Principles of Accounting (ACCC2101)

Higher Institute of Commerce and Management (HICM)

Semester: First Semester

Level: 200

Year: 2018

Answers (200 )
COURSE: PRINCIPLESOF ACCOUNTING ASSIGMENT C A
LEVEL 100, FIRST SEMESTER 2016/2017
COURSE MASTER: DR. MUKAH SAMUEL T./ ARMSTRONG PEACE N F
TIME ALLOWED: 3 HOURS
Instructions to candidates: Answer all questions while showing all relevant preliminary calculations
Question 1 (50 marks)
The following transactions took place in NANTARRH Ltd during the month of February 2017.
1
st
Cash balance 2,500,000 FCFA. £
2
nd
Invoice no 01 purchases from Lamnda 1,500,000 FCFA.
4
th
Paid salaries and wages 500,000 FCFA
5
th
Made cash sales 1,500,000 FCFA.
7
th
invoice no 03 sales to Standard Ltd 2,000,000 FCFA.
8
th
invoice no 02 purchases from Star Ltd 2,000,000 FCFA.
10
th
invoice no 04 purchases from ENDTIME Plc Ltd 1,500,000 FCFA
12
th
invoice no 05 Sales to HOLYFIRE 3,000,000 FCFA
15
th
Paid Lamnda 500,000 FCFA.
16
th
Paid Star Ltd 500,000 FCFA
17
th
invoices no 06 purchases from Lamnda 1,000,000 FCFA
18
th
Received from Standard Ltd 1,500,000 FCFA
20
th
Received from OLYFIRE 2,000,000 FCFA
24
th
invoice no 07 purchases from ENDTIME plc 1,000,000 FCFA
25
th
invoice no 08 sales to GREAT FALLS Ltd 2,500,000 FCFA
26th invoice no 09 sales to Standard Ltd 1,500,000 FCFA
27th paid electricity bill 100,000 FCFA
28th paid rents 500,000 FCFA
29th Cash sales 1,000,000 FCFA.
30lh invoice no 010 sales to IHOLYFIRE 2,500,000 FCFA
31st Paid END TIME Plc 500,000 FCFA
Work Required:
Present the cash book (15 Marks)
Present the sale and purchases daybooks (10 Marks)
Present the relevant ledger accounts (25 Marks).
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Question 2 ( 20 marks)
You are given the following Trials balance on FABULOUS Ltd as at March ended 2017
ELEMENTS
DEBIT FCFA
CREDIT FCFA
Rent
2,000
Sales
261,500
Bank
9,000
Drawing
1,000
Wages
30,000
Purchase
113,000
Office Expenses
22,000
Capital
16,000
Cash
116,400
Debtors
16,100
Creditors
32,000
TOTALS
309,500
309,500
Work Required:
1. Present the statement of Performance of this entity ( 8 mark)
2. Present the Statement of Financial position of this firm (12 marks)
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