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Hrd2110:Agribusiness Question Paper
Hrd2110:Agribusiness
Course:Bachelor Of Horticulture
Institution: Meru University Of Science And Technology question papers
Exam Year:2013
QUESTION ONE – 30 MARKS
a. Explain any five principles of accounting. (5 Marks) b. State the rules of double entry and summarise the 5-golden rules. (8 Marks) c. Explain the two ways of marshalling/grouping the balance sheet. (4 Marks) d. Explain the various classifications of accounts. (6 Marks) e. Explain the business/accounting cycle. (5 Marks) f. Distinguish between a trial balance and a profit and loss account. (2 Marks)
QUESTION TWO – 20 MARKS
a. The XYZ farm accountant prepared a trial balance which failed to agree. Discuss the causes. (14 Marks) b. Explain the closing entries to be made by the accountant regarding the following i. For transfer of wages to profit and loss account. (2 Marks) ii. For transfer of various incomes to profit and loss account. (2 Marks) iii. Entries for net profit. (2 Marks)
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QUESTION THREE – 20 MARKS
The following information appeared in the books of ABC farm for the period ended 31.12.2000
Item Amount Item Amount
Capital 250,000 Drawings 32,500 Stock 1.1.2000 46,100 Purchases 284,400 Stock 21.12.2000 55,300 Sales 415,300 Returns Inwards 3,600 Returns outwards 6,700 Carriage Inwards 27,900 Carriage in 10,000 Wages 47,200 Furniture 25,000 Motor Cars 60,000 Sundry Debtors 40,500 Sundry Creditors 52,800 Cash at Bank 29,100 Cash in Hand 600 Discount allowed 3,400 Discount Received 1,900 Premises 100,000 General Expense 31,700 Rent income 23,000
a. Prepare a correct trial balance. (8 Marks) b. Prepare a profit and loss account. (12 Marks)
QUESTION FOUR – 20 MARKS
a. Explain any five subsidiary books of original entry. (10 Marks) b. Explain the various types of petty cash books. (6 Marks) c. State and explain the broad classification of farm records. (4 Marks)
QUESTION FIVE – 20 MARKS
a. Explain the procedure of credit transaction showing the documents used during the transaction. (12 Marks) b. P.K farm manager was provided with an imprest of 20,000 to use as petty cash during the month the following transactions were paid for: 1.1.2000 balance c/d cash 20,000 1.1.2000 by rent sh5,000 2.1.2000 by salaries sh2,000 10.1.2000 by stationery sh3,000 15.1.2000 by wages sh.1,000 20.1.2000 by printing sh2,000 25.1.2000 by repairs sh500
Prepare a simple petty cash book. (8 Marks)
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