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Examinations: Faculty of Business Department of Accounting and Finance
Examinations: Faculty of Business Department of Accounting and Finance
EXAMINATIONS (2002/03)
FRONTPAGE
II
MORNING/AFTERNOON
INSTRUCTIONS
2. There are three (3) questions,answer all. Be neatand show all your workings. Marks will be awardedfor workings
3.
DO NOT OPEN TillS PAPER UNTIL YOU HAVE BEEN TOLD TO DO SO BY THE SUPERVISOR/INVIGILATOR
No. of Pages 4
Question 1
The following are balancesextractedfrom the books of Solo GeneralDealer at the close of businessand financial year on 31 December 2002.
-
DETAILS
I Stock as at 01 Jan 2002
I ,=
CR
iI
159000.1
50 000 I 17200 I
49 000 I
~l
14500
6500
I
I
8o~1
860 I
800 I
30 900-r 4000
-2 2201
1500
-6001
96310 I
1 800-r 2750 I
320 920 ,
Additional notes:
1. Stockas at 31 December 2002 is given asP41 100. 2. PI 500 of the total transportcostswere incurred in delivery of stockto customersand the remainderwas incurred in transportingstock from the supplierto the business premises. 3. Rentpayableis P500 in arrears. 4. Commissionreceivableis P2 250 in arrears. 5. P2 500 of the GeneralExpensewas prepaid. 6. Provision for bad debtsto be provided for at 5% of debtors. 7. The companyusesthe straight-line depreciationpolicy on the following
assets:
. .
Reauired
Fixtures: 10% per annum. Equipment: 10% per annum. Plant: 20% per annum.
Preparein good form the following: a) Trading and Profit and Loss Accounts for the yearended31 December2002. b) Balance Sheetas at the 31 December 2002. [TOTAL 50 Marks]
QUESTION 2
The following information is extractedfrom the books of InconvenienceStoresfor the month of March 2003:
Required
(15 Marks)
[TOTAL 35 MARKS]
Question 3
[Total 15 Marks]