ordinary level 2026 South West mock international financial accounting 2
ordinary level 2026 South West mock international financial accounting 2
-
The following transactions took place in the month of October 2024:
-
Jan – 1: Opened bank account with 25,000,000CFAF, cash at hand 500,000CFAF
-
3: Made cash purchases 200,000CFA
-
5: sold goods for cash 600,000CFAF
-
7: Received cheque from Odelia 875,000CFAF allowed her discount 25,000CFAF
-
9: Paid Cindy on account by cheque 485,000CFAF and was allowed discount of 15,000CFAF
-
10: Purchase of furniture for cash 800,000CFAF
-
12: Drew cheque for petty cash 100,000CFAF
-
14: Received interest on investment by bank transfer 750,000CFAF
-
16: Paid Levy-Bruh in full settlement by cheque 480,000CFAF and was allowed a discount 20,000CFAF
-
19: Paid for advertisement 350,000CFAF by cheque
-
22: Received from Faith 990,000CFAF by cheque and allowed her discount 20,000CFAF
-
28: Paid salaries 1,200,000CFAF by cheque
-
31: Paid rent to landlady 420,000CFAF by cheque
Required
-
a) Prepare a suitable cashbook (16 marks)
-
b) Give two differences between discount allowed and discount received. (4 marks)
(Total 20 marks)
-
The following accounts with their respective balances are extracted from the books of SK entity as at 31/12/2015.
| Accounts | CFAF |
| Capital | 19,800,000 |
| Drawings | 4,200,000 |
| Purchases | 21,600,000 |
| Sales | 38,300,000 |
| Sales Return | 300,000 |
| carriage outward | 1,200,000 |
| discount allowed | 800,000 |
| discount received | 900,000 |
| Debtors | 3,100,000 |
| Creditors | 4,200,000 |
| stock 1/1/2025 | 7,800,000 |
| rent paid | 6,000,000 |
| rent received | 2,000,000 |
| general expenses | 2,300,000 |
| long term loan | 2,700,000 |
| loan interest | 450,000 |
| Wages | 10,800,000 |
| fitting and fixtures at cost | 14,500,000 |
| bank overdraft | 5,150,000 |
Additional Information:
-
Stock as at 31/12/2015 was valued at 8,100,000CFAF
-
The tenant owes 400,000CFAF rents for the 2015 financial year
-
The rent paid includes 500,000CFAF for the next financial year 2016.
-
Wages was outstanding by 80,000CFAF as at 31/12/2015
Required:
-
a. Prepare the trial balance as at 31/12/2015 before adjustments. (6 marks)
-
b. Prepare the income statement of SK Entity as at 31/12/2015 (7 marks)
-
c. Establish the statement of financial position of SK Entity as at 31/12/2015 (7 marks)
(Total 20 marks)
