Principles of Accounting (ACCC2101)
Higher Institute of Commerce and Management (HICM)
Semester: First Semester
Level: 200
Year: 2015
THE UNIVERSITY OF B AMEND A
HIGHER INSTITUTE OF COMMERCE AND MANAGEMENT (HICM)
PRINCIPLES OFACCOUNTING C.A
LEVEL 100, FIRST SEMESTER 2014/2015
COURSE MASTER: ARMSTRONG-PEACE N F
INSTRUCTIONS: Answer all questions
QUESTION 1 (30 marks)
The trial balance of DEVELOP -AFRICA for the year ended 31/12/2014 is presented as follows;
ELEMENTS
DEBITFCFA (000)
CREDIT FCFA (000)
Land and building
4,000
Motor vehicles
3,000
Stock (1
st
January)
2,000
Purchases
115,000
Returns inwards
; 2,000
Sales
32,000
Returns outwards
1,000
Carriage in
1,000
Carriage out
500
Debtors
' 5,000
Creditors
4,000
Discount received
Bad debt
1,000
Provision for bad & doubtful debts
Salaries and wages
500
Electricity
500
Telephone
300
Water
200
Drawings
4,000
Capital
2,000
TOTALS
40,500
40,500
NB:
Stock as at 31/12/2014 amounted to 2,500,000 FCFA
Provision for bad and doubtful debts is to be increased by 5% of debtors
Work Required:
1 Present the trading profit and loss account for year ended 3l
st
December 2014 (15 marks)
2. Present the balance sheet as at 31
st
December 2014(15 marks)
GOODLUCK!!!
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