LEVEL 1 AWARD IN BOOKKEEPING SKILLS (COMPUTERISED) 05525

Transcription

1 OXFORD CAMBRIDGE AND RSA EXAMINATIONS LEVEL 1 AWARD IN BOOKKEEPING SKILLS (COMPUTERISED) UNIT C1: RECORD ROUTINE BOOKKEEPING TRANSACTIONS USING A COMPUTERISED SYSTEM SAMPLE ASSESSMENT CANDIDATE TIME: 1 HOUR 30 MINUTES 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 1½ 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: R/601/3641 This document consists of 15 printed pages and 1 blank page 05525/01/C1/SAMPLE/CANDIDATE OCR 2010 Registered Company Number: [Turn over

2 2 SCENARIO You are employed as a bookkeeper by, a paint and hardware supply business. The business is a partnership and the partners are Mary Hargreaves and Harriet Dunn. Recently, a new computerised accounting system was installed, and the outstanding nominal balances and sales and purchase invoices and credit notes/returns were transferred to the new system. The company's current financial year starts on 1 January 2010 (year ending 31 December 2010). All Sales Invoices and Sales Credit Notes/Returns are analysed to two separate nominal accounts: paint and hardware. Similarly, Purchase Invoices and Purchase Credit Notes/Returns are analysed to two separate nominal accounts: paint and hardware. The bookkeeping entries up to the end of January 2010 have been dealt with, and the system is ready for you to process transactions for February BUSINESS DETAILS (BOLD ITEMS WILL ALREADY HAVE BEEN ENTERED BY THE TUTOR): Business Name Address Tower Market Buildings, High Cross Street,, Kent MA13 5DH VAT Scheme Standard (the VAT Reg No is ) Current year starts 1 January 2010 (year ending 31 December 2010) VAT Rates in use 17.5%, 5.0%, 0.0%, VAT Exempt and Transactions Not Involving (not liable to) VAT Terminology - to help avoid any misunderstanding WE MAY USE THE TERM... WHICH MAY ALSO BE KNOWN AS Sales Ledger Debtors Ledger containing the accounts of Customers Purchase Ledger Creditors Ledger containing the accounts of Suppliers Nominal Ledger General Ledger containing Real, Nominal and Control Accounts Sales/Purchase Daybooks Sales/Purchase Journals Returns Daybooks Sales/Purchase Credit or Returns Journals Trade Debtors/Creditors Sales/Purchase Ledger Accounts and/or Balances (owing/owed) Payment On Account A payment or receipt which is not to be allocated against outstanding items Part-payment A payment or receipt to be allocated against an outstanding invoice/item 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. On the next page you will find a Nominal Ledger Account listing which shows the balances of all the Nominal Ledger Accounts as at the end of January It is important that you do not open or use any additional Nominal Ledger Accounts unless instructed to do so.

3 3 NOMINAL LEDGER LISTINGS AND TRIAL BALANCE AS AT 30 JAN 2010 N/C NAME DR CR 0050 Motor Vehicles 6, Debtors Control Account 9, Prepayments 1200 Bank Current Account 33, Cash Account Creditors Control Account 13, Accruals 2200 Sales Tax Control Account 1, Purchase Tax Control Account 1, Capital 34, Profit and Loss Account 4000 Sales - Paint 2, Sales - Hardware 5, Discounts Allowed 4050 Sales Returns - Paint Sales Returns - Hardware Credit Charges (Late Payments) 5000 Purchases - Paint 4, Discounts Taken 5050 Purchase Returns - Paint Advertising Heat, Light & Power Telephone, Fax & Internet 7504 Office Stationery Exchange Rate Variance 8100 Bad Debt Write Off 9998 Suspense Account 9999 Mispostings Account TOTALS 57, , [Turn over

