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Define An Asset and The Recognition Criteria For The Asset

The document contains questions related to accounting concepts such as financial statements, books of prime entry, inventory valuation using weighted average method, recognition criteria for assets and liabilities, accounting errors, cash book and bank reconciliation, accounting trends, recording of transactions in general journal, missing figures in financial statements, calculation of closing inventory value.

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CHATURIKA priyadarshani
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43 views

Define An Asset and The Recognition Criteria For The Asset

The document contains questions related to accounting concepts such as financial statements, books of prime entry, inventory valuation using weighted average method, recognition criteria for assets and liabilities, accounting errors, cash book and bank reconciliation, accounting trends, recording of transactions in general journal, missing figures in financial statements, calculation of closing inventory value.

Uploaded by

CHATURIKA priyadarshani
Copyright
© Attribution Non-Commercial (BY-NC)
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
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31.

List main elements in financial statements as per the accounting framework


1 ..
2 ..
3 ..
4 ..
5 ..
32. Indicate in the following table four books of prime entry books and type of transactions along with
its supporting documents each prime entry book.
Prime entry book

Type of transaction

Supporting document

33. Receipts and issues stocks in a business entity as follows


Date
1-Jan
5-Jan
10-Jan
20-Jan
25-Jan
30-Jan

Receipts (Qty)
1 000
2000

Price of receipt
20
25

Issues (Qty)

500
600
500
400

Calculate the value of stocks as at 30th January using weighted average method

34. Define an asset and the recognition criteria for the asset

..
35. Define a liability and the recognition criteria for liability

36. List four types of errors disclose through trial balance.

37. Explain three reasons which cause the difference in the balance as per cash book and the balance as
per bank statement and provide two example for each reason

38. Name four new trends in accounting due to changes occurred in the accounting environment

39. what are the types of transactions recorded in the general journal

Details of assets and liabilities of Jayasiris Business as at 1st January 2010 are as follows

Stocks

50 000

Debtors

60 000

Creditors

40 000

Accrued expenses

20 000

Prepaid expenses

12 000

Revenue received in advance


Income receivable

6 000
10 000

40. Record the above items in the general journal


Description

Dr

Cr

41. Following information is available for two companies


X

Assets (01.01.2010)

70 000

10 000

Liabilities ( 01.01.2010)

5 000

4 800

Assets ( 31.12.2010)

8 500

1 000

Liabilities ( 31.12.2010)

6 000

????

Additional Capital

400

1 000

Net profit

???

1 800

Drawing

800

600

During the year 2010

Find the missing figures

42. Following details are available for Amarapalas Business for the year ended 31st December 2010.

Stocks as at 1st January 2010


Purchases

120 000

Sales

150 000

10 000

Gross profit margin 25%


Calculate the closing stock as at 31st December 2010.

43. Following scenario is relevant to Gills lanka Stores


There were 100 units of stocks at the beginning of the year and purchased 600 units and sold 500 units
during the year. Stocks are purchased at 100 each and sold for 150. Closing stocks includes 100 damaged
items and Rs 10 per each to be incurred to rectify the same. It is estimated to incur Rs 5 each to sell
those.
This stock is estimated to sell at Rs 90 each
Calculate the closing stock value to be recorded in the balance sheet

Following information as at 31st March 2011

type of stock
A
B
C
D

Quantity
2 800
5 500
4 000
3 000

Cost per unit

NRV per unit

9
6
30
15

10
5
55
10

44. Calculate the value of stocks based on item by basis

45. Pass the journal entry to account stocks for the question No 44

46. Illustrate the Accounting Equation and indicate two accounting concepts formulate through
accounting equation

Adjusted Debtors Control Account


Balance B/F

100 Balance B/F

Sales

150 Sales return

10

Dishournered cheuque

20

160

Balace C/D

Cash
Discount allowed

10

Bad Debts

15

Balance C/D

73
273

273

47. Record the above account in statement form

48. Complete the accounting equation using the following terms


C-Capital
A-Assets
L-Liabilities
NCA-Non Current Assets
CA-Current Assets
NCL Non Current Liabilities
CL-Current Liabilities
A

=.+ L

+-..

NCA

=. =

=..+ NCA

C +.+

49. What are the limitation of Relevance and Reliability of information presented in the financial
stamens

50. What are the components of financial statements as per the accounting framework.

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