Assessment Schedule 2011 Accounting: Prepare financial statements and related accounting entries for sole proprietors (90224)
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1 NEA Level 2 Accounting (90224) 2011 page 1 of 6 Assessment Schedule 2011 Accounting: Prepare financial statements and related accounting entries for sole proprietors (90224) Statement Part A $ $ Bowling Expenses Advertising Insurance on bowling equipment & Bowling supplies used Bowling staff salaries Bowling electricity Depreciation on bowling equipment & Repairs on bowling equipment & Administrative Expenses Bad debts 400 & Discount allowed Office expenses Telephone expenses Depreciation on building & Doubtful debts & F orrect stem, correct classification and correct figure if no (incorrect number allowed if a possibility) orrect number. (Stem can be incorrect but must be recognisable and classified correctly) Foreign items are items which do not belong in the Income Statement Shaded figures are not marked Note: Depreciation on buildings can be classified as a bowling expense for &
2 NEA Level 2 Accounting (90224) 2011 page 2 of 6 Part B / ode Strike Bowling Statement of Financial Position (extract) as at 30 September 2011 $ $ $ urrent assets Accounts receivable (Note 1) f Bowling supplies on hand Prepayment & Non-current assets Property, plant and equipment Total carrying amount (Note 2) f Intangible asset Goodwill Total assets Less liabilities urrent liabilities Accounts payable & Bank GST & Income in advance 440 & Accrued expense & Non-current liabilities Mortgage Total liabilities Net assets $ # odes: f F orrect stem, correct classification, correct treatment AND correct figure if no (incorrect number allowed if a possibility) orrect number. Must be correctly classified. (Stem can be incorrect but must be recognisable) Follow-through from Note Foreign items are items that do not belong in the Balance Sheet # Net asset figure corrected treated. TA-TL with no Equity items included Shaded figures are not marked Note: can be awarded for prepayment if it is consistent with the amount of the adjustment in the Income Statement
3 NEA Level 2 Accounting (90224) 2011 page 3 of 6 Part B continued Notes: Note 1 Accounts receivable Accounts receivable & Less allowance for doubtful debts (214) & * orrect stem with a figure Must get the in order to gain the for the correct figure * May only be awarded here if the Allowance is deducted from the Accounts Receivable. Awarded for correct figure or for follow-through from Part A doubtful debt figure (if it is close to 4%) Note 2 Property, plant and equipment Building Bowling Equipment $ $ Opening carrying amount f Plus additions * or Less disposals Less depreciation D D losing carrying amount As at September 2011 (Historical) cost Less accumulated depreciation a a Total $ (losing) carrying amount T * Shaded figures are not marked a D orrect stem and number Allow for follow-through based on income statement. Must be subtracted from cost. Must have correct stem Allow for follow-though based on income statement. Must have correct stem * Award for f Opening carrying amount calculated correctly * losing carrying amount for year ended, AND as at equal. Must be for both buildings and bowling equipment. The note must be reasonably attempted, not just totalled T Stem closing carrying amount with a total calculated orrect figure
4 NEA Level 2 Accounting (90224) 2011 page 4 of 6 Part (a) ash to Suppliers Accounts payable 1 / 10 / Plus invoices received Award / for EITHER: Less credit notes 120 Less Discount received 90 Less accounts payable 31/10/ Equals cash paid to suppliers An appropriate stem with correct figure correctly treated, OR Numbers without stems that are easily recognised as being correct that have been correctly treated Note: If no working is shown and the answer is correct, award all grades (b) Strike Bowling ash Flow Statement (extract) for the month ended 31 October 2011 $ Less Payments ash paid to suppliers f Bowling equipment 200 Bank fees 15 Wages Grades: f p Total payments Net increase / decrease in cash p & * Plus Opening bank balance (3 400) Equals losing bank balance Follow-through figure from (a) orrect stem and correct figure (direct debit etc are not correct stems) orrect process (must delete decrease) * orrect number showing increase F Foreign items would be bad debts, depreciation, discount received, loss on sale Where the resource had been amended the increase is 8850 and closing balance 5450 One Judgement riteria Achievement Merit Excellence 6 AND 26 other grades Max 4 F 16 AND 35 other grades Max 2 F 22 AND 38 other grades No F
5 NEA Level 2 Accounting (90224) 2011 page 5 of 6 TWO Part A (a) 30/09/11 Depreciation on buildings D Accumulated depreciation on buildings & (b) 30/09/11 Repairs bowling equipment 120 D GST 18 Accounts payable 138 & (c) 30/09/11 Interest on mortgage 400 D Accrued expense 400 & (d) 30/09/11 Income summary D apital & (e) 01/10/11 Income in advance 440 D Bowling income 440 & Judgement for General Journal entries To award any or the answer must have a complete general journal entry ie debit account name(s) and debit figure(s), PLUS credit account name AND credit figure D orrect stem AND a figure in correct debit / credit column. No abbreviation Provided 2 OR 3 have been awarded for the entry, award for the correct figure(s) orrect dates Note: In all cases allow follow-through from financial statements, ie a correct figure can be consistent with answers in financial statements or notes
6 NEA Level 2 Accounting (90224) 2011 page 6 of 6 TWO Part B (f) Insurance on bowling equipment 30 / 09 / 11 Balance Dr Prepayment Dr Income summary * 01 / 10 / 11 Prepayment Dr D (g) apital 30 / 09 / 11 Balance r D Drawings r Income summary r B Judgement for General Ledger entries For appropriate stem AND a figure in the correct debit / credit column followed by correct treatment in the balance column figure must be correct unless also awarded * The entry must close the account AND produce a zero balance to award *. If the answer has a credit balance first, * can be awarded for a debit entry that closes the account to zero D orrect dates Note: The reversal entry $ is marked on follow-through from the initial balance day adjustment entry B Provided has been awarded for the entry, award for the correct figure For correct balance number Two Judgement riteria Achievement Merit Excellence 11 / 12 AND 6 AND 3 D 15 AND 8 AND 6 D Overall Judgement Statement Achievement Achievement with Merit Achievement with Excellence 2 A 2 M 2 E
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