Scribd Logo
Upload

Welcome to Scribd!

  • 342 views

    Zimbabwe School Examinations Council: Accounts 7112/1

    Uploaded by

    Munashe Binha
    S. Mukanya runs a small business and provides financial information for the year ending December 31, 2005. This includes an opening balance sheet, cash receipts and payments, and additional financial details. Students are asked to prepare various accounting documents and calculations based on the financial information provided, including a balance sheet, income statement, and bank reconciliation.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Zimbabwe School Examinations Council: Accounts 7112/1

    Uploaded by

    Munashe Binha
    342 views4 pages
    S. Mukanya runs a small business and provides financial information for the year ending December 31, 2005. This includes an opening balance sheet, cash receipts and payments, and additional financial details. Students are asked to prepare various accounting documents and calculations based on the financial information provided, including a balance sheet, income statement, and bank reconciliation.

    Original Title

    Accounts_Paper_1_November_2010_

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    S. Mukanya runs a small business and provides financial information for the year ending December 31, 2005. This includes an opening balance sheet, cash receipts and payments, and additional financial details. Students are asked to prepare various accounting documents and calculations based on the financial information provided, including a balance sheet, income statement, and bank reconciliation.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    342 views4 pages

    Zimbabwe School Examinations Council: Accounts 7112/1

    Uploaded by

    Munashe Binha
    S. Mukanya runs a small business and provides financial information for the year ending December 31, 2005. This includes an opening balance sheet, cash receipts and payments, and additional financial details. Students are asked to prepare various accounting documents and calculations based on the financial information provided, including a balance sheet, income statement, and bank reconciliation.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    ZIMBABWE SCHOOL EXAMINATIONS COUNCIL

    General Certificate of Education Ordinary Level

    ACCOUNTS 7112/1

    PAPER 1

    NOVEMBER 2010 SESSION 3 hours


    Section A

    Answer all questions in this sections.

    1. S. Mukanya who runs a small business, does not keep a complete set of records.
    She provides the following information:

    Balance Sheet as at 1 January 2005

    $ $

    Fixtures 200 000 Capital 840 000


    Motor vans 400 000 Creditors 150 000
    Stock 230 000 Wages due 30 000
    Bank 190 000
    1 020 000 1 020 000

    Mukanya makes all her purchases on credit and all sales on cash basis.

    All cash received was immediately banked except cash used to pay:

    Stationery $50 000


    Drawings $35 000

    Cash receipts from sales for the year amounted to $1 200 000.
    $
    Payments by cheque were: rent 90 000
    Wages 125 000
    Stationery 45 000
    Fixtures 80 000
    Creditors 650 000

    Additional information available at 31 December 2005:

    (i) Stock in trade was worth $210 000.

    (ii) Stock of unused stationery was valued at $20 000.

    (iii) Trade creditors amounted to $120 000.

    (iv) Discount received from creditors for the year totaled $15 000.

    (v) Depreciate motor vans by 10% of book value and fixtures by $56 000.
    6. The Cash Book of A. Alma showed a debit balance of $82 500 at the bank on 31
    July 2006.

    The following details were made available:

    $
    Unpresented cheques 16 950
    Deposit not credited by the bank 33 750
    A standing order for insurance paid by the bank 1 800
    A credit transfer received by the bank 5 250
    Bank charges on the bank statement 2 700
    Balance as per bank statement 64 950

    A cheque for $12 000 from a debtor was incorrectly enterd as $13 500 in the cash
    book.

    You are required to prepare:

    (a) an up-dated Cash book,


    (b) a Bank Reconciliation Statement as at 31 July 2006.

    The following information relates to the business of M. Chihuyo for the year
    ended 31 December 2006.

    $
    Sales 762 500
    Returns inward 12 500
    Closing stock 200 000
    Mark-up 25%

    Net profit as a percentage of turnover is 7 ½ %. Rate of stock turnover is 4 times.

    Calculate, showing all your workings:

    (a) turnover, [2]

    (b) gross profit margin, [2]

    (c) cost of goods sold, [2]

    (d) net profit for the year [2]

    (e) expenses charged to the profit and loss account, [2]

    (f) opening stock. [3]

    You might also like