(BANK RECONCILIATION)

Size: px
Start display at page:

Download "(BANK RECONCILIATION)"

Transcription

1 QUESTION 1 (BANK RECONCILIATION) The following information is available after the Cash Book of Windhoek Stores was compared with their Bank Statement at 28 February Information The Cash Book showed an overdraft of N$ The Bank Statement showed a debit balance of N$ The deposit of N$7 654 does not appear on the Bank Statement. Cheques not yet presented for payment: Nr. 511 N$805 Nr. 516 N$690 The bank recorded the following in the current bank account of Windhoek Stores: Credit card levy N$150 Service fee N$243 Interest on overdraft N$163 A cheque for N$260 received from P. Peters was dishonoured by the bank. Discount allowed on this cheque was N$30. A payment by a debtor, D. Sunshine, for N$3 000 appears in the Bank Statement and not in the Cash Book. The Bank Statement showed a debit order for N$693 in favour of Deadsure for an insurance premium. T. Strong, a tenant, deposited his monthly rent directly into the bank account, N$ You are required to: 1.1 Make supplementary entries in Cash Book of Windhoek Stores on 28 February (17) 1.2 Draw up the Bank Reconciliation Statement on 28 February (8)

2 MEMORANDUM: QUESTION 1 CASH BOOK OF WINDHOEK STORES FEBRUARY 2010 CB2 DOC DAY DETAILS BANK DOC DAY DETAILS BANK B/S 28 D. SUNSHINE BALANCE B/D B/S RENT INCOME B/S BANK CHARGES 393 ( ) B/S BALANCE B/S INTEREST ON 163 C/D OVERDRAFT B/S INSURANCE 693 B/S P. PETER (R/D) MARCH 2009 CB3 1 BALANCE BANK RECONCILIATION STATEMENT AS AT 28 FEBRUARY CREDIT BALANCE ACCORDING TO CASH BOOK 4409 LESS: UNPRESENTED CHEQUES: NO ADD: OUTSTANDING DEPOSIT DEBIT BALANCE ACCORDING TO BANK STATEMENT 10568

3 QUESTION 2 (TRIAL BALANCE) The following balances were taken from the books of John s General Stores on 31 December N$ Stock (1 January 2010) Sales Bank (dr) Debtors Rent Income Equipment Returns Outwards Purchases Insurance Creditors Capital? Required: Prepare a Trial Balance for John s General Stores as at 31 December (12) MEMORANDUM: QUESTION 2 Trial Balance of John s General Stores as at 31 December 2010 fol Debit Credit BALANCE SHEET SECTION N$ NS CAPITAL STOCK BANK DEBTORS EQUIPMENT CREDITORS NOMINAL ACCOUNTS SALES RENT INCOME RETURNS OUTWARDS PURCHASES INSURANCE No totals or Capital calculation 0. (List) Sections left out 2.

4 QUESTION 3 (WAGES JOURNAL) Required: Use the following information and draw up the Wages Journal of USA Traders for the week ending 21 March Close off the Wages Journal and post it to the given accounts in the General Ledger. A normal working week is 40 hours. Employees Hours worked Rate normal time Rate overtime Deductions PAYE Pension Social Security 15 % of 9% of N$21 Gross Normal wage wage S Knowall 52 N$40 1½times P Nobody 48 N$30 normal N$14 time rate (31)

5 MEMORANDUM: QUESTION 3 Wages Journal of USA Traders for the week ending 21 March 2010 WJ Details Normal Time Overtime Gross Pension PAYE Social Total Net Wages wages Security Deductions Hours Rate Amount Hours Rate Amount S Knowall P Nobody GL7 GL6 GL5

6 General Ledger of USA Traders Dr Creditors for Wages GL5 Cr 2010 MAR 21 WAGES WJ Pension Fund GL MAR 21 WAGES WJ MAR 21 GROSS WAGES WJ Wages GL7

7 QUESTION 4 (ACCOUNTING EQUATION) Analyse the given transactions on the answer sheet. Show an increase with a (+), a decrease with a (-) and no effect with (0). Give the amount concerned in each case. TRANSACTIONS: 1. Goods sold on credit to A. Anna, N$ A Anna returned damaged goods, N$250, issued credit note. 3. Purchased stock on credit, N$7 000 from ABC Traders. 4. The owner, B. Bennie, provide a vehicle as part of his capital contribution, N$ Tax deducted from employees in the Wages Journal for the month was N$ Sent a cheque to the Receiver of Revenue(PAYE) for the amount deducted. 6. Purchased stationery, N$300, paid from Petty Cash. 7. Interest on fixed deposit received and deposited into the bank account, N$400. (28) MEMORANDUM: QUESTION 4 EFFECT ON ACCOUNT DEBITED ACCOUNT CREDITED A O E L 1 A ANNA SALES RETURNS INWARDS A ANNA PURCHASES ABC TRADERS VEHICLES CAPITAL RECEIVER OF REVENUE (PAYE) BANK STATIONERY PETTY CASH BANK INTEREST ON FIXED DEPOSIT

8 QUESTION 5 (RATIO S) The following amounts were taken from the books of Tsumeb Stores on 30 July N$ Sales Cost of Sales Other Income Expenses Fixed Assets Investments Current Assets (including stock) Current Liabilities Stock Long-term Liabilities Opening Capital Calculate to two decimal places: 5.1 Mark-up [3] 5.2 Margin [2] 5.3 Solvency [6]

