international accounting standards even2nd sitting
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7/29/2019 International Accounting Standards Even2nd Sitting
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KIGALI INDEPENDENT UNIVERSITY GISENYI CAMPUS
FACULTY OF ECONOMICS AND BUSINESS STUDIESSECOND SITTING EXAMINATION 2012
DEPARTMENT : ACCOUNTING YEAR : FORTH / DAY
PAPER : INTERNATIONATIONAL ACCOUNTINGSTANDARDS
DATE : 24/10/2012
TIME : 5:30 PM PERIOD: 3 Hours
INSTRUCTIONS:
• Answer (ALL) questions: the order of the question is highlyrequired
• Do not write anywhere on this question paper.
Question1. /9 marks
A. State the effect of the following transactions, considered individually, on
cash concept:
a. Purchase of goods for cash
b. Purchase of building against a long-term loan payable
c. Bonus paid in the form of fully paid shares
B. Fill in blanks
a. A Person who owes money to the firm is a ……………………
b. A person who is entitled to get money from the firm is termed as …….
c. All those things which a firm purchases for resale are called ………….
d. Drawings denote the withdrawal of cash or goods by the owner for ……..
e. The assets used for long term use in the business are termed as …………..
f. The excess of current assets over current liabilities is termed as …………
Question2 . /7marks
a. Classify the enterprises based on activities performed and the applicability of
accounting standards.
ULK/GISENYI International Accounting Standards (IAS) 2012
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b. What do you mean by general purpose financial statement
/15marks .Question 3. From the following trial balance of sunshine
company prepare trading, profit and loss account and balance sheet.
Trial balance as on 31/12/2005
Particulars Dr (Rwf ) Cr (Rwf )Capital a/c
Loans a/c
Sales a/c
Accounts payable a/c
Bills payable a/c
Purchases returns a/cDividend received a/c
Plant and machinery a/c
Buildings a/c
Receivables a/c
Purchases a/c
Discount allowed a/c
Wages a/c
Salaries a/c
Travelling expenses a/c
Freight outwards a/c
Insurance a/c
Commission paid a/c
Cash in hand a/c
Cash at bank a/c
Repairs a/c
Interest on loans a/c
Opening inventory a/c
Total
13,000
17,000
9,650
18,000
1,200
7,000
3,000
750
200
300
100
100
1,600
500
600
6,000
25,000
5,000
35,000
4,000
5,000
2,0003,000
79,000 79,000
Additional data:
1. Closing inventory 8,000
2. Depreciation on plant and machinery at 15% and 10% on buildings.
3. Provision for doubtful receivables 500rwf
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4. Insurance prepaid 50rwf
5. Outstanding rent 100rwf.
Question3. /10marks here below are the balance sheets of XltdBalance sheets
Liabilities 2010 2011 Assets 2010 2011A/c payablesLong term loanLoan from bankCapital
40,00025,00040,0001,25,000
2,30,000
44,000-50,0001,53,000
2,47,000
BankA/creceivablesInventoryMachineryLandBuilding
10,00030,00035,00080,00040,00035,000
2,30,00
0
7,00050,00025,00055,00050,00060,000
2,47,000
During the year, a machine costing 10,000 rwf (accumulated depreciation3,000 rwf was sold to 5000rwf. The provision for depreciation againstmachinery as on 1st January 2006 was 25,000rwf and on 31sr December2006 was 40,000 rwf. The net profit for the year 2006 amounted to 45,000rwf.
a. You are required to prepare comprehensive cash flow statement.
b. Which IAS proposes cash flow statement
All the best and God Bless you!!!!
ULK/GISENYI International Accounting Standards (IAS) 2012
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