section 1(a): 10 multiple choice questions (MCQs) all questions are compulsory.
Copyright Reserved No. of pages: 14 Executive Level Financial Accounting & Reporting Fundamentals Instructions to candidates (1) Time allowed: Reading and planning 15 minutes Writing 3 hours (2) Total:
More informationFor other subjects, go to
MAY/JUNE 2006 FINANCIAL ACCOUNTING 1. Explain briefly the following terms i. Bank statement ii. Bank reconciliation statement iii. Uncredited cheques iv. Unpresented cheques v. Dishonoured cheques. Answers:
More informationThe following balances have been extracted from the books of Arandis Local Government Treasury, for the month ended 31 March 2015: N$ ,500
Example 1 Trial Balance The following balances have been extracted from the books of Arandis Local Government Treasury, for the month ended 31 March 2015: N$ 000 33,500 Reserve Fund Cash on hand 53,000
More informationSubsidiary Ledgers & Control Accounts. F. M. Kapepiso
Subsidiary Ledgers & Control Accounts F. M. Kapepiso The accounting cycle Transaction Source document Journal LEDGER Control a/cs Trial balance Financial statements Learning objectives At the end of the
More informationCOMPILED BY : CA RAJESH R DALAL-J.M.PATEL COLLEGE OF COMMERCE-FOR CLASS WORK
PARTNERSHIP FINAL ACCOUNT 1) A and B were in partnership sharing profit in the ration 3: 2. From 1 st January, 2018 they admitted C into partnership giving him 1/6 th share in Profit. He brought Rs cash,
More informationCHAPTER 6 FINAL ACCOUNTS WITH ADJUSTMENTS
CHAPTER 6 FINAL ACCOUNTS WITH ADJUSTMENTS When a person starts a business he wishes to know the financial performance of his business. A convenient and universally accepted method of knowing this is to
More informationUNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education ACCOUNTING 0452/02
Centre Number Candidate Number Name UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education ACCOUNTING 0452/02 Paper 2 Candidates answer on the Question
More informationLevel 3 Certificate in Manual Bookkeeping QCF (Accreditation number: 500/9260/1)
Exam ID 322 Qualifications: Level 3 Certificate in Bookkeeping QCF (Accreditation number: 500/8479/3) Level 3 Certificate in Manual Bookkeeping QCF (Accreditation number: 500/9260/1) Level 3 Certificate
More informationSOLUTIONS TO ASSIGNMENT PROBLEMS. PROBLEM No. 1. Dec.31 By Bank Stock. 17,500 Debtors. Cash from Petty cash 26,000 8,200 9,400 63,400 16,400
SOLUTIONS TO ASSIGNMENT PROBLEMS PROBLEM No. 1 12. BRANCH ACCOUNTS (A) Debtors Method: Dr. Delhi Branch Account Cr. 2010 Particulars Rs. Rs. 2010 Particulars Rs. Rs. Jan. 1 Dec.31 By Bank Stock Cash Sales
More information2015 EXAMINATIONS CERTIFICATE IN FINANCIAL ACCOUNTING PROGRAMME PAPER FA 4 : BUSINESS ACCOUNTING
EXAMINATION NO. 2015 EXAMINATIONS CERTIFICATE IN FINANCIAL ACCOUNTING PROGRAMME PAPER FA 4 : BUSINESS ACCOUNTING THURSDAY 10 DECEMBER 2015 TIME ALLOWED: 3 HOURS 9.00 AM - 12.00 NOON INSTRUCTIONS 1. You
More informationMARK SCHEME for the May/June 2008 question paper 0452 ACCOUNTING. 0452/03 Paper 3, maximum raw mark 100
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June question paper 0452 ACCOUNTING 0452/03 Paper 3, maximum raw mark
More informationOsborne Books Tutor Zone. Bookkeeping Controls. Chapter activities
Osborne Books Tutor Zone Bookkeeping Controls Chapter activities Osborne Books Limited, 2016 2 b o o k k e e p i n g c o n t r o l s t u t o r z o n e 1 Payment methods 1.1 Which one of the following is
More informationMGT101 FINANCIAL ACCOUNTING SOLVED QUIZZES 3 LESSON 1 30
MGT101 FINANCIAL ACCOUNTING SOLVED QUIZZES 3 LESSON 1 30 Wages paid to laborers working in the manufacturing department is treated as an expense of: Cost of goods sold Administrative expense Selling expense
More informationegyptigstudentroom.com
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education *0018636067* ACCOUNTING 0452/13 Paper 1 October/November 2013 Candidates answer on the Question
More informationFinal accounts for sole traders and partnerships
Osborne Books Tutor Zone Final accounts for sole traders and partnerships Chapter activities Osborne Books Limited, 2013 2 f i n a l a c c o u n t s f o r s o l e t r a d e r s a n d p a r t n e r s h
More informationFinancial Accounting I 1 st Year Examination
Financial Accounting I 1 st Year Examination May 2010 Paper, Solutions & Examiner s Report IMPORTANT NOTE This Examination Paper and Suggested Solutions have been adjusted to reflect the International
