(50) BASIC ACCOUNTING

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1 All Rights Reserved Time: 03 hours THE ASSOCIATION OF ACCOUNTING TECHNICIANS OF SRI LANKA Instructions to candidates FOUNDATION EXAMINATION - JANUARY 2013 (50) BASIC ACCOUNTING (1) This paper consists of three (03) Sections A, B & C. (2) Five (05) questions should be answered as follows: Question No.01 of Section A Both(02) questions of Section B Any two (02) questions from Section C (3) Answers should be in one language, in the medium applied for, in the booklets provided. (4) Submit all workings and calculations. State clearly assumptions made by you, if any. (5) Use of calculators is permitted. (6) 100 Marks. SECTION - A Multiple Choice Questions All questions of this Section should be answered. 30 marks 01. Select from (1), (2), (3) and (4) the most correct answer to each of the following questions. Write the number of the selected answer in your answer booklet with the English letter assigned to the question. (A) Amal started a business introducing furniture worth 100,000/-, and 300,000/- in cash. Which of the following would be the correct accounting equation after incorporating this transaction? Assets () = Capital () + Liabilities () (1) + 300,000 = + 300, Morning No. of Pages : 08 No. of Questions : 06 (2) + 400,000 = + 400,000 - (3) + 100,000 = + 400, ,000 (4) + 400,000 = + 300, ,000 (B) The cost of goods sold is recognized as an expense while unsold stock is considered as an asset. The accounting concept relating to this treatment is: (1) Going Concern concept. (2) Entity concept. (3) Matching concept. (4) None of these. (C) The following information was extracted from the books of Uma Stores for the month of December Sales 600,000 Purchases 400,000 Stock as at 01 st December ,000 Gross profit 100,000 Based on the above information, the value of stock as at 31 st December 2012 is: (1) 100,000/-. (2) 0/-. (3) 500,000/-. (4) 200,000/-.

2 (D) You have extracted the following balances from Jack s sole proprietorship as at 01 st December 2012: Land & Buildings 850,000 Inventories 200,000 Cash in Hand 250,000 Creditors 300,000 Accrued Expenses 100,000 Based on the above information, what is the Capital Account balance in Jack s business as at 01 st December 2012? (1) 650,000/-. (2) 900,000/-. (3) 1,700,000/-. (4) None of these. (E) If goods purchased on credit terms are returned to the seller, the buyer issues a: (1) Debit Note. (2) Credit Note. (3) Goods Received Note. (4) Invoice. (F) Kit Hotel purchased office equipment for 800,000/- on a credit basis for office use. Which one of the following prime entry books is used to record this transaction? (1) Purchase Day Book. (2) General Journal. (3) General Ledger. (4) Cash Book. (G) On 01 st December 2012, John purchased goods on a credit basis, the invoiced value of which was 200,000/-. If payment is made within 30 days from the invoiced date, supplier allows a discount of 2% on the amount settled. If John has paid 100,000/- in cash to the supplier on 29 th December 2012, the balance payable as at 31 st December 2012 is: (1) 96,000/-. (2) 98,000/-. (3) 100,000/-. (4) 97,960/-. (H) A company acquired a machinery for 800,000/- on 01 st April 2010, and depreciates it at 20% per annum on the reducing balance method. The carrying value (Net book value) of this machinery as at 31 st March 2012 is: (1) 640,000/-. (2) 480,000/-. (3) 512,000/-. (4) 410,000/-. (I) Spot Chemical s stock movements of a particular chemical are given below: Date Purchases (kg) Sales (kg) Stock Balance Quantity (kg) Value () (10/- per kg) - 1,400 13, ? (12/- per kg) - 1,000? (Kg = kilogram) All the sales were made at 11/- per kilogram during the month. The value of the stock as at 26 th December 2012, under First-In-First-Out (FIFO) method is: (1) 10,200/-. (2) 9,100/-. (3) 10,700/-. (4) 10,414/-. 2