9 5.4 Quick ratio [4] 5.5 ROCE [4] MEMORANDUM: QUESTION Mark-up [3] GP% of Cost of Sales = x 100% = 42,86% 5.2 Margin [2] GP% of Sales = x 100% = 30% 5.3 Solvency [6] Solvency = Total Assets : Total Liabilities = ( ) : ( ) = : = 2.84 : 1

10 5.4 Quick ratio [4] (Current assets stock) : Current liabilities = ( ) : 9000 = : = 2.54 : ROCE [4] Net Profit Opening capital x 100% = x 100% = 39.40%

Profit and Loss Account

Profit and Loss Account Profit and Loss Account Objectives - Explain the purpose of Profit and Loss Account - Explain the meaning of net profit/loss - Explain the accounting concept behind profit and loss - Draw up the Profit

More information

BANK RECONCILIATION 08 MAY 2014

BANK RECONCILIATION 08 MAY 2014 BANK RECONCILIATION 08 MAY 2014 In this lesson we: Lesson Description Focus on Bank Reconciliation Summary In the business world, control of cash is facilitated by depositing cash sales and other receipts

More information

Preparation of final accounts for a sole trader

Preparation of final accounts for a sole trader ACCOUNTS PREPARATION II Preparation of final accounts for a sole trader Introduction For Accounts Preparation II you need to be able to prepare the final accounts; a profit and loss account (income statement)

More information

1 (a) State one example of a current liability. 2 Examiner s... (b) State the effect on net profit if opening stock is overvalued.... (c) State one pu

1 (a) State one example of a current liability. 2 Examiner s... (b) State the effect on net profit if opening stock is overvalued.... (c) State one pu Short Answer Questions 1 (a) State one example of a current liability. 2 Examiner s... (b) State the effect on net profit if opening stock is overvalued.... (c) State one purpose for which the Journal

More information

BAFS Compulsory Part Introduction to Accounting

BAFS Compulsory Part Introduction to Accounting BAFS Compulsory Part Introduction to Accounting : Technology Education Section Curriculum Development Institute Education Bureau, HKSARG April 2009 1 Beauty Full Co. 2 BAFS Compulsory Part 3 BAFS Compulsory

More information

CONTENTS. Kevin O Riordan 2000 ISBN 1841 31 3750. Folens Publishers, Hibernian Industrial Estate, Greenhills Road. Tallaght, Dublin 24.

CONTENTS. Kevin O Riordan 2000 ISBN 1841 31 3750. Folens Publishers, Hibernian Industrial Estate, Greenhills Road. Tallaght, Dublin 24. CONTENTS Chapter 2: Double-Entry Book-keeping and the Trial Balance... 1 Chapter 3: Profit Measurement and Balance Sheet Preparation... 5 Chapter 4: Value Added Tax and Statutory Deductions... 8 Chapter

More information

IMMACULATE CONCEPTION HIGH SCHOOL BUSINESS DEPARTMENT PRINCIPLES OF ACCOUNTS SYLLABUS TERM 1 SECTION 1 INTRODUCTION TO PRINCIPLES OF ACCOUNTS

IMMACULATE CONCEPTION HIGH SCHOOL BUSINESS DEPARTMENT PRINCIPLES OF ACCOUNTS SYLLABUS TERM 1 SECTION 1 INTRODUCTION TO PRINCIPLES OF ACCOUNTS IMMACULATE CONCEPTION HIGH SCHOOL BUSINESS DEPARTMENT PRINCIPLES OF ACCOUNTS SYLLABUS TERM 1 SECTION 1 INTRODUCTION TO PRINCIPLES OF ACCOUNTS 1. Concept of Accounting and Principles of Accounting. 2. Accounting

More information

SAMPLE QUESTION PAPER IN ACCOUNTANCY. Time: Three Hours Maximum Marks: 100

SAMPLE QUESTION PAPER IN ACCOUNTANCY. Time: Three Hours Maximum Marks: 100 SAMPLE QUESTION PAPER IN ACCOUNTANCY Time: Three Hours Maximum Marks: 100 Note: The question paper is divided into two sections A and B. Attempt all questions of Section A and any one question of Section

More information

Chapter 6 Balance Sheet

Chapter 6 Balance Sheet Chapter 6 Balance Sheet Objectives Define Balance Sheet Understand the components of the balance sheet - Assets (Fixed, current and Intangible) -Liabilities (Long term and current) Owner s Equity Explain

More information

PREPARING FINAL ACCOUNTS. part

PREPARING FINAL ACCOUNTS. part 15_1312MH_CH09 27/1/05 8:38 am Page 87 PREPARING part 3 FINAL ACCOUNTS 9 The final accounts of sole traders 10 Accounting principles, concepts and policies 11 Depreciation and fixed assets 12 Bad debts

More information

Accounting Foundations

Accounting Foundations 1 Accounting Foundations Terry Marris June 2013 7 Unsold Stock Previously we have assumed that goods purchased for resale have all been sold by the end of the financial year. We see how unsold stock affects

More information

GRADE 12 LEARNER SUPPORT PROGRAMME

GRADE 12 LEARNER SUPPORT PROGRAMME Province of the EASTERN CAPE EDUCATION Steve Vukile Tshwete Education Complex Zone 6 Zwelitsha 5608 Private Bag X0032 Bhisho 5605 REPUBLIC OF SOUTH AFRICA CHIEF DIRECTORATE CURRICULUM MANAGEMENT GRADE

More information

Accounting Foundations

Accounting Foundations 1 Accounting Foundations Terry Marris May 2013 4 Trading and Profit and Loss Accounts The primary purpose of a business is to make a profit. To this end business owners prepare Trading and Profit and Losses

More information

DE 2946 DISTANCE EDUCATION B.C.A. DEGREE EXAMINATION, MAY ACCOUNTING FUNDAMENTALS. (2003 onwards) Answer any FOUR questions.

