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1 .. Jacintha Trading and Profit and Loss Account for the year ended 3 December 200 $ $ $ Opening stock Sales Purchases Less sales returns 550 Less purchases returns Add: Carriage inwards Cost of goods available for sale Less closing stock Cost of goods sold Gross profit c/d Carriage outwards 350 Gross profit b/d Insurance expense 3000 Commission received 5000 Rent expense Salaries 5225 Utilities 2400 Motor expenses 700 Interest expense 750 Total expenses 5525 Net profit to Capital mark each Jacintha Balance Sheet as at 3 December 200 Fixed asset $ $ Owner equity $ Motor vehicle Capital 8000 Add net profit 2500 Current asset Closing stock Less drawings 9000 Debtors Bank 8750 Long term liability Loan from bank mark each Current liability Creditors
2 2. Tom Trading, Profit & Loss Accounts for the year ended 30 April 20 [0.5] $ $ $ $ Stock as at May 200 [0.5] 7,500 Sales 80,000 [0.5] Add Purchases [0.5] 63,000 Less Returns Inwards 5,000 [0.5] Less Returns Outwards [0.5] 8,000 Net sales 75,000 55,000 Add Custom duty [0.5],500 Carriage inwards [0.5] 4,500 [0.5] (9000X/3)Salaries & wages[0.5] 3,000 Net purchases 64,000 Cost of goods available for sale 7,500 Less: Stock as at 30 Apr 20 [0.5] 0,000 Cost of goods sold 6,500 Gross profit c/d 3,500 75,000 75,000 Carriage outwards [0.5] 5,500 Gross profit b/d 3,500 [0.5] OF General expenses [0.5] 850 Rent received 3,000 [0.5] Interest [0.5] 300 Discount received 750 [0.5] Stationery [0.5] 900 Salaries and wages (9000X2/3) [0.5] [0.5] 6,000 Discount allowed [0.5] 200 Insurance [0.5] 4,500 Net loss,000 8,250 8,250 (Total: marks) Tom Balance Sheet as at 30 April 20 [0.5] Fixed Assets [0.5] $ $ Owner's Equity [0.5] $ $ Premises [0.5] 40,000 Capital as at May ,000 [0.5] Motor vehicles [0.5] 70,000 Less: Net loss,000 [0.5] OF Furniture [0.5] 30,000 55, ,000 Less: Drawings,000 [0.5] Current Assets [0.5] 54,000 Stock [0.5] 0,000 Long-Term Liabilities [0.5] Debtors [0.5] 5,000 Mortgage on premises 90,000 [0.5] Cash in hand [0.5] 5,000 Current Liabilities [0.5] 30,000 Creditors 20,000 [0.5] Bank overdraft 6,000 [0.5] 26, , ,000 0 (Total: 9 marks) 2
3 3. Bryan Co Trading, Profit and Loss Account for the year ended 3 December 200 $ $ $ $ Opening stock 8000 Sales Purchases( ) Less: Sales 500 returns Add: Carriage inwards Duty on purchases Less: Purchases returns Cost of goods available for sale Less: Closing stock 7200 Cost of goods sold Gross Profit Rent 6000 Gross Profit 700 Utilities 2200 Discount 800 received Wages 2800 Commission 200 received Discount allowed 000 Interest expense 450 Carriage outwards 750 Net Profit
4 Bryan Co Balance Sheet as at 3 December 200 Fixed Assets $ $ $ Owner's Equity $ $ Office Equipment 3,000 Balance Motor Vehicle 2,500 24,500 Add:Net Profit 5900 OF Less:Drawings 000 Balance Current assets Stock 7200 Long Term Liabilities Debtors Loan from bank Current Liabilities Creditors 4500 Bank overdraft ,900 36,900 4
