Accounting: Process financial information for partnerships and companies (90501)

Transcription

1 Assessment chedule 2012 NEA Level 3 Accounting (90501) 2012 page 1 of 6 Accounting: Process financial information for partnerships and companies (90501) Evidence tatement Note: No figures are marked correct if they are in the wrong Dr or r column. Entries made in any ledger account Dr or r column must show the correct treatment in the balance column. An incomplete journal entry is awarded no grade. Question Evidence ode ONE (a) Trust Us Medical ervices Limited General Journal 01 / 4 / 11 Bank ontributed equity (Initial issue of shares at a fair value of $10 per share) correct stem and figure for both lines for the correct figure award only if given (b) Trust Us Medical ervices Limited General Ledger Interim Dividend (2012) 15 / 10 / 11 Bank Dr 31 / 3 / 12 Retained earnings NIL f d for correct stem and a figure with a debit balance for correct figure award only if given for closing entry (stem and figure) and must have a zero balance for correct dates f d (c) Directors must ensure that TUML can: pay its debts as and when they fall due in the normal course of business after the dividend has been paid ensure that the value of the company s assets is greater than the value of its liabilities including contingent liabilities after the dividend is paid. for either component of the solvency test correct including reference to after the dividend is paid for both components of the solvency test correct including reference to after the dividend is paid

2 NEA Level 3 Accounting (90501) 2012 page 2 of 6 Question Evidence ode ONE (d) Trust Us Medical ervices Limited General Ledger ontributed Equity 30 / 9 / 11 Balance r 30 / 10 / 11 Bank r for correct stem and a figure for the correct figure award only if given (e) Trust Us Medical ervices Limited General Journal 31 / 3 / 12 (Income)Taxation (Expense) / Income ummary Taxation Payable (To record taxation expense for the year) 31 / 3 / 12 Income ummary Retained Earnings (Profit for the year transferred to retained earnings closing journal entry) for correct stem and a figure for the correct figure award only if both s given

3 NEA Level 3 Accounting (90501) 2012 page 3 of 6 Question Evidence ode ONE (f) Trust Us Medical ervices Limited General Ledger Retained Earnings 31 / 3 / 12 Income ummary r Interim Dividend (2012) r f f (g) f correct stem and a figure follow-through from (b) or (e) The final dividend is recorded / accounted for / processed when the payment is made / when it is paid on 15 May 2012 which is in the next accounting period / after the year ended 31 March for identifying that the final dividend is paid in the next accounting period. tatement Question One Achievement Achievement with Merit Achievement with Excellence 9 12 grades including 4 15 grades Must include 2 3 more including AT LEAT 1 from (c) (g)

4 NEA Level 3 Accounting (90501) 2012 page 4 of 6 Question Evidence ode TWO (a) Processing for Partnerships Accounts Receivable are taken through to the partnership at their historical cost of $ () as the partnership has a legal right to this amount the partnership has not identified the specific bad debts to write off () An allowance for doubtful debts is created of $3 000 to reach / report an agreed value of $ () so as to report accounts receivable at the expected (probable) / amount to be received () One for both part () One for both part () and one part (). (b) Bunny Brothers ets General Journal 31 / 3 / 12 Profit Distribution / Interest on apital ( Peter) urrent account Peter (To account for Peter s interest on capital at 5% of closing balance) 31 / 3 / 12 urrent account Roger Drawings Roger (To close Roger s drawings to his urrent account) for correct stem and a figure for correct figure only award if both s given

5 NEA Level 3 Accounting (90501) 2012 page 5 of 6 TWO (c) Bunny Brothers ets urrent account Peter 31 / 3 / 12 Balance Dr Drawings Dr (d) # Interest on apital Dr hare of profit Dr Interest on urrent account Dr Interest on drawings Dr awarded only for appropriate stem and correct figure and treatment award for appropriate stem and a figure correctly treated; award for appropriate stem and correct figure and treatment awarded only if 5 s or s have been awarded in the current account To discourage partners from taking excessive / too much / large amounts / above the agreed amount of drawings from the partnership to encourage partners to retain some profit in the partnership for any one of the above reasons # tatement Question Two Achievement Achievement with Merit Achievement with Excellence 7 10 grades total, including 5 12 grades Must have 2 6 more

6 NEA Level 3 Accounting (90501) 2012 page 6 of 6 tatement Overall Achievement Achievement with Merit Achievement with Excellence 2 A M in ompanies 5 in Partnerships M in Partnerships 7 in ompanies 2 M 2 E