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0803/203 Book Keeping

This document provides instructions for a book keeping exam with 6 questions. It asks students to: 1) Explain 5 users of financial statements. 2) Define creditors and debtors. 3) Differentiate between fixed and current assets. 4) Define a balance sheet and prepare one from sample data. 5) Complete a table with assets, liabilities, and capital amounts. 6) Define a ledger and make entries in a sample ledger for business transactions.

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Cherobin Clive
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660 views3 pages

0803/203 Book Keeping

This document provides instructions for a book keeping exam with 6 questions. It asks students to: 1) Explain 5 users of financial statements. 2) Define creditors and debtors. 3) Differentiate between fixed and current assets. 4) Define a balance sheet and prepare one from sample data. 5) Complete a table with assets, liabilities, and capital amounts. 6) Define a ledger and make entries in a sample ledger for business transactions.

Uploaded by

Cherobin Clive
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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0803/203

BOOK KEEPING

THE ELDORET NATIONAL POLYTECHNIC

ARTISAN CERTIFICATE IN STORE KEEPING

BOOK KEEPING

TIME: 1HR

INSTRUCTIONS TO CANDIDATES

Answer question 1-5

Candidates should answer the questions in English


1. Explain five users of financial statements(accounts).(10mks)
2. Explain the following terms as used in book keeping:
I. Creditors
II. Debtors ( 4mks)
3. Differentiate between fixed assets and current assets (4mks)
4. (a) Define balance sheet (2mks)
(b) The following balances were extracted from the books of A.Smith’s as at 31
St December 2018.

Sh.
Capital 250,000
Loan from bank 50,000
Creditors 10,000
Office machinery 200,000
Stock of goods 35,000
Debtors 45,000
Cash at bank 30,000

Required:
Prepare A.Smith’s balance sheet as at 31st December 2018.(10mks)

5. You are required to complete the gaps in the following table: (4mks)

ASSETS( sh) LIABILITIES(sh) CAPITAL(sh)


a) 15,000 5,000 ?
b) 10,000 3,000 ?
c) 13,000 ? 11,000
d) ? 8,500 15,500
6. (a) Define ledger(2mks)
(b) M. William begins to deal in furniture with capital of sh. 50,000 in cash as on January
1, 2018.He makes the following transactions during the month of January 2018.
Jan 5 -He purchases two sofa sets at sh. 2,000 each paying cash down
Jan 7 -He purchases one dining table with six chairs for cash shs.1, 000
Jan 10 –He sells one sofa set for sh.3, 000
Jan 15- He sells one dining table and six chairs for sh.1, 750
Jan 20- He sells the remaining sofa for 2,800
Jan 30- He pays sh.300 for advertisement and other sundry expenses
Required:
Make the necessary entries to record these transactions in M.Williams ledger.(10mks)

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