5 $ $ Opening Stock [0.5] 8700 Sales [0.5] Purchases ( ) Less: Returns Inwards 200 Add: Carriage on Purchases 600 [0.5] Repackaging Wages Less Returns Outwards Cost of Goods Available for Sale 6850 Less Closing Stock 7250 Cost of Goods Sold Gross Profit c/d Dean Trading and Profit and Loss Account for the year ended 30 April Salaries (3/4x8400) 6300 Gross Profit b/d Carriage on Sales [0.5] 270 Commission Received [0.5] 770 Rental Expense [0.5] 3800 General Expense (90-20) 700 Discount Allowed [0.5] 720 Interest Expense (5%x5000) 250 Advertising [0.5] Net Profit [4] Dean Balance Sheet as at 30 April 20 $ $ Fixed Assets Owner's Equity Premises [0.5] Capital, May 200 [0.5] 5000 Motor Vehicles [0.5] 5000 Add Net Profit [0.5] Additional Capital Current Assets Less Drawings [.5] 240 Stock 7250 Capital, 30 Apr 20 [0.5] Debtors 6570 Cash [0.5] 860 Long-term Liabilities Bank Loan Current Liabilities Creditors [0.5] 5840 Bank Overdraft 2750 ( ) [0] (c) Net Realisable Value of the stock is the market value of the stock after deducting any expenses that may be incurred in the selling process. (d) Stock are valued based on the lower amount between the Cost and the Net Realizable Value. This is in compliance with the Prudence Concept, which states that businesses should not over-state its profits or assets. (e)(i) NO, I disagree. Computer purchased for the office staff to use should be recorded as fixed assets since they are can benefit the business for more than acounting period and not meant for resale. (e)(ii) Profit will decrease. [Total: 30] 5
6 5. Item Gross Profit Net Profit Increase ($) Decrease ($) Increase ($) Decrease ($) (b) (c) No effect 70 (d) No effect No effect (e) (f) No effect 80 (g) No effect 50 6
7 6. a) Debtor b) Creditor cii) Goods of $700 were returned from Thila. 2 ciii) Received $2 000 cheque from Thila. 2 civ) Purchased $2 500 goods on credit from Raja 2 cv) Goods of $450 were returned to Raja. 2 cvi) Paid $ 600 cheque to Raja. 2 d) Net goods sold = = $4 300 Net goods purchased = = $2 050 e) Debtor Thila 20 $ 20 $ Mar 5 Sales 5000 Mar 0 Returns inwards Bank Bal c/d Apr Bal b/d 2300 f) Creditor Raja 20 $ 20 $ Mar 6 Returns 450 Mar 3 Purchases outwards Bank Bal c/d Apr Bal b/d
8 Q3 Updated Cashbook Oct 3 Balance b/d 9,000 Oct 3 Insurance expense Credit Transfer - Matthew Bank charges 20 3 Interest revenue 00 3 Balance c/d 9,280 9,500 9,500 Nov Balance b/d 9,280 [6] Bank Reconciliation Statement as at 3 October 20 Balance as per updated cashbook 9,280 Less : Uncredited cheques / deposits Paul (,500) Keith (2,500) John (2,000) 3,280 Add : Unpresented cheques / deposits Meck Supplies 4,200 Tom,200 8,680 [8] 20 Mar 3 Bal b/d Interest Rec d Updated Cash Book (Bank Columns only) $ $ 20 Mar 3, Insurance Melvin (Dishonoured cheque) Bal c/d 50 20,00,370,370 Apr Bal b/d,00 Question 5(b): Adjusted cash Book Balance Add Unpresented Cheques: Joseph Less Uncredited Deposits: Liqing Bank Statement Balance Bank Reconciliation Statement as at 3 Mar 20 $ (a) To reconcile the difference between the Cash Book and the Bank Statement. 8
