ASSIGNMENT PMIS 115 ACCOUNTING FUNDAMNENTAL 2 2023

ASSIGNMENT 1

The trial balance below is for Quick for the year ended 31 December 2021

$ $
Sales 68 000
Purchases 102 000
Capital 160 000
Drawings 8 000
Trade receivables 32 000 13 400
Trade payables
Cash in hand 6 000
Bank 10 000
Motor vehicles 24 000
Furniture and fittings 16 000
Salaries and wages 22 000
General expenses 4 600
Advertising 1 400
Telephone 600
Insurance 800
Inventory 1 January 2021 14 000
241 400 241 400

Closing inventory was valued at $8 564 as at 31 December 2021

Required
a) Prepare a statement of profit or loss for the year ended 31 December 2020 [10
b) Prepare a statement of changes inequity [3]
c) Prepare a statement of financial position at 31 December 2020 [7]

ASSIGNMENT 2

a) Enter the following transactions in the cash book of Gapu Ramamboand balance the
cash book.
June 1 Opening balances cash $6 789 and bank $9 005
“ 5 Bought office equipment for $2 780 paid by cheque.
“ 9 Cash purchases $4 670 paid by cheque
“ 11 Cash sales $754
“ 16 Took cash of $500 paid it into the bank.
“ 19 The following paid for their accounts by cheque T.Raki $560 and
 F.Hama $345.
“ 21 Bought stationery paid by cash $128
“ 28 Paid T,Moyo $1 234 cheque. [10]
b) You are required to state the types of transactions that should be recorded in the
following books of prime entry.
i) Sales day book
ii) Purchases day book
iii) Journal
iv) Sales returns day book
v) Petty cash book [10]

ASSIGNMENT 3

The cash book of Q.Zozo showed a debit balance of $2 780

The following was identified:

(i) Cheques drawn but not yet presented for payment amounted to $2 303
(ii) Bank charges not recorded in the cash book $453
(iii) Standing order:Cool Insurance $45
(iv) Dishonoured cheques $350
(v) Received a cheque of $780 from Pork but the cheque was not recorded in the cash
book.
(vi) Credit bank transfer of $674 from Hilltop
(vii) Outstanding bank lodgements amounted to $1 7651
You are required to prepare the following:

a)Corrected cash book [7]

b)Bank reconciliation statement for the month of July 2020 [4]

Part B

Match the items in column A against those in column B

Column A Column B
Outstanding cheques Banker originated
Bank statement Bank reconciliation statement
Timing difference Control tool
Cash book Two or three column
Bank reconciliation statement Refer to drawer
Dishonoured cheque Reason why the cash book balance differs with
the bank statement balance

[5]
Define the following terms:

i) Stop order [1]

ii) Unpresented cheques [1]
Refer to drawer [1}