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Principles of Accounting

The document outlines an end-semester examination for a course on Road Transport Management, specifically focusing on Principles of Accounting. It includes instructions for candidates, questions on accounting information qualities and users, a trial balance for a sole trader, and various transactions for double-entry bookkeeping. Candidates are required to prepare financial statements and complete accounting entries based on provided data.

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4 views4 pages

Principles of Accounting

The document outlines an end-semester examination for a course on Road Transport Management, specifically focusing on Principles of Accounting. It includes instructions for candidates, questions on accounting information qualities and users, a trial balance for a sole trader, and various transactions for double-entry bookkeeping. Candidates are required to prepare financial statements and complete accounting entries based on provided data.

Uploaded by

felixoaliwa
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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COURSE : ROAD TRANSPORT MANAGEMENT

UNIT : PRINCIPLES OF ACCOUNTING .

March 2025

End Sem Exam

TIME: 2HRS

NAME...................................................ADM.NO................

DATE......................... SIGNATURE...............

INSTRUCTIONS TO CANDIDATES

Write your name and Admission Number in the space provided.

Notes,text books and phones are not permitted into the examinations room.

Read each question carefully before you attemp it.


1a .Describe 5 qualities of useful accounting information (10mks)

1b. Explain 5 users of accounting information ( 10 mks)

2. The following information was contained in the trial balance of kibinda Muia, a sole trader.

TRIAL BALANCE AS AT 31ST DECEMBER,1990.

Sh. Sh

Purchases. 72,000.

Stock ( 1st Jan,1990). 12,000

Carriage on sales 3,000

Discount Allowed. 800

Interest received 260

Sales 130,000

Return Outwards. 1,500

Bank Overdraft 12,000

Rent and Rates. 4,960

Sundry Debtors 1,800

Capital 123,100

Sundry Creditors 3,500

Cash in Hand 3,000

Salaries 15,600

Land. 13,000

Furniture and Fittings. 6,200

Return Inwards. 10,000

Drawings. 11,000
Motor vans. 117,000.

270,360. 270,360

The stock on hand at 31st December was valued at Ksh 7,500

Required

(a) Trading Account showing his Gross profit. (5 mks)

(b) Profit and loss Account showing his net profit. (8mks)

(c) His Balance sheet as at 31st December,1990. (7mks)

3 .Your are to enter the following transactions in each accounts, completing the double entry
in the books for the month of May 2002

2002

May

1 started business with £2000 in the Bank

2. Purchased goods £ 175 on credit from M Took

3. Bought furniture and Fittings £ 150 paying by cheque

5. Sold goods for cash £ 275

6. Bought goods on credit £114 from P Scot

10. Paid rent by Cash £ 15

12. Bought stationery £ 27 paying in cash

18. Goods returned to M Books £ 23

21. Let off part of the premises receiving rent by cheque

23. Sold goods on credit to U foot for £77

24. Bought a motor van paying by cheque £ 300


30 Paid the monthly wages by cash £ 117

31. The proprietor took cash for himself £ 44. (20 mks)

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