Exam (elaborations)

101 Financial Accounting Practices: A Practical Working Questions & Answers

15 views 0 purchase

Course
101 Financial Accounting Practices

Institution
101 Financial Accounting Practices

CHAPTER 1: BASIC BOOKKEEPING AND ACCOUNTING PRINCIPLES Question 1: Wellinton Sole Proprietorship Business On 1 January 20 ‘5, Mr. Wellinton started business Weliware Ventures with GH¢10,000 which he paid into the business account at Stanbic Bank in Accra and Stock of goods valued at GH¢...

[Show more]

Preview 4 out of 100 pages

View example

Uploaded on August 10, 2024
Number of pages 100
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

101 financial accounting practices a practical wo
chapter 1 basic bookkeeping and accounting princi

Institution 101 Financial Accounting Practices
Course 101 Financial Accounting Practices

StudyCenter1

Member since 1 year 170 documents sold

CA$26.56

Added

Add to cart

Add to wishlist

100% satisfaction guarantee
Immediately available after payment
Both online and in PDF
No strings attached

101 Financial Accounting Practices: A Practical Working Questions & Answers

Table of Contents
CHAPTER 1: BASIC ACCOUNTING PRINCIPLES .................................. 3
Question 1: Wellinton Sole Proprietorship Business .................................... 3
Question 6: Jennifer Agueliyah Boutique ..................................................... 4
Question 8: Tianshi Bright Business Ventures ............................................. 5
Question 13: Chucker and Zooloo Car Dealers ............................................ 7
CHAPTER 2 INCOMPLETE RECORDS AND CONTROL ACC ............... 9
Question 17: Pangola Star Tilapia Shops ..................................................... 9
Question 22: Triple Star Company Ltd Control Accounts ......................... 10
Question 25: Emmanuel Sasakawa Meat Shop ........................................... 12
Question 29: Sight and Visions General Eye Clinic ................................... 13
CHAPTER 3 PREPARATION OF MANUFACTURING ACC .................. 16
Question 32: Kangaroo Carrier Bags Plc .................................................... 16
Question 36: Raphael Trash Manufacturer of Wheelie Bins ....................... 17
Question 40: Akasanoma Vision Ltd Manufacturers .................................. 19
CHAPTER 4: PRESENTATION OF PARTNERSHIP ACC ........................ 21
Question 42: Jonny, Ferdinand and Kwartson Business Ventures .............. 21
Question 43: George and Cyril Akpanaway Consultants ............................ 21
Question 48: Wawa and Mahoganey Carpentry Ventures .......................... 22
CHAPTER 5 PREPARATION OF COMPANY’S ACCOUNTS ................ 25
Question 50: Alluwako Company Ltd, Alluminium Products .................... 25
Question 57: ZoomVultures Ltd, Cleaners & Cleaning Products ............... 26
Question 62: Ekegey Plantations Plc Farms & Equipments ........................ 29
CHAPTER 6 FUNDAMENTAL ACCOUNTING CONCEPTS ................. 31
Question 64: Fundamental Accounting Concepts ....................................... 31
Question 67: Atongo, The Science Student ................................................ 31
Question 71: Logba Young Lions plc, Footbal Club .................................. 32
CHAPTER 7 CASH FLOW STATEMENTS .............................................. 33
Question 76: Darryl Amfic Company Ltd, Cold Stores .............................. 33
Question 78: Kingdom Furniture Plc .......................................................... 34
CHAPTER 8: STATEMENTS ANALYSIS & INTERPRETATION .......... 36
Question 82: Divine Nooque Oil Company Ltd ......................................... 36
Question 86: Kantamanto Scrappers And Melters ...................................... 38
Question 89: Kafui Akpoblu Mobile Company .......................................... 38
CHAPTER 9: PRACTICAL BRAIN TEASERS .......................................... 42
Question 92: Bamboozer Ltd, Food Distribution ........................................ 42
Question 93: JAK Waawa and JJR Boom Veterinary Services................... 43
Question 101: Amfic Yingor’s Garages ..................................................... 46

©2013 George E. Ekeha 1

, 101 Financial Accounting Practices: A Practical Working Questions & Answers

SUGGEATED ANSWERS ............................................................................. 47
Answer 1: WELLINTON SOLE PROPRIETORSHIP .............................. 48
Answer 5: GEEPROPERTIES RENTALS & FINANCIALS..................... 54
Answer 6: JENNIFER AGUELIYAH BOUTIQUE ................................... 54
Answer 8: TIANSHI BRIGHT BUSINESS VENTURES .......................... 57
Answer 13: CHUCKER AND ZOOLOO CAR DEALERS ....................... 59
Answer 17: PANGOLA STAR TILAPIA SHOPS ..................................... 60
Answer 22: TRIPLE STAR COMPANY LTD .......................................... 62
Answer 28: MANDELA AMEWU ICE-CREAM ..................................... 63
Answer 32: KANGAROO PLC, CARRIER BAGS .................................. 66
Answer 35: ATONGO PIONEER NAILS MANUFACTURERS .............. 68
Answer 38: NORA NUSINYO FURNITURE COMPANY ....................... 70
Answer 40: AKASANOMA VISION LTD ............................................... 72
Answer 43: MESSRS GEORGE & CYRIL AKPANAWAY ..................... 74
Answer 48: WAWA AND MAHOGANEY FURNITURE ....................... 75
Answer 52: OLUSEGUN INTERNATIONAL PLC .................................. 78
Answer 59: AMAZING FREDDY’S FOOD ............................................. 79
Answer 64: FUNDAMENTAL ACCOUNTING CONCEPTS .................. 82
Answer 65: FREDDY’S CONNER ............................................................ 84
Answer 67: ATONGO, THE SCIENCE STUDENT .................................. 86
Answer 71: LOGBA YOUNG LIONS PLC ............................................... 87
Answer 78: KINGDOM FURNITURE, PLC ............................................. 90
Answer 81: JUNE JULY ENGINEERING BUSINESS ............................. 92
Answer 82: DIVINE NOOQUE VOLUNTARIES LTD ............................ 95

