Osborne Books Tutor Zone. Bookkeeping Controls. Answers to chapter activities

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1 Osborne Books Tutor Zone Bookkeeping Controls Answers to chapter activities Osborne Books Limited, 2016

2 2 b o o k k e e p i n g c o n t r o l s t u t o r z o n e 1 Payment methods 1.1 (a) A standing order is set up by the person making the payments 1.2 (b) A high value same day payment set up by a bank for its customer 1.3 (b) A credit card using details including the card number, security code and expiry date (c) A debit card using details including the card number, security code and expiry date 1.4 (a), (b), (e) and (g) Electronic; (c), (d) and (f) Not electronic 1.5 (a), (c), (d), (e), (g) and (j) 1.6 Monthly rent payments for business premises Monthly settlement of a business credit card bill Payment of a credit supplier s account Purchase of computer equipment at a retailer in person Donation of 10 to local charity who collect door to door Same-day payment for a new storage facility costing 45,000 via a solicitor Standing order Direct debit Faster payment Business credit card Cash CHAPS payment

3 a n s w e r s t o c h a p t e r a c t i v i t i e s 3 2 Payment methods and the bank account balance 2.1 (b) Limit set, interest charged on amount borrowed, arranged for a set time period 2.2 (b) A cheque written out by a bank, as good as cash, deducted on the day issued 2.3 (a) Two hours 2.4 Credit card Cheque paid in at a different bank to the cheque issuer CHAPS BACS payment Cash withdrawn One day Monthly 3 working days Same day Next working day 2.5 A bank will charge interest on an overdrawn current account. It may also charge fees for setting up overdraft arrangements. An overdraft is a form of short-term borrowing for a business. An overdrawn account will show as a debit on the bank statement and a credit in the business cash book. It is normal for a bank to debit bank charges for running an account. 2.6 (a) 99 (b) Debit (c) No

4 4 b o o k k e e p i n g c o n t r o l s t u t o r z o n e 3 Bank reconciliation statements 3.1 (a) 1 bank charges; 3 direct debit payments 3.2 (d) 650 credit (calculated as 850 2, ) 3.3 (a) 20-4 Receipts 20-4 Payments 1 May Balance b/d May Curtis Ltd May Hawkins Ltd May T Daniels May B Morgan May Smith & Co May AJ Traders BACS May Arnold & Sons May P Singh May Arley Finance DD May Balance c/d , , Jun Balance b/d (b) CHRIS HART BANK RECONCILIATION STATEMENT AS AT 31 MAY 20-4 Balance at bank as per bank statement Less: unpresented cheques: Arnold & Sons (002479) P Singh (002480) Add: outstanding lodgement: B Morgan Balance at bank as per cash book

5 a n s w e r s t o c h a p t e r a c t i v i t i e s (a) to (c) CASH BOOK Date Details Bank Date Cheque Details Bank number 01 Nov Balance b/f 1, Nov Mercia Supplies Nov R Phillips 1, Nov Perran Ltd 1, Nov Begley & Co 1, Nov Wilson Ltd Nov Egan Ltd 2, Nov Durning Stores 1, Nov Dholiwar Ltd 1, Nov Bromfields Nov Walters & Co 2, Nov Scott Ltd Nov Balance b/d 3, Nov Wyvern Council Nov HTP Ltd Nov Bank charges Nov Balance c/d 3,799 10,320 10,320

6 6 b o o k k e e p i n g c o n t r o l s t u t o r z o n e (d) Bank reconciliation statement as at 24 November 20-2 Balance as per bank statement 1,882 Add Name: Egan & Co 2,235 Name: Dholiwar Ltd 1,076 Total to add 3,311 Less Name: Scott Ltd 426 Name: HTP Ltd 968 Total to subtract 1,394 Balance as per cash book 3,799

7 a n s w e r s t o c h a p t e r a c t i v i t i e s 7 4 Using control accounts 4.1 (c) 36, (a) 20, (d) 2,788 credit 4.4 (a) Details Amount Debit Credit Balance of credit suppliers at 1 August 29,338 4 Purchases from credit suppliers 18,174 4 Payments made to credit suppliers 19,351 4 Discounts received Goods returned to credit suppliers (b) (f) Cr 27,138 (c) Balance on purchases ledger control account at 1 September 27,138 Total of the purchases ledger balances at 1 September 27,483 Difference 345 (d) (b) A purchases invoice was entered twice in the purchases ledger (e) (b) Reconciliation of the purchases ledger control account assures managers that the amount showing as outstanding to trade payables is correct

8 8 b o o k k e e p i n g c o n t r o l s t u t o r z o n e 4.5 (a) VAT control Details Amount Purchases 5,256 Sales returns 344 Details Amount Sales 10,992 Purchases returns 168 Cash sales 1,136 Discounts received 104 (b) Yes 4 No

