Osborne Books Update. Bookkeeping Controls Workbook. Amended practice assessments task 7

Transcription

1 Osborne Books Update Bookkeeping Controls Workbook Amended practice assessments task 7 November 2018

2 2 b o o k k e e p i n g c o n t r o l s w o r k b o o k a m e n d e d p r a c t i c e a s s e s s m e n t s ta s k 7 The following pages provide the amended task 7 for each of the three Practice Assessments. This brings them into line with changes introduced by AAT in November c o n t e n t s P r a c t i c e a s s e s s m e n t s t a s k s Practice assessment 1 3 Practice assessment 2 7 Practice assessment 3 11 A n s w e r s t o p r a c t i c e a s s e s s m e n t s Practice assessment 1 15 Practice assessment 2 17 Practice assessment 3 19

3 Practice assessment 1

4 4 b o o k k e e p i n g c o n t r o l s w o r k b o o k task 7 Elmhurst Ltd s bank statement for September showed an opening balance of 1,235 and a closing balance of 1,542. The cash book below has been checked against the bank statement and the two highlighted items have been identified as unmatched. A bank reconciliation statement has been partially completed. cash book date details Bank date cheque details Bank number 1 Sep Balance b/f 1,572 2 Sep Cooke Ltd Sep Mead & Co Sep Johnson Brothers Sep Hills Trading 2, Sep Western Electric Sep Menel Ltd Sep Bojanic & Partners 2, Sep V Ramos 1, Sep TKT Ltd Sep Law Equipment Sep Akbar Lettings 1,250 (a) Complete the bank reconciliation statement as at 30 September. Bank reconciliation statement Balance as per bank statement outstanding lodgements Law equipment Unpresented cheques tkt Ltd Balance as per cash book (b) Check that the bank statement in (a) has been correctly reconciled by calculating: the balance carried down in the cash book the total of each of the bank columns in the cash book after the balance carried down has been recorded Balance carried down Bank column totals

5 p r a c t i c e a s s e s s m e n t 1 5 Below are the bank statement and cash book for September for a different organisation. Bank statement date details paid out paid in Balance Sep Balance b/f 94 D 2 Sep Kingsford Ltd 2,863 2,769 C 7 Sep Cheque ,989 C 11 Sep Cheque ,821 C 12 Sep Counter credit 563 2,384 C 17 Sep Cheque ,255 C 19 Sep J Jones Ltd 472 2,727 C 22 Sep Wyvern Council 609 2,118 C 24 Sep Counter credit 439 2,557 C 25 Sep Bank charges 66 2,491 C 27 Sep Filiaps plc 1,055 1,436 C 30 Sep W Waugh 946 2,382 C D = Debit C = Credit cash Book date details Bank date cheque details Bank number 1 Sep Balance b/f 2,601 8 Sep Paxtons Sep Torre & Co Sep Donfar & Co Sep J Jones Ltd Sep O Borne Sep LLR Ltd Sep Wyvern Council Sep W Waugh Sep Filiaps plc 1, Sep Preston Ltd Sep Bank charges 66 You are preparing to produce a bank reconciliation statement at 30 September, starting with the balance taken from the bank statement.

6 6 b o o k k e e p i n g c o n t r o l s w o r k b o o k (c) Identify which two transactions have caused the difference in the opening balances. transaction 4 transaction 4 transaction 4 Bank charges Donfar & Co Paxtons O Borne Filiaps plc Preston Ltd Cheque J Jones Ltd Torre & Co Cheque Kingsford Ltd W Waugh Cheque LLR Ltd Wyvern Council (d) Identify the details and amount of one outstanding lodgement that should be entered into the bank reconciliation statement and show whether the amount should be added or subtracted. Select your entry from the following list: Bank charges, O Borne, Cheque , Counter credit, Donfar & Co, Filiaps plc, J Jones Ltd, Kingsford Ltd, LLR Ltd, Paxtons, Preston Ltd, Torre & Co, W Waugh, Wyvern Council. details amount add subtract (e) Identify the details and amount of one unpresented cheque that should be entered into the bank reconciliation statement and show whether the amount should be added or subtracted. Select your entry from the following list: Bank charges, O Borne, Cheque , Counter credit, Donfar & Co, Filiaps plc, J Jones Ltd, Kingsford Ltd, LLR Ltd, Paxtons, Preston Ltd, Torre & Co, W Waugh, Wyvern Council. details amount add subtract

