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ZJC Accounts Paper 2

The document is a business accounting exam paper requiring students to correct an erroneous trial balance, record sales transactions, and match accounting terms with their definitions. It includes tasks such as preparing a corrected trial balance, posting transactions to ledgers, and answering true or false questions about accounting concepts. The paper emphasizes the application of accurate accounting principles and is weighted at 60%.

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McDonald Lawrence
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141 views6 pages

ZJC Accounts Paper 2

The document is a business accounting exam paper requiring students to correct an erroneous trial balance, record sales transactions, and match accounting terms with their definitions. It includes tasks such as preparing a corrected trial balance, posting transactions to ledgers, and answering true or false questions about accounting concepts. The paper emphasizes the application of accurate accounting principles and is weighted at 60%.

Uploaded by

McDonald Lawrence
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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ZJC

BUSINESS ACCOUNTING PAPER 2

Answer aquestions

Use accurate accounting principles

Weight 60%
1. The following erroneous trial balance was prepared by an inexperienced bookkeeper.You are
required to prepare a corrected trial balance as at 30 September 1992.

. DR. CR

Capital 3250

Cash 40

Bank overdraft 270

Van 2465

Motor vehicle expenses 170

Commission paid 110

General expenses 90

Stationery 150

Wages 240

Purchases 930

Cash register 435

Drawings 245

Returns inwards 125

Returns outwards 180

Sales 1100

Rent received 200

Dwbtors:R Rufu 385

. :K Kufa 185

Creditors :QM Supplies LTD 375

. :Household Wholesalers 185


5235 5905

12 MARKS

2. During December 1999,the following sales invoices were issued..


Date Invoice number Debtor's name Amount

1995 Dec 1 101 N.North 230

102 W.East 560

5 103 W.West 280

7 104 N.North 770

13 105 W.East 440

106 S.South 390

19 107 E.East 320

21 108 N.North 140

29 109 W.East 220

30 110 S.South 680

You are required to

(a) Record the transactions above in the sales day book(sales journal).(8)

(b) Show postings to the Debtor's Ledger accounts (10)

(c)Show postings to the general ledger (5)

3(a).Match the following accounting terms with their definitions:


1. Asset

2. Liability

3. Equity

4. Revenue

5. Expense

Definitions:

a) A claim against the business

b) The owner's interest in the business

c) A resource owned or controlled by the business

d) Income earned by the business

e) A cost incurred by the business (5)

(b)Choose the correct accounting term to complete each sentence:

1. The business bought a new computer for _______________________.

2. The owner invested cash in the business, increasing the business's _______________________.

3. The business owes money to its supplier, which is a _______________________.

4. The business earned money from selling goods, which is _______________________.

5. The business paid rent for the month, which is an _______________________.

Options:
a) Asset

b) Liability

c) Equity

d) Revenue

e) Expense (5)

(c)Identify whether each of the following statements is true or false:

1. An asset is a claim against the business. (True/False)

2. Equity represents the owner's interest in the business. (True/False)

3. Revenue is a type of expense. (True/False)

4. A liability is a resource owned or controlled by the business. (True/False)

5. An expense is a type of income. (True/False) (5)

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