4 4 INSTRUCTIONS Assessment Criteria 1 Open the accounting software application. Restore the backup file to your accounting software and set an appropriate program date You are required to add two new customer records: 1.1 (a) (b) Ref: Name: Address: Contact: Tel: Ref: Name: Address: Contact: Tel: WS4 Wilkinson & Sons Myrtle Springs Matlock S41 6JE John Wilkinson FS6 Factory Supplies Channel Estate Penzance TR16 8SS Ramsey Tolkin You are required to add two new supplier records: 1.1 (a) (b) Ref: Name: Address: Contact: Tel: Ref: Name: Address: Contact: Tel: LB20 The Lock & Bolt Co Blackfriars Crescent Matlock S41 6HG Harry Hawthorne FG8 Fittings Galore plc Arlington Parade Cambridge CB23 2JS Ruth Sampson

5 5 4 You are required to create four new nominal accounts: 1.1 Assessment Criteria (a) (b) (c) (d) 0040 Fixtures & Fittings 5001 Purchases Hardware 5051 Purchase Returns Hardware 7301 Repairs & Servicing 5 Enter the purchase invoices and purchase returns/credit notes on pages Ensure that the dates, references, amounts, VAT rates and values are accurately entered and the correct purchase ledger and nominal ledger accounts are identified and updated. 6 Enter the sales invoices and sales returns/credit notes on pages Ensure that the dates, references, amounts, VAT rates and values are accurately entered and the correct sales ledger and nominal ledger accounts are identified and updated. 7 Enter the customer cheques and cash received, to be found on page 13, using the procedure appropriate to your accounting software. 3.2, 3.3 The PAY number is used as the reference for all cheques received. Cheques are banked on the same day as they are received. 8 Identify any customer invoice(s) which will be 60 days old or over on 28 February Print letters to relevant customers requesting full payment of each invoice, ensuring the invoice date, reference and amount are printed on each letter. Number letter(s) P1. 3.1, 7.1 Note: If your software does not print the invoice details on overdue letters, please add the invoice dates, references and amounts manually. 9 Enter the details of supplier cheques and cash paid to be found on page 14, using the procedures appropriate to your accounting software. 10 Identify any purchase invoices which will be 60 days old or over on 28 February These must be paid by cheque, using the cheque number sequence already in use, dating the cheques 28 February , , 4.2, 4.3 [Turn over

6 6 Assessment Criteria 11 Two errors have been found relating to the January 2010 transactions. Please correct these. 5.1 (a) (b) The sales invoice to Nuts and Bolts Co, Ref 2692 and dated 29 January 2010, has been incorrectly entered. The amounts should be Net, VAT and Gross, and not Net, VAT and Gross as processed. The purchase invoice, Ref RS109, dated 10 January 2010 for the sum of Net, VAT and Gross to The Paint Room was posted to the account of Rainbow Spectrum in error. The reference should be 72/ Carry out a bank reconciliation of the main Bank Current Account, as at 28 February 2010, using the Bank Statement provided on page , 6.2 Mark bank transactions as reconciled. 13 Produce printouts of the following reports: 7.1 Please note: ALL printouts should be assembled in the requested order. Do not staple reports together. (a) A trial balance as at 28 February Number it P2. (b) A summary audit trail showing ALL transactions. Number it P3. (c) (d) (e) A Bank Statement showing ALL reconciled transactions as at 28 February Number it P4. A detailed customer activity report/transaction history showing ALL transactions as at 28 February Number it P5. A detailed supplier activity report/transaction history showing ALL transactions as at 28 February Number it P6. (f) A Nominal Activity Report for the 1200 Bank Account and 1220 Cash Account showing ALL transactions as at 28 February Number it P7. (g) A customer address list. Number it P8. (h) A supplier address list. Number it P9. 14 Ensure that all data is secure and exit from the accounting software application.

