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Beaconhouse School System

Bahria Town Senior Campus
Online December Assessments 2020

Student Name Class/ IX C

Section
Total Marks: 50

Subject: Accounting (7707) Time allowed: 1 Hour

Instructions

1. Cameras must be on.

2. Assignment must be hand written and in a single pdf file.
3. Kindly submit the assessment on time late submission would not be accepted
4. Time allowed is 1 Hour. Ten extra minutes for uploading the assignment.
5. Attempt all questions
6. Write down your Name, class and section at the top of each page of your hand written work.

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Section A
Encircle the correct option
1. A trader prepares financial statements each year.
What do these assist the trader to do?
A calculate the amount owing to suppliers
B calculate the cash drawings
C calculate the bank balance
D make decisions about the future

2. What is the accounting equation?

A assets = capital – liabilities
B capital = assets + liabilities
C capital = assets – liabilities
D liabilities = capital + assets

3. Oliver is a trader. His ledger contain an account of Sunway Wholesalers showing a

debit balance of $6742.
What does this mean?
A Goods, $6742, are to be delivered to Oliver.
B Oliver has sent a cheque, $6742, to Sunway Wholesalers.
C Oliver owes Sunway Wholesalers $6742.
D Sunway Wholesalers owe Oliver $6742.

4. Peter is a customer of Paul. On 1 May Peter owed Paul $250.

Transactions during May were as follows.

$
sales 1470
cheques received 930
sales returns 100

What was the debit balance on Peter’s account in the books of Paul on 1 June?
A $440 B $460 C $690 D $710

5. Why does a business prepare a trial balance?

A to calculate the profit or loss
B to check the arithmetical accuracy of the ledger
C to check the cash and bank balances
D to show the financial position of the business

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6. Tim’s gross profit was $32 000. Opening inventory was $8000, purchases were $52
000 and closing inventory was $10 000.
How much were the sales?
A $18 000 B $50 000 C $82 000 D $102 000

7. Which is a liability of a business?

A amount owing by credit customers
B amount owing to credit suppliers
C long term loan to employee
D property tax paid in advance

8. A business bought a computer for office use and paid by cheque.

How will the business record the transaction?
account to be debited account to be credited
A bank office equipment
B office equipment bank
C bank purchases
D purchases bank

9. What is prepared to show the trading results for a financial year?

A capital account
B income statement
C statement of financial position
D trial balance

10. The owner of a business takes goods for his own use.
How is this recorded?

account to be debited account to be credited

A drawings inventory
B drawings purchases
C inventory drawings
D purchases drawings

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SECTION B

The balances given below were taken from the books of A.Arif on 1 July 2016.
$
Amna Shahbaz 1000 Cr
Fatima Tu Zahra 640 Dr
Bank 1500 Dr
Cash 150 Dr

The following transections took place during July 2016.

July 3 Bought Stationery $160 on credit from Boss Supplies.

4 Received a cheque from Fatima for the amount due.
8 Bought stationery $100 by cash
11 Bought goods on credit from Amna $840.
12 Bought stationery $ 86 by cheque.
15 Returned goods to Amna.
20 Paid Amna $550 by cheque.
23 Returned stationery worth $12 to Boss Supplies.
25 Fatima bought goods worth $ 1770 on credit.
30 Fatima Returned goods, $200

Required:

1 Prepare only the following ledger accounts and only balance the Bank Amna
Shahbaz and Fatim Tu Zahra accounts at 31 July 2016. Bring down the balances at
1 August 2016. Pay Attention to dates and details.
Cash Account

Date Detail $ Date Detail $

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Bank Account

Date Detail $ Date Detail $

Stationery Account

Date Detail $ Date Detail $

Amna Shahbaz Account

Date Detail $ Date Detail $

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Fatima Tu Zahra Account

Date Detail $ Date Detail $

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2 (a) State two reasons why a trader may prepare a trial balance.
1 .........................................................................................................................................

............................................................................................................................................

2 .........................................................................................................................................

....................................................................................................................................... [2]

Deepa is a trader. She extracted the following balances from her books of account on
31 December 2015.
$
Fixtures and fittings 17 000
Sales 72 000
Sales returns 3 100
Purchases 36 800
Purchases returns 2 260
Drawings 5 200
Bank Overdraft 2 700
Inventory at 1 January 2015 12 450
Rent paid 2 400
Wages 21 810
Discount allowed 1 000

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Other operating expenses 10 100

Trade Receivables 1 570
Trade Payables 4 210
Capital ?

(b) Prepare Deepa’s trial balance at 31 December 2015.

Deepa
Trial Balance at 31 December 2015
Debit Credit
$ $

[5]

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Deepa’s inventory at 31 December 2015 was valued as $ 14 540

(c) Prepare Deepa’s Income Statement for the year ended 31 December 2015.

Deepa
Income Statement for the year ended 31 December 2015

$ $

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[10]

3 (a) State two types of assets.

1......................................................................................................................................

2..................................................................................................................................... [2]

Boris is in business as a sole trader. The following figures are available on 30 April
2018.
$
Profit for the year 15 600
Returns inwards 7 800
Returns outwards 6 200
Inventory at 30 April 2018 22 500
8% Bank loan (repayable 31 July 2020) 60 000
Bank loan interest paid 2 400
Bank 3 000 debit
Trade receivables 39 600
Trade payables 23 200
Premises (cost) 34 000
Computer equipment (cost) 20 000
Fixtures and fittings (cost) 4 500
Administration expenses 30 000
Carriage 11 500
Drawings 25 200
Capital 50 000

(b) Prepare Boris’s Statement of Financial Position at 30 April 2018.

Boris
Statement of financial position at 30 April 2018

$ $

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BBSC-2020 Online December Assessment/Accounting 7707 IX C