KUMASI POLYTECHNIC
DEPARTMENT OF DIPLOMA IN BUSINESS STUDIES
MOCK EXAMINATION 2012/13
DBS ACCOUNTING
FINANCIAL ACCOUNTING
DURATION: 3HRS
ANSWER ALL QUESTIONS
NOTE: ALL WORKINGS MUST BE SHOWN.
QUESTION 1
Sun and Moon are in partnership sharing profits and losses equally. The following is their trial
balance as at 31 December 2003.
Dr Cr
'000 ¢'000
Buildings (cost ¢ 75,000,000) 50,000
Fixtures at cost 11,000
Provision for depreciation: Fixtures 3,300
Debtors/ Creditors 16,243 11,150
Bank 677
Stock 1/1/2003w 41,979
Sales 123,650
Purchases 85,416
Carriage Outwards 1,288
Discount allowed 115
Loan interest: Jupiter 4,000
Office expenses 2,416
Salaries and wages 18,917
Bad debts 503
Provision for bad debts 400
Loan from Jupiter 40,000
Capital accounts: Sun 35,000
Moon 29,500
Current accounts: Sun 1,306
Moon 298
Drawings: Sun 6,400
Moon 5,650
244,604 244,604
is available:
The following additional information ¢56,340,000.
4 i December. 2003, stock was
and Wagcs ¢200,000.
LxDcnses to he dcericd are: Ofice expenses ¢96,000
A
DEPARTMENT OF DIPLOMA IN BUSINESS STUDIES
MOCK EXAMINATION 2012/13
DBS ACCOUNTING
FINANCIAL ACCOUNTING
DURATION: 3HRS
ANSWER ALL QUESTIONS
NOTE: ALL WORKINGS MUST BE SHOWN.
QUESTION 1
Sun and Moon are in partnership sharing profits and losses equally. The following is their trial
balance as at 31 December 2003.
Dr Cr
'000 ¢'000
Buildings (cost ¢ 75,000,000) 50,000
Fixtures at cost 11,000
Provision for depreciation: Fixtures 3,300
Debtors/ Creditors 16,243 11,150
Bank 677
Stock 1/1/2003w 41,979
Sales 123,650
Purchases 85,416
Carriage Outwards 1,288
Discount allowed 115
Loan interest: Jupiter 4,000
Office expenses 2,416
Salaries and wages 18,917
Bad debts 503
Provision for bad debts 400
Loan from Jupiter 40,000
Capital accounts: Sun 35,000
Moon 29,500
Current accounts: Sun 1,306
Moon 298
Drawings: Sun 6,400
Moon 5,650
244,604 244,604
is available:
The following additional information ¢56,340,000.
4 i December. 2003, stock was
and Wagcs ¢200,000.
LxDcnses to he dcericd are: Ofice expenses ¢96,000
A
