Institute of Certified Management Accountants of Sri Lanka
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1 Copyright Reserved Serial No Foundation Level Pilot Paper Instructions to Candidates 1. Time allowed is three (3) hours. 2. Answer all questions in Part I and four (4) questions from Part II selecting two (2) question from each of the Sections A and B. 3. The answers should be given in the English Language. Subject Subject Code Financial Accounting Fundamentals (FAF / FL 2) PART I Question No. 01 (15 Marks) Answer all parts of Question No.1. Select the most correct answer to each question. Write the number of the selected answer in your answer booklet with the English letter. E.g. (1), (2) (b) etc (1) Which of the following statement best describes Financial Accounting? It is a system which provides financial information about a business to external users for the decision making. (b) It is the process of converting data into financial information. (c) It is a system which provides information about financial performance of a business to users of information. (d) It is a system which provides financial information about a business to internal users for the decision making. (2) A number of users of accounting information are given below. (i) Owners (ii) managers (iii) customers (iv) investors Who are the internal users of accounting information? (i) only (b) (i) and (ii) only (c) (ii) and (iv) only (d) (ii) only (3) Lanka Traders sold goods for Rs.40,000/- to Nalin on credit. Subsequently, Nalin returned Rs.10,000/- goods and the balance was settled subject to a 5% cash discount. What are the source documents relevant to these transactions? Invoice, Debit note, Payment voucher, Journal voucher (b) Invoice, Credit note, Receipt, Journal voucher (c) Invoice, Debit note, Receipt, Journal voucher (d) Receipt, Credit note, Payment voucher, Debit note (4) Which of the following is not an essential characteristic of an asset? An asset leads to flow of future economic benefits to an entity. (b) An asset is a resource controlled by a business. (c) An asset is created as a result of past transaction or events. (d) An asset is a tangible resource. 1
2 (5) Bank overdraft of a business has been settled by using owner s personal funds. What is the impact of this transaction to the business? Liabilities increases and equity decreases (b) Liabilities decreases and equity increases (c) Both assets and liabilities decreases (d) Both assets and equity decreases (6) Balance as per cash book of a business as at was different from the balance as at bank statement due to the following reasons; (i) Unrealized cheques (ii) Un-presented cheques (iii) Dishonored cheques Which of above items are included in the bank reconciliation statement of December 2011? Only (i) and (ii) (b) Only (i) and (iii) (c) Only (ii) and (iii) (d) all of above (7) Which of following items should not be recorded in the profit and loss appropriation account of a partnership? (i) Interest on capital balances of the partners. (ii) Salary paid to a partner for his service as the accountant of the partnership. (iii) Drawings made by the partners. (iv) Interest on loans provided by the partners. (b) (c) (d) Only (i) and (ii) Only (iii) and (iv) Only (ii), (iii) and (iv) Only (ii), (iv) (8) Which of the following statement is true in relation to not-for-profit organizations (NFO)? Accounting for NFOs is done on cash basis. (b) Property, plant and equipment of not for profit organizations are not depreciated. (c) NFOs do not prepare financial statements. (d) Net result of the operation of a NFO for a period is called a surplus or deficit. (9) Amara, Palitha and Nihal are partners sharing profit and losses equally. Nihal retired from the partnership and the other two partners continued the business sharing profit and losses equally. At the retirement of Nihal, goodwill of the firm was valued at Rs.60,000/-. There was Rs.90,000/- balance in goodwill account in the books of the partnership as at that date. The partners decided not to maintain a goodwill account. The net amount recoded in the capital account of Amara to adjust this transaction is: Rs.30,000 debit (b) Rs.20,000 credit (c) Rs.60,000 debit (d) Rs.40,000 debit (10) Sales made during the year were Rs /- and out of which 60% was on credit. During the year Rs.190,000/- was received from debtors subject to Rs.20,000/- cash discounts. Further, Rs.35,000/- has been written off as bad debts during the year. Debtors balance as at the yearend was Rs.175,000/-. How much is the debtor balance at beginning of the year? Rs.85,000 (b) Rs.60,000 (c) Rs.95,000 (d) Rs.40,000 (10 2 Marks = Total 20 Marks) End of Part I 2
