LEVEL 2 AWARD IN BOOKKEEPING & ACCOUNTING SKILLS (COMPUTERISED) 05528

Transcription

1 OXFORD CAMBRIDGE AND RSA EXAMINATIONS LEVEL 2 AWARD IN BOOKKEEPING & ACCOUNTING SKILLS (COMPUTERISED) UNIT C4: SETTING UP ACCOUNTING SOFTWARE TO MANAGE ACCOUNTING INFORMATION SAMPLE ASSESSMENT - CANDIDATE TIME: 2 HOURS INSTRUCTIONS TO CANDIDATES 1 You have TEN minutes to read through this question paper before the start of the examination. 2 You must write the following assignment code in the appropriate boxes on the front of the Submission Cover Sheet: SAM. 3 You should answer all questions. 4 You should attach your printouts to the Submission Cover Sheet provided. 5 You must carry out the printing of all documents yourself. All printouts must contain your name. 6 Printing may be undertaken outside the 2 hours allowed for this examination but no amendments may be made to the text after that time has expired. 7 Any printouts generated that are additional to those required must be clearly marked as additional with a line drawn through and attached to your Submission Cover Sheet. QCA Accreditation Number: F/601/3649 This document consists of 12 printed pages 05528/02/C4/SAMPLE/CANDIDATE OCR 2010 Registered Company Number: [Turn over

2 2 SCENARIO You are employed as the Assistant Accountant of The Gift Box UK, a business selling ornaments and books. The owner Athittaya Murray is a sole trader. Last month, a new computerised accounting system was installed and you delegated the job of transferring the old manual bookkeeping records to a new member of staff. However, some of the information has been overlooked and is missing from the system. Your task is to find and enter the missing accounts and data, process journals to record a variety of transactions, deal with management information and print specified reports for July The company's current financial year starts at 1 May 2010 (year ending 30 April 2011). BUSINESS DETAILS Business Name Established 2008 Address The Gift Box UK Telephone No Century House, Market Street, Nantwich, Cheshire NT6 9GH VAT Scheme Standard (the VAT Reg No is ) Current year starts 1 May 2010 (year ending 30 April 2011) VAT Rates in use Accountant 17.5%, 5.0%, 0.0%, VAT Exempt and Transactions Not Involving (not liable to) VAT Wardle & Cross IMPORTANT NOTES: You are strongly advised to carry out the tasks in this examination paper in the order in which they appear. You must ensure your name is shown on each report submitted for assessment. It is important that you do not open or use any additional Nominal Ledger Accounts unless instructed to do so.

3 3 INSTRUCTIONS Assessment Criteria 1 Open the accounting software application. Restore the backup file to your accounting software and set an appropriate program date. 1.1 Amend the company name as per the details on page 2. 2 Identify and enter the missing customer accounts and details from page 6. 3 Identify and enter the missing sales ledger invoices, credit notes and/or customer receipts as detailed on page 7. 4 Identify and enter the missing supplier accounts and details from page 8. 5 Identify and enter the missing purchase ledger invoices, credit notes and/or supplier payments as detailed on page 9. 6 Identify and enter the missing nominal account opening balances and budgets as at 30 June 2010 as detailed on page Allocate receipts to the correct customer or nominal account as detailed on page Allocate payments to the correct supplier or nominal account as detailed on page 12. Remittance Advice Notes must be printed for each supplier payment. Number these P , 4.1, 4.2, , , 5.1, 5.2, , , 4.2, 4.3, 6.1, , 5.2, 5.3, 6.1, Beauty & Knowledge Co being both a customer and a supplier has accounts in both our sales and purchase ledgers. Allocate the credit note BC92 ( ) against the invoice B492 ( ) in the purchase ledger account. Process the remaining balance by a contra entry, offsetting the balance of the purchase ledger against the sales ledger account. 10 A cheque, value 1, from Beautiful Gifts, which was received and banked on 21 June 2010, has been returned marked Refer to Drawer. Please process the returned cheque ensuring that the sales ledger and nominal ledger accounts are updated correctly, dating the transaction 21 June On 15 July 2010 the business received notice that The Thoughtful Company had been declared bankrupt. Please write off the balance on their account as a bad debt using this date , [Turn over

4 4 Assessment Criteria 12 An error has been discovered in the earlier manual bookkeeping records. Process this correction as at 31 July 2010 using Journal Entries and a unique reference. 7.1 The Van Servicing payment ( net) which should have been analysed to the Vehicle Expenses Account has been processed to the Repairs & Renewals Account in error. 13 A new computer costing Net, VAT and Gross has been purchased by the company using cheque number and you are to record this in the books. Process this transaction as at 31 July 2010, using Journal Entries and a unique reference. (The fixed asset is standard rated for VAT purposes and the bank payment is not liable to VAT). 14 A cheque for from a cash sale of books has been returned by the bank marked Refer to Drawer. As the customer cannot be traced, please write off this amount as a bad debt, using Journal Entries and a unique reference. Please date the journal 31 July (VAT is not involved)