7 Practice assessment 2

8 8 b o o k k e e p i n g c o n t r o l s w o r k b o o k task 7 Onslow plc s bank statement for September showed an opening balance of 4,107 and a closing balance of 3,509. This is the partially completed bank reconciliation statement for September. (a) Complete the bank reconciliation statement as at 30 September. Bank reconciliation statement Balance as per bank statement outstanding lodgements Goodwin Ltd 1,406 pezzini & co 729 t ahmed 1,084 total outstanding lodgements Unpresented cheques L Beckett 2,257 m Gylby 649 total unpresented cheques Balance as per cash book

9 p r a c t i c e a s s e s s m e n t 2 9 This is a summary of the debit and credit entries in the bank columns of the cash book for September. Debit Credit 3, ,257 1, , , (b) Check that the bank reconciliation statement in (a) has been completed correctly by calculating: the amount of the bank balance carried down the total of each of the bank columns after the balance carried down has been recorded Balance carried down Bank column totals Below and on the next page are the bank statement and cash book for September for a different organisation. BANK STATEMENT Date Paid out Paid in Balance Sep Balance b/f 252 C 2 Sep Cheque ,628 1,376 D 4 Sep Counter credit 2, C 8 Sep Cheque C 12 Sep Cheque D 13 Sep Counter credit C 18 Sep Cheque C 20 Sep Cabot & Co 742 1,051 C 23 Sep Commercial Prop C 25 Sep Counter credit C 26 Sep Bank charges C D = Debit C = Credit

10 1 0 b o o k k e e p i n g c o n t r o l s w o r k b o o k cash Book date details Bank date cheque details Bank number 4 Sep Brownlow 2,307 1 Sep Balance b/f 1, Sep Peer Prints Sep Ace Timber Sep Cabot & Co Sep Fairfield Ltd Sep GTK Ltd Sep BLH Ltd Sep Barber Bates Ltd Sep Bridge Tools Sep Jackson & Co Sep Commercial Prop Sep Tenon Ltd 1, Sep Bank charges 48 You are preparing to produce a bank reconciliation statement at 30 September, starting with the balance taken from the bank statement. (c) Identify two transactions that should be entered into the bank reconciliation statement as amounts to be added. Select your entries from the following list: Ace Timber, Bank charges, Barber Bates Ltd, BLH Ltd, Bridge Tools, Brownlaw, Cabot & Co, Cheque , Commercial Prop, Counter credit, Fairfield Ltd, GTK Ltd, Jackson & Co, Peer Prints, Tenon Ltd. details amount (d) Identify two transactions that should be entered into the bank reconciliation statement as amounts to be subtracted. Select your entries from the following list: Ace Timber, Bank charges, Barber Bates Ltd, BLH Ltd, Bridge Tools, Brownlaw, Cabot & Co, Cheque , Commercial Prop, Counter credit, Fairfield Ltd, GTK Ltd, Jackson & Co, Peer Prints, Tenon Ltd. details amount

11 Practice assessment 3

12 1 2 b o o k k e e p i n g c o n t r o l s w o r k b o o k task 7 Clandon plc s bank statement for September showed an opening balance of 3,407 and a closing balance of 4,211. This is the partially completed bank reconciliation statement for September. (a) Complete the bank reconciliation statement as at 30 September. Bank reconciliation statement Balance as per bank statement outstanding lodgements mullen & co 1,805 pyatt Ltd 947 m sarkar 1,362 total outstanding lodgements Unpresented cheques p sedlak 1,409 J ricardo 868 total unpresented cheques Balance as per cash book

