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    Ent pp2

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    ocom elias
    This paper is set for Advanced level students of Uganda secondary schools

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    Ent pp2

    Uploaded by

    ocom elias
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    This paper is set for Advanced level students of Uganda secondary schools

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    ent pp2

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    This paper is set for Advanced level students of Uganda secondary schools

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    5 views2 pages

    Ent pp2

    Uploaded by

    ocom elias
    This paper is set for Advanced level students of Uganda secondary schools

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    END OF YEAR EXAMS

    ENTREPRENEURSHIP
    PAPER TWO
    S.5
    TIME: 2HRS
    Instructions
    Attempt all questions

    1. The following information trial balance was extracted from the books of JAK
    stationery shop as at 28 February 2017.
    Details Dr Cr
    Sale 128,000
    Purchases 90,000
    Returns 6,000 5,000
    Carriage inwards 10,000
    Opening stock 28,000
    Rent 4,000
    Advertising 8,000
    Premises 122,000
    Machinery 75,000
    Debtors 18,000
    Creditors 31,000
    Bank loan 60,000
    Cash at hand 14,000
    Cash at bank 27,000
    Drawing 10,000
    Discount allowed 5,000
    Discount received 6,000
    Commission receivable 20,000
    Capital 190,000
    Carriage outwards 8,000
    Wages and salaries 15,000

    440,000 440,000

    Required:
    a) Calculate the;
    i) Net purchases (2 marks)
    ii) Goods available for sale (2 marks)
    iii) Cost of sales (2 marks)
    iv) Gross profit (2 marks)
    v) Net profits (2 marks)
    vi) Fixed capital (2 marks)
    vii) Capital employed (2 marks)
    viii) Owner’s equity (2 marks)
    b) Prepare income statement for JAK stationery shop for the year ended 28 feb
    2017 (6 marks)
    c) Prepare a balance sheet for JAK stationery shop as at 28 February 2017
    (5marks)

    2. Given the following information,

    Opening stock shs 12,000,000


    Purchases shs 8,000,000
    Returns inwards shs 28,000
    Returns outwards shs 32,000
    Stock at close shs 20,000,000
    Rent shs 30,000
    Salaries shs 100,000
    Electricity shs 20,000
    Repairs shs 10,000
    Transport shs 10,000

    a) Compute the;
    i) Net purchase (2mark)
    ii) Goods available for sale (2mark)
    iii) Cost of sales (2mark)
    iv) Average stock (2mark)
    v) Rate of stock turnover (2mark)
    vi) Gross profit (2mark)
    vii) Net profit (2mark)
    b) You are the general manger of Tukole carpentry workshop in Nankoma
    i) Write a letter to be forwarded to the town clerk Nankoma town council seeking for the
    trading license (6 marks)
    ii) Write a warning letter to an employee with poor performance (5 marks)

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