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KINGDOM OF BAHRAIN MINISTRY OF EDUCATION DIRECTORATE OF EXAMINATIONS / EXAMINATION SECTION
FIRST SEMESTER EXAM 2012/2013
COURSE NAME : PRINCIPLES OF ACCOUNTING
TRACK : توحيد المسارات
COURSE CODE : 111 محا
TIME : 2 Hours
=========================================================== QUESTION ONE: (20 Marks) (A) Choose the correct answer: 1- All of the following accounts are Fixed Assets except: a) Building b) Premises c) Cash d) Land 2- If Liabilities = BD16,300, Assets = BD65,000, then Owners Equity is: a) BD48,700 b) BD50,200 c) BD44,500 d) BD58,700 3- The normal balance of purchases return is: a) Debit b) Credit c) According to the transaction d) None of the above 4- At the beginning of the period, the balance of capital was BD30,000 and drawings BD5,000 , if the ending capital is BD32,000 , the net income is: a) BD3,000 b) BD10,000 c) BD7,000 d) BD5,000 5- Which of the following is not an expense: a) Salaries. b) Rent received. c) Wages. d) Advertising.
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(B) Complete the following table: (the first one is done as an example) No.
Accounts
Classification
1.
Accounts Receivable
Assets
2.
Wages
3.
Advertising
4.
Trucks
5.
Notes Payable
6.
Fees earned
7.
Supplies
Increase Decrease side side Debit Credit
(C) Show the effect of the following transactions on Cash Account only, using the mark () in the appropriate column:
No
Transaction
1
Investing equipment in the business.
2
Took cash for personal use.
3
Paid insurance expense.
4
Received cash from accounts receivable.
5
Bought furniture on account.
6
Paid a creditor.
Increase
Decrease
No effect
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QUESTION TWO: (21 Marks) Show the effect of the following transactions on the Basic Accounting Equation using the table below: 1. Invested in the business cash BD40,000 and Equipment BD20,000. 2. Bought Equipment BD10,800 on credit. 3. Performed service on account BD1,200. 4. Paid BD400 for rent. 5. Paid creditor BD2,500. 6. Received 20% from customer of transaction (3). 7. Withdrew BD150 cash for private needs. Assets
=
Liabilities
Date Cash
1
2 3 4 5 6 7 Bal.
Accounts Equipment Receivable
Accounts Payable
+
Owner's Equity Capital
Remarks
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QUESTION THREE: (24 Marks) (A) The following is page no.3 of the General journal for Dana Co. You are required to post these entries to Cash Account & Accounts Payable in the General Ledger:
General Journal Explanation
Date
June 01 Cash Capital Invested cash in the business. 4 Equipment Cash Accounts Payable Purchased land.
Page No. ( 3 ) Debit Credit (BD) (BD) 80,000 80,000
60,000 20,000 40,000
12 Cash Sales Sold goods by cash,
2,800 2,800
25 Accounts Receivable Sales Sold goods on account.
900 900
28 Accounts Payable Cash Paid creditor.
15,000 15,000
General Ledger: Name of Account: Cash Date Explanation
PR
Debit
Account No. Credit Balance
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Name of Account: Accounts Payable Date Explanation
PR
Debit
Account No. Credit Balance
(B) Make the journal entries for the following transactions: (1) On 12 September, 2012 Najma Co. completed a sale transaction of BD2,600 to a customer who used Visa Card, service charge 4%. (2) On 20 December, 2012 Khalid Co. made a sale of BD1,200 to a customer who used American Express, service charge 2%.
Date
GENERAL JOURNAL Explanation
Debit (BD)
Credit (BD)
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QUESTION FOUR: (13 Marks) The following is the Trial Balance of Elham Est. for the month of October 2012, and it contains some mistakes: Elham Est. Trial Balance As at 30 October 2012 Account Cash Accounts Receivable Supplies Buildings Accounts Payable Capital Service Revenue Wages Expenses Insurance Total
Debit (BD)
Credit (BD) 8,800
5,500 900 50,500 4,200 ? 5,600 850 350
Required: Prepare an accurate Trial Balance for the period ended 31st October 2012. Assume that all the ledger account balances are correct. ………………………………… ………………………………... ………………………………... Account
Total
Debit
Credit
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QUESTION FIVE: (22 Marks) The following balances were extracted from the books of Asma Cleaning Services on 31st December, 2012:
Cash Accounts Receivable Office Supplies Motor Van Furniture Equipment
BD 30,400 20,200 900 5,400 1,800 3,800
Notes Payable Accounts Payable Capital at start Drawings Additional Investment Net Income for the year
BD 5,100 3,700 43,000 500 9,000 2,200
Required: For the period ended 31st December, 2012, you are required to prepare the following: 1- Statement of Owner's Equity. 2- Classified Balance Sheet.
………………………………………. ………………………………. ……………………………………….
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END OF EXAM