++++++++++++++++++++++++
EXAM TIME: Thursday, 8th September, 2016
Financial Accounting (Financial
Accounting Essay& Objective) 9.30 – 1.00pm
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EXAM TIME: Thursday, 8th September, 2016
Financial Accounting (Financial
Accounting Essay& Objective) 9.30 – 1.00pm
++++++++++++++++++++++++++
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ACCOUNT OBJ:
1DDBABBBDDB
11BAACCDDBBD
21BDCDCBCBCB
31CDDBBBDCDB
41ACBABAAACD
==========================
ACCOUNT OBJ:
1DDBABBBDDB
11BAACCDDBBD
21BDCDCBCBCB
31CDDBBBDCDB
41ACBABAAACD
==========================
(2a)
Working capital is the amount of a company’s current assets minus the amount of its current liabilities.
(2b)
Capital employed, also known as funds employed, is the total amount of capital used for the acquisition of profits. It is the value of all the assets employed in a business and can be calculated by adding fixed assets to working capital or subtracting current liabilities from total assets.
(2c)
A fixed asset is an item with a useful life greater than one reporting period, and which exceeds an entity’s minimum capitalization limit .
(2d)
A current asset is cash and any other company asset that will be turning to cash within one year from the date shown in the heading of the company’s balance sheet. (If a company has an operating cycle that is longer than one year, an asset that will turn to cash within the length of its operating cycle is considered to be a current asset.)
(2e)
The rate of stock turnover is a measure of the number of times inventory is sold or used in a time period such as a year. The equation for inventory turnover equals the cost of goods sold or net sales divided by the average inventory.
Working capital is the amount of a company’s current assets minus the amount of its current liabilities.
(2b)
Capital employed, also known as funds employed, is the total amount of capital used for the acquisition of profits. It is the value of all the assets employed in a business and can be calculated by adding fixed assets to working capital or subtracting current liabilities from total assets.
(2c)
A fixed asset is an item with a useful life greater than one reporting period, and which exceeds an entity’s minimum capitalization limit .
(2d)
A current asset is cash and any other company asset that will be turning to cash within one year from the date shown in the heading of the company’s balance sheet. (If a company has an operating cycle that is longer than one year, an asset that will turn to cash within the length of its operating cycle is considered to be a current asset.)
(2e)
The rate of stock turnover is a measure of the number of times inventory is sold or used in a time period such as a year. The equation for inventory turnover equals the cost of goods sold or net sales divided by the average inventory.
==================================
(4a)
A company is an association of individually agreed to come together,pool their resources and capital together in order to form a business ventures distinct from that of the owner of the business.It is a legal entity that can sue or be sued
A company is an association of individually agreed to come together,pool their resources and capital together in order to form a business ventures distinct from that of the owner of the business.It is a legal entity that can sue or be sued
(4b)
-Ordinary shares:This is also known as equity shares or risk shares.It is owned by real owners of the company. The holders have their dividend after preference shareholders and company tax expenses have been fully settled
-Preference shares:As the name implies the holder is giving preferential treatment in the sharing of dividend and they are considered first.They received fixed rate of company’s dividend.
-Debentures:This is the document of indebtedness.A document issued out by the company to an individual indicating that the company is owing the holders.It is a long term loan obtained by the company the holders received fixed interest
-Authorized capital:This is also known as registered or nominal capital.It is maximum amount stated in the memorandum of association considered enough the running and establishment of the company
-Ordinary shares:This is also known as equity shares or risk shares.It is owned by real owners of the company. The holders have their dividend after preference shareholders and company tax expenses have been fully settled
-Preference shares:As the name implies the holder is giving preferential treatment in the sharing of dividend and they are considered first.They received fixed rate of company’s dividend.
