Accountancy Quiz – 2
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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.
a) The plant account
b) The provision in depreciation account
c) The profit & loss a/c
d) The balance sheet as at that year.
Write short notes for the following.
Inter ledger transfer
Going concern concept
Accounting period concept
Miss Namkunda’s store has 100% stolen on 31st August 2013 and be neither keeps sales nor purposes journals but sales and purchases ledger. The following information has been supplied use.
(i) Prepare statement to compute the value of stock stolen
(ii) Prepare debtors and creditors accounts ascertain credit sales and purchases on credit.
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 31st.
(a) Correct and give the adjustment entry in journal at 31st December, 2012 for each additional item.
(b) Prepare a correct income statement.
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