NCEA Level 1 Accounting (90978) 2011 Page 1 of 7. Deidre s Dry Cleaning Income Statement for the year ended 31 March 2011 $ $ $ Revenue

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Rudolph Phelps
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1 Assessment Schedule 2011 NCA Level 1 Accounting (90978) 2011 Page 1 of 7 Accounting: Prepare financial statements for sole proprietors (90978) vidence Statement Question vidence statement ON Deidre s Dry Cleaning Income Statement for the year ended 31 March 2011 $ $ $ Revenue Dry cleaning fees Rent received M Less expenses Dry-cleaning expenses Advertising Dry-cleaning electricity Dry-cleaning wages Dry cleaning supplies used Depreciation on dry-cleaning machinery 820 M V M V Insurance Administrative expenses Insurance Office electricity Office expenses 600 V V Depreciation on building M* Depreciation on office equipment inance costs Interest on loan 400 V Interest on mortgage V Total expenses Profit for the year V* Notes for Assessors: V correct stem (no abbreviations) and figure, correctly classified V* appropriate stem, correct process

2 NCA Level 1 Accounting (90978) 2011 Page 2 of 7 M correct figure, correctly classified and correct stem (award V if number orrect but still correctly classified and correct stem) M* accept depreciation on building as dry-cleaning expense correctly calculated figure, correctly classified and correct stem (award V if number orrect but still correctly classified and correct stem) foreign item Judgement Statement N1 N2 A3 A4 M5 M M / 11 4 M / 13 3 and 3 M/ 15 4 and 3 M max 2 N0/ = No response; no relevant evidence.

3 NCA Level 1 Accounting (90978) 2011 Page 3 of 7 Question vidence statement TWO Deidre s Dry Cleaning Statement of inancial Position as at 31 March 2011 $ $ $ Current assets Bank V Dry-cleaning supplies on hand V Accounts receivable 805 Prepayments 320 M Non-current assets Intangible assets Goodwill V Property plant and equipment Vf Total assets Less liabilities Current liabilities GST payable Accrued expenses 300 M Income in advance 400 M Non-current liabilities

4 NCA Level 1 Accounting (90978) 2011 Page 4 of 7 Loan (due 2015) V Mortgage V Total liabilities Net assets $ quity Capital V (Plus) profit (for year) Vf (Less) drawings V $ V* V Vf correct stem (no abbreviations) and figure, correctly classified transferring PP total from table or transferring profit from Question One V* for correct process M correct figure, correctly classified and correct stem (award V if number orrect but still correctly classified and correct stem) correctly calculated figure, correctly classified and correct stem (award V if number orrect but still correctly classified and correct stem) foreign item Note to the Statement of inancial Position 1. Property, Plant and quipment Building Dry-cleaning machinery Office equipment Total Cost V V* Accumulated depreciation V M Carrying amount V Vf Depreciation is calculated on a straight-line basis at the following rates: Building: $3 600 per year Dry-cleaning machinery: V is based on a residual value of $6 000 and a useful life of 11 years Office equipment: 10 % V

5 NCA Level 1 Accounting (90978) 2011 Page 5 of 7 Notes for Assessors: V correct wording V* for correct figures Vf M for correct process correct figure correct figure foreign item Judgement Statement N1 N2 A3 A4 M5 M M / 20 4 M / max 2 N0/ = No response; no relevant evidence.

6 NCA Level 1 Accounting (90978) 2011 Page 6 of 7 Question vidence statement THR Deidre s Dry Cleaning Cash Budget for the month ended 30 September 2011 stimated cash receipts (Dry-cleaning) fees V Rent 800 VC Accounts receivable 80 V Total estimated cash receipts stimated cash payments lectricity 300 V Accounts payable V Interest 300 V Drawings VC (Dry-cleaners ) Wages VC (Office) Stationery 48 V Total estimated cash payments Surplus of cash Opening bank balance 820 C* Closing bank balance V C correct stem (and correct figure if no C), correctly classified correct figure if correctly classified C* correct processing over all 3 areas (surplus or deficit circled); opening bank balance and closing bank balance) foreign item, Award VV for ees / Cash from customers

7 Judgement Statement NCA Level 1 Accounting (90978) 2011 Page 7 of 7 N1 N2 A3 A4 M5 M V 3 V 5 V 6 V 7 V plus 1 C 7 V plus 2 C 8 V plus 3 C C* 9 V plus 4 C N0/ = No response; no relevant evidence.

Administrative Expenses Electricity 372 Insurance M Office Expenses V Depreciation Office Equipment M

Administrative Expenses Electricity 372 Insurance M Office Expenses V Depreciation Office Equipment M Assessment Schedule Accounting: Prepare financial information for sole proprietors (90978) Evidence Statement Question ONE Evidence Kiwi Souvenirs Income Statement for the year ended 31 March 2014 $ $