Earlyface

 (1a)
Cash book: this is a double entry account used
to record cash transactions and also
transactions with the bank. It is a subsidiary
book and also performs the function of a ledger.
(1b)
(i) it provides a written record which is essential
for the proper conduct of business.
(ii)the existence of reliable financial records
help in management decision making.
(iii)good book-keeping practice enables one to
ascertain the profit or loss made during a
trading period.
(iv)it make it possible to find out how a business
stands in relation to its customers
(v)it facilities reference making to past
transactions.
(vi)it shows purchase and sales made within a
given period.
(vii)it also facilitates inter-firm comparison
- (1c)
(i)invoice
(ii)credit note
(iii)debit note
(iv)petty cash voucher
(v)receipts

- (9)
BALANCE SHEET AS AT 30/9/2012

Debit side
Ordinary share(156,000)
Reserve/Net Profit (65883)
Long term liability/6% Debenture(45,000)


C/L
Creditors(34730)
Rent(2440)=37170
Total= (298053)

Credit Side
Fixed assets
Premises(127500)
Plant & machinery(165900)
Less exp (38100)

C/A
Stock(48219)
Debtors(31664)
Bank(22890)=162773.
Total=298073

(7)
TRADING PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST/12/2010.

Debit Side
Stock(85716)
Purchases(389814)=475530
Return Outward(165)=475365
Less Stock(9500)=380365
G.P(157375)=
Rent&rate(7500+4000)= 11400
Insurance(8000-2800)= 5200
General Expenses=9000
Salaries(59628+7000)=66628
Interest=5000
Bad debt=1629
Provision for bad debt=3029
Directors salaries=28000
Depreciation M.v 20%*12000 =24000
Net Profit= 3389
Total= 157375.
Credit side
Sales(538266)
Return inward(526)=537740
G.P (157375)
total:(157375)


PROFIT AND LOSS APPROPRIATION A/C FOR THE YEAR ENDED 31/12/2010


Debit side
Proposed Dividend
10/100*100000 =10000
Retained Profit = 80789
Total= 90789


Credit side
N.p B/D (3389)
Balance B/D (87400)
Total= 90789

PLS CORRECT SOME FIGURES IN No 6b.
THIS IS D CORRECT No6b.

(6b)BANK RECONCILIATION STATEMENT

Balance as per adjusted cash book- (3800)
Adj. unpresented cheque-(5000)
Total= 8800
Less uncredited cheque=2500
Dishonoured cheque=500
Total= 3000
Balance as per bank statement= 5800.

Verified ACCOUNT OBJ:
1-10: cacddcccca
11-20: ccadaddbdc
21-30: dbdbcaccbd
31-40: bddcbcbbba
41-50: accbcbdadc
(1a)
Cash book: this is a double entry account used
to
record cash transactions and also transactions
with
the bank. It is a subsidiary book and also
performs the
function of a ledger.
(1b)
(i) it provides a written record which is
essential for
the proper conduct of business.
(ii)the existence of reliable financial records
help in
management decision making.
(iii)good book-keeping practice enables one to
ascertain the profit or loss made during a
trading
period.
(iv)it make it possible to find out how a
business
stands in relation to its customers
(v)it facilities reference making to past
transactions.
(vi)it shows purchase and sales made within a
given period.
(vii)it also facilitates inter-firm comparison
(1c)
(i)invoice
(ii)credit note
(iii)debit note (iv)petty cash voucher
(v)receipts
(2ai)
Assets: the assets are set out in order of
permanence
or liquidity.it is the possession of an
organisation which creates revenue for the
business.the two
classification of assets are; current and fixed
assets.
(2aii)liability: this can be defined as business
indebtedness which is acquired for business
purposes
but has to be repaid at the agreed period.it is
classified into short term and long term
liability.
(2b)
(i)the value of asset;this determine the annual
charge
of depreciation of assets.
(ii)nature of asset; this is whether an asset is
current
or fixed for the value used in each has
something to
do with the asset nature.
(iii)time; the life span of a assets determines
the value
to charged for the asset depreciation.
(6a) JOHNSON'S ADJUSTED CASH BOOK
FOR MONTH OF DEC,2012
DEBIT SIDE
Dividend (400)
Underdraft(700)
Bal c/d(3800)
Total= 4900
CREDIT SIDE
Bal b/d-(3000)
Cost of cheque book-(400)
Bank error(cheque)-(1200)
Bank charges-(300)
Total-(4900)
Bal b/d-(3800)
(6b)BANK RECONCILIATION STATEMENT
Balance as per adjusted cash book- (3800)
Adj. unpresented cheque-(5000)
Total= 8800
Less uncredited cheque=2500
Dishonoured cheque=500
Total= 3000
Balance as per bank statement= 5800.
(7)
TRADING PROFIT AND LOSS ACCOUNT FOR
THE YEAR ENDED 31ST/12/2010.
Debit Side
Stock(85716)
Purchases(389814)=475530
Return Outward(165)=475365
Less Stock(9500)=380365
G.P(157375)=
Rent&rate(7500+4000)= 11400
Insurance(8000-2800)= 5200
General Expenses=9000
Salaries(59628+7000)=66628
Interest=5000
Bad debt=1629
Provision for bad debt=3029
Directors salaries=28000
Depreciation M.v 20%*12000 =24000
Net Profit= 3389
Total= 157375
Credit side
Sales(538266)
Return inward(526)=537740
G.P (157375)
total=(157375)
PROFIT AND LOSS APPROPRIATION A/C
FOR THE YEAR ENDED 31/12/2010
Debit side
Proposed Dividend
10/100*100000 =10000
Retained Profit = 80789
Total= 90789
Credit side
N.p B/D (3389)
Balance B/D (87400)
Total= 90789
(9)
BALANCE SHEET AS AT 30/9/2012
Debit side
Ordinary share(156,000)
Reserve/Net Profit (65883)
Long term liability/6% Debenture(45,000)
C/L
Creditors(34730)
Rent(2440)=37170
Total= (298053)
Credit Side
Fixed assets
Premises(127500)
Plant & machinery(165900)
Less exp (38100)
C/A
Stock(48219)
Debtors(31664)
Bank(22890)=162773.
Total=298073
(9b)
(i.) (C/A-stock)/CL=
(102773-48219)/347303=54554:34730/1.57:1
(ii.)
Capital emloyed = Total asset-Current Liability
=298073-37170=260903
(iii.)
Working capital=CA-CL
=102773-37170=65603
(iv.)
CA:CL=102773:37170= 2.76:1
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