-Debentures:This is the document of indebtedness.A document issued out by the company to an individual indicating that the company is owing the holders.It is a long term loan obtained by the company the holders received fixed interest
-Authorized capital:This is also known as registered or nominal capital.It is maximum amount stated in the memorandum of association considered enough the running and establishment of the company
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(5a) journal
(i)suspense purchase Dr GHC(19,000) , Cr GHC(19,000)
(ii)returns inwards suspenses Dr(8000), Cr(8000)
(iii)suspense cashbook Dr(19,600), Cr(19,000)
(iv)suspense cash ook Dr(98,000), Cr(98,000)
(v) repairs of plant and machinery Dr(11,000) , Cr(11,000)
(vi) customer sales Dr(158,980), Cr(158,950)
(vii) supplier suspense(25,500 *2) Dr(51,000) cr(51,000)
(i)suspense purchase Dr GHC(19,000) , Cr GHC(19,000)
(ii)returns inwards suspenses Dr(8000), Cr(8000)
(iii)suspense cashbook Dr(19,600), Cr(19,000)
(iv)suspense cash ook Dr(98,000), Cr(98,000)
(v) repairs of plant and machinery Dr(11,000) , Cr(11,000)
(vi) customer sales Dr(158,980), Cr(158,950)
(vii) supplier suspense(25,500 *2) Dr(51,000) cr(51,000)
(5b)
Suspense A/C:
Suspense A/C:
Debit side:
purchases(19,000)
cash book(19600)
cash book(98000)
purchases(19,000)
cash book(19600)
cash book(98000)
credit side;
returns inward(8,000)
supplier (51,000)
c/f (77,600)
136,600
returns inward(8,000)
supplier (51,000)
c/f (77,600)
136,600
==================================
(8)
Goodwill:
============
debit side:
daura(21000)
Agu(140000)
Ssena(70000)
420000
Goodwill:
============
debit side:
daura(21000)
Agu(140000)
Ssena(70000)
420000
credit side:
bal(420000)
420000
bal(420000)
420000
loac a/c:
Debit side:
bk(600000)
Credit side:
bal(600000)
Debit side:
bk(600000)
Credit side:
bal(600000)
Partners capital A/c:
================
debit side:
D:A:S
Bal c/d:
110000, 340000, 370000
110000, 340000, 370000
================
debit side:
D:A:S
Bal c/d:
110000, 340000, 370000
110000, 340000, 370000
Credit side:
D:A:S
bal: 900000,-, 300000
goodwill: 210000, 140000, 70000
Mator vehicle: -, 200000,-
D:A:S
bal: 900000,-, 300000
goodwill: 210000, 140000, 70000
Mator vehicle: -, 200000,-
110000,340000, 370000
Balance Sheet as at 1/1/2015
===================================
Debit side:
===================================
Debit side:
Capital:
diara(1110000)
Agu(340000)
sena(370000)
1820000
diara(1110000)
Agu(340000)
sena(370000)
1820000
current liab:
creditors(240000)
creditors(240000)
credit side:
equip(800200)
m/v(600800)
1500000
equip(800200)
m/v(600800)
1500000
Current Asset:
stock(309000)
stock(420000)
Bank(110000)
stock(309000)
stock(420000)
Bank(110000)
====================================
(9)
king star enterprises
departmental, trading, profit & loss acct
Debit side:
A le, B le
opening stock: 1000, 800
add purchases: 147200, 132800
148200, 123,600
add carriage: 1000, 1000
149200, 124600
less closing stock: 1200, 600
148000,124000
gross profit: 12000,16000
160000, 140000
office exp: 480, 120
rates: 176, 94
insurance: 692, 173
light: 384, 96
repairs: 240, 60
net profit: 10028, 159507
12000, 160000
king star enterprises
departmental, trading, profit & loss acct
Debit side:
A le, B le
opening stock: 1000, 800
add purchases: 147200, 132800
148200, 123,600
add carriage: 1000, 1000
149200, 124600
less closing stock: 1200, 600
148000,124000
gross profit: 12000,16000
160000, 140000
office exp: 480, 120
rates: 176, 94
insurance: 692, 173
light: 384, 96
repairs: 240, 60
net profit: 10028, 159507
12000, 160000
credit side
A le, B le
sales: 160000,140000
160000, 140000
gross profit: 12000, 16000
12000, 160000
A le, B le
sales: 160000,140000
160000, 140000
gross profit: 12000, 16000
12000, 160000
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