QUESTIONS 1 The following were extracted from the books of Kabila Limited, a sole proprietor, on 31st March 2019. DR CR 26,950 12,000 900 20,000 10,000 20,000 3,000 6,000 1,170 1,000 Sales Purchases Carriage on purchases Land and building (cost) Furniture and fitting(cost) Motor vehicle (cost) Provision for depreciation 1/4/2018 Furniture and Fittings Motor Vehicle Discount Received Discount Allowed Stock 1/4/2018 Return Carriage Outwards Rent and Rates Wages and salaries Advertising Insurance Light and heat Office expenses Repairs on building General Expenses Bad Debts Provision for Bad debts Electricity Trade debtors and creditors Cash in Hand Cash at Bank 1.250 3.500 1,800 950 1,100 2.540 580 600 880 600 900 450 660 300 2850 400 3,900 1,360 5,000 Drawings 1.800 Capital 44.900 Bank Loan 10.000 Investment 5,000 96,170 96,170 Additional Information: Stock at 31st march 2019, Ghe2,400 ii. Rent and rates insurance prepaid are Ghc100 and Ghc200 respectively. il Light and heat and electricity outstanding are Ghc120 and Ghc250 respectively. iv. Provision for bad Debt should be adjusted to 10% of trade debtors V. Good valued ta cost price of Ghe 150 were withdrawn by the proprietress for her persol use. This has not been recorded in the books. vi. Included in the wages and salaries is an amount of Ghc240 given to the proprietors sister who is not an employee of the firm. vii. Interest on bank loan Ghe 500 had not been paid. Depreciation rate for both motor vehicle and furniture and fittings is 5% on cost ix. Income on investment Ghc500 had been recieved You are required to prepare: a. Trading account b. Profit and loss account c. Balance sheet d. Workings or notes to calculations viii. QUESTION 2 The following transactions has been captured in the books of Diego and Sons a sole trader at Agbobloshi. Jan. 1: Started commercial business with 18000 cash Jan. 4: Deposited 11,000 of the cash used to start business in the bank account. Jan. 6: Purchased goods from on credit from Nasco Limited 12,000. Jan. 8: Purchased plant from Martins for 14,000 Jan. 12: Sold goods to Ibrahim on credit 1400. Jan. 15: Took a loan from Betty 1400 Jan. 18: paid rent by cheque 1100 Jan. 20: Bought good from Graham paying 5,000 cash Jan. 21. Ibrahim returned goods worth 1300 cedi's. Jan. 26: Diego withdrew 1500 cedi's from the cash till for personal use. Jan. 28: introduced additional capital of 1400 depositing by cheque Jan. 31: Sold goods for cash 1300 Jan. 31: paid all of Betty's loan by cheque Required: (a) Post the entries using the double entry principle a) Balance off the accounts b) Using the balances indicate the balance brought down for each account. QUESTIONS 1 The following were extracted from the books of Kabila Limited, a sole proprietor, on 31st March 2019, DR CR 26,950 12,000 900 20,000 10,000 20,000 3.000 6,000 1,170 1.000 Sales Purchases Carriage on purchases Land and building (cost) Furniture and fitting(cost) Motor vehicle (cost) Provision for depreciation 1/4/2018 Furniture and Fittings Motor Vehicle Discount Received Discount Allowed Stock 1/4/2018 Return Carriage Outwards Rent and Rates Wages and salaries Advertising Insurance Light and heat Office expenses Repairs on building General Expenses Bad Debts Provision for Bad debts Electricity Trade debtors and creditors Cash in Hand Cash at Bank 1.250 3.500 1.800 950 1.100 2,540 580 600 880 600 900 450 660 300 2850 400 3,900 1,360 5,000