ASSIGNMENT COVER

REGION: MANICALAND SEMESTER: 2 YEAR: 2023

PROGRAMME: BACH 2 INTAK E: 1

FULL NAME OF STUDEN T: NIMASH NEZUNGAI

PIN: P2235488D

EMAIL ADDRESS: nimashnezungai1987@gmail.com

CONTACT TELEPHONE/CELL: 0773738229 ID. NO.: 04-138041V04

COURSE NAME: FINANCIAL ACCOUNTING COURSE

CODE: BACC 130

ASSIGNMENT NO: 2 STUDENT SIGNATURE NIMNEZ

DUE DATE:10-04-2023 SUBMISSION DATE: 12-04-2023

ASSIGNMENT TITLE:

MARK ER’S COMMEN TS:

OVERALL MARK: MARK ER’S NAME:

MARK ER’S SIGNATURE: DATE
:

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDING 31/12/2022

DR CR
Sales 314330
Less cost of sales
Opening stock 8240
add purchases 185600
193840
closing stock
less 4800 189040
gross profit 125290
discount received 320
125610
less expenses
rent 6800
(460) 6340
wages and salaries 62800
680 63480
discount allowed 1640
allowance for doubtful debts 182
vehicle running cost 1230
144 1374
bad debts 1460
Depreciation
Office furniture 760
Vehicle 3500 78736
Net profit 46874
 BALANCE SHEET AS AT 31/12/2022

Fixed Cost Cost Depreciation Net book value

Vehicle 7500 3500 4000
Office furniture 5800 760 5040
9040

Current assets
Stock 4800
Debtors 24632
less paid for doubtful debts 992 23640
prepared rent 460
bank 8200 37100
46140
Financed By
Capital 22800
add net profit 46874
69674
less Drawings 34200
35450
current liabilities
trade payable 10490
accruals: wages & salaries 680
vehicle running cost 144 824
46140
11314
 JOURNAL ENTRIES DR CR
Purchases 800
Suspense 800

Being entry to correct purchases under casted by 800

a.

b. JOURNAL ENTRIES DR CR
Suspense 600
Rent 600

Being entry to correct an error of compensation

c.
JOURNAL ENTRIES DR CR
Return Inwards 112.50
Suspense 112.50

Complete reversal entry being corrected

d.
JOURNAL ENTRIES DR CR
Discount Allowed 1050
Suspense 1050

Being entry to correct error of commission

e. JOURNAL ENTRIES DR CR
Suspense 800
Sales 800

Being entry to show sales being under casted by 900

JOURNAL ENTRIES DR CR
Check 475
 Suspense 475
f.
g.
JOURNAL ENTRIES DR CR
Bank 250
Suspense 250

Being entry to correct bank under costed by 250

h. JOURNAL ENTRIES DR CR
Expenses 100
Suspense 100

Suspense a/c
Balance b/d 1800 Purchases 800
Rent 1000 Return inwards 112.50
Sales 900 Discount allowed 1050
Cheque 475
Sales 250
Expenses 1000
 UPDATED CASH BOOK

DR CR
Date Date
Dec 31 c/d 10311 Dec 31 bank charges 141
N. Mejury 279 Bal c/d 10449
10590 10590
Bal b/d 10449

BANK RECONCILIATION STATEMENT AS AT 31 DECEMBER 2022

Bal as per updated cash book 10449
add unpresented cheque: P. Rang 627
11076
less chequesnot yet credited: B Taura 957
S Moly 738 1695
Bal as per reconciliation Statement 9381