3 (J) Classification of costs as fixed and variable is based on: (1) The behaviour of the cost. (2) The nature of the cost. (3) The function of the cost. (4) The purpose of the cost. (K) A company uses post-paid mobile telephone with a monthly rental of 500/-. This is an example of: (1) Variable overhead. (2) Semi-variable overhead. (3) Fixed overhead. (4) Step cost. (L) Which one of the following costs is considered as an expense? (1) Purchase cost of a Motor Vehicle for office use. (2) Depreciation charge for the year on a new machinery. (3) Customs duty on imported machinery. (4) Payments to a supplier. (M) The Prime Entry Book which serves the purposes of both a ledger account and a prime entry book is: (1) Cash Book. (2) Sales Day Book. (3) Purchase Day Book. (4) General Journal. (N) Purchase Requisition Note is: (1) Raised by the stores and sent to the purchasing department. (2) Raised by the accountant and sent to the stores. (3) Raised by the purchasing department and sent to the supplier. (4) Raised by the factory and sent to the supplier. (O) Consider the following costs of a factory: (A) (B) (C) Wages paid to workers based on number of units produced. Rent of factory building. Machinery insurance. The items that can be classified as indirect costs are: (1) (A) only. (2) (A) & (C) only. (3) (B) & (C) only. (4) All of the above. (02 marks each, Total 30 marks) 3

4 SECTION - B Compulsory Questions Answer both(02) questions of this Section 50 marks 02. Silva started a baby items shop as Baby Corner on 02 nd October A summary of the cash book of the business for the quarter ended 31 st December 2012, is given below: Dr () Cr () Cash-capital introduced 500,000 Repair expenses on office building 20,000 Sales - October 900,000 Purchases on cash for resale 500,000 Sales - November 950,000 Payments to trade payables 1,500,000 Sales - December 1,350,000 Salaries 175,000 Electricity & Telephone bills 38,000 Computer for office use (purchased on 01 st December 2012) 60,000 Staff welfare expenses 12,000 Sundry expenses 38,000 Selling expenses 70,000 Drawings 50,000 Land (Note 3) 1,000,000 Balance C/F 237,000 3,700,000 3,700,000 The following additional information is also available: (1) The following payments were made by the owner for the business, on 02 nd October 2012: 4 Rent on office building for 12 months 48,000 Furniture for use of business 150,000 (2) Suppliers (Trade Payables) have granted discounts of 50,000/-. Defective goods of 65,000/- have been returned to the suppliers on 10 th November Trade payables balance as at 31 st December 2012 was 500,000/-. (3) The land was acquired for 1,500,000/- on 01 st December 2012 paying 1,000,000/- by cash. The balance is payable in 20 equal monthly installments of 25,000/- each from 01 st January (4) Unpaid Electricity bill for the month of December 2012 is 4,000/-. (5) Depreciation on fixed assets except land is provided at cost on the straight-line basis at 20% per annum. (6) Inventories have been valued at 550,000/- as at 31 st December (7) All sales were on cash basis. You are required to prepare, for Baby Corner, (a) Trading, Profit & Loss Account for the quarter ended 31 st December (16 marks) (b) Statement of Financial Position (Balance sheet) as at 31 st December (12 marks) (Total 28 marks)

5 03. (A) The following information was extracted from the books of a bag manufacturer for the year ended 31 st December 2012: Description Purchase of raw materials 1,350,000 Carriage inwards 22,500 Direct wages 877,500 Packing cost 75,500 Factory insurance 33,100 Production quality controller s salaries 131,000 Electricity expenses 85,000 Building rent 120,000 Cleaning expenses 20,000 Factory maintenance expenses 180,000 The following additional information is also available: (1) Inventories are valued as follows: Raw materials 225, ,750 Work-In-Progress (at prime cost) 147, ,000 (2) Out of electricity expenses, building rent and cleaning expenses, 25% should be apportioned to the office. (3) Company has completed 290,250 units during the year ended 31 st December You are required to: (a) Prepare the Manufacturing Account for the year ended 31 st December (10 marks) (b) Calculate the Manufacturing Cost per unit. (02 marks) (B) Nimal is a sole proprietor and the following Statement of Financial Position (Balance Sheet) has been prepared by his trainee accountant: Statement of Financial Position (Balance Sheet) as at 31 st December 2012 Plant and Equipment 300,000 Current Assets Inventories 120,000 Debtors 55,000 Cash & bank 90,000 Suspense account 100, ,000 Capital 400, ,000 (+) Net profit 150, ,000 Liabilities Creditors 115, ,000 5

