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Fundamentals of Accounting

This document provides accounting information and questions related to Fundamentals of Accounting I. It includes: 1) Financial position information for Lodwar Kawn Lassi as of April 31, 2012 including assets, liabilities and capital. Students are asked to calculate the capital figure. 2) Information on potential accounting errors not disclosed by a trial balance, causes of depreciation, and the definition and advantages of a control account. 3) Additional accounting information for a sole trader named June as of June 30, 2012 including sales, purchases, receivables, payables, and cash transactions. Students are asked to prepare sales and purchase ledger control accounts and compare International Accounting Standards and Kenyan

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307 views1 page

Fundamentals of Accounting

This document provides accounting information and questions related to Fundamentals of Accounting I. It includes: 1) Financial position information for Lodwar Kawn Lassi as of April 31, 2012 including assets, liabilities and capital. Students are asked to calculate the capital figure. 2) Information on potential accounting errors not disclosed by a trial balance, causes of depreciation, and the definition and advantages of a control account. 3) Additional accounting information for a sole trader named June as of June 30, 2012 including sales, purchases, receivables, payables, and cash transactions. Students are asked to prepare sales and purchase ledger control accounts and compare International Accounting Standards and Kenyan

Uploaded by

haggai
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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UNIT CODE: DAF 1102 UNIT TITLE: FUNDAMENTALS OF ACCOUNTING I

1. Draw up for Lodwar Kawn Lassi financial position statement as 31st April 2012 as
from the following information:
Shs.
T. creditors 15,000
Furniture and equipment 10,000
Business premises 45,000
Stock of goods 12,000
Trade debtors 11,000
Cash at bank 1,000
Loan from Kisima ltd 20,000
Required: Establish capital figure (3 Marks)
c) explain errors not disclosed by a trial balance (2 Marks)
d) State any four causes of depreciation (3 Marks)
e) What is a control account and what are the advantages of a control account?
(2 Marks)
2. The following information was obtained from books of June a sole trader as at 30th
June 2012.
Shs.

Credit sales 40,000


Credit purchases 30,000
Discount received 2,000
Discount allowed 1,000
Bad debts 500
Bills payable 7,500
Bills receivable 1,500
Sales returns 1,000
Purchase returns 1,000
Cash received from debtors 15,000
Cash paid to creditors 10,000
Dishonored cheques debtors 2,500
Charges on overdue accounts on debtors 500
Required:
a) Sales ledger control accounts
b) Purchase ledger control accounts (10 Marks)
c) Compare and contrast IAS and KAS (10 Marks)

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