Previous Paper Mid Term

Abasyn University
Masters in Public Health
Mid Term Exam Jan2009
Attempt ALL Questions
Q1: Look at the following transactions and fill in the
corresponding cells. The first one has been solved for you. Complete the rest.

	Increase	Action	Decrease	Action
Paid for postage stamps by Cash Rs.50	Expenses of Postage	Debit Postage Account	Cash Assetts	Credit Cash Account
Paid for electricity by cheque Rs. 5000
Received Rent in cash Rs.3500
Paid insurance by cheque Rs 150

Q.2: For the year just ended, a business reports $5,200,000sales revenue. All its sales are
made on credit (to other businesses). Historically, its year-end accounts receivable balance equals about five weeks of annual sales revenue; in other words, an amount equal to five weeks of annual sales revenue is not yet collected at the end of the year. Sales are level throughout the year. What amount of accounts receivable would you expect in the business’s year-end balance sheet?

Q.3: You are the manager of a company, and you have the following items on your balance sheet on 30^th April 2008. Capital: $20,900.00, Creditor $.1600.00, Fixtures $3500.00,
Vehicle $4200.00, Stock of goods $4950.00, Debtors $3280.00, Cash at bank
$6450.00, Cash in hand $120.00
During the first week of May 2008 You

• bought extra stock of goods $770.00 on credit
  
• One of debtors paid you $120.00 cash
  
• You buy extra fixtures worth $1000.00 by cheque
  

Draw a Balance Sheet as of 7^th May 2008

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