Principles of Accounting - A Practical Approach - O Level Revision. Free PDF download (11 MB) from the ExamineAI past papers library.
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This is the O-Level Principles of Accounts study guide. It is a free study guide for revision.
Additional Information on 31 December, 2019: (i) Wages and salaries owing amounted to $$ 3000$. (ii) Rent receivable outstanding was $$ 2200$. (iii) Sundry expenses figure includes an amount of $$ 500$, used by the owner, to pay for her private telephone bill. (iv) Provision for bad debts is to be $5 \%$ of trade receivables. (v) Depreciation is to be provided for as follows: Office equipment at $10 \%$ per annum on cost, Delivery van at $20 \%$ per annum, using reducing balance method. (vi) The loan from international bank was acquired on 31 December, 2019. You are required to prepare: (a) The Income Statement for the year ended 31 December, 2019. [12] (b) The Statement of Financial Position as at 31 December, 2019. [13] 2. The following balance was taken from the books of Roland's Enterprises on 1 December, 2019: D. Machini $4400 The following transactions took place during the month of December 2019: December 2 D. Machini paid $4000 by cheque in full settlement of the amount owing on 1 December. 5 Sold goods on credit to D. Machini for $$ 20000$ less $25 \%$ trade discount. 9 Sent a credit note to D. Machini of $$ 300$ net in respect of damaged goods delivered to her on 5 December, 2019. 15 Accepted an old motor vehicle $$ 6500$ as part payment of D. Machini's debt. 31 D. Machini was declared insolvent. She managed to pay 50 cents cash for every dollar of the amount owing. The balance was written off as a bad debt. (a) You are required to prepare D. Machini's account. SEOILOV\&d NOILVNIWVXE ou are required to prepare: SΞOILOVUd NOILVNIWVXE