DE 2946 DISTANCE EDUCATION B.C.A. DEGREE EXAMINATION, MAY ACCOUNTING FUNDAMENTALS. (2003 onwards) Answer any FOUR questions. DE 2946 15 DISTANCE EDUCATION B.C.A. DEGREE EXAMINATION, MAY 2008. ACCOUNTING FUNDAMENTALS (2003 onwards) Time : Three hours Maximum : 100 marks Answer any FOUR questions. All questions carry equal marks.

More information

ACCOUNTING PAPER 1 OF 1 GRADE 12 JUNE EXAMINATION 2014

ACCOUNTING PAPER 1 OF 1 GRADE 12 JUNE EXAMINATION 2014 ACCOUNTING PAPER 1 OF 1 GRADE 12 JUNE EXAMINATION 2014 TOTAL: 300 TIME: 3 HOURS THIS PAPER CONSISTS OF 32 PAGES Page 1 of 32 INSTRUCTIONS: 1. Answer ALL questions. 2. An ANSWER BOOK is provided, in which

More information

C02 Financial Accounting Fundamentals Incomplete Records by Cathy Sibley Part 2

C02 Financial Accounting Fundamentals Incomplete Records by Cathy Sibley Part 2 C02 Financial Accounting Fundamentals Incomplete Records by Cathy Sibley Part 2 (Before reading this article, please read part 1 which was published in Velocity ) Cost s & the Trading Account We have two

More information

Examiner's Report (AA11) FINANCIAL ACCOUNTING BASICS

Examiner's Report (AA11) FINANCIAL ACCOUNTING BASICS ASSOCIATION OF ACCOUNTING TECHNICIANS OF SRI LANKA Examiner's Report AA1 Examination - January 2016 (AA11) FINANCIAL ACCOUNTING BASICS SECTION A Objective Test Questions (OTQs) (40 marks) Question No.

More information

Grade 10 Accounting Notes SET 2: Basics Cash Retail Business Cash Transactions. Name: JCansfield Page 1 of 27

Grade 10 Accounting Notes SET 2: Basics Cash Retail Business Cash Transactions. Name: JCansfield Page 1 of 27 Grade 10 Accounting Notes SET 2: Basics Cash Retail Business Cash Transactions Name: JCansfield Page 1 of 27 Accounting Cycle The Accounting cycle takes place over 12 months. We refer to this as the Financial

More information

Lesson-8. Income Statements. To understand the meaning of profit and loss account To understand the method of preparing the profit and loss account

Lesson-8. Income Statements. To understand the meaning of profit and loss account To understand the method of preparing the profit and loss account Lesson-8 Income Statements Learning Objectives To understand the meaning of profit and loss account To understand the method of preparing the profit and loss account Introduction After the agreement of

More information

Processing accounting information

Processing accounting information Chapter 2 Processing accounting information This chapter covers briefly the following topics: Double entry bookkeeping and ledger accounts The debit and credit rules Recording transactions Balancing off

More information

EasyPC Training. Accounting Basics

EasyPC Training. Accounting Basics EasyPC Training Accounting Basics Contents Accounting Basics... 3 The Accounting Equation... 3 Assets... 3 Liabilities... 3 Owner s Equity... 3 The Balance Sheet... 5 Double Entry Bookkeeping... 6 Ledger

More information

FINANCIAL STATEMENTS-II

FINANCIAL STATEMENTS-II MODULE - 3 15 FINANCIAL STATEMENTS-II You have learnt that Income Statement i.e. Trading & Profit and Loss Account and Position Statement i.e., Balance Sheet are two financial statements, which are prepared

More information

UNIVERSITY EXAMINATIONS COURSE TITLE: FINANCIAL ACCOUNTING DATE: 19/08/2010

UNIVERSITY EXAMINATIONS COURSE TITLE: FINANCIAL ACCOUNTING DATE: 19/08/2010 KABARAK UNIVERSITY UNIVERSITY EXAMINATIONS /2010 ACADEMIC YEAR FOR THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION COURSE CODE: ACCT 510 COURSE TITLE: FINANCIAL ACCOUNTING STREAM: DAY: TIME: MBA THURSDAY

More information

TERM 4 REVISION ACTIVITIES LEARNER S COPY (page 1 11)

TERM 4 REVISION ACTIVITIES LEARNER S COPY (page 1 11) TERM 4 REVISION ACTIVITIES LEARNER S COPY (page 1 11) REVISION ACTIVITY NO. 1 (CPJ, CJ AND CAJ) B. Brook started a bookshop with the name Incredible books. Use the information to complete the following:

More information

Statements MAKEorBREAK Sample Questions

Statements MAKEorBREAK Sample Questions Castle 2.3 Statements Got the answer? Be the first to stand with your group s flag. Got it correct? MAKE or BREAK a castle, yours or any other group s. The group with the most castles wins. Enjoy! Question

More information

Objective Evidence. Unit of Measurement. Accounting Period Cycle. Business Entity. Going Concern. Adequate Disclosure. Matching Expenses with Revenue

Objective Evidence. Unit of Measurement. Accounting Period Cycle. Business Entity. Going Concern. Adequate Disclosure. Matching Expenses with Revenue Accounting Concept: A source document is prepared for each transaction Objective Evidence Accounting Concept: Business transactions are stated in numbers that have common values; that is, using a common

