Accounting > A-Level Question Paper > INTRODUCTION TO ACCOUNTING 1/ PRINCIPLES OF ACCOUNTING | Download for quality grades | (All)

INTRODUCTION TO ACCOUNTING 1/ PRINCIPLES OF ACCOUNTING | Download for quality grades |

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INSTRUCTIONS: ANSWER QUESTION ONE (COMPULSORY) AND ANY OTHER TWO QUESTIONS QUESTION ONE: 30 MARKS a. Explain the difference between accounting concepts and accounting conventions with examples. [ ... 8 marks] b. The following information was extracted from books of Kilunda Enterprise for the year 2015 April 1: Balance s b/f cash sh. 25,000 bank sh. 74,000 April 2: Bought goods by cheque sh. 20,000 April 3: Total cash sales sh. 18,000 April 5: Banked cash sh. 20,000 April 6: Paid by cheque in each case, cash discount of 3% was received A. John sh. 15,000, H. Hofman sh. 30,000, D. Jackson sh. 14,000 April 7: Received by cheque: in each case, discount of 5% was Allowed. B. Show sh. 40,000, B. Benham sh. 30,000, J. Malthus sh. 32,000 April 10: Bought office furniture by cheque sh. 30,000 April 15: Cash drawing sh. 5,000 April 20: Paid to A. Adleman sh. 8,000 cash less 3 % discount April 22: Received cash flow A. Smith sh. 15,000 less 5% discount April 30: Paid wages in cash sh. 10,000 Required: Prepare a three column cashbook for Kilunda Enterprise for the month of April 2015. [12 marks] c. Discuss any five uses of financial statements of a business enterprise. [10 marks] QUESTION TWO: a. Discuss any four key reasons why its necessary for a business man to prepare a Journal [Show More]

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