Principles of Accounting (ACCC2101)
Higher Institute of Commerce and Management (HICM)
Semester: First Semester
Level: 200
Year: 2013
S' -
PART I: (351WARKS) QUESTION I (35 MARKS)
VINEYARD Pic presents the following situation on the 1st of January, 2013 in FCFA;
Capital 3,000 000
Constructions 1500, 000
Borrowings 650 000
Equipments 950 000
Stock of goods 1250, 000
Suppliers 550 000
Customers 200 000
Bank 100 0
dash in hand 200 000
During the month of January, the following operations took place;
-5/01 Sales of goods by cash 247,875 FCFA, cost of goods sold 175000 FCFA.
-10/01 Purchases of goods 0 FCFA
-
30/01 Settlement of electricity bill by cash 67 000 FCFA —30/01 Settlement of water bill by cash 35
000 FCFA
- 30/01 Settlement of telephone bill by cash 133 000 FCFA
THE UNIVERSITY OF BAMENDA,
HIGHER INSTITUTE OF COMMERCE AND MANAGEMENT (HICM),
DEPARTMENT OF FINANCE AND ACCOUNTING,
COURSE TITLE / CODE: PRINCIPLES OF ACCOUNTING / ACC 101
COURSE MASTER: ARMSTRONG-PEACE N F/ INNOCENT C. LEHTENO CLASS: LEVEL 100
DATE I TIME ALLOWED: 5/03/2013/ 3 HOURS (8:00 - 11:00)
CREDIT VALUES: 6 CREDIT VALUES
ACADEMIC YEAR: 2012/2013, FIRST SEMESTER EXAMINATION
INSTRUCTIONS TO CANDIDATE ANSWER ALL QUESTIONS
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Work Required:
1. Present the opening balance sheet (6 Marks)
2. Analyse the operations of the month in terms of employment and resources (8 Marks)
3. Present the journal entries (8 Marks)
4. Post the operations^ the month and those of the opening balance sheet on ledger accounts (5
marks) ’ s,
5. Present the six column trial balance (8 Marks)
PART II: ( 35 marks)
Question 1
Draw and complete the following table in your answer booklet.
Item
Meaning
Example
Statement of
comprehensive
Statement of
financial
position
1.
Prepaid
expenses
2.
Accruel
expenses
3.
Income
receieved in
advance
4.
Accruel
incomes
5.
Drawing
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QUESTION II
The following trial balance was extracted from the books of KOLEB & SONS for the year ended 31
December,2006.
PARTICULARS
AMOUNTS in FCFA
DEBIT
CREDIT
Sales returns / sales 5,600
300,520
Stock (01/01/06) 15,000
Purchases / Purchases returns
147,690
13,560
Carriage inward 11,000
Interest income
6,050
Rents receivable
5,000
Discount allowed 2,010
Carriage outward 4,500
Rents rates & insurance 24,400
Heating and Lighting 11,000
Postage, stationery and telephone 2,230
Advertising 5,900
Salaries and wages 30,200
Legal fee 8,400
Interest expense 2,000
Motor vehicles (cost) '150,000
Accumulated depreciation 50,000
Furniture and fitting (cost) 30,000
Accumulated provision
10,000
Trade debtors / creditors 24,000
18,600
Salary advance 5,000
Insurance prepaid 2,500
Interest income accrued 3,000
Cash in hand 2,000
Cash at bank 3,000
Rents receivable in advance 2,000
Rental expenses accrued
1,000
Interest expense accrued
8,400
Legal fee accrued
2,000
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Drawings 18,400
Loan (First Ltd)
70,000
Capital
81,500
Fixed deposit 60,000
Total 568,630
568,630
Closing Stock 12,000 FCFA
Work Required:
1) Prepare a statement of comprehensive income as at December ended, 2006. (12.5MARKS)
2) Prepare a statement of financial position as at December ended, 2006 (.12.5MARKS)
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