9 a n s w e r s t o c h a p t e r a c t i v i t i e s 9 5 The journal 5.1 (d) Writing off an irrecoverable debt 5.2 Date Details Reference Dr Cr Jan Office equipment GL 10,500 Inventory GL 3,300 Cash CB 200 Bank CB 1,400 Purchases ledger control (trade payables) GL 1,700 Bank loan GL 2,500 Capital GL 11,200 15,400 15,400 Assets and liabilities at the start of business

10 1 0 b o o k k e e p i n g c o n t r o l s t u t o r z o n e 5.3 (a) Account name Amount Debit Credit Irrecoverable debts Value Added Tax 88 4 Sales ledger control (b) Account name Amount Debit Credit Inventory 3,412 4 Office equipment 15,200 4 Cash at bank 1,874 4 Sales ledger control 11,391 4 Purchases ledger control 6,987 4 Rent 5,310 4 Heating and lighting Wages 4,105 4 Bank loan 10,600 4 Capital 24,551 4 Journal to record the opening entries of the new business 5.4 (a) 57, (c) 137, (b) 71,450

11 a n s w e r s t o c h a p t e r a c t i v i t i e s (a) Account name Amount Debit Credit Wages expense 48,831 4 Wages control 48,831 4 (b) Account name Amount Debit Credit Wages control 10,854 4 HM Revenue & Customs 10,854 4 (c) Account name Amount Debit Credit Wages control 36,071 4 Bank 36,071 4 (d) Account name Amount Debit Credit Wages control 1,906 4 Pension fund 1,906 4

12 1 2 b o o k k e e p i n g c o n t r o l s t u t o r z o n e 6 The trial balance and correction of errors 6.1 A sales credit note has not been entered into the accounts Bank interest received has been debited to Interest received and credited to Bank The cost of computer repairs has been debited to Computer equipment (original cost) Purchases has been undercast by 80. The balance of the discounts allowed account is 80 less than it should be A purchase invoice from K Burns Ltd has been credited to the account of K Burning Ltd A cash sale of 204 including VAT has been entered in the cash book as 240 including VAT Type of error Error of omission Reversal of entries Error of principle Compensating error Error of commission Error of original entry 6.2 Debit Credit (c) Bank 430 Advertising expenses 430 Advertising expenses 340 Bank 340

13 a n s w e r s t o c h a p t e r a c t i v i t i e s (a) Account name Amount Debit Credit Suspense 1,147 4 (b) Error in the general ledger Error causes Error does NOT an imbalance cause an imbalance The cost of stationery has been debited to office equipment account and 4 debited to bank account A cash sale has been recorded in the cash book only 4 A bank payment for heating and lighting has been debited to bank account and credited to heating and lighting 4 account Rent paid of 540 has been recorded as 450 in the cash book and rent paid 4 account A bank payment for office equipment has not been entered in the accounts 4 The balance of sales ledger control account has been calculated incorrectly 4

14 1 4 b o o k k e e p i n g c o n t r o l s t u t o r z o n e 6.4 (a) (1) Account name Amount Debit Credit Sales ledger control 2,982 4 (2) Account name Amount Debit Credit Sales ledger control 2,928 4 (3) Account name Amount Debit Credit Suspense 54 4 (b) (1) Account name Amount Debit Credit Bank Rent received (2) Account name Amount Debit Credit Bank Rent received 350 4

15 a n s w e r s t o c h a p t e r a c t i v i t i e s Sales Details Amount Details Amount Suspense 425 Suspense Details Amount Details Amount Sales 425 Balance b/f 230 Wages 195 Vehicle expenses Details Amount Details Amount Vehicles 80 Vehicles Details Amount Details Amount Vehicle expenses 80 Wages Details Amount Details Amount Suspense 195

16 1 6 b o o k k e e p i n g c o n t r o l s t u t o r z o n e 6.6 Account name Balances Balances at extracted on 1 January December 20-2 Debit Credit Inventory 5,640 5,640 Sales ledger control 11,453 11,453 Purchases ledger control 6,726 6,726 Petty cash control Capital 22,611 22,611 VAT owing to HM Revenue & Customs 1,594 1,594 Bank (overdraft) 3,827 3,827 Cash Sales 74,012 74,362 Sales returns 1,475 1,475 Purchases 36,823 36,823 Purchases returns Discounts allowed 1,480 1,480 Discounts received Wages 19,414 19,414 Advertising 3,727 3,727 Insurance 1,496 1,496 Heating and lighting 2,023 2,023 Rent and rates 5,671 5,761 Miscellaneous expenses Office equipment 18,800 19,400 Suspense account (debit balance) 340 Totals 110, ,164

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