©2013 George E. Ekeha 2

, 101 Financial Accounting Practices: A Practical Working Questions & Answers

CHAPTER 1: BASIC BOOKKEEPING AND ACCOUNTING PRINCIPLES

Question 1: Wellinton Sole Proprietorship Business
On 1 January 20 ‘5, Mr. Wellinton started business Weliware Ventures with
GH¢10,000 which he paid into the business account at Stanbic Bank in Accra
and Stock of goods valued at GH¢9,850. On the same day, he purchased a
Motor Van from Toyota Company valued at GH¢6,000 and paid half of the
amount by cheque.

The following transactions took place in the month of January:
2/01 Negotiated a Loan from Stanbic for an amount of GH¢20,000 which
was granted at an interest of 12% per annum payable monthly.
Paid GH¢7,000 by cheque as rent advance to his landlord for the
premises of the business covering a period of 10 years.
3/01 Purchased goods from GeeMerchants Ltd valued at GH¢52,000 and
paid for half of the amount by cheque, after a cash discount of 4%
4/01 Purchased Office Equipment valued at GH¢2,500 and Furniture and
Fittings valued at GH¢3,000 paying all by cheque.
7/01 Sold goods valued at GH¢8,500 for cash and paid for some stationery
valued at GH¢900 by cash.
9/01 Sold goods to Mr. Tarzan valued at GH¢6,700 who paid three quarter of
the amount by cheque.
11/01 In order to increase sales Mr. Wellinton decided to run a promotion
from 12th January to 20th January. All sales with cash payment will be
given a 5% discount and all sale of GH¢10,000 and above will qualify
for a trade discount of 6%.
12/01 Mr. James Brown came to purchase goods valued at GH¢14,500 and
paid half of the amount due by cheque, after necessary discounts. Total
cash sales for the day also amounted to GH¢8,974
13/01 Sold goods valued at GH¢5,000 to Akua Cynthia
14/01 Total cash sales for the day amounted to GH¢12,896 and cash banked
amounted to GH¢14,500
15/01 Sold goods to Malik Baako Ventures valued at GH¢16,785 who paid
half of the amount due by cash. Sent GH¢16,500 from the safe to bank.
18/01 Purchased goods from K. Gyasi Ltd valued at GH¢37,880 and paid half
of the amount due by cheque after a 5% cash discount. Total cash sales
for the day amounted to GH¢9,678
19/01 Sold goods to Honey Love valued at GH¢18,964, who paid three
quarters of the amount due by cheque. Paid GeeMerchants the full
balance on their account by cheque.

©2013 George E. Ekeha 3

, 101 Financial Accounting Practices: A Practical Working Questions & Answers

20/01 Total cash sales for the day amounted to GH¢18,259 and cash purchases
were also GH¢8,689. Received a cheque for GH¢4,680 from Akua
Cynthia as full settlement.
22/01 Sold goods valued at GH¢11,380 to Mr. Ugly Head who paid half of the
amount due by cash. Total cash lodged at the bank was GH¢33,860
25/01 Paid K. Gyasi GH¢8,940 by cheque on account and received final
payment by cheque from Malik Baako Ventures and cash sales
amounted to GH¢11,380.
30/01 Paid salaries of GH¢3,820 by cheque and utility bills of GH¢860 by
cash. Received a cheque for GH¢3,240 from Mr. Ugly Head as payment
on account.
At 31 January 20 ‘5 closing stock amounted to GH¢5,375.

Requirements
(a) Write up the ledger accounts using the three column cash book.
(b) Extract a trial balance at 31 January 20 ‘5
(c) Prepare a trading and profit and loss account for the months ended 31
January 20 ‘5 and a balance sheet at that date.

Question 6: Jennifer Agueliyah Boutique
Jennifer Agueliyah is a dealer in fancy designer clothes. At 1 January 20 ‘7
her ledger included the following balances.
€
Debtors 38,168
Provision for doubtful debts 6,270
Creditors 36,505
Debtors at 1 January 20 ‘7 were:
€
S Mahama 12,540
J Baafi 12,811
The Miklin Holidays 12,817
Creditors at 1 January 20 ‘7 were:
€
M Normenyo 12,058
James Nkomode 12,217
Obraku Sarpong 12,230

©2013 George E. Ekeha 4

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller StudyCenter1. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$26.56. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

73314 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling

Exam (elaborations)

101 Financial Accounting Practices: A Practical Working Questions & Answers

Document information

Subjects

Written for

Seller

Reviews received

Content preview