UNIVERSITY OF BOLTON INSTITUTE OF MANAGEMENT ACCOUNTANCY SEMESTER ONE EXAMINATIONS 2017/2018 FINANCIAL ACCOUNTING FUNDAMENTALS MODULE NO: ACC4013
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1 [IOM10] UNIVERSITY OF BOLTON INSTITUTE OF MANAGEMENT ACCOUNTANCY SEMESTER ONE EXAMINATIONS 2017/2018 FINANCIAL ACCOUNTING FUNDAMENTALS MODULE NO: ACC4013 Date: Wednesday 17 th January 2018 Time: 10:00 13:00 INSTRUCTIONS TO CANDIDATES: There are TWO sections on this paper. You must answer 4 questions ONLY as follows: Section A Answer ALL THREE questions Section B Answer ONE question Silent non programmable calculators may be used. This is a closed book examination.
2 Page 2 of 8 SECTION A: Answer ALL questions in this section Question 1 The following trial balance was taken from the books of Paras s Shop, a local retailer, on 31 December Dr ( ) Cr( ) Purchases 75,552 Sales 229,584 Inventory (1 Jan 2016) 18,192 Returns 576 1,488 Discounts 912 2,592 Drawings 83,328 Buildings at cost 240,000 Provision for depreciation: Buildings 24,000 Fixtures and Fittings 57,600 Provision for depreciation: Fixtures and Fittings 7,200 Wages and Salaries 44,688 Advertising 5,424 Rates 19,776 Sundry Expenses 17,736 Bank 9,648 Cash 288 Trade Receivables 12,000 Bad Debts 240 Provision for doubtful debts 1,248 Trade Payables 8,976 VAT 7,776 Capital 195,096 Long term loan 108, , ,648 Question 1 continues over the page.
3 Page 3 of 8 Question 1 continued. Paras is confused as the trial balance does not balance. She requires you to balance the trial balance and process the following transactions: 1. Inventory was valued at 14,544 on 31 December Depreciate buildings at 4% using reducing balance method 3. Depreciate fixtures and fittings at 10.5% per annum using straight line method 4. Provision for doubtful debts is to be 5% of trade receivables 5. Wages accrued are 1, Advertising prepaid is 840 Required: (a) Prepare the income statement for the year ended 31 December 2017 (b) Prepare a Statement of Financial Position as at 31 December 2017 (12 Marks) (13 Marks) (c) Paras does not understand the following terms that may incur an error in the trial balance, she needs you to explain the following errors to her: o error of omission o error of commission o error of transposition o error of principle (5 Marks) Question 2 Total 30 Marks Eleanor and Doreen are the owners of Flying Fashion Boutique, selling fashion garments and accessories to the public. They set up in partnership on 1 st January Eleanor invested 66,000 as capital, and Doreen invested 33,000 as her capital. As the business has only started trading both partners are being cautious on the drawings that they take from the business. Interest would be charged on any drawings made. Question 2 continues over the page.
4 Page 4 of 8 Question 2 continued. The partnership agreement is as follows: Charges: Interest on drawings 3% on a pro-rata monthly basis. Entitlements: Profits/losses to be shared in the ratio of the initial capital provided by each partner. Eleanor and Doreen are entitled to an annual salary of 3,300 and 5,500 respectively. Interest on capital at 5% per year on each partners opening balance on their capital. Interest on any loans made by the partners to be 2% on a pro-rata monthly basis. The partners were to keep separate capital and current accounts. Net profit for the year to 31 December 2017 amounted to 29,040. During the year the partners had made drawings as below: Eleanor - 8,800 on 1 July 2017, and 1,100 on 31 December 2017 Doreen - 4,400 at the end of June 2017 and 2,200 on 30 September On 1 July 2017, they needed some funds to buy some executive jewellery and accessories in order to expand the business, and Eleanor made a loan to the partnership of 5,500. Required: (a) Prepare the partnership appropriation account for the year ended 31 December (12 Marks) (b) Prepare the partner s capital and current accounts using T accounts. (11 Marks) (c) Explain the advantages of drawing up a partnership agreement. (2 Marks) Total 25 marks
5 Page 5 of 8 Question 3 The following is the cash book for K Bibby for the month of June K Bibby has identified a possible error in the cash book which needs correcting. K. Bibby Cash Book 22-Jun Balance b/d 1, Jun T Portland Jun Sales Jun H Bottle Jun C Fisher Jun M Brown Jun O Peddy Jun G Mann Question 3 continues over the page.
6 Page 6 of 8 Question 3 continued. Bibby received the following bank statement at the end of June 2017: Bank Statement : Anglia Eastern Bank Account Holder: K Bibby Date Detail Debit Credit Balance DD= Direct Debit SO = Standing Order 22-Jun BALANCE 1, Jun T Portland , Jun Sundries , Jun H Bottle , Jun DD Re: CWL , Jun C Fisher , SO Re: A/C 26-Jun , Jun Bank Charges , Required: (a) Rewrite and balance the cashbook as at 30 June 2017 making any necessary adjustments and bring down any relevant balances. (10 Marks) (b) Prepare a Bank Reconciliation Statement as at 30 June (8 Marks) (c) You work as an accounts clerk in the office of K.Bibby. One of your tasks at the end of each month is to reconcile the bank statement with the company s cash book. As you are away on holiday over the next month, the office manager has asked you to write clear instructions in the form of a memorandum for the person who is to undertake your task when you are away. (7 Marks) Total 25 Marks
7 Page 7 of 8 SECTION B: Answer ONE question ONLY from this section Question 4 The following information has been obtained from the records of Delta Ltd for the month of January 2017: Jan 1 Started in business with 42,000 cash. 2 Put 36,000 of cash into a bank account. 3 Bought goods for cash 2,200 4 Bought goods on credit from: T Pomm 3,200; F Jacks 3,720; M Junior 640; G Lower 2,040 5 Bought stationery on credit from Bentley Ltd Sold goods on credit to: R Tang 680; L Flip 960; M. Songer 1,304; A Talmas Paid rent by cheque Bought fixtures on credit from Winny Ltd 2, Paid salaries in cash 3, Returned goods to F Jacks 120, M Junior Bought a van by cheque 26, Received a loan from B Mingh by cheque 8, Goods returned to us by R Tang 20; M Songer Cash sales Goods sold on credit to L Flip 520; A Talmas 1,640; R Penny Delta Ltd paid the following by cheque : F Jacks 3,600; M Junior Received cheques from R Penny 632; L Flip 1, Received a further loan from B Mingh by cash 2, Received 2,456 cash from A Talmas Required: (a) Draw up the T accounts for the transactions above for the month of January, balance off the accounts, and extract a trial balance as at 31 st January (20 Marks)
8 Page 8 of 8 Question 5 (a) You are an accounts assistant working at Stuart Rose Chartered Accountants. A part-time trainee accounts assistant is confused with understanding the difference between a sales account and a sales ledger control, a purchase account and a purchase ledger control account. He asks you if you could explain the difference between these accounts in detail in order for his understanding. (10 Marks) (b) Define and discuss in brief the importance of the accounting concepts. (10 Marks) Total 20 Marks END OF QUESTIONS
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