More information

2006 VCE VET Financial Services GA 2: Written examination

2006 VCE VET Financial Services GA 2: Written examination VCE VET Financial Services GA 2: Written examination GENERAL COMMENTS Students were well prepared for the VCE VET Financial Services examination, and a significant number achieved pleasing results. It

More information

Bank Reconciliation Statements

Bank Reconciliation Statements Bank Reconciliation Statements Chapter 8 1 Luby & O Donoghue (2005) Terminology Current account Cheque clearing Bank overdraft Direct debit Standing order transfer Dishonoured cheque Bank statement 2 Business

More information

MARK SCHEME for the October/November 2008 question paper 0452 ACCOUNTING. 0452/03 Paper 3, maximum raw mark 100

MARK SCHEME for the October/November 2008 question paper 0452 ACCOUNTING. 0452/03 Paper 3, maximum raw mark 100 www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the October/November question paper 0452 ACCOUNTING 0452/03

More information

PRINCIPLES OF ACCOUNTS

PRINCIPLES OF ACCOUNTS PRINCIPLES OF ACCOUNTS GCE NORMAL LEVEL (SYLLABUS 7091) INTRODUCTION The syllabus aims to develop an understanding of the principles and concepts of accounting and their applications in a variety of business

More information

ACCOUNTING 1 (ACN101- M)

ACCOUNTING 1 (ACN101- M) 1 ACCOUNTING 1 (ACN101- M) STUDY UNIT 1: THE NATURE AND FUNCTION OF ACCOUNTING DEFINITION: Accounting can be defined as the orderly & systematic recording of the monetary values of financial transactions

More information

2011 SAMPLE ACCOUNTING PAPER. The external assessment requirements of this subject are listed on page 27.

2011 SAMPLE ACCOUNTING PAPER. The external assessment requirements of this subject are listed on page 27. Sample External External Examination 2011 2011 FOR OFFICE USE ONLY SUPERVISOR CHECK 2011 ACCOUNTING PAPER The external assessment requirements of this subject are listed on page 27. ATTACH SACE REGISTRATION

More information

BOOKKEEPING WITH COMPUTERS

BOOKKEEPING WITH COMPUTERS BOOKKEEPING WITH COMPUTERS INTRODUCTION Whether manual or computerised, bookkeeping is essentially the same. Both methods use the same concept of DOUBLE ENTRY, i.e. Debits () and edits (). Double entry

More information

SECONDARY SCHOOL IMPROVEMENT PROGRAMME (SSIP) 2016

SECONDARY SCHOOL IMPROVEMENT PROGRAMME (SSIP) 2016 1 SECONDARY SCHOOL IMPROVEMENT PROGRAMME (SSIP) 2016 GRADE 12 SUBJECT: ACCOUNTING TEACHERS NOTES SESSIONS 6 TO 8 (Page 1 of 10) 2 SESSION 6 TOPIC: FIXED ASSETS IMPORTANT ASPECTS TO BE CONSIDERED BY TEACHERS

More information

UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS 0452 ACCOUNTING. 0452/01 Paper 1 (Multiple Choice), maximum mark 40

UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS 0452 ACCOUNTING. 0452/01 Paper 1 (Multiple Choice), maximum mark 40 www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the June 2004 question papers 0452 ACCOUNTING 0452/01 Paper

More information

CENTRE FOR CONTINUING EDUCATION BBA (AVIATION OPERATION)

CENTRE FOR CONTINUING EDUCATION BBA (AVIATION OPERATION) CENTRE FOR CONTINUING EDUCATION BBA (AVIATION OPERATION) BATCH: SEMESTER: NAME: ROLL NO: ASSIGNMENT 1 & 2 FOR BUSINESS ACCOUNTING BBCF 131 UNIVERSITY OF PETROLEUM & ENERGY STUDIES Assignment-1 Note: All

More information

MARK SCHEME for the October/November 2011 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/23 Paper 2, maximum raw mark 120

MARK SCHEME for the October/November 2011 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/23 Paper 2, maximum raw mark 120 www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the October/November question paper for the guidance of

More information

MARK SCHEME for the May/June 2008 question paper 0452 ACCOUNTING. 0452/03 Paper 3, maximum raw mark 100

MARK SCHEME for the May/June 2008 question paper 0452 ACCOUNTING. 0452/03 Paper 3, maximum raw mark 100 www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June question paper 0452 ACCOUNTING 0452/03 Paper

More information

Subsidiary Book. Chapter 5

Subsidiary Book. Chapter 5 Chapter 5 Subsidiary Book In a business most of the transactions are related to receipt and payment of cash, sale of goods and purchase of goods. Hence separate books are maintained for recording these

More information

Self-Balancing Ledgers

Self-Balancing Ledgers 8 Self-Balancing Ledgers BASIC CONCEPTS Self Balancing Ledger System implies a system of ledger keeping which classifies ledgers as per nature of transactions. In this system, generally three ledgers,

More information

Accounting Fundamentals

Accounting Fundamentals Subject no. 50A Certificate in Offshore Finance and Administration Accounting Fundamentals July 2013 Tuesday morning 9 July 2013 Time allowed: 2 hours Do not open this examination paper until the presiding

More information

pre-typeset final version

pre-typeset final version Pearson LCCI Level 1 Certificate in Bookkeeping Examination Paper Sample assessment material for first teaching January 2015 Time: 2 hours You do not need any other materials. Total Marks 100 Instructions

