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HBS 201 Nov 2023 Assignment1

HBS 201 Nov 2023 assignment1

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Tafadzwa Magwaza
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22 views

HBS 201 Nov 2023 Assignment1

HBS 201 Nov 2023 assignment1

Uploaded by

Tafadzwa Magwaza
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 3

NOVEMBER 2023 HBS 201 Assignment 1 on Accounting

1. At September 30th 2021 a Computer accessories company’s record show the following
information
Purchases 2,600
Purchases returns 60
Stock- 1 Sept 2021 1,900
Sales 7,700
Sales returns 100
Wages 1,720
Electricity and water 85
Telephone 50
Advertising 155
Cash 50
General expenses 115
Repairs & maintenance-vehicle 230
Discounts received 15
Stock -30 Sept 2021 1,250
a) Draw up Computer accessories company’s and Profit and Loss account for the month
ending 30th Sept 2021 25 marks
2. Write up the accounts to record the following transactions: 2020 25 marks
March 1 Started business with $750 cash and $9,000 in the bank.
2 Received a loan of $2,000 from Dube by cheque.
3 Bought a computer for cash $600.
5 Bought display equipment on credit from Chitekwe Ltd $420.
8 Took $200 out of the bank and put it in the cash till.

Page 1 of 3
15 Repaid part of Dube’s loan by cheque $500.
17 Paid amount owing to Chitekwe Ltd $420 by cheque.
24 Repaid part of Dube’s loan by cash $250.
31 Bought a printer on credit from Mukuti for $200.

3. Below is the trial balance for XYZ company


$
Motor vehicle 12,500
Trade receivables 5,250
Bank overdraft 1,200
st
Inventory at 1 Jan 2012 4,800
Sales 56,500
Purchases 22,500
Wages 12,000
Office expenses 5,500
Light & heat 1,800
Sundry expenses 1,850
st
Capital account at 1 Jan 2012 20,500
Drawings 12,000
Closing inventories at 31 Dec 2012 were valued at $15,200
Net profit at 31 Dec 2012 was $8,500
a) Calculate company’s capital employed 5 marks
b) Calculate the company’s net current assets 5 marks
c) Suggest one way to increase the company’s net profit. 2 marks
d) How are the drawings affecting the company’s performance? 2 marks
e) What information do we get from the cash flow statement that is not in the other two
financial statements? 10 marks
Distinguish the following terms
f) Statement of comprehensive income and statement of financial position 4 marks
g) Carriage inwards and carriage outwards 4 marks
h) Trade receivables and trade payables 4 marks
i) Current assets and current liabilities 4 marks

4. At Dec 31st the company’s records show the following


Cash $10,000
Accounts receivable $30,000
Inventory $80,000
Long term assets $200,000
Accounts payable $30,000
Stockholder’s (owners) equity $196,000
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a) Calculate the company’s current asset ratio 5 marks
b) Calculate the company’s quick assets ratio 3 marks
c) Comment on the findings of your calculations 2 marks

END OF EXAMINATION

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