TAKE HOME ASSIGNMENT – DECEMBER 2015
BOOK-KEEPING – FORM II
QUESTION:
- The following transactions of P.PONDA in the Double column cash account ,post to ledgers a/c , extract a trial balance as at 31 March 2008, and take out a trading profit /loss a/c and a Balance sheet as at that date.
2008 March 1 Started in business with capital £8,000 in the bank.
March 2 Bought goods on credit from the following persons: L Frank £550; P Lee £610.
5 Cash sales £510.
6 Paid wages in cash £ 110.
7 Sold goods on credit to: J Snow £295; K Park £360; B Tyler £640.
9 Bought goods for cash £120.
10 Bought goods on credit from: G Byers £410; P Lee £1,240.
12 Paid wages in cash £ 110.
13 Sold goods on credit to: K Park £610; B Tyler £205.
15 Bought shop fixtures on credit from Stop Ltd £740.
17 Paid G Byers by cheque £700.
18 We returned goods to P Lee £83
21 Paid Stop Ltd a cheque for £740.
24 B Tyler paid us his account by cheque £845.
27 We returned goods to L Frank £18.
30 G Prince lent us £1,000 by cash.
31ought a van paying by cheque £6,250.
- KAMONGO Company does not know how to prepare a proper trial balance. Its trial balance appeared in the books of a/c as 31st Dec 2005 as follows.
TRIAL BALANCE AS AT 31ST DEC, 2005
S/N / NAME OF A/C / DR / CR1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18. / Stock 1.12.2005
Capital
Motor van
Purchases
Sales
Wages and Salaries
Rent and Rates
Insurance and Postage
Drawings
Premises
Interest received
Debtors
Creditors
Fixtures
Cash in hand
Advertising
Cash at bank
Repairs
Total / 2000
42000
1000
2000
7000
7000
13000
3300
8000
3000
______
88,300
/ 35000
9000
15000
1500
500
14,000
300
5000
______
80,300
Required to prepare a corrected trial balance as at 31st Dec. 2005.
- The following is the Balance sheet of MRS. M. KUPATA as at 31st Dec, 2013.
Liabilities / Shs. / Assets / Shs.
Capital...... 15,300
Add:- Net profit 2,700
-OTHER-LIABILITIES
Sundry Creditor
Loan from Bank / 18,000
9,000
5,910
32,910 / OTHER ASSETS;
Plant and Machinery Free hold premises
Sundry Debtors ………
Stock......
Bank......
Cash...... / 3,000
12,000
4,200
7,400
5,100
1210
32,910
Required to calculate;
a)Working capital of the business.
b)Floating capital of the business.
c)Capital employed
d)Acid test ratio of the business.
e)Capital owned or Equity capital
- JUAKALI stores made the following purchases during the month of May 2005 as follows;
May 1stCredit purchases from J. K. Mona.
10 basketballs @shs. 4,000/=
20 volleyballs @shs. 2,000/=
Less 10% trade discount.
May 21stCredit purchases from Paul Sauli
10 pairs of sports shoes @shs. 1,000/=
5 stop watches @shs. 800/=
6 Cartons of water @shs. 2,000/=
Required to;
(i)Prepare purchases day book.
(ii)Post the ledgers.
- Mr. Lasha, a sole trader, keeps his petty cash on the imprest system and the Imprest amount shs. 60,000/= per month. The petty cash transactions for the month of March, 2008 were as follows:-
2008:-SHS
March 1:- Petty cash in hand...... 4670
,, 1:- Petty cash restored to imprest amount......
,, 3:- Paid Wages for cash...... 8760
,, 7:- Bought Postage Stamps...... 2940
,, 10:- Paid Wages for cash...... 9110
,, 14:- Purchased postage Stamps...... 2280
,, 17:- Paid Wages for cash...... 8840
,, 20:- Paid cash to” E. MOSES” a Creditor...... 4,160
,, 21:- Bought stationery for cash...... 2,750
,, 24:- Paid Wages for Cash...... 8,480
REQUIRED:-
Draw up KIMWANA Petty cash Book for the month of March 2008. The analysis column should be as follows:-
(a) Wages (b) Stationery (c) Postage and (d) Ledger
1