More information

Concept of Trial Balance

Concept of Trial Balance Concept of Trial Balance Objectives 1. Define Trial Balance 2. The purpose of preparing a Trial Balance 3. Draw up a Trial Balance 4. Explain the limitations of a Trial Balance 5. State the type of errors

More information

Accounting Foundations

Accounting Foundations 1 Accounting Foundations Terry Marris June 2013 6 Discounts and Returns You may have come across incentives to buy, such as 10% off marked prices and incentives to settle a bill early, such as 5% off your

More information

BUSINESS ACCOUNTS. sample documents. sourced from www.osbornebooks.co.uk

BUSINESS ACCOUNTS. sample documents. sourced from www.osbornebooks.co.uk BUSINESS ACCOUNTS sample documents sourced from www.osbornebooks.co.uk Sample documents document page invoice 3 statement 4 double-entry accounts 5 cash book 6 petty cash book 7 extended trial balance

More information

AMITY GLOBAL BUSINESS SCHOOL. Module Syllabus. Wong Yee Yong, Aung Poh Hong / Pearson Education South Asia Pte Ltd

AMITY GLOBAL BUSINESS SCHOOL. Module Syllabus. Wong Yee Yong, Aung Poh Hong / Pearson Education South Asia Pte Ltd Module Syllabus Course Singapore-Cambridge G.C.E. Ordinary Level Module Title Principles of Accounts Module Syllabus no. 7092 Year offered 2015 Start date Sep 2015 End date Sep 2016 Syllabus / Content

More information

Revision checklist for O Level Principles of Accounts 7110

Revision checklist for O Level Principles of Accounts 7110 Revision check for O Level Principles of Accounts 7110 How to use this guide This revision guide describes what you need to know about your O Level Principles of Accounts examination. It will help you

More information

ACCOUNTING. Written examination 1. Tuesday 12 June 2012

ACCOUNTING. Written examination 1. Tuesday 12 June 2012 Victorian Certificate of Education ACCOUNTING Written examination 1 Tuesday 12 June Reading time: 2.45 pm to 3.00 pm (15 minutes) Writing time: 3.00 pm to 4.30 pm (1 hour 30 minutes) QUESTION BOOK Number

More information

Chapter 4: Transactions to General Ledger Chapter Review Solutions

Chapter 4: Transactions to General Ledger Chapter Review Solutions Introductory Accounting - Accounting to Trial Balance Chapter 4: Transactions to General Ledger Chapter Review Solutions 2. Invoice: A bill charging a customer for goods supplied or service provided on

More information

OBJECTIVES After studying this lesson you will be able to : explain the meaning and the objectives of financial statements;

OBJECTIVES After studying this lesson you will be able to : explain the meaning and the objectives of financial statements; 13 FINANCIAL STATEMENTS AN INTRODUCTION In the previous lessons you have learnt how to record the business transactions in various books of accounts and posting into ledger. You have also learnt about

More information

CHAPTER 10 Financial Statements NOTE

CHAPTER 10 Financial Statements NOTE NOTE In practice, accruals accounts and prepayments accounts are implied rather than drawn up. It is common for expense accounts to show simply a balance c/d and a balance b/d. The accrual or prepayment

More information

Accounting *P38649A0128* Edexcel IGCSE P38649A. Paper 1. Thursday 12 May 2011 Morning Time: 2 hours 30 minutes. Instructions. Information.

Accounting *P38649A0128* Edexcel IGCSE P38649A. Paper 1. Thursday 12 May 2011 Morning Time: 2 hours 30 minutes. Instructions. Information. Write your name here Surname Other names Edexcel IGCSE Accounting Paper 1 Centre Number Candidate Number Thursday 12 May 2011 Morning Time: 2 hours 30 minutes You do not need any other materials. Paper

More information

ANNEXURE A: SUGGESTED CONTENT AND CONTEXT TO ACHIEVE THE LEARNING OUTCOMES

ANNEXURE A: SUGGESTED CONTENT AND CONTEXT TO ACHIEVE THE LEARNING OUTCOMES ANNEXURE A: SUGGESTED CONTENT AND CONTEXT TO ACHIEVE THE LEARNING OUTCOMES Learning Outcome 1: Financial Information The learner is able to demonstrate knowledge, understanding and the application of financial

More information

Suggested Progress and Syllabus for the Year

Suggested Progress and Syllabus for the Year Suggested Progress and Syllabus for the Year 2002 2003 Appendix 1 Secondary: Four Book used: Principles of Accounts for Hong Kong Volume 1 Frank Wood (Longman) 5 th Edition First Term (S.4A) Cycle Periods

More information

CPPDSM4006A Establish and manage agency trust accounts. Assignment 2

CPPDSM4006A Establish and manage agency trust accounts. Assignment 2 CPPDSM4006A Establish and manage agency trust accounts Assignment 2 This unit of competency specifies the outcomes required to establish and manage trust accounts in an agency context. It includes reviewing

More information

2013 ACCOUNTING ATTACH SACE REGISTRATION NUMBER LABEL TO THIS BOX

2013 ACCOUNTING ATTACH SACE REGISTRATION NUMBER LABEL TO THIS BOX External Examination 2013 2013 ACCOUNTING FOR OFFICE USE ONLY SUPERVISOR CHECK ATTACH SACE REGISTRATION NUMBER LABEL TO THIS BOX RE-MARKED Wednesday 13 November: 1.30 p.m. Time: 2 hours Pages: 29 Questions:

More information

Total No. of Questions: 6 Total No. of Printed Pages:4 [4]

Total No. of Questions: 6 Total No. of Printed Pages:4 [4] [4] d) Interest debited by the bank on Jun 06 but no advice received 4000 e) Amount wrongly debited by the bank 400 f) Dividend collected by the bank not recorded in cash book 6000 g) Directly deposited

More information

Teacher Resource Bank

Teacher Resource Bank Teacher Resource Bank GCE Accounting Other Guidance: Layouts and Formulae ACCN1: Layouts ACCN2: Layouts and Formulae ACCN4: Layouts and Formulae (Updated July 2012) The Assessment and Qualifications Alliance

More information

Answer ALL questions. Question 1-10 are multiple choice and carry 2 marks each. Questions carry 20 marks each.