More informationTHE TRAINING PLACE OF EXCELLENCE Control accounts, Journals & the Banking system Practice Assessment: Answers
THE TRAINING PLACE OF EXCELLENCE Control accounts, Journals & the Banking system Practice Assessment: Answers 1. (a) Wages expense 114,866 Wages control 114,866 (b) PAYE/ NI 23,349 Bank 23,349 (c) Wages
More informationQuestion No: 1 ( Marks: 1 ) - Please choose one Wages outstanding given in the trial balance will be treated as a (an):
Question No: 1 ( Marks: 1 ) - Please choose one Wages outstanding given in the trial balance will be treated as a (an): Asset Liability Revenue Deferred expense Question No: 2 ( Marks: 1 ) - Please choose
More informationCoimisiún na Scrúduithe Stáit State Examinations Commission
Coimisiún na Scrúduithe Stáit State Examinations Commission M. 54 LEAVING CERTIFICATE EXAMINATION, 2003 A C C O U N T I N G - O R D I N A R Y L E V E L (400 marks) THURSDAY, 12th JUNE 2003 MORNING 9.30
More informationCHAPTER 6 FINAL ACCOUNTS WITH ADJUSTMENTS
CHAPTER 6 FINAL ACCOUNTS WITH ADJUSTMENTS Suppose, the firm closes its books on 31st March and rent for the month of March has not been paid, this expense "rent" has been incurred and yet to be paid. Therefore,
More informationB Swift Dr Trading and Profit and Loss Account for the year ended the X6 Cr Opening Stock 300 Sales 6,700 4,260 Closing Stock 550 4,560 Gross Pr
Recording depreciation Depreciation within the double-entry system Fixed assets accounts are always kept for showing assets at cost price. This adheres to the Historic Cost accounting concept. As a result,
More informationDawood Public School Course Outline Principles of Accounts Class IX
Dawood Public School Course Outline 2017-18 Principles of Accounts Class IX Cambridge O level Principles of Accounts Syllabus Code 7110 Course Books: 1. Wood, Frank, Business Accounting, FT Pitman Publishers
More information0452 ACCOUNTING. Mark schemes should be read in conjunction with the question paper and the Principal Examiner Report for Teachers.
CAMBRIDGE INTERNATIONAL EXAMINATIONS Cambridge International General Certificate of Secondary Education MARK SCHEME for the March 2015 series 0452 ACCOUNTING 0452/12 Paper 12, maximum raw mark 120 This
More informationFoundation Access Course for Undergraduate Programmes. Examinations for / Semester 1
Foundation Access Course for Undergraduate Programmes Cohort: FACUP/09/FT Examinations for 2009 2010 / Semester 1 MODULE: FOUNDATION IN ACCOUNTING I MODULE CODE: ACCF Duration: 2 1 2 Hours Reading time:
More informationFANLING LUTHERAN SECONDARY SCHOOL
FANLING LUTHERAN SECONDARY SCHOOL 2012 2013 2 nd Term Examination S.5 BUSINESS, ACCOUNTING AND FINANCIAL STUDIES Accounting Module Date : 20th June, 2013 Time allowed: 8:30 am - 11:00 am (2 hour 30 minutes)
More informationFINANCIAL ACCOUNTING II
Question 1 You have been asked to sort out the accounts of a client - Mr Soh, a trader. You collect the following information in respect of the year ended 31st December 2006: Assets and Liabilities at
More informationMGT101 Long Questions
MGT101 Long Questions Question No: 56 ( Marks: 5 ) Write down the five advantages of Limited Company. Answer It is a legal entity created by law and hence has its own recognition, good will and brand equity
More informationACCN1 (JAN12ACCN101) General Certificate of Education Advanced Subsidiary Examination January Introduction to Financial Accounting TOTAL
Centre Number Surname Candidate Number For Examiner s Use Other Names Candidate Signature Examiner s Initials Accounting General Certificate of Education Advanced Subsidiary Examination January 2012 ACCN1
More informationMARK SCHEME for the October/November 2014 series 0452 ACCOUNTING. 0452/11 Paper 1, maximum raw mark 120
CAMBRIDGE INTERNATIONAL EXAMINATIONS Cambridge International General Certificate of Secondary Education MARK SCHEME for the October/November 2014 series 0452 ACCOUNTING 0452/11 Paper 1, maximum raw mark
More informationHIGHER SECONDARY I ST YEAR ACCOUNTANCY. TIME : 2 ½ Hours MARKS : 90 MODEL QUESTION PAPER PART - I
HIGHER SECONDARY I ST YEAR ACCOUNTANCY TIME : 2 ½ Hours MARKS : 90 MODEL QUESTION PAPER PART - I Answer all the questions. Choose the correct answer. 20 X 1 = 20 1. The Debts owing to others by business
More informationPREPARATION OF BANK RECONCILIATION STATEMENT, LEDGER AND TRIAL BALANCE
CHAPTER-4 PREPARATION OF BANK RECONCILIATION STATEMENT, LEDGER AND TRIAL BALANCE BANK RECONCILIATION STATEMENT Bank Reconciliation Statement is prepared to reconcile the difference between the bank Balance
