Hrd2110:Farm Records And Accounts Question Paper
Hrd2110:Farm Records And Accounts
Course:Bachelor Of Horticulture
Institution: Meru University Of Science And Technology question papers
Exam Year:2012
QUESTION ONE – 30 MARKS (COMPULSORY)
(a) Explain the basic principles in farm accounting. (10Marks) (b) State the double entry rule clearly showing the effect of a transaction of various types of accounts. (6Marks) (c) Briefly discuss any five records of a credit transaction. (10Marks) (d) Distinguish between an analytical Cash Book and a Three Column Cash Book. (4Marks)
QUESTION TWO – 20 MARKS
(a) Which errors cannot be disclosed by a Trial Balance? Explain each. (10Marks) (b) The Bank Balance of a Cash Book could differ/disagree with the actual balance at the bank. Explain. (5Marks) (c) Distinguish between Balance Sheet and a Profit and Loss Account. (5Marks)
QUESTION THREE – 20 MARKS
(a) State and explain any five Books used in farm accounting. (10Marks) (b) Explain the types of Trial Balance. (4Marks) (c) State and explain the methods of calculating depreciation. (6Marks)
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QUESTION FOUR – 20 MARKS
A Petty Cashier of XYZ farm received Sh. 10,000 from the Chief Accountant; out of this he made the following transactions during the month. March 2 Telephone Bill Sh. 200 8 Wages Sh. 100 12 Advertisement Sh. 80 15 Postage Sh. 50 16 Tea Sh. 200 20 Stationery Sh. 100 30 Carriage Sh. 120 (a) Prepare a Simple Petty Cash Book. (10Marks)
(b) Discuss the functions of Management. (10Marks)
QUESTION FIVE– 20 MARKS
(a) Prepare a Profit and Loss Account from the information provided below: (12 Marks)
Steven Farm Trial Balance as at 31/12/2010
Dr Cr Premises 250,000 Purchases 393,800 Creditors 149,100 Salaries 52,500 Motor Car 158,000 Sales 560,500 Capital 400,000 Drawings 42,200 Furniture 25,000 Returns 11,500 Rates 16,800 Opening Stock 44,400 Discounts 11,100 General Expenses 29,400 Carriage in 38,900 Carriage out 16,400 Advertisement 7,400 Bank 16,900 Cash 3,300 Postage 9,800 1,167,200 1,167,200
Closing Stock Shs. 90,800
(b) Using the information provided in ‘5a’ prepare a Balance sheet. (8Marks)
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