ACC 101 Past Examination Paper

The following balances were extracted from the books of Okpako Enterprises as of 31st December 2023: - Capital: ₦1,500,000 - Sales: ₦3,200,000 - Purchases: ₦1,850,000 - Rent & Rates: ₦120,000 - Salaries & Wages: ₦340,000 - Motor Vehicle: ₦600,000 - Furniture & Fittings: ₦250,000 - Debtors: ₦380,000 - Creditors: ₦290,000 - Cash at Bank: ₦450,000 - Closing Inventory at 31/12/2023: ₦210,000 - Accrued Rent: ₦30,000 - Depreciation: Motor Vehicle 10% on cost. Prepare the Statement of Profit or Loss for the year ended 31st December 2023 and the Statement of Financial Position as at that date.

Explain the Double Entry Bookkeeping System. State and explain the rules of Debit and Credit for Assets, Liabilities, Capital, Expenses, and Revenues with illustrative T-account entries.

What is a Bank Reconciliation Statement? Explain FOUR (4) common causes of discrepancies between the Cash Book bank balance and the Bank Statement balance.