cameroon gce intermediate level 2024 international financial accounting 2
cameroon gce intermediate level 2024 international financial accounting 2
MAWOH presented to you the following relating to his debtors and creditors for the month of January 2020:
Balances on 1 January 2020
| Accounts receivable ledger– Dr | 232,310 |
| Cr | 1,225 |
| 7,260 | |
| 127,325 |
Accounts payable ledger– Dr
Cr
Totals for the month to January 2020
Credit purchases
Credit sales
Purchases returns
Accounts receivable settled by contra accounts with accounts payable
Bad debts written off
Discounts and allowances to customers
Cash received from customers
Cash discount received
Cash paid to creditors
Cash paid to customers
Balances on 31 January 2020
Account receivable
Accounts payable *
382,370
630,120
10,770
2,275
6,265
3,730
602,320
9,710
352,380
260
246,615 (Dr)
127,300 (Cr)
Required:
Prepare the accounts receivable control account and the accounts payable control account for the month of January
2020.
NB:
Inventory at 31 December 2020 was 227,920 CFAF
Required:
Prepare an income statement for the year ended 31 December 2020 and a balance sheet extract (Capital and
liabilities side only) as at that 31 December 2020.
Total (20 marks)
3 Tibung Enterprise has provided you with the following information for their financial year 2020:
000 CFAF
lsl January 2020
Inventory 7,500
31sl December 2020
Credit Sales 120,000
Purchases 97,000
Cost of Sales 96,000
Gross Profit 24,000
Net profit 15,000
Inventory 8,500
Trade Receivables 10,500
Bank 12,250
Trade payable 12,500
Capital Employed 143,000
Required:
Calculate the following ratios:
a) Returns on Capital employed
b) Gross profit as a percentage of Sales
c) Current Ratio
d) Quick Ratio
e) Debtor‘s Collection period in months
f) Rate of Inventory Tumover
Total (20 marks)
(a) On 1 September 2021 the balance of the bank column in YAKUM–NTAW’s cash book is 190,000 CFAF
debit.
The transactions for the month of September 2021 were:
4.
September 5 Received and banked a cheque of 83,000 CFAF from Cello, a credit customer. He had
deducted 2,000 CFAF cash discount.
8 Paid general expenses by cheque 72,500 CFAF.
14 Francis, a credit customer, paid his debt of 200,000 CFAF by cheque after deducting a
cash discount of 3%.
23 Received and banked a cheque from Alice, a credit customer, 30,000 CFAF.
26 Paid a cheque to Tansley, a supplier, in full settlement of his account of 350,000 CFAF
less 2% cash discount.
29 The bank returned the cheque received from Alice on 23 September as dishonoured.
