Principles of Accounting Paper 2 June 2014

S. Kamwendo's Trading and Profit and Loss Account for the year ended 31 December 2009 showed a gross profit of $42 600, other income of $90, and total expenses of $35 610. What was the net profit for the year?

In S. Kamwendo's Statement of Financial Position as at 31 December 2009, the non-current assets were Equipment (net book value $43 740) and Motor vehicles (net book value $4 800). What was the total net book value of non-current assets?

Wisdom Golf Club's Bar Creditors (Accounts Payable) Account for 2009 opened with a balance of $600, recorded a$800 payment to bar creditors during the year, and closed with a balance of $1 100. What were the club's credit purchases of bar stock for the year?

Rugare Stores' updated Cash Book showed an overdraft of $2 200 on 31 January 2010. Uncredited cheques of $1 800 and unpresented cheques of $1 500 were outstanding. What overdraft balance should the Bank Reconciliation Statement show as per the Bank Statement?

S. Samanyika Toy Products had opening raw material stock of $11 400, purchases of raw materials of $54 000, and closing raw material stock of $1 400 for the year ended 31 December 2009. What was the cost of raw materials consumed?

S. Samanyika Toy Products' Manufacturing Account for the year ended 31 December 2009 arrived at a prime cost of $93 600, total factory overheads of $99 800 (after adding indirect expenses), and a figure of $103 800 after adding opening work in progress. What was the total cost of production, after also deducting the closing work in progress of $11 500?

In accounting, the rate of stockturn (stock turnover) is obtained by dividing cost of sales by what figure?

When the debit side of a Trial Balance does not agree with the credit side, the difference is temporarily posted to the credit (or debit) side of which account, so the trial balance can still be drawn up while the cause is investigated?

Trustwell Company Ltd's net trading profit for the year was $79 550 before allowing for debenture interest. Debenture interest for the year was $8 550 (10% of $85 500 debentures). What was the profit available for appropriation after debenture interest?