3 PART II Section A Answer any 2 questions Question No. 02 (20 Marks) Briefly explain why accounting is considered as an information system. (03 Marks) (b) Differentiate between the two main branches of accounting. (05 Marks) (c) Saman, just after leaving school, decided to start a business of buying and selling of garments. The following transactions took place during the first month. Date Transactions 01/01 Saman invested Rs.400,000/- as capital of the business. 02/01 Obtained a loan of Rs.200,000 from Kapila, a friend of Saman. 05/01 Opened a bank current account by depositing Rs.250,000/-. 08/01 Purchased goods for Rs.175,000/-for cash and Rs.75,000 on credit. 11/01 Purchased furniture and office equipment for Rs.80,000/- and paid by a cheque. 15/01 Sold goods costing Rs.40,000/- for Rs.65,000/-. 20/01 Saman paid his personal telephone bill of Rs.2,500 out of the business s cash. 25/01 Rs.20,000 paid to Kapila as a loan repayment. 30/01 Paid Rs.45,000 to creditors subject to Rs.5,000 discount. 31/01 Paid Rs.25,000 for the rent of the business building. You are required to show the impact of above transactions to the business using the accounting equation. (Use the following format for this purpose.) Date Assets = Equity + Liabilities (12 Marks) Question No. 03 (20 Marks) Briefly explain the typical financial accounting process of an organization. (05 Marks) (b) Briefly explain the role of conceptual framework in financial accounting. (03 Marks) (c) What is the importance of preparing the bank reconciliation statement? (02 Marks) (d) (e) Errors in accounting can be divided in two categories based on the impact of such errors to the trial balance. Give two examples to each of these categories. (02 Marks) Briefly explain the following accounting concepts with an example for the application of these concepts. 1. Entity concept 2. Prudence concept 3. Matching concept 4. Going concern concept (08 Marks) 3
4 Question No. 04 (20 Marks) Following are the extracts of prime entry books of Suranga Traders for the month of January Receipts day book Analysis column Date Description Discount Cash Collection from debtors 1-Jan Sales 20,000 5-Jan Amal 3,000 17,000 17, Jan Bank loan 40, Jan Kamal 20,000 20, Jan Sales 25, Jan Bimal 5,000 35,000 35,000 8, ,000 72,000 Payments day book Analysis column Date Description Discount Bank Cash Payments to creditors 1-Jan Purchase 15,000 25,000 3-Jan Anil 5,000 12,000 20,000 32, Jan Salaries 32, Jan Basil 2,000 18,000 18, Jan Sisil 2,500 17,500 17, Jan Purchases 12,500 9,500 76,500 75,500 67,500 Sales Journal Date Description Amount 8-Jan Amal 25, Jan Kamal 22,000 (-) Trade Discount (2,500) 19, Jan Bimal 22,500 67,500 Purchase Journal Date Description Amount 5-Jan Anil 17, Jan Basil 25,000 (-) Trade Discount (2,500) 22, Jan Sisil 31,750 71,750 Return Inwards Journal Return Outwards Journal Date Description Amount Date Description Amount 10-Jan Amal 5, Jan Basil 3, Jan Bimal 4, Jan Sisil 2,500 9,500 5,500 Debtors and creditors balances as at 01/01/2010 were as follows. Debtors: Amal -31,500 Kamal- 24,500 Bimal- 29,000 Creditors: Anil- 40,000 Basil- 22,500 Sisil-20,000 (i) (ii) Debtors control account and Creditors control account Debtors ledger and Creditors ledger (10 Marks) 4
5 (b) The trial balance of Gamage Traders as at 31 st March 2011 did not agree and the difference was transferred to a suspense account. The following errors were revealed in the subsequent investigation. 1. Rs.15,750/- purchase invoice has been completely omitted from the accounts. 2. Rs.12,500/- advertising expenses paid has not been recorded in the expense account. 3. Rs.7,500/- interest received has erroneously been debited to interest expenses. 4. Purchase of office equipment for Rs.10,000/- has been debited to office equipment maintenance account. 