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Section A
[40 marks]
Answer ALL questions in this section.
A1. Choose the best answer from the choices (i), (ii), (iii) and (iv) given. [16]
(c) An asset sold for $2,000 on 31.03.09 with an original cost of $10,000 and an
accumulated depreciation to date of $8,200 shall record
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(i) Depreciation
(ii) Interest
(iii) cost of goods sold
(iv) office supplies
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A2. Causeway Enterprises, a business run by Mr. Tee, had arrears in wages that remained
unpaid as at 31/12/2007 amounting to $1,700. During 2008, Causeway Enterprises
paid $36,000 as wages. At the year end the outstanding wages that remained unpaid
amounted to $2,100.
Record the above transactions in the Wages Ledger Account as at 31.12.2008. [3]
A5. State the difference between Straight line and reducing balance methods of
depreciation. [3]
A9. Name the components that go into Stock of finished goods. [3]
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Section B
[60 marks]
Answer ANY TWO questions in this section.
Additional information:
1. Stock at cost on 31 December 20x9 was $60,000.
2. Administrative salaries outstanding $5,400.
3. Depreciation is to be provided on the straight line method at the following annual
rates:
Equipment 25%
Motor vans 20%
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Required:
(a) Prepare a Trial balance as at 31 December 2009. [17]
(b) Prepare Trading and Profit and loss account for the year ended 31 December 2009. [11]
(c) Capital account for the year ended 31 December 2009. [2]
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(b) Natupak’s Cash Book (Bank Columns only) for the month of October 20x4 was as
follows:
He received the following statement from his Bank at the beginning of November
20x4:
(ii) Prepare a Statement, under its proper title, to reconcile the difference between
your amended Cash Book balance and the balance in the Bank Statement on
31 October 20x4. [6]
(c) Cash Book is perhaps the most important Journal cum Ledger maintained to monitor
the affairs of the business enterprises. Explain how cash and Bank transactions are
dealt with in the cash Book and the importance of the above statement. [9]
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- END OF PAPER -
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