More informationXI ACCOUNTING PRIVATE. Sameer Hussain
The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit 2014 XI ACCOUNTING
More informationQualifications: Level 2 Award in Manual Bookkeeping QCF (Accreditation number: 500/9259/5) IAB ID 210
Exam ID 208 QUESTION PAPER Qualifications: Level 2 Award in Manual Bookkeeping QCF (Accreditation number: 500/9259/5) IAB ID 210 Level 2 Certificate in Bookkeeping QCF (Accreditation number: 500/9053/7)
More informationMTP_Intermediate_Syllabus 2016_Dec 2017_Set 2 Paper 5- Financial Accounting
Paper 5- Financial Accounting Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 5- Financial Accounting Full Marks : 100 Time allowed:
More informationCS101 Introduction of computing
MGT101 Financial Accounting Lecture wise s Answers for Final Term Exam Preparation Write down the five advantages of Limited Company. Answer 1. It is legal entities created by law and hence has its own
More informationExamination for the Bachelor s Degree
Examination for the Bachelor s Degree name: exam in module: Accounting I nationality: 1st examiner: grade: 1st examiner: Berkau / Rosenberg sign.: matriculation number: 2nd examiner: grade: date: January
More informationPRINCE LIMITED You are provided with information for the financial year ended 28 February 2015.
REVISING ADJUSTMENTS FOR THE BALANCE SHEET (LIVE) Section B: Exam Questions Question 1 CONCEPTS GAAP PRINCIPLES 27 AUGUST 2015 REQUIRED: Choose an explanation from COLUMN B that matches a concept in COLUMN
More informationCOMSATS Institute of Information Technology Abbottabad
COMSATS Institute of Information Technology Abbottabad Department of Management Sciences Terminal Section A: Spring 2017 Class: BBA 2 Date: 21-07-2017 Subject: Accounting I Instructor: Zaheer Swati Time
More informationCOMSATS Institute of Information Technology Abbottabad
COMSATS Institute of Information Technology Abbottabad Department of Management Sciences Terminal Section A Class: Date: Subject: Accounting Instructor: Zaheer A. Swati Time Allowed: 30 Minutes Max Marks:
More informationClass-XI CBSE. Time : 3 hrs. Financial Accounting MM-90
Class-XI CBSE Time : 3 hrs. Financial Accounting MM-90 General Instructions (i) This question paper contains two parts A and B (ii) All question in both the parts are compulsory (iii) All parts of the
More informationErrors Not Affecting the Trial Balance
Errors Not Affecting the Trial Balance With these types of errors, the debit and credit columns of the Trial Balance will still be the same total. These errors are corrected by means of JOURNAL ENTRIES.
More informationFEEDBACK TUTORIAL LETTER
FEEDBACK TUTORIAL LETTER 1 st SEMESTER 2017 ASSIGNMENT 1 1 ASSIGNMENT 1 2017 FEEDBACK TUTORIAL LETTER. Dear Student Thank you for your effort and submitting this assignment on time. I have completed marking
More informationAccounting (Modular Syllabus)
Pearson Edexcel International Advanced Level Accounting (Modular Syllabus) Unit 1: The Accounting System and Costing Wednesday 12 October 2016 Morning Source booklet for use with Questions 1 to 7. Paper
More informationQuestion bank answers
BUSINESS ACCOUNTS 4th edition Question bank answers sourced from www.osbornebooks.co.uk Contents chapter answers number page 1 2 2 2 3 3 4 4 5 4 6 6 7 7 8 9 9 9 10 10 11-12 12 13 13 14 16 15 18 16 20 17
More informationCOMPOSED BY SADIA ALI SADI (MBA)
Mega File MGT101 Fall 2011 Question No: 7 ( Marks: 1 ) - Please choose one Which of the following business publishes the Financial Statements? Sole-Proprietorship Partnership Trust Public Limited Company
More information(b) Suspense a/c. trial balance 14 Stationery 50. Discount allowed Discount received. 14 Joe jones 190
1 Maria Matsa s financial year ends on 30 September. The trial balance prepared on 30 September 2002 showed a shortage on the credit side of $788. Maria entered this in a suspense account and then prepared
More information(c) Debtor overpaid the amount owed. Debtor paid his account and later returned goods.
1 David Odoyo maintains a full set of books of account. He prepares a purchases ledger control account and a sales ledger control account at the end of every month. (a) State two advantages of control
More informationUNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS 0452 ACCOUNTING. 0452/01 Paper 1 (Multiple Choice), maximum mark 40
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the June 2004 question papers 0452 ACCOUNTING 0452/01 Paper 1 (Multiple Choice),
More information