Due Date: April 15,2022

i. Section B Describe three (3) techniques of constructing accounts from incomplete records (6 marks) ii. The following figures are for the year 2020: Inventory 1.1.2020 $4000 Inventory 31.12.2020 6000 Purchases 52,000 A uniform rate of markup of 20% is applied. Required: Calculate the gross profit and the sales figures using the income statement approach. (7 marks) iii. Karie Auto Supplies is a soletrader enterprise which did not maintain full double entry records. The owner asked you an accounts clerk to find some missing figures for him. He provides the following balances: Jan 1, 2020 Dec 31, 2020 Building Fixtures and fittings Loan Stock Bank Receivables Payables 1,000,000 250,000 800,000 120,000 200,000 85.000 56,000 1,0000,00 250,000 800,000 155,000 535,000 100,000 75,000 Goods taken for personal use amounted to $5,0000. Required : a. Calculate the capital as at January 1, 2020 and December 31, 2020. (10 marks) b. Ascertain the amount for net profit for the year via the balance sheet. (5 marks) Section C You are the Treasurer for Short Run Sports Club and the manager asked you to prepare the financial statements for 2020 as he will need the information to apply for some grant funding. You already have the following information: Receipts and payments account as at 30 June 2020 $ $ Balance b/d 120,000 Canteen creditors 145,600 Subscription 320,000 Fixtures & fittings 46,000 Entrance fees 37,600 Independence fair expenses 22,300 Rental of hall 18,000 Wages for canteen staff 68,000 Rental of lockers 8500 Laundry expenses 7600 Canteen debtors 345 200 Prizes and trophies 8,800 Independence fair 172,300 Utilities 9500 Honorarium -Admin staff 28000 Repairs 4200 Balance c/d 681,600 1,021,600 1,021,600 Additional information: Club house Fixtures and Fittings Sports equipment Canteen debtors Canteen creditors Car stock Subscription un arrears Subscription in advance Accrued hall rental Repairs paid in advance 1 July 2019 $ 500,000 64,000 50,000 105,000 66,000 12,000 11,500 2,000 30 June 2020 $ 500,000 100,000 45000 85,000 59,000 24,000 6,700 3,400 2,000 700 500 Proceeds from the independence fair are to be utilized for construction of a tennis court. The following accounts are required: a. Trading Account for the Independence Fair for the year ended 30, June 2020. (9 marks) b. Income and Expenditure Account for the year ended 30 June 2020. (15 marks) C. Balance sheet as at 30 June 2020. (19 marks) Additional Marks (workings 31 marks)