gce 2022 intermediate level accounting 2

gce 2022 intermediate level accounting 2

gce 2022 intermediate level accounting 2

SECTION A
(OIIADA ACCOUNTING APPROACH)
Answer any THREE questions in this Section. Each question carries 20 marks.
S
1. Precious entity has the following assets and liabilities as at January 1, 2007:
Assets Capital and Liabilities
Items FCFA Items FCFA
Furniture and fittings 240,000 Capital 5,000,000
Equipment Trade Suppliers 900,000
Cash in hand
2,100,000
400,000 Bank loan 100,000
Inventory 2,360,000
Trade receivables 700,000
1 Bank balance 200,000
In the month of January 2017, Precious entity carried out the following transactions:
FCFA
950,000
850,000
147,000
250,000
3,000
. 300,000
. 200,000
. 17,000
.. 250,000
10,h: Bought goods on credit
Transport cost of goods bought (paid by supplier)
sold goods for cash
credit sales of goods toNjua ……. ;…..
Paid transport expense on behalf of customer Njua by cash
paid an advance to suppliers of goods by cash
Received cash from customer Njua
Paid electricity bills by cash
sold goods and received cash for immediate settlement ….
12″’:
13,h:
16″’:
24″’:
28″’:
Required:
(i) Record the above transactions in the classical journal of Precious entity for the month
(ii) Post the journal into the ledger for the month
(12 marks)
(8 marks)
(Total 20 marks)
GOSHEN is a Public Limited Company that imports supplies study Bibles. An extract from the company’s
books for the year 2018 were as follows:
2.
I A/C EXPENSES FCFA A/C REVENUES FCFA
601 Purchase of goods 1,062,580 701 Sales of goods 3,754,570
603 Variations of stock of goods 279,000 71 Operating subsidies 100,000
65 Other expenses 4,730 75 Other operating Revenue 1,240
66 Personnel expenses 151,000 77 Financial income 6,580
67 Financial expenses 5,020 791 Provision written back 9,000
681 Depreciation expenses 45,000 84 Income OOA 500
691 Provision expenses 10,000
83 Expenses OOA 600
89 Income tax 110,960
Required:
Use the “T’ accounts to determine the various management balances and the net results (Gross Margin; Value
Added; Gross Operating Surplus; Operating Profit or Loss; Financial Profit or Loss; Profit or Loss on Ordinary
Activities; Profit or Loss EOA; Net Results). (20 murks)

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