FA and FFA Full Specimen exam answers Organization theory (University of Nairobi)

FA and FFA Full Specimen exam answers


Organization theory (University of Nairobi)

, FA and Full Specimen Exam Answers



Question Correct Answer Marks
1 Closing net assets + drawings – capital introduced – 2
opening net assets = net profit.

Re-arranging the equation:
Opening net assets – drawings + capital introduced + net
profit = closing net assets
2 The exact amount of expenditure is reimbursed at intervals 2
to maintain a fixed float
3 2 and 3 only 2
4 331760 2

$
Trade Payables at 1 July 20X5 60,000
Cash paid to suppliers (302,80
0)
Discounts received (2,960)

Contra between payables and receivables (2,000)
ledger
Purchases (Balancing Figure) 331,760
Trade Payables 30 June 20X6

OR

Trade Payables

$ $
Cash Paid 302,800 Balance 1 60,000
July 20X5
Discounts Received 2,960
Contra between 2,000 Purchases 331,760
payables and (Balancing
receivables ledger Figure)
Trade Payables 30 84,000
June 20X6
391,760 391,760
5 A cheque received from a customer was credited to cash 2
and correctly recognised in receivables – the correct entry
should have been a debit to cash

Rent received was included in the trial balance as a debit
balance – rent received is a credit balance