5. Rs.9,000/- was paid to Amal, a creditor subject to a 10% discount. But only the cash payment has been recorded in the payments day book. 6. Rs.8,500/- credit sales made to Samantha has been recorded twice in the sales account. (i) (ii) Journal entries to correct the errors (including cash entries) Suspense account showing the opening balance (10 Marks) End of Section A Section B Answer any 2 questions Question No. 05 (20 Marks) Mala and Geetha were partners of a partnership and following have been extracted from their partnership agreement. Profit and losses should be shared in the ratio of 3:2 between Geetha and Mala respectively. Mala and Geetha are entitled to receive a monthly salary of Rs.12,000/- and Rs.10,000/- respectively. Partners are entitled to receive 10% interest per annum on capital. On 1 st January 2011 Seetha joined to the partnership with a profit share of ¼ and old partners agreed to share the balance profit in line with their old profit sharing ratio. According to the new partnership agreement, no partner is entitled to receive salaries and interest on capital. The trial balance of the Mala, Geetha and Seetha partnership as at 31 st March 2011 is given below. Debit Credit Motor vehicles cost 6,000 Office equipment cost 2,750 Staff salaries 865 Electricity and telephone 175 Interest expenses/ interest income Rent 600 Advertising 750 Commission income 144 Bad and doubtful debts 230 Provision for doubtful debts 100 Debtors 1,250 Creditors 1,100 Cash and bank 455 5
6 Provision for depreciation Motor vehicles 1,500 Office equipments 600 Inventory as at Purchases 3,475 Sales 5,500 Return inwards 175 Return outwards 200 Capital accounts Mala 2,000 Geetah 1,600 Seetha 1,150 Current accounts Mala 85 Geetha 66 Bank loan 3,500 17,500 17,500 The following additional information is also available. 1. As at 1 st January 2011 goodwill of the partnership was valued at Rs.200,000/- and it was decided not to maintain the goodwill account in the books. But no accounting entry has been made in this regard. Fair value of other assets and liabilities were equal to the book value. 2. The following expenses were accrued at the year end. Electricity Rs.6,500/- Telephone Rs.8,500/- 3. Rs.150,000/- of the advertising expenses and Rs.22,000/- of the commission expenses are relevant to year ended 31/03/ Fixed assets are depreciated on reducing balance method as follows. Motor vehicle 10% Office equipment 20% 5. It was decided to write off Rs.50,000/- as bad debts. This amount includes a debtor balance of Rs.30,000/- for which a specific provision on doubtful debts has already been provided. The general provision for the doubtful debts should be made as 10% of the remaining balance of debtors. 6. Cost of the closing inventory of the business is valued at Rs.675,000/- and the net realizable value of these stocks was estimated as Rs.945,000/-. 7. The following goods drawings made by the partners have not been accounted. Geetha Rs.25,000/- Seetha Rs.13,000/- Trading, profit and loss account for the year ended 31/03/2011 ( Not required to divide between the two periods). (06 Marks) (b) Profit and loss appropriation account (showing the two periods separately). (04 Marks) (c) Partners capital account and the current account. (05 Marks) (d) Balance sheet as at 31/03/2011. (05 Marks) 6
7 Question No. 06 (20 Marks) Given below is receipts and payments account of Stars Sport Club for the year ended 31 st March Balance b/f 45,200 Ground preparation 37,500 Annual membership fee 382,000 Food & beverages 78,000 Life membership fee 80,000 Rent 84,000 Ground rent received 32,500 Telephone charges 11,500 Income from restaurant 210,300 Salaries 86,000 Fixed deposit 200,000 Sport Equipments 160,000 Balance c/f 93, , ,000 The following additional information is also available. 1. During the year, the club introduced a life membership scheme. The policy of the club is to consider the entire life membership fee as income in the year of collection. 2. The annual membership fee received includes Rs.25,000/- membership fees in arrears as at 1 st April 2010 and Rs.32,500/- received in advance for year ended 31 st March Rs.20,000/- membership fee due in the current year was in arrears at the year end. It was decided to write off Rs.10,000/- membership fees, which were arrears at the beginning of the year. The membership fee received in advance as at 1 st April 2010 was Rs.12,500/-. 3. The ground of the sport club is also rented out to outside organizations to conduct sport events. However, the ground preparation expenses are borne by the club. 4. Annual salaries paid to the employees include Rs.26,000/- paid to the restaurant keeper. 5. The following balances were also available as at 01 st April 2010 and 31 st March /04/ /03/2011 Furniture and sport equipment 250, ,000 Food stock 18,000 12,000 (i) Subscription account (ii) Restaurant trading account (iii) Income and expenditure account (10 Marks) (b) The books of accounts of Asela Enterprises were destroyed by a fire that took place on 31 st March It was able to extract the balance sheet as at 31 st March 2010 from the remaining documents. Balance sheet as at 31 st March 2010 Rs. Rs. Capital 400,000 Non Current Assets Retained profit 124,200 Land and Building 360,000 Furniture and equipment 160,000 10% long term loan 60,000 Current Assets Current Liabilities Stock 37,600 Creditors 22,000 Debtors 32,400 Accrued Expenses 3,000 Bank Balance 19, , ,200 7