5 5 Assessment Criteria 15 Produce a printout of each of the following reports: 8.1 Please note: ALL printouts should be assembled in the requested order. Do not staple reports together. (a) A Trial Balance as at 31 July Number it P2. (b) A Summary Audit Trail showing ALL transactions. Number it P3. (c) A Quarterly Budget Report as at 31 July Number it P4. (d) A Bank Current Account and Cash Account Activity Report showing ALL transactions as at 31 July Number it P5. (e) A Detailed Aged Debtors Analysis as at 31 July Number it P6. (f) A Detailed Aged Creditors Analysis as at 31 July Number it P7. (g) Customer Statements as at 31 July 2010 for the following customers (showing ALL transactions): Knick-Knacks China Heaven A Myers Ltd Number these statements P8. (h) A Customer Address List. Number it P9. (i) A Supplier Address List. Number it P Ensure all data is secure and exit from the accounting software application. [Turn over

6 6 Material for Task 2 starts here: CUSTOMER ADDRESS LIST AS AT 30 JUNE 2010 AM4 AP8 A Myers Ltd Anton Purvis The Old Vicarage The Strand Wigston Magna Sutton Way Wigston Ellesmere Port Leicestershire Cheshire LE18 5QR CH65 2KR Contact: Rita Jones Contact: Ivan Gormley Tel: Tel: BA1 BG5 Books Always Beautiful Gifts Vale House Hilltop House 24 Lister Avenue Redhall Street Warwick Croydon Warwickshire Surrey CV34 6RH CR9 9TY Contact: Marilyn Kingdom Contact: Fiona Smith Tel: Tel: BK3 CE2 Beauty & Knowledge Co Collectors Ever 54 Mile End Road 88 Chester Street Lakenham Werneth Park Norwich Bolton Norfolk Lancs NR2 2PX BL17 9XC Contact: Winifred Sampson Contact: Fred Nutall Tel: Tel: CH8 GG6 China Heaven Gifts Galore Ltd Friars Trading Estate Penarvon Grange Midhall Tower Road Bury Evesham Lancs Worcs M46 8DC WR8 8FR Contact: Mary Hall Contact: James Donaldson Tel: Tel: KK2 TC7 Knick-Knacks The Thoughtful Company Quarry Pump House 15 Rope Walk 24 Newport Road Tollygally Dungannon Burgess Hill Co Tyrone West Sussex BT71 7UA RH15 7TC Contact: Jane Tomlinson Contact: John Hudson Tel: Tel:

7 7 Material for Task 3 starts here: SALES LEDGER ACCOUNT TRANSACTIONS AS AT 30 JUNE 2010 BALANCE CUSTOMER DATE REF TYPE VALUE DR CR A Myers Ltd 20 Jun Invoice Jun 10 C71 Credit (84.16) Anton Purvis 14 May Invoice 3, Jun Invoice 1, , Books Always 01 May Pay on Acc (1,450.00) 20 May Invoice 2, Jun Invoice , Beautiful Gifts 15 May Invoice Jun Invoice 1, Jun Pay on Acc (1,500.00) Beauty & 03 May Invoice 1, Knowledge Co 21 May Invoice 2, Jun Invoice 1, Jun 10 C70 Credit (241.30) 28 Jun Invoice , Collectors Ever 10 May Pay on Acc (2,500.00) 16 May Invoice 1, May 10 C68 Credit (375.16) 28 May Invoice 2, , China Heaven 23 Jun Invoice 2, , Gifts Galore Ltd 25 May Invoice 2, Jun 10 C69 Credit (572.19) 22 Jun Invoice 1, , Knick-Knacks 22 May Invoice 2, Jun Invoice 1, , The Thoughtful 02 May Invoice 1, Company 18 May Invoice 2, , TOTALS 28, [Turn over

8 8 Material for Task 4 starts here: SUPPLIER ADDRESS LIST AS AT 30 JUNE 2010 BK3 CC7 Beauty & Knowledge Co Cheshire County Council 54 Mile End Road 8 High Cross Lakenham Mile End Road Norfolk Chester NR2 2PX Cheshire CH1 6UH Contact: Mary Marks Contact: Customer services Tel: Tel: DW1 GH5 decorativeware.com The Glass House Commercial Road Southover Mill Stony Stratford Millers Lane Milton Keynes Aston Buckinghamshire Birmingham MK11 9TX BA6 8ED Contact: Eileen Jolley Contact: Iain Malcolm Tel: Tel: NE5 OU7 North East Stationers Ltd Ornaments UK 10 Meneage Street Piggy Lane St Johns St Martin Helston Falmouth Corwall Cornwall TR12 8FG TR14 8GH Contact: Umberto Maffei Contact: Jade Richardson Tel: Tel: PD1 PR8 The Pleasure Dome Presents4U Longton House Thannet House Cross Street 2 Bridge Street Tewkesbury Worcester Gloucs Worcs GL3 5GH WR39DD Contact: Tom Hutchinson Contact: Miriam Khan Tel: Tel: PS9 WV10 Polly's Shop Words & Verse 6 Wrighton Lane The Workshop Mevagissey Tannery Row St Austell Wells Cornwall Somerset PL25 7FS BA3 9TG Contact: Polly Dumas Contact: Anna Patel Tel: Tel:

