TIME ALLOWED: 2 Hours Instructions: 1. Answer ALL Questions 2. Staying on the video throughout the exam shall attract a bonus of 5 marks maximum 3. Staying off the video during the exam shall attract severe penalty and may result in cancellation of submission when it becomes obvious that the student is taking und advantage of virtual exam to engage in malpractice. 4. Your system should be on mute throughout the exam except where you wish to seck clarifications 5. Your answers for essay questions must be submitted on MS-Word (font size 12). 6. Your answers for the essay questions should be submited to the relevant classwork platform 7. Your answers for Multiple Choice Questions should be submitted online 8. Your answer Booklets should be saved with your first name and the last four digits of your matric number. Section Two Question One The following trial balance was extracted from the books of Kamsi; a sole trader, as at 31 December 2019 Dr 9 N N Inventory, 1 January 2019 481,000 Bank 151,680 Cash in hand 14.080 Payables 336,200 Receivables 195280 Commissions Received 70,000 Insurance 7.680 Bad Debts 1040 Sales Returns 2.340 Purchases Returns 15.680 Sales 2.939-920 Furniture 44,160 Telephone 1,360 Rale 4,040 Salaries Electricity Purchases Postages 113480 3,640 2.739,400 5.520 Advertising Capital Motor Vans Land and Building 5.000 644960 37.060 200.000 4.006.760 4.006760 Additional Information: The Inventory as at 31 December 2019 was N431,480 Write off depreciation as follows: Land and Building at 5% Additional Information: i. The Inventory as at 31" December 2019 was N431,480 ii. Write off depreciation as follows: Land and Building at 5% 2 Motor van N8,000 Furniture at 10% iii. Prepaid rate is N600 while accrued telephone is N880 iv. Make provision of N12,000 for doubtful debts. You are required to prepare: a) Statement of profit or loss for the year ended 31 December 2019 b) Statement of financial position as at 31 December 2019. (15 Marks) (10 Marks) Question Two On 1 April 2017, Simkaf Limited purchased a generator for N500,000. The generator has an estimated useful life of five years with a salvage value of N100,000. Given that the accounting year end is 31 December each year and the generator was sold for N250,000 on 31 December 2018. a) Calculate the accumulated depreciation on the generator as at 31 December 2018, using the straight line method. b) Calculate the gain or loss on disposal (5 Marks) (5 Marks) Question Three Prepare Dimsy Enterprises Sales Ledger Control Account for the month of January 2018 using the following details January 1: Dr Balances in Sales Ledger Cr Balances in Sales Ledger January 31: Interest charged on overdue balance of customer N 21.000 500 25 Cash collected from customers (including N65 bad debt recovered) 8,565 Cash returned to customers 125 Amount set off 1,250 Bad debts Bill Receivable Discount Allowed 60 Dishonoured bills receivable 50 1,035 300 Provision for doubtful debts 105 Return Inwards 132 Credit Sales 50,000 Cr Balances in Sales Ledger 1,263 (15 Marks)