9 Q2a Cash book [0.5] Date Particulars DA Cash Bank Date Particulars DR Cash Bank [0.5] Apr Balance b/d 3,540 7,080 Apr 5 Cash,020 [0.5] [0.5] 3 Sales 2,990 5 Rent 6,000 [0.5] [0.5] 5 Bank,020 7 Drawings 3,200 [0.5] 0 Debtor: Mars Trading 00, Debtor: Mars Trading,500 [0.5] [0.5] 2 Commission revenue Bank,00 [0.5] [0.5] 9 Interest revenue Advertising expense 2,600 [0.5] 22 Debtor: Venus Trading 250 4, Wages expense 500 [0.5] [0.5] 25 Cash,00 30 Bank 2,000 [0.5] [0.5] 30 Cash 2, Balance c/d 300 6,800 3,00,920 3,00,920 May Balance b/d 300 6,800 [2] Q2b A cash discount is given to encourage prompt payment. Q2c There was insufficient funds in Mars Trading's bank account. 2 (a) Explain what is meant by the double-entry principle. The double-entry principle states that every transaction has a debit and credit entry [m] of an equal amount [m]. (b). Date Source document Book of prime entry Account debited Account credited Apr 4 Invoice Purchases Purchases JJ Publishing Journal Apr 0 Invoice Sales Journal CSS Library Sales 9
10 (c) Apr 2 Credit note Sales Returns/ Returns Inwards Journal Sales Returns/ Returns Inwards CSS Library ½m per correct answer [6] GENERAL JOURNAL 20 Dr $ Cr $ Apr Motor vehicles [½m] [½m] [½m] Loan from Manibank Capital Assets and liabilities contributed by owner to commence business [½m] Office furniture [m] [m] Goody Woody Purchase of office furniture on credit [½m] Drawings [m] [m] Purchases Goods taken by owner for personal use [½m] 50 50
11 [7] (d) Distinguish between cash and credit transactions. A cash transaction is one where immediate payment is made. A credit transaction is one where payment is delayed to a later date. [Total: 7] a) General Journal Debit Credit 200 $ $ (i) June 5 Dr Motor Vehicle 4,000 Cr Capital 4,000 (ii) June 9 Dr Bank Dr Discount Allowed, Cr Debtor Robin 2,000 (iii) June 23 Dr Utilities 200 Cr Bank 200 (iv) June 30 Dr Bank / Cash at Bank,000 Cr Cash / Cash on Hand,000 b)
12 Date Particulars Debit Credit 200 $ $ a) May 23 Dr Debtor Betty 800 Cr Office Equipment 800 Being surplus office equipment sold to Betty on credit b) Aug 5 Dr Drawings 300 Cr Cash 300 Being cash withdrawn for personal use c) Oct 7 Dr Bank,500 Cr Capital,500 Being proceeds from the sales of personal stocks banked in a) A cash transaction involves the exchange of goods and cash at the same time (at the point of transaction) but a credit transaction involves only the goods given or received at the point of transaction, with the cash paid or received on a later date. b) Transaction Effect on Asset Liability Owner s Equity
13 (i) Bought furniture worth $5,000 using cheque Office Furniture +$5,000 Bank - $5,000 (ii) Sold goods to Jenny at $,200 and received cash Cash +$,200 Sales +$,200 (iii) Bought goods at $2,000 from Roger on credit *Stock +$2,000 Creditor Roger +$2,000 (iv) Withdrew goods worth $600 for his wife *Stock -$600 Drawings -$600 (v) Accepted debt settlement from Cass - a computer worth $500 and the remaining $700 received in cash Office Equipment +$500 Cash +$700 Debtor Cass -$,200 [Total: marks] 2. Transactions Books of Original Entry Source Documents (a) Credit Sales $2 000 Sales Journal Sales Invoice Invoice issued (b) Purchases Returns $500 Purchases Returns Journal Credit note received (c) Purchase of furniture $3 000 on credit General Journal Invoice received
