Fazaia Education School System

Principles of accounts entry test for o levels second year

Time allowed: 1 hour

No negative marking

Complete the following table

Question 1 (10 marks)

BUSINESS TRANSACTIONS Account to be Accounts to be

debited credited
Goods bought on credit from J Reid
Goods sold on credit to B Perkins
Van bought on credit from H Thomas
Goods sold, a cheque being received immediately
Goods sold for cash
Goods purchased by us retuned to supplier, H Hardy
Machinery sold for cash
Goods sold return to us by a customer, J Nelson
Goods bought on credit from D Simpson
Goods we returned to H forbes

Question 2

The following is the trail balance of T Owen as at 31 st March 2012. Draw up a set of financial
statements for the year ended 31st Match 2012.

Dr ($) Cr ($)
Stock 1st April 2011 52800
Sales 276400
Purchases 141300
 Carriage Inwards 1350
Carriage Outwards 5840
Returns Outwards 2408
Wages and salaries 63400
Business rates 3800
Communication expenses 714
Commission paid 1930
Insurance 1830
Sundry expenses 208
Buildings 125000
Debtors 45900
Creditors 24870
Fixtures 1106
Bank 31420
Cash in hand 276
Drawings 37320
Capital 210516
514194 514194

Stock as at 31st March 2012 was valued at $58440

Profit and loss account (10 marks)

Balance sheet (10 marks)