JAB ASSIGNMENT 1

Create a company Milan Trade for the year 2009-10 and

journalise the following transactions:
1. Commenced business with cash TZS
50,000,000
2. Deposit into bank trzs
3, Bought office furniture TZS
4. Sold goods for cash TZS
5. Purchased goods from Mr X on
credit TZS 2,000,000
6. Sold goods to Mr Y on account TZS
7. Received cash from Mr Y on account TZS
2,000,000
8. Paid cash to Mr X TZS
9. Received commission TZS 50,000
10.Received interest on bank deposit TZS 100,000
11.Paid into bank TZS
12.Paid for advertisement TZS 500,000
13.S01d goods for cash TZS 1,500,000
14.Paid salary TZS 500,000

LAB ASSIGNMENT 2
Create a company "Info Soft ltd" on 1 April 2006. Pass the
journal entries for the following transactions:
1. Commenced business with TZS 15,000,000, goods of

TZS and Building TZS

2. Purchased goods for TZS
3, Sold goods to Paul for TZS
4. Sold goods for cash TZS
 5. Paid office rent TZS 200,000
6. Received commission TZS 100,000
7. Returned goods by Paul rrzs 150,000
 8. Withdrawn TZS 2,000,000 for personal use
9. Purchased furniture for TZS 1,000,000
10. Borrowed from bank TZS 8,000,000
11. Depreciaüon charged on all the assets at 5% p.a
12. Repaid loan to bank Tzs
13. Goods purchased from Kelvin worth TZS 1,500,000

LAB ASSIGNMENT 3
Create a company Kazimoto Company as on 2006-07.
1. On 1st April 2006 Kazimoto commenced business
with cash of TZS 102,500,000. He mrther introduced
land and building cosüng TZS plant and
machinery costing TZS 25,000,000 and furniture and
fixture costing TZS 36,000,000 k2. On 2nd April 2006
purchased vehicle and patent TZS and Tzs
respectively.
3. On 1 May 2006 he deposited TZS into CRDB Bank
account
4. On 2nd May 2006 purchased from Cadbury Company, discount 1%

500 moov @ TZS 5,000

100 kitkat @TZS 4,000
1000 Munch @ TZS 5,000
200 Diary Milk@ TZS 7,000
5. On 31st May 2006 purchased from Paras, discount
2%
500 Moov @TZS 20,000
500 D'clod @ TZS 12,000
6. On 1st June 2006 purchased from Amber , discount
2%
450 Adhensive tape roll @TZS 14,500
 200 Band Aid Box @TZS 24,000
300 Boric Acid Powder@Tzs 13,000
7. On 1st June 2006 sold to Pankay, discount 2%
200 Moov @TZS 20,500
100 D' clod@Tzs 12,250
200 Adhensive tape roll @TZS 15,250
100 Band Aid Box @TZS 25,200
200 Boric Acid Powder @TZS 14,000
8. On 2nd June 2006 sold to Akbar, discount 2%
500 Munch @TZS 6,000
200 5 Starts @TZS 5,250
50 Kitkat@TZS 6,000
9. On 1st July 2006 paid to Canåbury company TZS in
cash
July 2006 received from
Pankay TZS by cheque
July 2006 paid to Paras

TZS
12 On 2nd August 2006 received from Akbar TZS in
cash
13. On 2nd August 2006 purchased from Well cloth
T-shirts
Lee 25 pcs @TZS 20,000
Nike 30 pcs @ TZS 30,000
Forrnal shirts

Pan American 35 pcs @TZS 45,000

Peter England 30 pcs @TZS 40,000
Paid Postage TZS 500,000 by cheque.
1 ceived commission TZS
16. Paid wages TZS
 Note:
Unit of measure for stock items is
pcs (Pieces)
Stock group Stock item
Chocolate 5 Starts
Kitkat
Munch
Diary Milk
Medicine Moov
D' clod
Adhensive Tape
roll
Band Aid Box
Boric Acid
Powd8r
T-shirts
Lee
Nike

Formal Shirts Pan American

Peter England

LAB ASSIGNMENT 4

The following trial balance was extracted from

the books of Mcharo on 31 December 2019:

TZS TZS
Buildin s at cost
264 ooo,ooo
Accumulated depreciation on
buildin s
Delive vans at cost 50 000
 000
Accumulated depreciation on delive
vans
In ntories as at 1 1 2019 51 600
000
The following information, which has not been accounted for above,
is also available:

»d) Inventory at 31 December 2019 valued at TZS 56,300,000."

2 uring the year Mcharo tock inventory items for his person use
valued at TZS 10,800,000. This has not been accounted for.V
*3) The bank figure in the trial balance, when compared to the bank
ement, revealed that the following adjustment is required: •
A direct debit gÅæge posted by the bank for TZS 740,000
has not been entered in the books of Mcharo.
44) An amount ofTZS 1,200,000 had been received in respect of a
debt previously writtep off. This receipt has not been
recorded ' in the books.
*5) The allowance for receivables is to be adjusted to 4% Q
receivable
6) epreciation is to be provided for as follows:
Buildings - 2% straight line
V o Delivery Vans 15% balance
reducing
 7 Mcharo informs you that TZS 1,500,000 of insurance is
prepaid for 2020 and that an accrual for carriage inwards of
TZS 900,000 should be provided for. Required: Show:
a) The Statement of Profit & Loss for the year ended 31
December 2019
b) The statement of financial position as at 31 December
2019
LAB ASSIGNMENT 5
The Trial Balance presented below for Automobile
Repair Service does not balance.

Automobile Repair Service

Trial Balance June 30th, 2019
Debit Credit
Cash
Debtors
Supplies Inventory 900,000
Equipment
Trade Creditors

Accrued Salaries

Owner's Capital

Owner's Drawings
Repair fees
Salaries expense
Rent expense

Total 288,300,000 382,600,000

In examining the accounting records of the business the following particulars
were discovered:-
i. A purchase of supplies for TZS 3,000,000 paid
in cash was erroneously recorded as a purchase
of equipment.
ii. The balance plus the credits to frade
creditors totaled TZS 186,000,000; the debits to
trade creditors totaled TZS 132,000,000.
iii. The balance in the accrued salaries account was
rechecked and determined to be TZS 1,800,000.
iv. A TZS 4,000,000 payment received from a
customer on account was not posted to the cash
account.
v. The debit to record the withdrawal ofTZS
6,000,000 in cash by the owner was not po$ed.
vi. The balance in the Utilities Expense Account of
TZS 35,000,000 was omitted from fie frial balance.
Required:
Show a corrected trial balance.