Principles of Accounting (ACCC2101)
Higher Institute of Commerce and Management (HICM)
Semester: Resit
Level: 200
Year: 2018
THE UNIVERSITY BAMENDA
HIGHER INSTITUTE OF COMMERCE AND MANAGEMENT(HICM)
SESSION:RESIT EXAMINATION 2017/2018. LEVEL
200 COURSE TITLE:
PRINCIPLES OF ACCOUNTING TIME ALLOWED: 3
HOURS LECTURER: Dr. Mukah Samuel &
Mr. ARMSTRONG-PEACE
Instructions. Answer all question!
Question 1 (23marks)
a) Explain the difference between accounting and bookkeeping 8 marks
b) What is the meaning of depreciation? 4marks
Question 2 (30 marks)
GREENROCK started a small business at bamenda main market on the first of may 2016 with a capital
of FCFA 160,000. During the month of march 2016 the following transactions took place.
2
nd
Bought goods on credit from Muna worth FCFA 100,000
5
th
Paid rent FCFA 20.000
5
th
Sold goods for FCFA 250,000 cash
6
th
Deposited FCFA 250,000 on credit from Kemeni
6
th
Sold goods on credit to Adamu FCFA 400,000
7
th
Drew FCFA 10,000 from the cash account for personal use
8
th
'Received from Adamu FCFA 309,000 being part payment of goods sold on credit
10
th
Cash sales FCFA 320,000
11
th
Paid advance wages in cash FCFA 150,000
12
th
Bought goods worth FCFA 500,000 on credit from Kika Ltd
13
th
paid Muna a supplier for his account FCFA 80,000
15
th
Bought goods for sale by cash FCFA 160,000
20
th
Cash sales FCFA 550,000
21
st
paid Kika Ltd FCFA 250,000
22
nd
paid for office expenses FCFA 220,000
23
rd
Sold goods on credit to Siben Ltd FCFA 270,000 and Ojong Ndip FCFA 220. 500
24
th
paid kemeni FCFA 200,000 - ’
25
th
Cash sales FCFA 450,000
26
th
Received from Ojong Ndip FCFA 220,500
28
th
Siben Ltd paid his account for FCFA 200,000
30'
h
Cash sales FCFA 150,000
30
th
paid balances of wages FCFA 150,000 cash
31
st
Cash purchases FCFA 120,000
Work Required:
1. Present the sales and purchases daybooks and the cashbook (10 Marks)
2. Draw the relevant ledger accounts(10 Marks)
3. Extract the trial balance (6marks).
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