Theory JSS 2 Yoruba
Theory JSS 2 Yoruba
5a Explain the following (a) personal finance (b) scale of preference (c) final account
(d)trial balance (e) balance sheet (f) choice 9mark
6 Prepare trial balance as at member 11/2 mark each
2023 #
Capital 20,000
Sales 6,500
Purchase 14,000
Stationary 200
Rent 800
Salaries 1000
Cash 10,500
Bank 10,500
Creditors 2,500 9marks
SECTION B
4 Promise and peter Ltd acquired a machine #100,000 in 2020. The residual value was
#40,000 at the end of the fourth year. It was the policy of the company to use straight
line method. Required preparation
A depreciation schedule
B asset account
C provision for depreciation account
D balance sheet extract
Debit # Credit
Stock 1/1/2020 6225
Purchases 3,625
Sales 21,450
Return inward 338
Return outward 225
Discount received 608
Discount allowed 555
Land and building 22500
Provision for depreciation on 4,500
I&B
Debits 1,080
Creditor 600
Bad debt 97
Provision for bad debit 1/1/20 255
Rent 4500
Electricity 1373
Wages and salaries 3563
Drawings 1550
Cash 10,382
Capital 33,150
Additional information
A Stock 31/12/20 #5,288
B Wages owing #488
C Provision for bad debts is to be reduced in #112
D provision for depreciation on land building at 10% on cost
Required : prepare trading, profit and lost account for the year ended 31st December 2020
and balance sheet as at that date 9marks
7 the following were from the book of Ade&Sons for the year ended 31st December
2021
Partners capital Commission salary Capital Interest Profit Drawing
interest on rate
drawing
Ade 50000 5000 10 5 1 4000
Olu 100000 6000 10 5 2 2500
Profit #45000
Required : prepared
A profit and loss appropriation account for the year ended 31st December 2021 3mark
B partner capital account 3mark
C partner is current account 3mark