Answer ALL questions. Question 1-10 are multiple choice and carry 2 marks each. Questions carry 20 marks each. SEC Accounting 2012 Paper I Answer ALL questions. Question 1-10 are multiple choice and carry 2 marks each. Questions 11-14 carry 20 marks each. Write on the booklet the correct answer for each of the

More information

Suggested Study Notes ACCA F3 Paper. Assets A Liabilities L (+Capital) C. $ < totals must equal > $

Suggested Study Notes ACCA F3 Paper. Assets A Liabilities L (+Capital) C. $ < totals must equal > $ for F3 ACCA Examinations REVIEW OF SOME KEY FUNDALMENTALS 1 Accounting Matrix Debit Trial Balance Credit Assets A Liabilities L (+Capital) C Expenses E Gains G $ < totals must equal > $ Comparing assets

More information

0452 ACCOUNTING 0452/02 Paper 2, maximum raw mark 100

0452 ACCOUNTING 0452/02 Paper 2, maximum raw mark 100 www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the October/November 2009 question paper for the guidance

More information

2013 NOVEMBER (EASTERN CAPE)

2013 NOVEMBER (EASTERN CAPE) 2013 NOVEMBER (EASTERN CAPE) Question 1 RECONCILIATIONS 1.1 Bank Reconciliation (50 marks; 30 minutes) 1.1.1 CASH RECEIPTS JOURNAL OF BLITZ TRADERS MARCH 2013 DOC NO. DAY DETAILS BANK SUNDRY AMOUNTS 31

More information

Before you begin. Chapter 1: Processing journal systems 1

Before you begin. Chapter 1: Processing journal systems 1 Contents Contents Before you begin What you will learn What is expected of a Certificate III learner Assessment Employability skills How to work through this unit Resources v v vii vii viii x xi Chapter

More information

QUESTIONS ON ACCOUNTANCY

QUESTIONS ON ACCOUNTANCY 1. is prepared at the end of the period to show the financial position of business a) P\L account b) Balance sheet c) Trial balance 2. Payment of monthly rent to landlord is a) Economic event b) Non-economic

More information

0452 ACCOUNTING 0452/02 Paper 2, maximum raw mark 90

0452 ACCOUNTING 0452/02 Paper 2, maximum raw mark 90 www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June 2009 question paper for the guidance of teachers

More information

110 Questions(with Answers) On Accounting Basics FREE E-book from http://basiccollegeaccounting.com

110 Questions(with Answers) On Accounting Basics FREE E-book from http://basiccollegeaccounting.com (http://basiccollegeaccounting.com) Dedicated to helping Students & Teachers NOTE: 110 Questions & Answers on True Or False on Accounting Basics ACCOUNTING CONCEPTS & DOUBLE ENTRY SYSTEM True False 1.

More information

C02-Fundamentals of financial accounting

C02-Fundamentals of financial accounting Sample Exam Paper Question 1 The difference between an income statement and an income and expenditure account is that: A. An income and expenditure account is an international term for an Income statement.

More information

SENIOR CERTIFICATE EXAMINATION

SENIOR CERTIFICATE EXAMINATION SENIOR CERTIFICATE EXAMINATION ACCOUNTING 2015 MARKS: 300 TIME: 3 hours This question paper consists of 23 pages and an answer book of 17 pages. Accounting 2 DBE/2015 INSTRUCTIONS AND INFORMATION Read

More information

FAITH ACADEMY KADUNA BUSINESS STUDIES JSS 3 FIRST TERM WEEK ONE TRADING, PROFIT AND LOSS ACCOUNT

FAITH ACADEMY KADUNA BUSINESS STUDIES JSS 3 FIRST TERM WEEK ONE TRADING, PROFIT AND LOSS ACCOUNT FAITH ACADEMY KADUNA BUSINESS STUDIES JSS 3 FIRST TERM WEEK ONE TRADING, PROFIT AND LOSS ACCOUNT The trading, profit and loss account is an account, which confirms with the rules of double entry. This

More information

TRADING ACCOUNT (Horizontal Format) for the year ended. Particulars. Rs.

