PFA - Word Picture Tools Sign in File Home Insert Design Layout References Mailings Review View Help Format Tell me what you want to do Share TRIAL QUESTIONS Question 1 Ho Polytechnic operates impress system of petty cash Bookkeeping with a lump sum of $200.000 A petty cashier should leave a balance on account, a sum not less than $25,000 The summary of transactions that took place within the month of December 2002 is as follows December 1 3 6 7 10 12 14 15 16 17 19 20 22 24 25 27 31 Reimbursement received from cashier Paid for trotro Paid wages and salaries Paid rent and rates Paid for taxi Paid Danso Ltd, creditor Paid for water Paid tax fare Paid Defiat Co. Ltd., creditor Paid wages Paid rent and rates Paid for taxi Paid bonuses to workers Paid traveling expenses Paid for electricity Paid salaries Paid rent Paid for wages and bonuses 175000 68000 30000 50000 18000 7000 8000 35500 11000 45000 36000 20000 40000 10000 6000 37000 90000 15000 Required: (0) (11 Prepare petty cash book Show the personal ledger account Show the nominal ledger account Page 2 of 10 O words ng 108% 8:27 AM 8/20/2020 i Search Windows x PFA - Word Picture Tools Sign in File Home Insert Design Layout References Mailings Review View Help Format Tell me what you want to do Share Question 2 The following information relates to the earnings of 7 employees of a firm for the month of January 2005 Name of Employees Kwesi Kojo Kwabena Kwaku Kwawu Kofi Kwame No. of Hrs. Worked 300 350 150 125 400 380 410 Rate per Hour 400 300 2,000 500 1,000 2,000 500 You are given the following additional information: O Non-taxable rent allowance enjoyed by employees is 10% of the basic earnings. Income tax is 5% of all earnings above $120,000, but not exceeding 140,000. Earnings above c 140.000 are taxed at 10%. (iii) Social Security Contribution is 5% for all employees [iv] Health Insurance is c2.000 per employee. This is not subjected to tax IV Kwabena and Kwawu belong to Senior Staff Club and pay monthly dues of $1,000 each You are required to prepare a payroll showingBasic Earnings. Taxable Earnings. Total Deductions, and the Net Pay Page 4 of 10 O words ng 108% 8:27 AM 8/20/2020 i Search Windows PFA - Word Picture Tools Sign in File Home Insert Design Layout References Review View Help Format Mailings Question 3 Tell me what you want to do 1.045 Share The following trial balance was extracted from the books of Affutu Enterprises on 31 December 1998 DR c000 427,350 1.584,285 19.980 16,500 CR 000 834,351 2,236,305 14.680 18,430 348,510 Debtors and Creditors Purchases and Sales Returns inwards and Outwards Discount Stock 01/01/98 Cash and Bank Balances Office Equipment Furniture and fittings Salaries and Wages. Rent and Rates Telephone and Electricity Carriage Outwards Capitai Loan General Expenses 5% Debentures Printing and Stationery Transport and Traveling 716,190 130, 110 81,310 185.100 36.000 15,420 16.300 56,434 46,380 18.075 502,680 87.785 26,345 3.709.260 3109.260 Additional Information a b Stock as of 31" December 1998 is $82,673.00 Provide 75% for doubtful debts on debtors Telephone and Electricity bills owing $2,641.000 Depreciation on office equipment is at 10% per annum while furniture and fittings are depreciated at 12.5% per annum You are required to prepare trading profit and loss account for the year ended 31 December 1998 and a balance sheet as that date. FINANCIAL STATEMENTS OF MANUFACTURING ENTERPRISES Manufacturing businesses can be undertaken by sole traders, partnerships, companies and any other form of ownership Page 7 of 10 O words ng 108% i Search Windows x 8:29 AM 8/20/2020 PFA - Word Picture Tools Sign in File Home Insert Design Layout References Mailings Review View Help Format Tell me what you want to do Share Faxed Owner's Capital Question 7 Complete the following table by fitting in the bank spaces Current Borrowed Current Capita Working Assets Capital Liabilities Employe Capital d e 20.000 12.500 25 000 5.000 23 200 12 200 31.000 18,500 10.000 8.3000 5.200 15.000 12.000 10.000 25,000 10,000 5.000 5,400 18 200 3.500 22 330 10 430 8.200 18.990 2.000 7 500 32.490 7.000 8.000 25,000 5,000 28 000 12.000 9.600 23 100 18.100 21.000 20.000 25,000 4,400 50.000 Prof Page 10 of 10 O words 142% 8:32 AM 8/20/2020 i Search Windows