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Accounts F2 Final

The document provides accounting information and instructions for a student to complete an assignment. It includes a trial balance, additional information, and questions requiring the student to prepare an income statement, balance sheet, and sales ledger control account. It also asks the student to define accounting terms and principles and calculate costs.

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Johanise Matewu
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17 views5 pages

Accounts F2 Final

The document provides accounting information and instructions for a student to complete an assignment. It includes a trial balance, additional information, and questions requiring the student to prepare an income statement, balance sheet, and sales ledger control account. It also asks the student to define accounting terms and principles and calculate costs.

Uploaded by

Johanise Matewu
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Accounting

Form 2

Name:........................................................

Instructions:

Answer all the questions

Time:3 hours

Debit Credit

Capital 33000

Drawings 2 500

Buildings at cost 20 000

Fixtures and 3 400


Equipment

Motor vehicles at 8000


cost

Provision for 3 250


depreciation
motor vehicles

Provision for 200


doubtful debts

Trade 7 500
receivables

Trade payables 6 700

Bank overdraft 2880

Motor vehicle 1240


expenses
General 2030
expenses

Wages 11 940

Insurance 1470

Carriage 700
inwards

Discount 250
received

Revenue 92 100

Sales returns 1200

Inventory 1 April 9900


2002

Purchases 68 500

138 380 138 380

Additional information

1. At 31 March 2003

Inventory was valid at $10 200

Wages outstanding amounted to $1 080

Insurance prepaid amounted to $ 210

2. During the year ended 31 March 2003 Amir took goods costing $300 for his own use. No
entries had been made in the accounting records.

3. The provision for doubtful debts is to be maintained at 2% of the trade receivables.

4. Motor vehicles are to be depreciated at 20% per annum.

5. Fixtures and equipment were valued at $2 800 on 31 March 2003.

Prepare:
1. The income statement of Amir Sadiq for the year ended 31 March 2003

2. The balance sheet of Amir Sadiq as at 31 March 2003 (35 marks)

a. Name the accounting principle which is described in the following sentence."The accounting
records of a business are always maintained on the basis of assumed continuity.

......................................

(2)
b.The business is treated as being completely separate from the owner of the business. Name
the accounting principle which states that..................................... .. (2)

c. Name the accounting principle described in this statement.This principle emphasises the
importance of not recording a profit until it has actually been earned.................................. (2)

d. This accounting principle means that only information which can be expressed in terms of
money can be recorded in the accounting books .................................................(2)

e. This accounting principle states that the term double entry is used to describe how these two
aspects of a transaction are recorded in the accounting records..............................................
(2)

3. Explain the difference between


Direct costs and indirect costs. (2)

Prime cost and cost of production. (2)

Explain the meaning of the term "work in progress" (2)

Explain why a manufacturer may purchase finished goods (2)

What is the purpose of preparing a manufacturing account. ( 2)

(20) marks

3. Aftikhar is a manufacturer. He provided the following information for the year ended 31 May
2009

1 June 2008 Inventory of raw material 4 750


31 May 2009 Inventory of raw. 5 600

Work in progress 4 850

For the year ended 31 May 2009


Purchases of raw material. 49 590

Direct factory wages 61 940

Indirect factory wages 29 660

Carriage on raw materials 3 710

Factory direct expenses 2 960

Factory indirect expenses. 48 930

Calculate the prime cost

Calculate the cost of production ( 20 )marks

4. 2016 Aug 1 Sales ledger debit balances 3 816

Sales ledger credit balance 22

31 Transactions for the month

Cash received. 104

Cheques received 6 239

Sales. 7 090

Bad debts written off. 306

Discounts allowed. 298

Returns inwards. 664

Cash refunded to a customer

who has overpaid his account. 37


Dishonoured cheques. 29

Interest charged by us on overdue debt. 50

At the end of the month:

Sales ledger - debit balances 3 429

Sales ledger - credit balances 40

Prepare a Sales Ledger Control Account (15 marks)

Total marks (100 marks)

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