PRINCIPLES OF ACCOUNTING I (ACCT 112) (BUSS 112) 3RD TRIMESTER 2012

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KENYA METHODIST UNIVERSITYEND OF 3'RD 'TRIMESTER 2012 (SCHOOL BASED) EXAMINATIONSFACULTY: EDUCATION AND SOCIAL SCIENCESDEPARTMENT: EDUCATIONUNIT CODE: ACCT 112/BUSS 112UNIT TITLE: PRINCIPLES OF ACCOUNTING ITIME: 2 HOURSINSTRUCTIONSAnswer any THREE questions.Question OneDiscuss five limitations of a trial balance resulting to a trial balancebalancing though there are some errors.(10Marks)The following relate to Muiga enterprises as at 31stMarch 20.6. Drawhis Trial balance as at the date.(10Marks)Cash in hand3,295Cash at bank23,015Stock46,780Debtor Njoroge30,010Debtor Omolo12,050KNTC Loan56,410CFC Loan50,000Furniture Alc29,000Capital75,000Purchase alc50,520Sales Alc74,800
Carriage expense Alc2,540Return outward Alc3,640Return outward Alc3,950Vehicle Alc50,000Rent expense Alc3,200Drawing Alc2,500Wages Alc3,610

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Term
Summer
Professor
NoProfessor
Tags
Accounting, Income Statement, Debt, Generally Accepted Accounting Principles

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