6 The following errors were revealed later: (1) Discount of 3,500/- given to a customer had been recorded as 5,300/- both in the discounts allowed and debtors accounts. (2) A sales invoice of 20,000/- had been credited twice in the sales account. (3) 15,000/- salaries paid had been correctly recorded in the cash book, but not entered in the salaries account. (4) 65,000/- paid to a creditor had been correctly recorded in the cash book, but not entered in the creditor s account. You are required to prepare, (a) Journal Entries to rectify the above errors. (04 marks) (b) Statement of Financial Position (Balance sheet) as at 31 st December 2012 after correcting the above errors. (06 marks) (Total 22 marks) SECTION - C Answer any two (02) questions from this Section 20 marks 04. (A) The table below gives the transactions of GG & Co. for the month of December 2012: Creditor Balance as at () Purchases () Cash paid () Discounts received () Purchase returns () Amal 25,000 Cr 40,000 38,500 1,500 2,000 Bimal 40,000 Cr 35,000 50,000 2,000 - Cecil & Co. 15,000 Cr 55, ,000 Diana Agency - 34, GG & Co. has not received the amount due from Cecil & Co., as at 31 st December 2012 and it has appeared in the debtors ledger of GG & Co. with a debit balance of 52,000/-. Cecil & Co. has agreed to set-off receivable balance against payables. You are required to prepare, Creditors Control Account and individual Creditors Ledger Accounts of GG & Co. as at 31 st December (07½ marks) (B) Consider the following costs of a shoe manufacturer and classify them as Direct Cost or Indirect Cost: (1) Cost of Leather. (2) Cost of replacement of factory carpets. (3) Machine Operators Salaries. (4) Depreciation on office equipment. (5) Packing cost: Cartons and Labels. (02½ marks) (Total 10 marks) 6

7 05. (A) The following information was extracted from the books of Bill Ltd. Cost as at () Date of Acquisition Depreciation Rates / method Accumulated Depreciation as at () Building 1,200, Motor Vehicle 950, Machinery 800, % per annum Straight-line. 15% per annum Straight-line. 25% per annum reducing balance. 600, , ,000 The following information is also available: (1) Bill Ltd. acquired a Motor Vehicle at a cost of 750,000/- on 01 st April (2) Company disposed all the machinery for 410,000/- on 30 th September 2011, and acquired a new high-tech machinery for 1,000,000/- on the same day. (3) Existing Depreciation Policy is adopted for purchases made during the year. You are required to compute: (a) Depreciation expense for the year ended 31 st March (b) Profit / Loss on Machinery disposal. (07½ marks) (B) A supermarket requires 1,000 kilogram (kg) of meat a month. The cost details of different order sizes are as follows: Order Size Meat holding cost per month () Meat transport cost per month () 0,250 kg each week 1,500 4,000 0,500 kg twice a month 2,000 3,200 1,000 kg a month 3,200 2,100 Assuming there are no alternative order sizes, find the most cost effective order size. (02½ marks) (Total 10 marks) 7

8 06. (A) You are given the following Cash Book and Bank Statement of Soft Trader s for the month of December 2012: Cash Book Date Description Date Description 01 Balance B/F 444, Amal , Debtors , Expenses , Debtors , Indu Traders , Somaweera , Kumara , BQ Traders ,000 Himali ,000 Kumara , Balance C/F 194, , ,000 Bank Statement Date Description Dr. () Cr () Balance () Balance B/f , Withdrawal , , Deposits , , Withdrawal , , Direct deposit , , Fixed Deposit Interest - 78, , Deposits , ,000 Withdrawal , , Standing Order payment 60, , Bank charges 1, , Cheque book charges ,750 You are required to prepare, (a) Adjusted Cash Book. (b) Bank Reconciliation Statement as at 31 st December (07½ marks) (B) A Jeans manufacturer pays a bonus of 25/- per every minute saved by an employee. The standard time allowed is 55 minutes per Jean. An employee has worked 40 hours and produced 44 Jeans. Calculate the bonus (if any) earned by the employee. (02½ marks) (Total 10 marks) - o0o - 8

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