LEARNING HUB TANZANIA
FORM THREE BOOK-KEEPING ANNUAL EXAMS: NAME…………………………………………….…STREAM………… TIME-3:00HRS
INSRUCTIONS:
These papers consist of THREE SECTIONS A, B and C.
Answer ALL questions in ALL sections.
ALL writing must be blue/black ink.
Cell phones and Calculators are NOT allowed in the examination room.
Read carefully the instructions given under each section.
SECTION A (20 marks)
A. Standing order
B. Credit transfer
C. Bill of exchange
D. Paying-in slip
xi. The movement of money or money worth from one person to another in exchange of goods and services is called;
xii. A Statement showing a list of debit and credit account extracted from ledger is called?
xiii. The main aim of preparing trading profit and loss account is to get;
xiv. Which of the following is not an asset?
xv. Sales invoice are first entered in the……
(i) Depreciation calculation method which is at a lesser amount every following period.
(ii) Where an item is entered, but both debit and credit entries are of the same incorrect amount
(iii) Assumption that a business is to continue for a longtime.
(iv) Where a correct amount is entered, but in wrong personal’s account.
(v) Is a transfer of amount from cash to bank or from bank to cash
LIST B
SECTION B (20 marks)
On checking the cash book with the bank statement it was discovered that the following transactions had not been entered in the cash book:
Dividends of sh. 2,400 had been paid directly to the bank.
A credit transfer TRA- and Customs VAT refund of sh. 2,600 had been collected by the bank.
Bank charges sh. 300.
A direct debit of sh. 700 for the Charity subscription had been paid by the bank.
A standing order of sh. 2,000 for Tengeneza’s loan repayment had been paid by the bank.
Tengeneza’s deposit account balance of sh. 14,000 was transferred into his bank current account.
A further check revealed the following items:
Two cheques drawn in favor of Tamale sh. 2,500 and Fadiga sh. 2,900 had been entered in the cash book but had not been presented for payment.
Cash and cheques amounting to sh. 6, 900 had been paid into the bank on 31st December, 2008 but were not credited by the bank until 2nd January, 2009.
Required
(i) Bring the cash book (bank column) up to date, starting with the debit balance of
sh. 15,000 and then balance the bank account.
(ii) Prepare a bank reconciliation statement as at 31st December, 2008.
5. (a) State five advantages of self balancing ledger and control accounts
(b) Briefly explain five benefits of using petty cash system.
6. Masamu keeps books on single entry system as follows;
| 31.12.2016 | 31.12.2017 |
| TZS | TZS |
Club furniture Stock Debtors Prepaid expenses Creditors Outstanding expenses Cash | 100,000 60,000 120,000 ……… 40,000 12,000 22,000 | 120,000 20,000 140,000 40,000 ? 20,000 6,000 |
Receipts and payments for the year were as follows;
Item | Cash. |
Receipt from debtors Payment to customers Carriage inwards Drawings Sundry expenses Furniture purchased | 420,000 200,000 40,000 120,000 140,000 20,000 |
Other information
There was a considerable amount of cash sales. Credit purchase in the year amounted to 230,000, provision for doubtful debts was to extend of 10% of debtors.
From the information provided, prepare;
a) trading profit and loss account
b ) total debtors and creditors control account as well as cash account
c) balance sheet as at 31st December 2017
SECTION C (40 MARKS)
6. The following are the information of Nsumba Business on 31 December 2001.The trial balance failed to agree with the shortage of shs 17520 on the credit side. A suspense A/C was opened
During the year 2002 the following errors made in 2001 were discovered.
RQD
a) Show the Journal entry to correct the above errors
b) Write up a suspense A/C
c) The net profit was originally calculated as shs 682, 200, Show the calculation of net profit figure.
7. The Assets and liabilities of star social club on 1stJanuary 2001 were as follows
Cash in hand 26,800,bar stock 21,000, subscription outstanding for previous year 20,000.Insurance prepaid 300, furniture and equipment 43,000 and creditors for bar supplies 15,000
The following is the summary of receipt payment and notes of star social club on the year of 2001.
RECEIPT & PAYMENT
RECEIPT | SHS | PAYMENT | SHS |
Subscription | 84,500 | Cash to creditors of bar suppliers | 141,500 |
Sale of bar stock | 184,000 | New furniture | 6000 |
Sale of old furniture | 1500 | Dance & social expense | 26,900 |
Dances and socials | 34,700 | Rent & rates | 64,500 |
|
| wages | 52,000 |
|
| Lighting & heating | 10,600 |
|
| Postage & Stationary | 1800 |
|
| insurance | 800 |
NOTE
a) The subscriptions received included 1500 relating to the previous year. The remaining of the subscription for that year was written off as bad debt.
b) On 31/dec/2001, shs 4500/= subscription were outstanding for the current year of A/C
c) The old furniture sold during the year of A/C had a book value of 900/= at the date of sales.
d) The payment for insurance is a yearly premium paid on 1stJuly in each year
e) Depreciation of 2500 is to be written off on furniture and equipment
f) Bar stock on 31st December /2001 were valued at 18,000
g) On 31st December 2001 there were outstanding amount due on bar creditor 17,500 and for lighting and heating 2700
RQD
8. The financial year of the Toyo Company ended on 31st, December,2007.You have been asked to prepare a total debtors account and a total creditors Account in order to produce end-of- year figure for debtors and creditors for the draft final accounts.
