KIGALI REPORT

WRITTEN EXAM ON THE POST OF CASHIER A2/A1 – MIBILIZI DISTRICT HOSPITAL in Rusizi District

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ALL QUESTIONS ARE COMPULSORY
TIME ALLOWED: 2 HOURS


SECTION A: MULTIPLE CHOICE QUESTIONS/ 30 MARKS
QUESTION 1
A trader’s net profit for the year may be computed by using which of the following formulae?
A Opening capital + drawings – capital introduced – closing capital
B Closing capital + drawings – capital introduced – opening capital
C Opening capital – drawings + capital introduced – closing capital
D Opening capital – drawings – capital introduced – closing capital
QUESTION 2
In which book of prime entry will a business record debit notes in respect of goods which have been sent back to suppliers?
A The sales returns day book
B The cash book
C The purchase returns day book
D The purchase day book
QUESTION 3
The following information relates to Eva Co’s sales tax for the month of March 20X3:
$
Sales (including sales tax)                   109,250
Purchases (net of sales tax)                 64,000
Sales tax is charged at a flat rate of 15%. Eva Co’s sales tax account showed an opening credit balance of $4,540 at the beginning of the month and a closing debit balance of $2,720 at the end of the month.
What was the total sales tax paid to regulatory authorities during the month of March 20X3?
A $6,470.00
B $11,910.00
C $14,047.50
D $13,162.17
 
QUESTION 4
Sales (including sales tax) amounted to $27,612.50, and purchases (excluding sales tax) amounted to $18,000. What is the balance on the sales tax account, assuming all items are subject to sales tax at 17.5%?
A $962.50 debit
B $962.50 credit
C $1,682.10 debit
D $1,682.10 credit
QUESTION 5
A company with an accounting date of 31 October carried out a physical check of inventory on
4 November 20X3, leading to an inventory value at cost at this date of $483,700.
Between 1 November 20X3 and 4 November 20X3 the following transactions took place:
1 Goods costing $38,400 were received from suppliers.
2 Goods that had cost $14,800 were sold for $20,000.
3 A customers returned, in good condition, some goods which had been sold to him in October for $600 and which had cost $400.
4 The company returned goods that had cost $1,800 in October to the supplier, and received a credit note for them.
What figure should appear in the company’s financial statements at 31 October 20X3 for closing inventory, based on this information?
A $458,700
B $505,900
C $508,700
D $461,500
QUESTION 6
Which of the following statements regarding payables and receivables are TRUE?
1 Payables represent money the business owes.
2 Payables are an asset.
3 Receivables represent money owed to the business.
A Statement 1 only
B Statements 1 and 2 only
C Statements 1 and 3 only
D Statement 3 only
QUESTION 7
Which of the following lists is composed only of items which would appear on the credit side of the receivables control account?
A Cash received from customers, sales returns, irrecoverable debts written off, and contras against amounts due to suppliers in the accounts payable ledger
B Sales, cash refunds to customers, irrecoverable debts written off, discounts allowed
C Cash received from customers, discounts allowed, interest charged on overdue accounts, irrecoverable debts written off
D Sales, cash refunds to customers, interest charged on overdue accounts, contras against amounts due to suppliers in the accounts payable ledger
QUESTION 8
At 1 July 20X2 the receivables allowance of Q was $18,000.
During the year ended 30 June 20X3 debts totalling $14,600 were written off. The receivables
allowance required was to be $16,000 as at 30 June 20X3.
What amount should appear in Q’s statement of profit or loss for receivables expense for the year ended
30 June 20X3?
A $12,600
B $16,600
C $48,600
D $30,600
QUESTION 9
Which of the following are not examples of payables of a business?
1 An estimation of tax owed to the tax authority for the year just ended
2 $500 owed to a supplier for invoiced goods
3 An estimation of probable repair costs under warranty claims
A 1, 2, and 3
B 1 only
C 1 and 3 only
D 2 only
QUESTION 10
Which of the following statements about contingent assets and contingent liabilities are correct?
1 A contingent asset should be disclosed by note if an inflow of economic benefits is probable.
2 A contingent liability should be disclosed by note if it is probable that a transfer of economic
Benefits to settle it will be required, with no provision being made.
3 No disclosure is required for a contingent liability if it is not probable that a transfer of economic benefits to settle it will be required.
4 No disclosure is required for either a contingent liability or a contingent asset if the likelihood of a payment or receipt is remote.
A 1 and 4 only
B 2 and 3 only
C 2, 3 and 4
D 1, 2 and 4
SECTION B: PRACTICAL/ 20 MARKS
From the following trial balance and additional information, prepare a statement of Profit and Loss and other comprehensive income (PL & OCI) and statement of financial position (SoFP) for the year ended 31 March 2017.
Trial balance as at 31 March 2017:

Dr (Frw) Cr (Frw)
Tax payable 90,000
Net sales 930,000
Net purchases 320,000
Stock 30,000
Salaries & wages 180,000
Rent & rates 140,000
Water & electricity 21,000
Trade creditors 119,600
Trade debtors 321,000
Insurance 51,000
Cash in hand 20,000
Cash at bank 134,000
Plant & machinery 440,000
Furniture & fittings 97,600
Capital 700,000
Drawings 15,000
Long term investment 300,000
Accumulated depreciation for plant and machinery 20,000
Bank loan 170,000
Provision for depreciation – plant & machinery 30,000
Provision for depreciation – furniture & fittings 10,000
2,069,600 2,069,600

Additional information:

  • Closing stock amounted to Frw 70,000.
  • Provision for depreciation is to be made:
    • Plant & machinery @ 20,000
    • Furniture & fittings @ 15,000
  • Accrued expenses: Wages Frw 8,000.

Water & electricity Frw 3,000.

  • Prepaid expenses: Rent & rates Frw 14,000

Insurance Frw 25,000.

  • Accrued income: Accrued interest up to and including 31 March 2017: Frw 13,000.
  • The annual depreciation for Plant and machinery is 10% reducing balance

END OF EXAM  !!


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