7 7 Material for Task 5: Purchase invoices and credit notes The Lock & Bolt Co Blackfriars Crescent Matlock S41 6HG INVOICE Inv No: 3356 Tower Market Buildings Date: 04 Feb 2010 High Cross Street Our Ref: 5/487 Kent MA13 5DH VAT No: DESCRIPTION Net VAT 17.5% 45 White de luxe window each 30 Lockable pad 3.05 each PURCHASES - HARDWARE TOTAL DUE Terms: 30 days Tom Sanders & Son, Turret Works, 52 Maplin Street Sheffield S2 7PL INVOICE Inv No: TS528 Tower Market Buildings Date: 06 February 2010 High Cross Street Our Ref: Lesley Kent MA13 5DH VAT No: DESCRIPTION NET Servicing Litres hydraulic 2.55 per litre REPAIRS & SERVICING Net VAT at 17.5% TOTAL DUE days [Turn over

8 8 Rainbow Spectrum 15 High Gate, Fore Street York YO6 8RT Inv No: RS379 Tower Market Buildings Date: 11 February 2010 High Cross Street Our Ref: 584 Kent MA13 5DH VAT No: INVOICE NET VAT 17.5% 50 x 5 Litre wood 0.56 per L PURCHASES - PAINT 148 Stripping 2.15 each PURCHASES - HARDWARE Sub Totals AMOUNT DUE Fittings Galore plc Arlington Parade Cambridge CB23 2JS INVOICE To: Inv No: 535/2 Tower Market Buildings Date: 15 February 2010 High Cross Street Our Ref: RS646 Kent MA13 5DH DETAILS NET VAT 3 Friction slide storage each FIXTURES & FITTINGS Sub total Invoice Total VAT No:

9 9 Rainbow Spectrum 15 High Gate, Fore Street York YO6 8RT CREDIT NOTE To: Cr No: C/RS43 Tower Market Buildings Date: 23 February 2010 High Cross Street Our Ref: RS379 VAT No: Kent MA13 5DH DETAILS NET VAT 17.5% 25 Stripping 2.15 each PURCHASE RETURNS - HARDWARE 4 x 5 Litre wood 0.56 per L PURCHASE RETURNS - PAINT Sub total Credit Note Total Mid-country Power 54 Medway Court Brentwood Matlock CM62 8GL Credit No: R465P Tower Market Buildings Date: 26 February 2010 High Cross Street Cust Ref: E676, Kent MA13 5DH CREDIT NOTE DETAILS NET Incorrect tariff on Invoice P HEAT, LIGHT & POWER Sub Total VAT at 5% 0.87 CREDIT TOTAL 8.22 Vat Reg No: [Turn over

10 10 Material for Task 6: Sales invoices and credit notes Tower Market Buildings High Cross Street Kent MA13 5DH Tel: INVOICE To: Wilkinson & Sons Inv No: 2693 Myrtle Springs Date: 03 February 2010 Matlock Order No: W747 S41 6JE DESCRIPTION NET 17.5% VAT 14 Litre satin wood per L SALES - PAINT 35 Victorian brass finger each SALES - HARDWARE Sub totals Total Due VAT Reg No: Tower Market Buildings High Cross Street Kent MA13 5DH Tel: INVOICE To: Jones & Jane Ltd Inv No: 2694 Southern Gardens Date: 09 February Bridge Road Order No: 232/J Canterbury CT84 2DU DESCRIPTION NET 17.5% VAT 12 Litre matt quick dry per L x 5 Litre clear wood 4.25 per L SALES - PAINT Sub totals Total Due VAT Reg No:

11 11 Tower Market Buildings High Cross Street Kent MA13 5DH Tel: INVOICE To: The Ironworks Inv No: Chiswick Grove Date: 17 February 2010 Faversham Order No: Kent MA14 8QD DESCRIPTION NET 17.5% VAT 125 Packs twin wheel 2.54 per pack Flitch 2.97 each SALES - HARDWARE Sub totals Total Due VAT Reg No: Tower Market Buildings High Cross Street Kent MA13 5DH Tel: INVOICE To: Factory Supplies Inv No: 2696 Channel Estate Date: 25 February 2010 Penzance Order No: P8892 TR16 8SS DESCRIPTION NET 17.5% VAT 45 Litre teak 8.50 per L x 5 Litre decking 3.99 per L SALES - PAINT Sub totals Total Due 1, VAT Reg No: [Turn over

