Foundation Certificate Synoptic
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1 Osborne Books Tutor Zone Foundation Certificate Synoptic Answers to practice assessment 2 Osborne Books Limited, 2016
2 2 f o u n d a t i o n c e r t i f i c a t e s y n o p t i c t u t o r z o n e Task 1 (a) Documents Invoice to a customer Finance function Purchase ledger Credit note received from a supplier Sales Ledger Signed contract of employment Human resources Purchase order from a customer Cashier Payroll Notification of bank charges Reimbursement of train ticket to meeting Petty cashier (a), and (e) Workings: = Amount Debit Credit Workings: =
3 a n s w e r s t o p r a c t i c e s y n o p t i c a s s e s s m e n t 2 3 Task 2 (a) and Statement Employees are honest and truthful Ethical principle Professional Competence and Due Care An employee sticks to the facts Objectivity An employee does not bring the profession into disrepute Integrity An employee develops their knowledge and skills Professional Behaviour (a), (e) and (f) (a), and (e)
4 4 f o u n d a t i o n c e r t i f i c a t e s y n o p t i c t u t o r z o n e Task 3 (a) Discount allowed VAT Sales ledger control Newtown Ltd 90 4 Invoice/credit note number Amount Invoice Invoice Credit note SC Amount Date to be paid by August Workings: x 0.02 = = x 0.20 = =
5 a n s w e r s t o p r a c t i c e s y n o p t i c a s s e s s m e n t 2 5 Task 4 (a) VAT Sales 2,800 4 Sales ledger control 3,540 4 Purchases 80 4 Purchase ledger control Journal Irrecoverable debts 12,875 4 VAT 2,575 4 Sales ledger control 15,450 4 Workings: 9, , = 15,450 Journal Waverley Ltd 15,450 4 Correct version (with errors in bold). Hi Mrs Sharpe Our sales ledger shows an outstanding balance on your account of 5,479. This has been outstanding for 60 days which has exceeded our 30 day payment terms. Please can you arrange payment as soon as possible and if you have any questions or queries please do not hesitate to contact me. Kind regards
6 6 f o u n d a t i o n c e r t i f i c a t e s y n o p t i c t u t o r z o n e Task 5 (a) (a), and (a), and (f) are False;, and (e) are True Time-rate Pay based on the number of hours worked Overtime Pay based on the number of units produced Piece rate Hours worked over the usual contracted working hours
7 a n s w e r s t o p r a c t i c e s y n o p t i c a s s e s s m e n t 2 7 Task 6 (a) Capital 20,000 4 Bank (Overdrawn balance) 5,246 4 Bank loan 21,200 4 Sales ledger control 62,369 4 Vehicles 35,012 4 Entry from the sales day book 23,580 4 Entry from the sales returns day book 2,520 4 Amount Debit Credit 4,920 4 Workings: 4,100 x 1.20 = 4,920 Amount Debit Credit 46,319 4 Workings: 54, ,580-24,236 2,520 4,920 = 46,319 (e) 33,047 Workings: 23, , = 33,047 (f) 853
8 8 f o u n d a t i o n c e r t i f i c a t e s y n o p t i c t u t o r z o n e (g) This report is highlighting reasons as to discrepancies between the closing balance on the purchase ledger control account (PLCA) and the closing balance of all the purchase ledger (PL) accounts. Reasons why the purchase ledger control account could be higher than the balance of the purchase ledger accounts include: purchase invoices could have been understated in the purchase ledger or entered twice or overstated in the PLCA. Purchase returns could have been omitted or understated in the PLCA or entered twice or overstated in PL. Reasons why the purchase ledger control account could be lower than the balance of the purchase ledger accounts include: purchase invoices could have been omitted in the PLCA or entered twice or overstated in the purchase ledger. Purchase returns could have been omitted or understated in the purchase ledger or entered twice or overstated in PLCA. It is beneficial to complete control account reconciliations because it identifies any errors and can reduce fraud. Task 7 (a) will NOT cause an imbalance; the remaining errors will cause an imbalance. Transactions: A cash payment to a supplier has not been entered into the accounts Type of error: Error of omission A payment by cheque for advertising has been debited in the cash book and credited to the advertising account Error of principle Wages account is overcast by 100 and sales account is overcast by 100 Error of commission The cost of stationery has been debited to office furniture Reversal of entries An invoice to customer T James has been debited to the account of L James Compensating error
9 a n s w e r s t o p r a c t i c e s y n o p t i c a s s e s s m e n t 2 9 Potter Ltd Date 20-X Details Amount Date 20-X Details Amount 1 Sep Balance b/f Sep Credit note Sep Invoice , Sep Bank Sep Balance c/d , , Oct Balance b/d Askham Ltd Date 20-X Details Amount Date 20-X Details Amount 1 Sep Balance b/f 6, Sep Credit note 78 1, Sep Invoice , Sep Bank 6, Sep Balance c/d 5, , , Oct Balance b/d 5,990.40
Foundation Certificate Synoptic
Osborne Books Tutor Zone Foundation Certificate Synoptic Practice assessment 2 Osborne Books Limited, 2016 2 f o u n d a t i o n c e r t i f i c a t e s y n o p t i c t u t o r z o n e I n f o r m a t
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