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Accounts Paper 2 Form 2

The document outlines a Principles of Accounts examination paper with a duration of 2 hours and 30 minutes, divided into two sections. Section A consists of various questions related to accounting terminology, concepts, and distinctions, while Section B includes practical tasks such as preparing journals and a trial balance based on provided transactions. The paper assesses knowledge of accounting principles and the ability to apply them in real-world scenarios.

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thunderstormsifanjani
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153 views5 pages

Accounts Paper 2 Form 2

The document outlines a Principles of Accounts examination paper with a duration of 2 hours and 30 minutes, divided into two sections. Section A consists of various questions related to accounting terminology, concepts, and distinctions, while Section B includes practical tasks such as preparing journals and a trial balance based on provided transactions. The paper assesses knowledge of accounting principles and the ability to apply them in real-world scenarios.

Uploaded by

thunderstormsifanjani
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 PDF, TXT or read online on Scribd
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FORM 2 PRINCIPLES OF ACCOUNTS PAPER 2

DURATION 2 HOURS 30 MINS


SECTION A :ANSWER ALL QUESTIONS [30 MARKS]
1.Define the following terms:
a. Source document [2]
b.Trial balance [2]
c. Imprest system [2]

2. What is the other name of the general proper [1]


3. What is the use of the folio column in books of accounts?[1]
4. Name the two methods of presenting ledger accounts. [2]
5. What do you understand by the term dual aspect principle? [2]
6. List any 3 types of business organization you know. [3]
7. Distinguish between:
a. Sole trader and partnership [4]
b. Bookkeeping and accounting [4]
8. List four errors not revealed by the trial balance. [4]
9. State any 3 accounting concepts you know. [3]
SECTION B : ANSWER ALL QUESTIONS
QUESTION 1. Classification of accounts. [10]
account nominal real person asset revenu expenses
s account accoun al s e
t accoun
t
e.g.
insuranc  
e
a A.
. Adams
b discount
. received
c. discount
allowed
d cash
.
e creditor
. s
f. stock

QUESTION 2. [40 MARKS]


From the following transactions of G. Nhamo for the month of
March 2019, prepare the following journals:
(i) Sales journal
(ii) Purchases journal
(iii) Returns outwards journal
2019
March 2 Bought goods on credit from the following suppliers:
INVOICE No.
Natural Fresh Vegeshop $900 A269
Fruit wholesalers $1000 T9Y
Yellow Maize Producers $1500 1022
3 Sold goods on credit:
INVOICE No.
Easy Eat Cafe $1200 400X
Super store $1600 401X
Vision Fibre $ 800 402X
5 Bought goods on credit from:
INVOICE No.
Natural Fresh Vegeshop $2100 A314
Yellow Maize Producers $1800 1041
7 Purchased goods worth $2 100 from Fruits Wholesalers, less 33 13
%
trade discount invoice number T22Y.
8 Sold goods on credit to:
INVOICE No.
Easy Eat Cafe $850 403X
Vision Store, less 20% trade discount $2000 404X
Vision Fibre $ 800 402X
12 Returned goods to Natural Fresh Vegeshop $400 credit note
BA40
16 Vision store returned goods bought on 3 March 2019 worth $100
credit note X109Y.
17 Purchased goods from Fruits Wholesalers worth $2 700, less
33 13 % trade discount, invoice number T36Y.
20 Returned goods bought on 7 March 2019 to Fruits Wholesalers
worth $250, credit note ST94.
25 Sold goods on credit to the following less 20% trade discount:
INVOICE No.
Super store $1500 405X
Easy Eat $1200 406X
27 Super Store returned goods sold on 3 March 2019 worth $1400,
credit note X110Y.
28 Returned goods to the following:
CREDIT NOTE
Yellow Maize Producers $300 77
Fruit wholesalers catalogue $600 T37Y
Natural Fresh Vegeshop $100 BA43

QUESTION 3.From the following information prepare the trial balance of


Gondoharishaye on 31 August 2018. [20]
$
Capital 11 000
Opening inventory 550
Drawings 1 000
Purchases 1200
Sales 10 500
Returns inwards 600
Returns outwards 400
Wages and salaries 2 500
Rent and rates 1 500
Discount allowed 300
Insurance 500
Motor vehicle at cost 4 000
Equipment at cost 400
Trade receivables 600
Trade payables 5 000
Cash at bank 2 250
Cash in hand 1 800
Carriage inwards 2 700
Commission received 3 600
Prepare the income statement

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