TRADING ACCOUNT (Horizontal Format) for the year ended. Particulars. Rs. Dr. To Opening Stock To Purchases Less: Returns outwards () To Frieght & Carriage To Customs & Insurance To Wages To Gas, Water & Fuel To Factory Expenses To Royalty on Production To Cargo Expenses To

More information

Paper Reference. Paper Reference(s) 4305/01 London Examinations IGCSE. Wednesday 17 June 2009 Morning Time: 2 hours 30 minutes

Paper Reference. Paper Reference(s) 4305/01 London Examinations IGCSE. Wednesday 17 June 2009 Morning Time: 2 hours 30 minutes Centre No. Candidate No. Surname Signature Paper Reference(s) 4305/01 London Examinations IGCSE Accounting Paper 1 Wednesday 17 June 2009 Morning Time: 2 hours 30 minutes Materials required for examination

More information

Ministry of Manpower Directorate General of Technological Education NIZWA COLLEGE OF TECHNOLOGY DEPARTMENT OF BUSINESS STUDIES

Ministry of Manpower Directorate General of Technological Education NIZWA COLLEGE OF TECHNOLOGY DEPARTMENT OF BUSINESS STUDIES Ministry of Manpower Directorate General of Technological Education NIZWA COLLEGE OF TECHNOLOGY DEPARTMENT OF BUSINESS STUDIES A FINAL EXAMINATION-SEMESTER-II, 2014-2015 BAAC 1102: PRINCIPLES OF ACCOUNTING

More information

Rectification of Errors

Rectification of Errors Chapter 9 Rectification of Errors Types of Errors: Errors of Principle : When a transaction is recorded in contravention of accounting principles like recording the wrong type of account, it is an error

More information

PROFIT OR LOSS PRIOR TO INCORPORATION

PROFIT OR LOSS PRIOR TO INCORPORATION 3 PROFIT OR LOSS PRIOR TO INCORPORATION Learning Objectives After studying this chapter, you will be able to: Account for pre-incorporation profit. Learn various methods for computing profit or loss prior

More information

COMPANY FINANCIAL STATEMENTS (LIVE) 09 APRIL 2015 Section A: Summary Notes and Examples

COMPANY FINANCIAL STATEMENTS (LIVE) 09 APRIL 2015 Section A: Summary Notes and Examples COMPANY FINANCIAL STATEMENTS (LIVE) 09 APRIL 2015 Section A: Summary Notes and Examples Adjustments Here are the most common adjustments pertaining to companies and how to do them. You will need to practise

More information

MARK SCHEME for the May/June 2010 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/22 Paper 22, maximum raw mark 120

MARK SCHEME for the May/June 2010 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/22 Paper 22, maximum raw mark 120 www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June 2010 question paper for the guidance of teachers

More information

GRAAD 12 NATIONAL SENIOR CERTIFICATE GRADE 12

GRAAD 12 NATIONAL SENIOR CERTIFICATE GRADE 12 GRAAD 12 NATIONAL SENIOR CERTIFICATE GRADE 12 ACCOUNTING NOVEMBER 2011 MARKS: 300 TIME: 3 hours This question paper consists of 19 pages and an 18-page answer book. Accounting 2 DBE/November 2011 INSTRUCTIONS

More information

Mustafa Khuwaja - CAT Finalist

Mustafa Khuwaja - CAT Finalist 1 Run through the Flashcards as often as you can during your final revision period. The day before the exam, try to go through the Flashcards again. You will be well on your way to passing your exams.

More information

Trading Profit and Loss Account

Trading Profit and Loss Account Trading Profit and Loss Account Trading Account The trading account shows the income from sales and the direct costs of making those sales. It includes the balance of stocks at the start and end of the

More information

(a) (i) Marking Scheme: 1 mark for definition and 1 mark for example.

(a) (i) Marking Scheme: 1 mark for definition and 1 mark for example. T A S M A N I A N Accounting C E R T I F I C A T E Subject Code ACC5C O F E D U C A T I O N Question 1 T A S M A N I A N Q U A L I F I C A T I O N S A U T H O R I T Y (a) (i) Marking Scheme: 1 mark for

More information

GRAAD 12 NATIONAL SENIOR CERTIFICATE GRADE 12

GRAAD 12 NATIONAL SENIOR CERTIFICATE GRADE 12 GRAAD 12 NATIONAL SENIOR CERTIFICATE GRADE 12 ACCOUNTING NOVEMBER 2010 MARKS: 300 TIME: 3 hours This question paper consists of 21 pages and an answer book of 19 pages. Accounting 2 DBE/November 2010 INSTRUCTIONS

More information

MARK SCHEME for the May/June 2007 question paper 0452 ACCOUNTING. 0452/03 Paper 3, maximum raw mark 100

MARK SCHEME for the May/June 2007 question paper 0452 ACCOUNTING. 0452/03 Paper 3, maximum raw mark 100 www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June question paper 0452 ACCOUNTING 0452/03 Paper

More information

Cash Book & Petty Cash Book

Cash Book & Petty Cash Book Cash Book & Petty Cash Book 8 4 Karl is a sole trader who keeps full double entry accounting records including Sales, Purchases and Nominal Ledgers. Examiner s On 1 April 2003, balances in Karl s books

More information

Accounting And Finance For Bankers - JAIIB

Accounting And Finance For Bankers - JAIIB Timing: 3 Hours Question : 100 1. Which of the following accounting standards do not match in the context of banking companies accounts: a. AS-21: consolidated statements b. AS-21: Segment reporting c.

