cameroon gce intermediate level 2025 international financial accounting 2
cameroon gce intermediate level 2025 international financial accounting 2
Data Extraction from Image 2
1) CHU a sole trader prepared the following trial balance which is not yet totalled and contains errors.
TRIAL BALANCE AS AT DECEMBER 31, 2022
| Debit | Credit | |
| 000FCFA | 000FCFA | |
| Fittings and equipment at cost | 3000 | |
| Provision for depreciation of fittings and equipment | 7500 | |
| Trade receivables | 6100 | |
| Bank overdraft | 3106 | |
| Trade payables | 3485 | |
| Capital | 20229 | |
| Sales | 73250 | |
| Purchases | 41785 | |
| Discount received | 1990 | |
| Returns inwards | 3390 | |
| Carriage inwards | 1223 | |
| General expenses | 6430 | |
| Rent and rates | 7380 | |
| Drawings | 9500 | |
| Inventory at 1st January 2022 | 3752 |
Required
Prepare the:
- i) Corrected trial balance at December 31, 2022. (8 marks)
- ii) Income Statement of CHU for the year ended December 31, 2022. (12 marks)
- Inventory as at December 31, 2023 is 3,965,000 FCFA.
Total (20 marks)
2) BONACAM is a Manufacturing business producing robber shoes. You are provided the following information:
000FCFA
| | 000FCFA |
|—|—|
| Inventory at January 1, 2023 | |
| Raw materials | 9100 |
| Work in progress | 21357 |
| Finished goods | 24235 |
| For the year ended December 31, 2023 | |
| Sales | 457250 |
| Purchases of raw materials | 110000 |
| Purchases returns of raw materials | 2200 |
| Purchases of finished goods | 23500 |
| Purchases returns of finished goods | 4700 |
| Direct wages | 91665 |
| Wages of factory supervisor | 29000 |
| Heat, light and power | 11600 |
| Rates and insurance | 8250 |
| Factory repairs and renewals | 5125 |
| Factory equipment – at cost | 124000 |
| Factory equipment – provision for depreciation | 35500 |
