Principles of accounting UE Past Papers Questions.


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(3409) Question Category: True OR False

Revenue accounts are increased by debits and decreased by credits.

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(3410) Question Category: True OR False

The process of transfering the debit and credit information from the journal to individual accounts in the general ledger is called journalizing.

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(3411) Question Category: True OR False

Withdrawal of goods for own use is recorded as debit entry in the drawings account and a credit entry in the purchases account.

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(3412) Question Category: Practical

The following transactions relate to Makongo Juu Traders during the month of January 2010.

2010 Jan 5 Received invoice from Savei Stores for Tshs 400,000/= of goods purchased
    7 Purchased goods from Yale Co.Ltd at list price Tshs. 680,000/=, less 20% trade discount.
    10 Purchase of traditional goods from Savei Store on credit at list price Tshs. 900,000/=, trade discount 5% was given.
    15 Paid Savei Store by cheque Tshs. 340,000/= less 5% discount.

Required

  1. Record the above transactions  into the Purchases Day Book
  2. Post the entries from the purchases day book in (a) above  to their relevant accounts in the ledger.

Answer / Solution

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(3413) Question Category: Practical

Jordan`s financial position on 1st May 2010 as follows.

Cash in Hand Tshs 1,650/=

Cash at bank Tshs 7,500/=

Motor Vehicle Tshs 20,000/=

Transactions during the month of  May 2010 are as follows

2010 May 3 Bought goods on credit from Hamisi Tshs. 6,200/=
    6 Sold goods on credit to Joseph Tshs. 4,000/=
    9 Drew out cash from bank for office use  Tshs 1,500/=
    12 Cash purchases Tshs. 2,400/=
    13 Received payment by cheque from Joseph Tshs 2,300/= net of discount; Discount allowed Tshs. 200/=
    16 Cash sales Tshs. 4,800/=
    19 Cash purchase Tshs. 3,700/=
    20 Paid Hamisi cheque in full settlement of his account less 5% discount.
    24 Sold goods on credits to Ben Tshs. 6,500/=
    27 Cash sales 4,460/=
    28 Received cheque from Ben Tshs 4,000/= less 6% cash discount
    29 Bought new furniture for business use by cheque  Tshs. 8,000/=
    30 Paid sundry expenses in cash Tshs. 2,600/=
    31 Cash from office paid into bank Tshs. 2,450/=

Required

  1. Record the transactions into the  three column cash book . Balance the cash book at the end of the month.
  2. Determine the owner`s equity in the business as at 1st May 2010.

Answer / Solution

UNSOLVED

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