9 9 Material for Task 5 starts here: PURCHASE LEDGER ACCOUNT TRANSACTIONS AS AT 30 JUNE 2010 BALANCE SUPPLIER DATE REF TYPE VALUE DR CR Beauty & 30 Jun 10 B492 Invoice Knowledge Co 16 Jun 10 B510 Invoice 1, Jun 10 B525 Invoice 2, Jun 10 BC92 Credit (321.90) 4, Cheshire County 01 May Invoice 1, , Council decorativeware.com 15 May Pay on Acc (3,000.00) 17 May Invoice 1, May Invoice 1, Jun Invoice , The Glass House 03 May 10 G241 Invoice May 10 G283 Invoice 1, Jun Pay on Acc (1,550.00) North East 15 Jun 10 N5801 Invoice 1, , Stationers Ltd Ornaments UK 16 May Invoice 2, Jun Invoice 1, , The Pleasure Dome 02 May 10 PD240 Invoice Jun 10 PD382 Invoice , Presents4U 02 Jun Invoice Jun Invoice Polly s Shop 10 May Invoice 1, May 10 Ret108 Credit (721.06) 13 Jun Invoice 2, , Words & Verse 18 May 10 S721 Invoice 4, Jun 10 S947 Invoice 2, , TOTAL , [Turn over

10 10 Material for Task 6 starts here: NOMINAL LEDGER LISTING AND TRIAL BALANCE AND BUDGETS AS AT 30 JUNE 2010 N/C NAME DR CR BUDGET 0030 Office Equipment 17, Office Equipment Depreciation 3, Furniture and Fixtures 6, Furniture/Fixture Depreciation 1, Motor Vehicles 36, Motor Vehicles Depreciation 4, Debtors Control Account 28, Prepayments 1200 Bank Current Account 58, Cash Account 1, Creditors Control Account 25, Accruals 2200 Sales Tax Control Account 7, Purchase Tax Control Account 4, Loans 3000 Capital 187, Profit and Loss Account 4000 Sales - Ornaments 45, , Sales Books 26, , Discounts Allowed 4400 Credit Charges (Late Payments) 4903 Insurance Claims 4904 Rent Income 2, Purchases - Ornaments 28, , Purchases - Books 31, , Discounts Taken 6201 Advertising 2, , Gross Wages 48, , Rent & Rates 11, , Heat, Light & Power 3, , Vehicle Expenses 7, , Postage 1, , Tel, Fax & Internet 5, , Office Stationery 2, , Repairs and Renewals , Bank Charges Loan Interest Paid 7906 Exchange Rate Variance 8000 Depreciation 8100 Bad Debt Write Off 8204 Insurance 2, , General Office Expenses 1, , Suspense Account 9999 Mispostings Account TOTALS 301, , ,588.00

11 11 Material for Task 7 starts here: DETAILS OF RECEIPTS DATE TYPE ACCOUNT REF DETAIL VAT DISCOUNT GROSS RATE % ALLOWED AMOUNT 10 July 10 Cheque Knick-Knacks 1288 In settlement of Inv 8150 ( 2,187.34) and Part Pay Inv 8153 ( 1,553.19) 3, July 10 Cheque China Heaven 1289 In full settlement of Inv 8160 ( 2,412.66) , July 10 Credit transfer Anton Purvis Co CT13 On Account 3, July 10 Cash A Myers Ltd 42 In full settlement of Inv 8157 ( ) and Credit Note C71 ( 84.16) July 10 Cheque Insurance Claims 1290 Building damage insurance claim Not liable to VAT 1, July 10 Cash Rent Income 43 Rent for workshop space 17.5% [Turn over

12 12 Material for Task 8 starts here: DETAILS OF PAYMENTS (Note: Remittance Advice Notes are required for all supplier cheque payments) DATE TYPE ACCOUNT REF DETAIL VAT DISCOUNT GROSS RATE % RECEIVED AMOUNT 6 July 10 Cheque decorativeware.com In full settlement of Inv 4123 ( 1,864.19) Inv 4145 ( 1,972.05) Allocate Payment on Account ( 3,000.00) July 10 Cheque The Pleasure Dome In full settlement of Inv PD 240 ( ) Inv PD 382 ( ) with discount , July 10 Internet transfer Cheshire County Council INT15 In full settlement of Invoice , July 10 Cash Presents4U R64 In part payment of Inv 634 ( ) July 10 Cheque Heat, Light & Power June electricity 5.0% July 10 Cash Vehicle Expenses G36 Petrol 17.5% July 10 Transfer From Bank Account to Cash Account Cheque to increase Cash Account balance to 2,000.00