More information

SEC Syllabus (2017) Accounting ACCOUNTING SEC 01

SEC Syllabus (2017) Accounting ACCOUNTING SEC 01 SEC SYLLABUS (2017) ACCOUNTING SEC 01 SYLLABUS 1 Accounting SEC 01 Syllabus (not available in September) Paper 1 (2hrs) + Paper II (2 hrs) The aims of the syllabus are to enable students: 1. To understand

More information

Paper F3. Financial Accounting. Specimen Exam applicable from June 2014. Fundamentals Level Knowledge Module

Paper F3. Financial Accounting. Specimen Exam applicable from June 2014. Fundamentals Level Knowledge Module Fundamentals Level Knowledge Module Financial Accounting Specimen Exam applicable from June 2014 Time allowed: 2 hours This paper is divided into two sections: Section A ALL 35 questions are compulsory

More information

INDEPENDENT BRANCH Dr. Cr. (i) (ii) (iii) In the Books of Y Ltd. Journal Entries Date Particulars Debit (Rs.) Credit (Rs.) (i) (4, ,400)]

INDEPENDENT BRANCH  Dr. Cr. (i) (ii) (iii) In the Books of Y Ltd. Journal Entries Date Particulars Debit (Rs.) Credit (Rs.) (i) (4, ,400)] INDEPENDENT BRANCH 1. The following is the Trial Balance of Calcutta Branch as on 31 March, 2008 : Dr. Cr. Bombay Head Office A/c 32,400 Stock on 1-4-2007 60,000 Purchases 1,78,000 Goods received from

More information

INVENTORY CONTROL SYSTEMS

INVENTORY CONTROL SYSTEMS INVENTORY CONTROL SYSTEMS SPECIFIC OUTCOMES ٱ ٱ ٱ ٱ Prepare the following ledger accounts in general ledger: Trading stock account Creditors allowances Purchases account Carriage on purchases Trading account

More information

UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education

UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education *6351257674* UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education ACCOUNTING 0452/13 Paper 1 October/November 2010 Candidates answer on the Question

More information

CASH FLOW STATEMENT. MODULE - 6A Analysis of Financial Statements. Cash Flow Statement. Notes

CASH FLOW STATEMENT. MODULE - 6A Analysis of Financial Statements. Cash Flow Statement. Notes MODULE - 6A Cash Flow Statement 30 CASH FLOW STATEMENT In the previous lesson, you have learnt various types of analysis of financial statements and its tools such as comparative statements, common size

More information

Accounting for Merchandising Businesses

Accounting for Merchandising Businesses C H A P T E R 6 Accounting for Merchandising Businesses Financial Accounting 14e Warren Reeve Duchac human/istock/360/getty Images Operating Cycle The operating cycle is the process by which a company

More information

Q6] The process of recording financial data upto trial balance is a) Book keeping b) Classifying c) Summarising d) Analyzing

Q6] The process of recording financial data upto trial balance is a) Book keeping b) Classifying c) Summarising d) Analyzing MULTIPLE CHOICE QUESTIONS ON BASIC ACCOUNTING Q1] Which accounting concept satisfy the valuation criteria A] Going concern, Realisation, Cost b) Going concern, Cost, Dual aspect c) Cost, Dual aspect, Conservatism

More information

WOOD: Business Accounting Basics, 01 CHAPTER 5. Value added tax

WOOD: Business Accounting Basics, 01 CHAPTER 5. Value added tax CHAPTER 5 Value added tax Learning objectives By the end of this chapter you should be able to: Calculate the level of VAT for inclusion on an invoice Ascertain the VAT liability of a business through

More information

CHAPTER 10. a, b, c Prahran Pottery Products: General Journal

CHAPTER 10. a, b, c Prahran Pottery Products: General Journal CHAPTER 10 a, b, c Prahran Pottery Products: General Journal Jan 31 Cash sales 30 000 P&L summary 30 000 Closing entry 31 P&L summary 19 000 Cost of sales 16 200 Vehicle expenses 2 800 Closing entry 31

More information

IAB Level 2 Certificate in Bookkeeping (RQF) Qualification Specification

IAB Level 2 Certificate in Bookkeeping (RQF) Qualification Specification IAB Level 2 Certificate in Bookkeeping (RQF) Qualification Specification Contents 1 Introduction to the qualification... 2 2 Statement of level... 2 3 Aims... 2 4 Target groups... 3 5 Entry requirements...

More information

Associated Files: Ratios worksheet

Associated Files: Ratios worksheet Unit 4 Business accounting Ratios Instructions and answers for Teachers These instructions should accompany the OCR resource Ratios which supports the OCR Level 3 Cambridge Technicals in Business Unit

More information

3 Profit or Loss Pre and Post Incorporation

3 Profit or Loss Pre and Post Incorporation 3 Profit or Loss Pre and Post Incorporation Learning Objectives After studying this chapter, you will be able to: Understand the meaning of pre-incorporation profit or loss. Account for pre-incorporation

More information

UNIVERSITY OF LIMPOPO

UNIVERSITY OF LIMPOPO UN I V E R SIT F LI MPOPO YO TABLE OF CONTENT Clubs Introduction 2 Ledger accounts 2. Membership fees 2.2 Entrance fees 2.3 Capital fund account 2.4 Refreshments 2.5 Affiliation fees 2.6 Honorarium 2.7

More information

2. Users of financial statements and its purpose

2. Users of financial statements and its purpose SUBJECT: ACCOUNTING GRADE 12 CHAPTER: COMPANIES LESSON: CASH FLOW STATEMENTS LESSON OVERVIEW (KNOWLEDGE AREAS) LESSON 1. Introduction 2. Users of financial statements and its purpose 3. Format of the cash

More information

RAPID REVIEW. INVENTORY (Chapters 5 and 6) Ownership. Perpetual vs. Periodic Journal Entries. Expenses. Inventory Cost Flow Assumptions

RAPID REVIEW. INVENTORY (Chapters 5 and 6) Ownership. Perpetual vs. Periodic Journal Entries. Expenses. Inventory Cost Flow Assumptions RAPID REVIEW ACCOUNTING CONCEPTS (Chapters 1 4) Characteristics Assumptions Principles Constraints Understandability Monetary unit Revenue recognition Materiality Relevance Economic entity Matching Cost-benefit

More information