FINANCIAL ACCOUNTING II. Alex and Ben have been in partnership for many years, sharing profits and losses equally.

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1 Question 1 Alex and Ben have been in partnership for many years, sharing profits and losses equally. At 30 June 2010, their summarised Balance Sheet was as follows: Fixed Assets Goodwill Premises (at cost) Motor Vehicles (at net book value) Current Assets Stock Debtors Bank Less Current Liabilities Creditors Net Current Assets Capital Alex Ben 4,000 28,000 16,000 48,000 36,000 50,000 40,000 24, ,000 12,000 12,000 66,000 60, ,000 They decided to dissolve the partnership and close the books at the Balance Sheet date and on the folllowing terms i. The premises were sold for 45,000 cash. ii. Alex took a motor vehicle valued at 10,000 and Ben the other vehicle valued at 14,000. The partners made no payment for the vehicles. iii. The goodwill and debtors were sold for 75,000 cash. iv. The stock was sold for 2,400 cash. v. Dissolution expenses were 1,000, paid in cash. vi. Creditors were paid 33,000 cash in full and final settlement. These transactions took place on 30 June 2010 and all cash receipts and payments went through the partnership bank account. Page 1 of 8

2 Question 1 (continued) In the books of the partnership at 30 June 2010, prepare: a. The Dissolution Account b. The partners' Capital Accounts in columnar form c. The Bank Account (12 marks) (7 marks) (6 marks) (Total 25 marks) Page 2 of 8

3 Question 2 Milestone Berhad manufactures engineering spare parts. The following partial list of balances was extracted at 30 June 2010: Sales Raw Materials: Purchases Returns Outwards Carriage Inwards Direct Labour Direct Expenses Factory Rent Office Rent Electricity Insurance Salaries: Factory Supervision Office Directors General Office Costs Canteen Services Cleaning: Factory Office Stocks at 1 July 2009: Raw Materials Work-In-Progress Finished Goods (valued at transfer price) Factory Machinery: Cost Accumulated Depreciation Office Equipment Rental 000 1, Additional information: i. Factory rent prepaid ii. Electricity accrued iii. Insurance prepaid iv. Stocks Raw Materials Work-In-Progress Finished Goods (at transfer price) Page 3 of 8

4 Question 2 (continued) Depreciation on factory machinery is to be provided at 25% per annum using the reducing balance method. Electricity, insurance and canteen services are apportioned as follows: 80% factory and 20% office. Using relevant information from the above list of balances, prepare a Manufacturing Account for the year ended 30 June (20 marks) Page 4 of 8

5 Question 3 The Moonlight Club had the following assets and liabilities as on 1 July 2009: Cash in Hand Subscription Receivable Furniture Sports Material Investments Buildings Outstanding Creditors for Supplies Capital Fund 2, , ,500 5, ,000 During the financial year the club did the following business: Subscriptions received (including arrears) Subscription due Paid the outstanding Creditors Sports Materials purchased Subscriptions to Newspapers Meeting Expenses Sale of old newspapers Salaries Lighting Charges Donations received (50% to be capitalized) Expenditure on annual function Purchased Furniture (30 June 2010) Borrowings Interest received on Investments (outstanding 25) Stock of Sports Materials at the end Provide Depreciation at 5% on Furniture and Buildings 3, , , , , Prepare a Receipts and Payments Account and Income and Expenditure Account for the year ended 30 June 2010 and Balance Sheet as at that date. (25 marks) Page 5 of 8

6 Question 4 On 1 January 2008, Danny purchased a computer for use in his business. The list price of the computer was 90,000. At the same time, Danny paid the following additional expenses relating to the computer: Delivery Cost Installation Cost 6,000 14,000 a. Calculate the total amount that should have been debited to the Computer Asset Account. Danny decided to provide for depreciation using the reducing balance method at 20% per annum. A full year's depreciation is provided in the year of purchase but no depreciation is provided in the year of sale. Danny's financial year-end is 30 June. b. Write up the Computer Provision for Depreciation Account for each of the three years ended 30 June 2008, 2009 and (12 marks) On 1 July 2010, Danny sold the computer, in cash, for 55,000. c. Prepare the Computer Asset Disposal Account to record the sale of the computer, showing clearly the transfer to the Profit and Loss Account. (4 marks) d. Identify two causes of depreciation. (Total 20 marks) Page 6 of 8

7 Question 5 a. Credit notes issued by us will be entered in our A. Sales Account B. Returns Inwards Account C. Returns Inwards Journal D. Returns Outwards Journal b. At the balance sheet date the balance on the Provision for Depreciation Account is A. transferred to Depreciation Account B. transferred to Profit and Loss Account C. simply deducted from the asset in the Balance Sheet D. transferred to the Asset Account c. If creditors at 1 July 2009 were 2,500, creditors at 30 June ,200 and payments to creditors 32,000, then purchases for the financial year are A. 30,300 B. 33,700 C. 31,600 D. None of these d. Given opening capital of 16,500, closing capital as 11,350 and drawings were 3,300, then A. loss for the year was 1,850 B. profit for the year was 1,850 C. loss for the year was 8,450 D. profit for the year was 8,450 e. If it is required to maintain fixed capitals then the partners' shares of profits must be A. debited to capital accounts B. credited to capital accounts C. debited to partners' current accounts D. credited to partners' current accounts (Total 10 marks) Page 7 of 8

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