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  • Form 1 Accounts Test

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    David Mutanda
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    The document provides instructions for Form 1 Accounts Test questions on double entry accounting, current and current liabilities, accounting terms, and preparing ledger accounts for the month of February 2010. It asks for the rule of double entry, examples of current assets and current liabilities, definitions of capital, drawings, and purchases returns, and to prepare and balance off the ledger accounts using transaction information provided for February 2010.

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    The document provides instructions for Form 1 Accounts Test questions on double entry accounting, current and current liabilities, accounting terms, and preparing ledger accounts for the month of February 2010. It asks for the rule of double entry, examples of current assets and current liabilities, definitions of capital, drawings, and purchases returns, and to prepare and balance off the ledger accounts using transaction information provided for February 2010.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    19 views1 page

    Form 1 Accounts Test

    Uploaded by

    David Mutanda
    The document provides instructions for Form 1 Accounts Test questions on double entry accounting, current and current liabilities, accounting terms, and preparing ledger accounts for the month of February 2010. It asks for the rule of double entry, examples of current assets and current liabilities, definitions of capital, drawings, and purchases returns, and to prepare and balance off the ledger accounts using transaction information provided for February 2010.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Form 1 Accounts Test

    1 a.State the rule of double entry (2)

    b.Give any 3 examples of current assets (2)

    2a.).State any 3 examples of current liabilities (3)

    b.)Define the following terms

    i.)Capital (2)

    ii.) Drawings(2)

    iii.)Purchases returns(2)

    c.)Using the information below prepare and balance off the ledger accounts for the month of
    February . (7)

    2010

    Feb 1: Started business with $1 000 cash and $ 3 000 in the bank.

    2: Received cash from K Mood $200

    3: Paid electricity $100 by cash

    15: Sold goods for $10 000 and received cash

    20: The owner of the business took $3 000 cash from the business for personal use.

    21: Paid rent $500 using cash

    25: Received $700 cash from Zulu Ltd

    26:Received a cheque of $3 500 from Rolls.

    28: Paid for rent $1 500 using cash

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