Intermediate Accounting (ACCM3101)
Faculty of Economics and Management Science (FEMS)
Semester: First Semester
Level: 300
Year: 2017
Question one: 15 marks
You work as an accountant to Zaki and the following trial balance has been extracted on 31
st
December 2014:
Rents, rates and insurances
Returns.
Advertising expenses
Distribution costs
Heating and lighting
Stock as at 01
st
Jan 14
Wages and salaries
Communication expenses
Discounts allowed
Discount received
Interest paid
FCFA Dr
34,000
3,000
12,000
11,000
28,000
26,000
109,000
25,000
4,000
-
1,000
FCFA Cr
-
1,000
-
-
-
-
-
-
-
1,000
Owners’ equity
Equipment at cost
Land and building
Depreciation (equip at 1 Jan 14)
Capital
Long-term loan
Debtors
Creditors
Bank overdraft
Sales
Purchases
FCFA Dr
25,000
60,000
200,000
-
-
-
32,000
-
-
-
138,000
FCFA Cr
-
-
-
20,000
220,000
20,000
-
18,000
2,000
426,000
Notes at 31
st
December 2014:
❖ Stock in hand was valued at 33,000F.
❖ Salaries owing amounted to 6,000F.
❖ Advertising prepaid amounted to 2,000F.
❖ Equipment is to be depreciated at 25% on cost.
Work required:
1.1. Prepare the statement of income of Zaki for the year ended 31
st
December 2014.
THE UNIVERSITY OF BAMENDA
FACULTY OF ECONOMICS AND MANAGEMENT SCIENCES
1
st
Semester C.A Course: Intermediate Accounting: ACCT301
Credit Value:
Course Lecturers:
Time: Course Status: Date:
Venue: Instruction:
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1.2. Prepare the statement of financial position of Zaki at 31
st
December 2014.
Question two: 15 marks
The following is a summary of a receipts and payments of the Rotary Club during the year
ended 31/12/2009
Rotary club
Receipts and Payments accounts for the year ended 31/12/2009 (000FCFA)
Cash and bank balances b/d
Sale of competition tickets
Members’ subscriptions
Donations
Refund of rent
Balance c/d
210
437
1,987
177
500
13
Secretarial expenses
Rent
Visiting speaker’s expenses
Donations to charities
Prizes for competitions
Stationery and printing
163
1,405
1,275
35
270
179
3,324 3,324
The following valuations are also available
31/12/2008
FCFA (000)
31/12/2009 FCFA
(000)
Equipment (original value 1,420,000)
Subscription in arrears
Subscription in advance
Owing to suppliers of competition prizes
Stocks of competition
975
65
10
58
38
780
85
37
68
46
Work required:
2.1. Calculate the value of the accumulated fund of the Rotary Club as at 1/01/2009.
2.2. Reconstruct the following accounts for the year ended 31/12/2009:
2.2.1 The subscription account.
2.2.2 The competition prizes account.
2.3. Prepare an income and expenditure account for the Rotary Club for the year ended
31/12/2009 and a statement of financial position as at that date.
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