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Accounting Monthly Test
Accounting Monthly Test
Accounting Monthly Test
2. Select the source document used to record the transaction mentioned below:
Credit purchase a motor Vehicle to distribute furnitures of a furniture shop.
(A) Sales invoice
(B) Purchase invoice
(C) Journal voucher
(D) Payment voucher
5. Sameera conducts a mobile phone buying and selling business. Select the
transaction should be recorded in the purchases journal of Sameera's business.
(A) Purchased 02 mobile phones from Ajith mobile shop on credit.
(B) Purchased 02 mobile phones from Ajith mobile shop on cash.
(C) Purchased a computer from Jagath company on credit.
(D) Purchased a steel rack for keeping phones from Jagath company on credit.
8. Select the transaction which is affected to increase both assets and equity of a
business.
(A) Owner invested additional capital $ 100 000.
(B) Owner has taken $ 5000 from the business for his personal uses.
(C) Paid electricity bill $ 2000.
(D) Received $ 5000 from a debtor.
10. Following are some type of accounts in column 'X' and some accounts in column
'Y'.
Column X Column Y
i. Assets Accounts A - Sales
ii. Liabilities Accounts B - Commission paid
iii. Equity Accounts C - Bank loan
iv. Income Accounts D - Debtors
v. Expenses Accounts E - Capital
Select the answer which is matched column X and Y.
(A) A, C , D , B , E (B) C , A, B , E , D
(10 Marks)
Section B
1 Kuda Maposa maintains a petty cash book using the imprest system.
REQUIRED
(a) State one advantage of the imprest system of petty cash.
_____________________________________________________________________
___________________________________________________________________(1)
(b) On 1 March 2015 the balance of Kuda Maposa’s petty cash book was $100 which
was equal to the amount of the imprest. Her transactions for the month of March
2015 were as follows.
March 6 Paid for postage costs $13
11 Bought tea and coffee$ 5
14 Purchased stationery $27
18 Paid T Masuka, a credit supplier $15
21 Received refund for damaged stationery $10
26 Paid window cleaner $12
29 Paid P Zhonga, a credit supplier $16
REQUIRED
Enter these transactions in Kuda Maposa’s petty cash book on the page opposite.
Balance the petty cash book and bring down the balance on 1 April 2015. (11)
(c)
(i) State the amount required to restore the imprest on 1 April 2015.
___________________________________________________________________ (1)
(ii) Name the account which would be credited with this amount.
_______________________________________________________________ (1)
(iii) Name the ledger account in which the transaction of 21 March would be
recorded.
__________________________________________________________________(1)
2
On 31 January 2015 David Jones balanced his cash book and brought down a debit
balance of $114 on 1 February.
The bank statement showed a credit balance of $154 on 31 January 2015.
A comparison of the cash book and the bank statement revealed the following.
Bank charges $ 62
Cheque received from K Taylor, a credit customer, dishonoured $ 143
Insurance premium paid by standing order $ 40
Interest on deposit account paid directly into the bank $ 130
The total of the debit side of the cash book shows a higher balance of $ 100
REQUIRED
Update the cash book of David Jones. Bring down the updated bank balance on 1
February 2015.
(10)
Mandeep is a trader who maintains a full set of accounting records including a three
column cash book.
His transactions for December 2016 included the following:
REQUIRED
(a) Complete Mandeep’s cash book on the page opposite. Balance the cash book
and bring down the balances on 1 January 2017. (11)
(b) Write the double entries of discounts for the transactions on: (4)
Dec. 11 ___________________________________________________
____________________________________________________
Dec 15 ___________________________________________________
____________________________________________________
TOTAL 50 Marks
** The End **