You are able to obtain the following information for the financial year from the books of original entry.
Sales- cash………………………………………………………………….344,890
- Credit…………………………………………………………… 268,187
Purchases - cash………………………………………………………. 14, 440
- Credit ……………………………………………………………. 496,000
Total receipt from customers …………………………………………………. 600,570
Total payments to supplier …………………………………………… ……… 503,970
Discounts allowed (all credit customers) ……………………………………... 5,520
Discount received (all from credit supplier)…………………………………..… 3,510
Refunds given to cash customers……………………………………. ………..…5,070
Balance in the sales ledger set-off against balance in purchases ledger…………. 70
Bad debts written…………………………………………………………….…. 780
Increase in the provision for bad debts…………………………………………… 90
Credit notes issued to credit customers …………………………………………. 4,140
Credit notes received from credit suppliers…………………………………….... 1480
According to the audited financial statements for the previous year’s debtors and creditors as at 31st, December, 2006 were Tshs 26,555/= and Tshs 43,450/= respectively.
REQUIRED
Draw up the relevant total Accounts entering end-of-year total for debtors and creditors.
1
LEARNINGHUBTZ.CO.TZFORM THREE BKEEPING MODAL SERIES 7
LEARNING HUB TANZANIA
BOOK-KEEPING - TERMINAL EXAMINATION
FORM THREE
TIME: 2½HRS MAY, 2017
NAME:____________________________________ CLASS:___________
INSTRUCTIONS
- Answer all questions
i) Which of the following is a liability?
ii) The cash payment of T.shs 439,000 to Juma would appear as follows:
iii) Which of the following are personal accounts?
iv) In the trial balance, accumulated provision for depreciation account is
v) Which of the following is not correct?
vi) Which of the following should be charged in the trading, profit and loss account(income statement)
vii) At the end of trading period, bad debt account is closed and transferred to the
viii) Revenue expenditure is
ix) An allowance made on the date of sales in respect of the date of payment is
x) If shs 1000/= was added to purchases instead of being added to a fixed asset
Column A | Column B |
i) An item is entered in the wrong class of account ii) Where errors cancel each other iii) Where transaction is completely omitted from the books iv) Where correct accounts are used but each item is shown on the wrong side of an account v) Where correct amount is entered in the wrong account vi) Where incorrect amount is entered in the accounts vii) Incorrectly adding up figures to give an answer which is less than it should be viii) Used to set the amount which will make the trial balance to balance when is affected by errors ix) When transaction is posted twice in along the correct principles of double entry system x) Errors committed when dualistion aspect of a transaction is not followed |
|
SECTION B
a) Capital expenditure
b) Bad debts
c) Depreciation of non-current asset
d) Manufacturing account
e) Single entry system
Required:
Rent received account to show the amount transferred to the profit and loss account
SECTION C
machine | Date of purchase | Cost(shs) | Date of disposal | Disposal proceeds(shs) |
MAI | 1Jan 1993 | 5000,000 | - | - |
MB 2 | 1Jan 1993 | 2500,000 | 1 Jan 1995 | 900,000 |
MC 3 | 1 Jan 1995 | 7000,000 | - | - |
The machines are depreciated on straight line method using rate of 20% per annum
Required:
a) Machine account
b) Provision for depreciation account
c) Disposal of machines account
Through investigation the following information was obtained
01.01.2013 31.12.2013
Stock 2,100 2,240
Trade creditors 960 1,000
Motor vans 1,200 1,000
Debtors 1,300 1,040
Rates pre-paid 80 96
Cash at bank 900 2,344
Additional information
Drawings during the year amounted to Tshs 120 per week
Legacy of Tsh.400 received on March 2013 had been paid into the business bank account
Required
a) Statement of affairs at 1st January 2013
b) Statement of affairs at 31st December 2013
c) Statement of profit or loss for the year 2013
Stock at 01.01.2013:
Raw materials 1,845,000
Work in progress 2,360,000
Finished goods 1,747,000
Purchases: raw materials 6,430,000
Carriage on raw materials 160,500
Direct labour 6,581,000
Office salaries 1,692,000
Rent 270,000
Office lighting and heating 576,000
Depreciation:
Works machinery 830,000
Office equipment 195,000
Sales 20,060,000
Factory fuel and power 592,000
Additional notes on 31.12.2013
Stock at 31.12.2013
Raw materials 2,021,000
Work-in-progress 1,739,000
Finished goods 2, 1488,500
Rent is to be apportioned as follows:
Factory
Office
1
LEARNINGHUBTZ.CO.TZFORM THREE BKEEPING MODAL SERIES 6