13 p r a c t i c e a s s e s s m e n t This is a summary of the debit and credit entries in the bank columns of the cash book for September. debit credit 4, ,409 1, , ,362 1, (b) Check that the bank reconciliation statement in (a) has been completed correctly by calculating: the amount of the bank balance carried down the total of each of the bank columns after the balance carried down has been recorded Balance carried down Bank column totals Below and on the next page are the bank statement and cash book for September for a different organisation. Bank statement date paid out paid in Balance Sep Balance b/f 7,635 C 04 Sep Cheque ,655 5,980 C 07 Sep Counter credit 1,992 7,972 C 09 Sep Cheque ,813 C 10 Sep NTL 110 7,703 C 19 Sep Cheque ,029 6,674 C 24 Sep Transenergy 520 6,154 C 24 Sep Cheque ,510 4,644 C 26 Sep Counter credit 2,464 7,108 C 30 Sep Wages 6, C D = Debit C = Credit

14 1 4 b o o k k e e p i n g c o n t r o l s w o r k b o o k cash Book date details Bank date cheque details Bank number 1 Sep Balance b/f 7,635 1 Sep Tunstall plc 1,655 7 Sep J Stone 1,992 6 Sep K Bush Sep Murray Ltd 2, Sep NTL Sep Davies Ltd Sep Lennox 1, Sep Twain Trading Sep Harris Ltd Sep Transenergy Sep MacColl Ltd 1, Sep Simone & Co Sep Wages 6,143 You are preparing to produce a bank reconciliation statement at 30 September, starting with the balance taken from the bank statement. (c) Identify two transactions that should be entered into the bank reconciliation statement as amounts to be added. Select your entries from the following list: K Bush, Counter credit, Davies Ltd, Harris Ltd, Lennox, MacColl Ltd, Murray Ltd, Simone & Co, NTL, J Stone, Transenergy, Tunstall plc, Twain Trading, Wages. details amount (d) Identify two transactions that should be entered into the bank reconciliation statement as amounts to be subtracted. Select your entries from the following list: K Bush, Counter credit, Davies Ltd, Harris Ltd, Lennox, MacColl Ltd, Murray Ltd, Simone & Co, NTL, J Stone, Transenergy, Tunstall plc, Twain Trading, Wages. details amount

15 Answers to practice assessment 1

16 1 6 b o o k k e e p i n g c o n t r o l s w o r k b o o k task 7 (a) Bank reconciliation statement Balance as per bank statement 1,542 outstanding lodgements Law equipment 295 Unpresented cheques tkt Ltd 798 Balance as per cash book 1,039 (b) Balance carried down Bank column totals 1,039 6,796 (c) transaction 4 transaction 4 transaction 4 Bank charges Donfar & Co Paxtons O Borne Filiaps plc Preston Ltd Cheque J Jones Ltd Torre & Co Cheque Kingsford Ltd 4 W Waugh Cheque LLR Ltd Wyvern Council (d) details amount add subtract Preston Ltd (e) details amount add subtract O Borne 760 4

17 Answers to practice assessment 2

18 1 8 b o o k k e e p i n g c o n t r o l s w o r k b o o k task 7 (a) Bank reconciliation statement Balance as per bank statement 3,509 outstanding lodgements Goodwin Ltd 1,406 pezzini & co 729 t ahmed 1,084 total outstanding lodgements 3,219 Unpresented cheques L Beckett 2,257 m Gylby 649 total unpresented cheques 2,906 Balance as per cash book 3,822 (b) Balance carried down Bank column totals 3,822 8,872 (c) details amount Barber Bates Ltd 469 Jackson & Co 245 (d) details amount Bridge Tools 607 Tenon Ltd 1,505

19 Answers to practice assessment 3

20 2 0 b o o k k e e p i n g c o n t r o l s w o r k b o o k task 7 (a) Bank reconciliation statement Balance as per bank statement 4,211 outstanding lodgements mullen & co 1,805 pyatt Ltd 947 m sarkar 1,362 total outstanding lodgements 4,114 Unpresented cheques p sedlak 1,409 J ricardo 868 total unpresented cheques 2,277 Balance as per cash book 6,048 (b) Balance carried down Bank column totals 6,048 11,345 (c) details amount Davies Ltd 411 Twain Trading 676 (d) details amount Harris Ltd 600 Simone & Co 342