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!!!!


International Accounting Standards Even2nd Sitting

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