BAC 103 – FINANCIAL ACCOUNTING 1
CAT 1
FEBRUARY 2025
QUESTION ONE
Skates drew up the following trial balance as at 30 September 2022.
Dr
Capital
Drawings
Cash at bank
Cash in hand
Debtors
Creditors
Stock 30 September 2001
Motor van
Office equipment
Sales
Purchases
Returns inwards
Carriage inwards
Returns outwards
Carriage outwards
Motor expenses
Rent
Telephone charges
Wages and salaries
Insurance
Office expenses
Sundry expenses
£
842,000
311,500
29,500
1,230,000
2,391,000
410,000
625,000
9,210,000
55,000
21,500
30,900
163,000
297,000
40,500
1,281,000
49,200
137,700
Cr
£
3,095,500
937,000
1,309,000
30,700
28,400
17,153,200
17,153,200
Required:
Prepare a Statement of Financial Position as at that date.
(10 mks)
2
Revision Aid
QUESTION TWO
The books of Mr T, a trader in tea showed the following balances as at 31 March 1998:
Opening stock of tea
Purchases – Tea
Salaries paid
Buildings
Cash in hand
Cash at bank
Rent, rates and council taxes
Insurance premium paid
Miscellaneous receipts
Sales
Discounts allowed
Bad debts
Building repairs
Miscellaneous expenses
Advertisement
Commission to sales manager
Furniture and fittings
Air conditioners
Sundry debtors
Sundry creditors
Loan on mortgage
Interest paid on the above
Prepaid expenses
Drawings
Bills payable (Current liability)
Bank charges
Legal charges
Motor vehicles
Travelling and conveyance
Capital
Shs.
100,000
400,000
80,000
95,000
2,000
135,000
15,000
3,000
10,000
720,000
4,750
3,250
2,900
8,700
20,000
32,400
35,000
30,000
100,000
80,000
70,000
3,000
4,000
18,000
30,000
2,000
6,000
80,000
10,000
280,000
Required;
a. Prepare a Trial Balance for the business as at that date
b. Prepare a Statement of Financial Position as at that date.
(10 mks)
(10 mks)
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