Accountancy Quiz - 3 [PDF]

Accountancy Quiz – 3

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QUESTION 1

Kingu Ltd purchased 45000 ordinary shares of 200 each in Tumaniel Ltd on 1^st January 2011 for shs 190 per share on 30^th June 2011 Tumaniel Ltd issue 2 shares for every 5 held in this date as the right issued at shs. 170 per share. These shares were not to participate for dividend into the year ended 30^th Sept, 2011 Kingu Ltd took and paid for 15000 ordinary shares and the balance was sold as right in the market at shs 20 per share on 15^th July 2011. On 31^st October 2011. Tumaniel Ltd declared and paid dividend for shs. 30 per share for the year ending 30^th Sept 2011 on 31^st 30 September 2012 Kingu Ltd prepare its accounts on 31 December each year.

Required:

Prepare investment account in the books of Kingu Ltd for the year ended 2011 and 2012.

QUESTION 2

As at December 31^st 2010 the general ledger of Kavishe had the following balances.

Required:

Using a general journal, journalize the above transaction and post to the ledger and prepared a trial balance.

QUESTION 3

The following information on motor vehicle was extracted from the balance sheet of T.H.A as at 31^st December 2012.

Required

(i) Motor vehicle account

(ii) Provision for depreciation on motor vehicles account

(iii) Motor vehicles disposal account

QUESTION 4

At the end of March 2005, the balance appearing in the sales ledger to taled to Dr. 463750 and the balance in the sales ledger control account was Dr. 495250.

An investigation of the different received the following errors

Required

(a) Prepare a statement reconciling the sales ledger total with the sales ledger control.

(b) Adjusted sales ledger control account.

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Accountancy Quiz – 3

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