8 The following additional information is also available. 1. All sales and purchases are done on credit basis. 2. It has been revealed that Rs.258,000/- has been received from the debtors subject to Rs.22,000/- discount during the year and deposited in the bank. All payments were done through the bank account and following payments have been made during the year. Rs. Salaries 52,500 Motor vehicle hire chargers 16,000 Loan installments 22,000 Other administrative expenses 12,000 Payment to creditors 85, Depreciation is charged on buildings at 10% per annum and furniture and equipment at 20% per annum on reducing balance method. The value of land and building includes a land value of Rs.160,000/-. 4. Administrative expenses accrued as at the yearend was Rs.7,000/- and Rs.8,500/- administrative expenses paid is relevant to year ended 31 st March The following balances were also available as at 31 st March Rs. Creditors 21,500 Debtors 32,500 Stock 25,600 (i) Profit and loss account for the year ended 31 st March (ii) Balance sheet as at 31 st March (10 Marks) Question No. 07 (20 Marks) Asela, Mahela and Lal were partners of AML Associates and they shared profit and losses in the ratio of 3:2:1 respectively. The business was dissolved on 01/01/2011 and the following information is relevant to this disposal. 1. Part of the office equipment was taken over by Asela at a valuation of Rs.600,000/-. 2. One of the motor vehicles was taken over by Mahela at a valuation of Rs.4.5 million as a part settlement of the loan provided by him. 3. Cash collected from the debtors subject to Rs.50,000/- discount. 4. All other assets (except cash and bank) were sold to Araliya Company Ltd for Rs. 22 million. 5. Creditors were settled subjected to a 10% discount and all other liabilities were settled in full. 6. Dissolution expenses incurred was Rs.25,000/-. 8
9 The balance sheet of AML associate as at 31/12/2010 was as follows. Capital Asela 5,500 Non current Assets Capital Mahela 4,350 Land and building NBV Capital Lal 3,150 Motor vehicles NBV 7,500 Office equipments NBV 3,250 Non current Liabilities Loan Mahela 8,500 Current assets Inventories 1,450 Current Liabilities Debtors 950 Creditors 1,500 Cash and bank 350 Bank Overdraft 3,000 26, You are required to prepare the following accounts for the dissolution of the partnership (i) Realization account (ii) Partners capital account (iii) Cash and bank account (iv) Loan Mahela account (v) Creditors account (12 Marks) (b) The bank current account balance as per bank statement of Suranga Plc. as at 31 st March 2011 was Rs.75,250/-. But the balance of cash book (bank column) of the business as at that date was not agreed with this balance. The following are the reasons for this difference. 1. Cheques deposited but not realized during the month: No Rs.11,500/- No Rs.17,500/- 2. Cheques issued to suppliers but not presented bank during the month: Gamage No Rs.12,500/- Sagara No Rs. 7,500/- 3. Interest on a fixed deposit Rs.6,250/- has been credited to the current account by the bank. However, this has not been recorded in the cash book. 4. Asela, a debtor had made a fund transfer of Rs.12,250/- to the bank account. This has not been recorded in the books of the business till the month end. 5. Dishonor of a cheque of Rs.15,000/- deposited in the bank has not recorded in the cash book. 6. Rs.12,000/- cheques deposited had been erroneously credited to the account by the bank as Rs.1,200/-. 7. Bank had debited to Rs.750/- and Rs.1,500/- to the current account respectively as bank charges and overdraft interest. (i) Necessary adjustments in the cash book (bank column) for the errors and omissions. (ii) Bank reconciliation statement. (08 Marks) End of Section B End of Part II End of Question Paper 9
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