Accountancy Quiz – 2

Accountancy Quiz – 2

Answer the following questions and then click Mark Now to see Solutions

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QUESTION 1

At the beginning of the Financial year on April 2012, a company had a balance on plant account of Tshs. 7,440,000/= and on provision for depreciation of plant account of Tshs. 4,108,000/=

The company policy is to provide depreciation using the reducing balance method applied to the fixed assets held at the end of financial year at the rate of 20% per annum.

Required 

a) The plant account 

b) The provision in depreciation account

c) The profit & loss a/c

d) The balance sheet as at that year.

 

QUESTION 2

Write short notes for the following.

Incomplete records 

Inter ledger transfer 

Going concern concept 

Accounting period concept 

Trade discount 

QUESTION 3

Miss Namkunda’s store has 100% stolen on 31^st August 2013 and be neither keeps sales nor purposes journals but sales and purchases ledger. The following information has been supplied use.

Required:

(i) Prepare statement to compute the value of stock stolen

(ii) Prepare debtors and creditors accounts ascertain credit sales and purchases on credit. 

 

QUESTION 4

Nyamwezi car hire, completed its final year operation on December 31, 2012. Because this is the end of the annual accounting period the company book-keeper prepared the following Income statement for the year ended 31^st.

Required:

(a) Correct and give the adjustment entry in journal at 31^st December, 2012 for each additional item.

(b) Prepare a correct income statement.

 

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