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    Accounts Form 1 End Year

    Uploaded by

    Malvern Chafugama (Marle)

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Accounts Form 1 End Year

    Uploaded by

    Malvern Chafugama (Marle)
    7 views2 pages

    Original Title

    Accounts Form 1 end year

    Copyright

    © © All Rights Reserved

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    © All Rights Reserved
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    7 views2 pages

    Accounts Form 1 End Year

    Uploaded by

    Malvern Chafugama (Marle)

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    HONEST ACADEMY PRINCIPLES OF ACCOUNTING

    FORM 1

    END OF YEAR EXAMS 2024

    TIME 2 Hours

    1. Enter the following transactions in the books of Nyaradzo Madzingira:

    2011

    December 01 Nyaradzo started a business by $15 000 cash

    02 Bought Motor Vehicle for cash $9 000

    04 Bought goods for resale by cheque $2 400

    06 Sold goods for cash $4 520

    10 Bought goods on credit from C Camel for $8 100

    13 Sold goods on credit to R Bernard for $2 300

    18 Sold goods for cheque $2 640

    25 Paid Rent by cash $3 700

    26 Received cheque from R Bernard $2 000

    Required:
    (a) Enter the transactions above in their relevant ledger accounts. (20)

    2. List any two examples of the following:


    (a) Tangible assets (2)
    (b) Expenses (2)
    (c) Current liabilities. (2)

    3. The following trial balance was prepared by an inexperienced book-keeper. Prepare a


    trial balance of Mbudziyandura as at 31 December 2019.

    $
    Cash 300
    Bank overdraft 3 000
    Capital 42 500
    Drawings 750
    Land and buildings 30 000
    Office equipment 1 050
    Loan from AB Company 2 200
    Inventory 7 500
    Purchases 9 850
    Sales 10 650
    Sales returns 940
    Purchases returns 1 030
    Carriage inwards 400
    Wages 1 500
    Rent receivable 830
    Sundry expenses 1 290
    Trade receivables 12 300
    Trade payables 6 5 670 (20)

    4. Record the following transactions in a Cash Book of M.Mandisi in March 2016


    March 1 Started the business with cash $9 000 and $10 000 in the bank.

    2 Bought goods for resale worth $1 300 by cash.


    3 Sold goods receiving cheque of $4 000.
    4 Bought stationary for $600 cash.
    5 Bought a vehicle for $1 400 paying by cheque.
    9 Sold goods for $2 000 cash.
    13 Paid rates and water by cash $700.
    17 Paid for general expenses by cheque $300.
    21 Bought goods for resale $2 000 paying by cheque.
    25 Paid salaries for $500 cash.
    27 Paid for insurance by cheque $900.
    29 Sold goods on credit to A. Amos for $3 600. (20)

    5. Complete the table below

    Books of Prime Source document


    entry

    Sales Journal

    Purchase invoice

    Sales Returns journal

    Debit note

    Receipt

    General journal

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