12 12 Tower Market Buildings High Cross Street Kent MA13 5DH Tel: CREDIT NOTE To: Nuts and Bolts Co Credit No: CR Priory Avenue Date: 21 February 2010 Upper Heysham Order No: NB443 Swadlincote MD18 2DF DESCRIPTION NET VAT 17.5% 5 Hooded drawer 8.47 each (wrong finish) 2 Chest each (wrong size) SALES RETURNS - HARDWARE Sub totals Credit Total VAT Reg No: Tower Market Buildings High Cross Street Kent MA13 5DH Tel: CREDIT NOTE To: Allen & Dale Industries Credit No: CR248 Apricot Lane Date: 22 February 2010 West Street Order No: A99/2 Penzance TR6 5TE DESCRIPTION NET 17.5% VAT 5 Litre gloss per L (damaged) SALES RETURNS PAINT 10 Aluminium casement 1.69 each SALES RETURNS - HARDWARE Sub totals Credit Total VAT Reg No:

13 13 Material for Task 7: Customer cheque and cash receipts PAY No: 745 Premier Banking plc Harbour Street, Penzance TR14 8HU Received and banked on Pay Date Feb 2010 Eight hundred and fifty pounds only Cheque No Sort Code Account No Cheque details: On Account Allen & Dale Industries Georgina Allen PAY No: 746 UNION BANK PLC The Leats, Tamworth TM3 8HT received and banked on Pay Date 16 Feb Feb 2010 One thousand, two hundred pounds only Cheque No Sort Code Account No , Bromley DIY Fred March Cheque Details: In part settlement of Inv 2679 ( 1,489.29) 27 Feb 2010 No: Feb 2010 No: 75 Received from Jones & Jane Ltd Received from The Ironworks The sum of One hundred and sixty The sum of Eighty nine pounds 56p eight pounds 03p Cheque H Dunn Cheque H Dunn Cash Cash With Thanks With Thanks In settlement of Inv 2691 ( ) In settlement of Inv 2684 ( ) and Credit Note CR246 ( 97.76) [Turn over

14 14 Material for Task 9: Supplier cheque and cash payments Date: 1 Feb 2010 Date: 22 Feb 2010 Date: 23 Feb 2010 Pay: Tom Sanders & Son Pay: Arnold Granger Co Ltd Pay: Henry Sanders plc (Trade Creditor) (Trade Creditor) (Trade Creditor) 5, Cheque No: 5524 Cheque No: 5525 Cheque No: 5526 On Account In settlement of Inv 1045 ( ) Inv 1156 ( ) In part settlement of Inv S242 ( ) The Paint Room Mid-country Power 17 Feb 2010 No: Feb 2010 No: 56/34 Received from Received from The sum of One hundred and The sum of One hundred and seventeen pounds 38p eighty three pounds 22p Cheque C Littlejohn Cheque N Davies Cash Cash WITH THANKS WITH THANKS In settlement of Inv 68/10 ( ) Cr Note C95/10 ( ) In settlement of Inv P4610 ( )

15 Material for Task 12: Bank statement 15 Premier Bank plc 134 High Street STATEMENT OF ACCOUNT Kent MA4 6TH Branch Code Account No Statement Date 28 February 2010 Tower Market Buildings Page No 144 High Cross Street, Kent MA13 5DH Date Details Debits Credits Balance 2010 Withdrawals Deposits DR = Overdrawn 30 Jan Balance brought forward 33, Feb CHQ , , Feb DEP , Feb DEP 746 1, , Feb CHQ , Feb CHQ , Total Debits Total Credits Balance 6, , , CHQ = cheque; DEP = deposit; SO = standing order; DD = direct debit; CT = credit transfer; BC = bank charges BACS = bankers automated clearing system

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