Page 160 - Book-keeping for Secondary Schools Student’s Book Form One

Book-Keeping for Secondary Schools

Revision exercise 7

1. From the following particulars extracted from the books of a trader, prepare an
income statement for the year ending 30 September 2020.
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TZS
FOR ONLINE READING ONLY
Sales 54,250,000
Sales returns 2,800,000
Purchases 49,000,000

Purchases returns 6,475,000
Carriage inwards 4,200,000
Warehouse wages 3,500,000
Inventory at 1 October 2019 1,750,000
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Inventory at 30 September 2020 2,750,000
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2. The following balances were extracted from the books of Kafanabo for the year
ending 31 December 2020. Use the information provided to prepare his statement
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of financial position as on 31 December 2020.
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Details TZS
Capital at 1 January 2020 76,525,000
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3 year loan from Karagwe Bank 50,500,000
Sales 130,800,000
Furniture 9,500,000
Building 38,650,000

Profit for the year 11,067,500
Land 15,625,000
Purchases 75,250,000
Drawings 6,600,000
Salaries 37,750,000
Bank overdraft 10,095,000
Wages 25,250,000
Accounts payable 22,800,000
Motor vehicle 15,750,000
Fixtures and fittings 55,250,000
Inventory on 31 December 2020 6,125,000
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Accounts receivable 23,487,500
Rent 5,250,000

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Student’s Book Form One

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