BAF 1101 Financial Accounting I

BAF 1101 Financial Accounting I

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Type	Essay
Writer Level	Masters
Style	APA
Sources/References	4
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BAF 1101 Financial Accounting I

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UNIT CODE: BAF 1101 UNIT TITLE: FINANCIAL ACCOUNTING I

1. Enter the following transactions in a petty cash book having analysis columns for stationery. Keep the book on the imperest system the amount of imperest being ksh 250.

The year 2017

Feb 1 petty cash in hand sh 250

1 paid bus fare shs 37, carriage sh 14

2 Paid bus fare sh 18, office expense sh 12

3 Bought stationary for sh 47

4 Paid carriage sh 19, bus fare sh 25

5 Bought stationery for sh 25

6 paid office expense shs 15

Balance the book as on Feb 6,2001 (5 Marks)

2. Mr Samuel Nzioka has given you the following balances extracted from his books as at Sept 2017.

Shs

Cash in hand 1,200

Cash at Bank 11,000

Stock 1.9.2011 21,000

Debtors 8,000

Creditors 10,000

Returns inward 500

Sales 56,000

Purchases 20,500

Capital 14,900

Salaries 4,000

Water and electricity 600

Postages 200

Drawings 900

Stock 30.9.1989 13,500

Furniture and fitting 7,500

Motor van 7,500

Loan (ICDC) 30,000

Rent received 1,200

Office rent 1,700

Required:

30. i) Prepare Nzioka’s trial balance as at 30.9.2011 (5 Marks)
31. ii) Prepare his income statement for the month. (5 Marks)
32. Write up three column cash book for Mr. Miruki from the details given blow, the balance off this cash book at the end of the month and show the discounts in the general ledger. (5 Marks)

2017

Shs

July 1 Balance b/f cash 2,500

Bank 7,400

2 Bought goods by cheque 2,000

3 cash sales 1,800

5 Banked cash 2,000

6 Paid by cheque in each case cash discount received 3% A john sh 1,500, H Hofman sh 3,000, D Jackson sh 1,400.

7 Received by cheque in each case, discounts allowed 5% B. show sh 4,000, B.Benhim sh 3,000 J. Mathews sh 3,200

10 Bought office furniture by cheque sh 3,000

15 cash drawings sh 500

20 paid to A Adleman sh 800, cash lss 3

22 Received cash from A Smith sh 1,500 les 4%

30 Paid wages in cash sh 1,000

4. The following Bank statement was received by M. Muthee a trader on 31st 1990.

Debits Creditors Balance

Sh sh sh

Balance 8,400

Deposits 11,640 20,040

Deposits 1,745 21,785

Cheque No 716 7,200 14,585

Cheque No 717 1,360 13,225

Deposits 2,500 15,725

Cheque No 719 3,400 12,325

Bank charges 50 12,275

Cheque No 721 2,840 9,435

Unpaid cheque 4,250 5,185

Deposits 3,600 8,785

Cheque No 718 4,850 3,935

Standing order-rent 5,000 1,065

His cash book (bank column only) had the following entries for March 1990.

Cash Book (Bank column only)

Shs Shs

Balance b/f 8,400 Cheque No 716 7,200

Deposits 11,640 Cheque No 717 1,360

Deposits 1,745 Cheque No 718 4,850

Deposits 3,600 Cheque No 719 3,400

Deposits 4,285 Cheque No 720 2,610

Cheque No 721 2,840

Cheque No 722 3,180

You are informed that No error has been made in either the Bank statement or the cash book. You are required to complete and balance the cash book as at 31st March 1990 and prepare a Bank reconciliation statement. (7 Marks)

1. b) Explain any three importance of a Bank reconciliation statement. (3 Marks)

RUBRIC QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points:  Student failed to submit the final paper. 20 points out of 50:  The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50:  The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately.  Elements of the required response may also be lacking. 40 points out of 50:  The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples.  The answer is complete. 50 points:  The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples.  No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points:  Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points:  Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points:  References to scholarly sources are occasionally given; many statements seem unsubstantiated.  Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points:  Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented.  APA 6th Edition is used with only a few minor errors.  There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points:  Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented.  APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points:  Student failed to submit the final paper. 5 points out of 20:  The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors  10 points out 20:  The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20:  The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points:  The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points:  Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements.  The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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