DIT 302 DBIT 106 – FINANCIAL MANAGEMENT FOR IT

UNIVERSITY EXAMINATIONS: 2019/2020
EXAMINATION FOR THE DIPLOMA IN INFORMATION TECHNOLOGY
/DIPLOMA IN BUSINESS INFORMATION TECHNOLOGY
DIT 302/ DBIT 106: FINANCIAL MANAGEMENT FOR IT/
FUNDAMENTALS OF ACCOUNTING
DATE: MAY, 2020 TIME: 6 HOURS
INSTRUCTIONS: Answer ALL Questions

SECTION B: 20 MARKS
a) Use the trial balance to answer the following questions.

Additional Information
i) Provide for depreciation on Fixtures & Fittings at 2% p.a and on Motor Lorry at 5% p.a.
ii) Stock unsold on 31.12.2018 was sh 22,000
iii) Of electricity paid sh 200 was in advance; and for rates, shs. 100 was in advance.
iv) Outstanding in respect of insurance is sh 1,600.
Required
a) Prepare an Income statement for the year ended 31.12.2018. (12 Marks)
b) Prepare a Statement of financial position as at 31.12.2018. ( 8 Marks)
SECTION C: (20 MARKS)
QUESTION TWO
Tom Mac Onyango operates a retail shop. The following transactions relates to his business for
the month of April 2019:
1 April: commenced business by depositing Sh 96,000 in the bank.
2 April: Paid rent deposit of Sh 1,000 by cheque.
4 April: Bought fittings paying for them by cheque Sh 18,000.
6 April: Bought fittings on credit from N. Odipo for Sh 2,100
8 April: Bought goods on credit from O. Maithya Sh 21,300, M. Gachomba Sh 17,100,
T. Kibogy Sh 38,800.
11 April: Sold goods on credit to A. Onchere Sh 7,200, R. Kimani Sh 11,000, L. Nduti
Sh 17,500
15 April: Sold goods on credit to R. Kimani Sh 25,600, O. Nderitu Sh 7,450, and N.
Kabahi Sh 8,300.
18 April: A. Onchere returned goods worth Sh 550.
22 April: Received cheque for Sh 36.660 from R. Kimani.
27 April: Paid T. Kibogy Sh 38,800 by cheque.
30 April: Withdrew cash from bank amounting to Sh 2,330 for use in the business.
Required:
(a) Open ledger accounts to record the above transactions (15 Marks)
(b) Extract Tom Mac Onyango Trial Balance as at 30th April 2018. (5 Marks)

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