14 (d) $ 000 cheque received from debtor Cash Book Receipt issued (e) Payment of postage $3 (f) Cash Purchases $650 Petty Cash Book Cash Book Petty Cash Voucher Receipt received 3a) General Journal Error Particulars Debit ($) Credit($) (i) Repair 200 Motor Vehicle 200 (ii) Rent 500 Bank 500 (iii) Bank 860 Interest Received 860 (iv) Returns Outwards 80 Mavis 80 (v) Mitchel 200 Purchases 200 Michelle 200 Sales 200 3(b) (i) (ii) (iii) (iv) Error of Principle Error of Omission Error of Reversal of Entries Error of Original Entry
15 4 (a) Jenny Cash Book (Bank columns) 2006 $ 2006 $ Sep 30 Bal b/d (unadjusted) 270 Sep 30 Error in cheque Cash 800 Insurance 08 Dividends 400 Bank charges 9 Bal c/d (adjusted) Oct Bal b/d (adjusted) 353 4B (b) Jenny Bank Reconciliation Statement as at 30 Sep 2006 $ Bal as per Bank Statement 803 Add Uncredited deposits Less Unpresented cheque 40 Bal as per Cash Book (adjusted) 353 4B (c) Current Assets: Cash at Bank $353
16 5(a) & (b) Book of Michael Trading and Profit & Loss Accounts Dr. for the half year ended 30 June 2005 [½] Cr. $ $ $ $ Opening Stock [½] 7000 Sales [½] Purchases [½] 4800 Less: Returns Inwards [½] 300 add: Duty on Purchases [½] Cost of goods available for sale[½] less: Closing Stock [½] 9000 Cost of goods sold [½] Gross Profit c/d [½] Carriage Outwards [½] 400 Gross Profit b/d [½] Office Expenses [½] 2000 Interest Received [½] 500 Stationery [½] 700 Commission Received [½] 800 Wages [½] 4200 Net Profit [½] ST: [ 9m ] Balance Sheet as at 30 June 2005 [½] Fixed Assets [½] $ $ Owner's Equity [½] $ $ Premises [½] Capital, Jan '05 [½] Motor Vehicles [½] 4000 Add: Net Profit [½] 9000 Fixtures and Fittings [½] Less: Drawings [½] 000 Capital, 30 Jun ' Current Assets [½] Stock [½] 9000 Long Term Liability [½] Debtors [½] 500 Mortgage on Premises [½] 5000 Cash [½] 300 ST of BS : 9 BS Total : Sub-Heading Total :4 ½ m each = 2 Total of (c) = [2m] 4400 Current Liabilities [½] Creditors [½] 6900 Bank overdraft [½]
17 6. Debtor, Aliston Date Particulars $ Date Particulars $ Sep Bal b/d Sep 5 Bank Sales Returns Inwards Bank/Cash Discount Allowed Bal c/d Oct Bal b/d [7] [m each for all items; closing bal c/d and b/d are treated as one item] Creditor, Kang AH Date Particulars $ Date Particulars $ 2007 Sep 9 Bank/Cash 805 Sep Bal b/d 900 Discount Received 95 2 Purchases Bal c/d Purchases (Debit Note) Oct Bal b/d 380 [5] [m each for transactions on Sep 9, 2, 29 and m each for opening bal and closing ba] 7. Solutions (a) Trading, Profit and Loss Account for the year ended 30 June 2007 $ $ $ $ Opening Stock Sales Purchases Less Returns Inwards 250 ( ) Less Returns Outwards Insurance on imported Goods
18 Less Closing Stock Cost of Goods Sold Gross Profit Discounts Allowed 03 Gross Profit Carriage Outwards 460 Discounts Received 0 Insurance ( ) Interest on Fixed Sundry Expenses 790 Deposit 35 Wages Net Profit (b) Balance Sheet as at 30 June 2007 $ $ $ $ Fixed Assets Owner s Equity Fixtures and Fittings Capital Add Net Profit Current Assets Stock Less Drawings 3 00 Debtors Fixed Deposit Cash Long-term Liabilities Bank Loan Current Liabilities Bank Overdraft 260 Creditors (c) A trial balance is prepared to check the mathematical accuracy of the debits and credits in the ledger. It also facilitates the preparation of final accounts and balance sheet as it is a complete listing of all account balances.
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