This document contains three questions for a POA test on cyber education. The first question asks to prepare a trading and profit and loss account for Chuck Kee's wholesaling business for the year ended December 31, 2020 using provided balances from his books. The second question asks to write up and balance the cash book for Wallmart Stationery Plaza for September and October 2020 using provided cash transactions. The third question asks to prepare a statement of financial position (balance sheet) for Kamboat as of August 31, 2020 using provided account balances.
This document contains three questions for a POA test on cyber education. The first question asks to prepare a trading and profit and loss account for Chuck Kee's wholesaling business for the year ended December 31, 2020 using provided balances from his books. The second question asks to write up and balance the cash book for Wallmart Stationery Plaza for September and October 2020 using provided cash transactions. The third question asks to prepare a statement of financial position (balance sheet) for Kamboat as of August 31, 2020 using provided account balances.
This document contains three questions for a POA test on cyber education. The first question asks to prepare a trading and profit and loss account for Chuck Kee's wholesaling business for the year ended December 31, 2020 using provided balances from his books. The second question asks to write up and balance the cash book for Wallmart Stationery Plaza for September and October 2020 using provided cash transactions. The third question asks to prepare a statement of financial position (balance sheet) for Kamboat as of August 31, 2020 using provided account balances.
This document contains three questions for a POA test on cyber education. The first question asks to prepare a trading and profit and loss account for Chuck Kee's wholesaling business for the year ended December 31, 2020 using provided balances from his books. The second question asks to write up and balance the cash book for Wallmart Stationery Plaza for September and October 2020 using provided cash transactions. The third question asks to prepare a statement of financial position (balance sheet) for Kamboat as of August 31, 2020 using provided account balances.
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CYBER ED
POA TEST SECTION 2
Answer ALL questions in this section.
1. Chuck Kee is in business as a wholesaler and the following balances were taken from his books on December 31 2020. Opening inventory Sales Purchases Returns inwards Returns outwards Carriage outwards Wages General expenses Rent Stationery Discount allowed $9,400 $101,200 $ 59, 300 $ 4,300 $ 2,300 $ 3,500 $ 12,400 $ 10,900 $ 660 $ 4,870 $ 300 Closing inventory as at 31 December 2020 is $2,500. You are required to prepare the Trading and Profit and Loss Account for the year ended 31 December 2020. (15 marks)
2. Wallmart Stationery Plaza records all its cash transactions in a two column cash book. The Cash Book is balanced at the end of each month and balances are carried forward to the next month. The information below relates to the months of September and October, 2020: Sept 1 Balances: Bank $8 600, Cash $1 400. 4th Received cheque from B. Small $8 700. 9 Paid light bill by cheque $5 000. 12th Cash sales $12 000. 15th Cash purchases $5 000. 17th Received cheque from J. Murray $3 000. 20th Banked cash $8 000. 23rd D. Persaud paid off her account by cash $9 000. 26 Paid G. Gibbon by cheque $1 300. 28th Paid wages by cheque $6 000. Oct 2nd Cash sales $3000. 5th Cash purchases $1 000. 11th Paid travelling by cash $1 500. 16th Received from H. Rally $4 500. 22 Banked cash $10 000. 26th Paid staff by cheque $8 000. You are required to write up the cash book and balanced it off.(30 marks)
3. Draw up Kamboat’s statement of financial position (balance sheet) as
at 31 August 2020, from the following information; Capital Motor Vehicle Furniture Accounts payable Inventory Cash at bank Accounts receivable Loan from S. Thomas End of Exam $ 26 000 $10 000 $8 000 $ 1800 $ 3100 $10 150 $550 $4000 (15 marks)