PFA - Word Picture Tools Sign in File Home Insert Design Layout References Mailings Review View Help Format Tell me what you want to do Share TRIAL QUESTIONS Question 1 Ho Polytechnic operates impress system of petty cash Bookkeeping with a lump sum of $200.000 A petty cashier should leave a balance on account, a sum not less than $25,000 The summary of transactions that took place within the month of December 2002 is as follows December 1 3 6 7 10 12 14 15 16 17 19 20 22 24 25 27 31 Reimbursement received from cashier Paid for trotro Paid wages and salaries Paid rent and rates Paid for taxi Paid Danso Ltd, creditor Paid for water Paid tax fare Paid Defiat Co. Ltd., creditor Paid wages Paid rent and rates Paid for taxi Paid bonuses to workers Paid traveling expenses Paid for electricity Paid salaries Paid rent Paid for wages and bonuses 175000 68000 30000 50000 18000 7000 8000 35500 11000 45000 36000 20000 40000 10000 6000 37000 90000 15000 Required: (0) (11 Prepare petty cash book Show the personal ledger account Show the nominal ledger account Page 2 of 10 O words ng 108% 8:27 AM 8/20/2020 i Search Windows x PFA - Word Picture Tools Sign in File Home Insert Design Layout References Mailings Review View Help Format Tell me what you want to do Share Question 2 The following information relates to the earnings of 7 employees of a firm for the month of January 2005 Name of Employees Kwesi Kojo Kwabena Kwaku Kwawu Kofi Kwame No. of Hrs. Worked 300 350 150 125 400 380 410 Rate per Hour 400 300 2,000 500 1,000 2,000 500 You are given the following additional information: O Non-taxable rent allowance enjoyed by employees is 10% of the basic earnings. Income tax is 5% of all earnings above $120,000, but not exceeding 140,000. Earnings above c 140.000 are taxed at 10%. (iii) Social Security Contribution is 5% for all employees [iv] Health Insurance is c2.000 per employee. This is not subjected to tax IV Kwabena and Kwawu belong to Senior Staff Club and pay monthly dues of $1,000 each You are required to prepare a payroll showingBasic Earnings. Taxable Earnings. Total Deductions, and the Net Pay Page 4 of 10 O words ng 108% 8:27 AM 8/20/2020 i Search Windows PFA - Word Picture Tools Sign in File Home Insert Design Layout References Review View Help Format Mailings Question 3 Tell me what you want to do 1.045 Share The following trial balance was extracted from the books of Affutu Enterprises on 31 December 1998 DR c000 427,350 1.584,285 19.980 16,500 CR 000 834,351 2,236,305 14.680 18,430 348,510 Debtors and Creditors Purchases and Sales Returns inwards and Outwards Discount Stock 01/01/98 Cash and Bank Balances Office Equipment Furniture and fittings Salaries and Wages. Rent and Rates Telephone and Electricity Carriage Outwards Capitai Loan General Expenses 5% Debentures Printing and Stationery Transport and Traveling 716,190 130, 110 81,310 185.100 36.000 15,420 16.300 56,434 46,380 18.075 502,680 87.785 26,345 3.709.260 3109.260 Additional Information a b Stock as of 31" December 1998 is $82,673.00 Provide 75% for doubtful debts on debtors Telephone and Electricity bills owing $2,641.000 Depreciation on office equipment is at 10% per annum while furniture and fittings are depreciated at 12.5% per annum You are required to prepare trading profit and loss account for the year ended 31 December 1998 and a balance sheet as that date. FINANCIAL STATEMENTS OF MANUFACTURING ENTERPRISES Manufacturing businesses can be undertaken by sole traders, partnerships, companies and any other form of ownership Page 7 of 10 O words ng 108% i Search Windows x 8:29 AM 8/20/2020 PFA - Word Picture Tools Sign in File Home Insert Design Layout References Mailings Review View Help Format Tell me what you want to do Share Faxed Owner's Capital Question 7 Complete the following table by fitting in the bank spaces Current Borrowed Current Capita Working Assets Capital Liabilities Employe Capital d e 20.000 12.500 25 000 5.000 23 200 12 200 31.000 18,500 10.000 8.3000 5.200 15.000 12.000 10.000 25,000 10,000 5.000 5,400 18 200 3.500 22 330 10 430 8.200 18.990 2.000 7 500 32.490 7.000 8.000 25,000 5,000 28 000 12.000 9.600 23 100 18.100 21.000 20.000 25,000 4,400 50.000 Prof Page 10 of 10 O words 142% 8:32 AM 8/20/2020 i Search Windows