FINANCIAL ACCOUNTING II
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1 Question 1 You have been asked to sort out the accounts of a client - Mr Soh, a trader. You collect the following information in respect of the year ended 31st December 2006: Assets and Liabilities at 1st January 2006 Bank Debtors for goods Stock Shop Fittings (cost 5,000) Motor Vehicles (cost 12,500) Creditors for goods 8,115 2,9 14,835 3,750 9,000 18,975 Stock records Mr Soh's stocks, following a stocktake on 31st December 2006, were valued at 16,350. Invoices Creditors for goods received amount to 23,550 at 31st December Debtors for goods supplies amount to 2,040 at 31st December A rates bill of 1,250 has been paid on 1st October 2006 but 60% of it relates to the financial year ended 31st December An electricity bill for 160, for the quarter ended 31st December 2006, remains unpaid. Banking records Mr Soh's bank records showed that receipts from cash sales for the year were 114,145 and receipts from debtors, 18,540. Payments were Suppliers Rent and Rates Heat and Light Drawings Wages General Expenses New Shop Fittings (cheque dated 4th February 2006) 89,820 5, ,500 13,390 1, It was decided that both shop fittings and motor vehicles should be depreciated by 20% on written down values in respect of the year to 31st December Any newly bought fixed assets were to be treated for depreciation purposes as if owned at the start of the half year of purchase. Page 1 of 5
2 Question 1 (continue) a. Calculate, and show as a statement, Mr Soh's purchases and sales figures for the year to 31st December (8 marks) b. Calculate Mr Soh's bank balance at 31st December (5 marks) c. Prepare a Trading and Profit and Loss Account for the year ended 31st December (12 marks) Page 2 of 5
3 Question 2 The following information relates to Rasa Sayang Trading for the year ended 31st December 2006: Credit sales Cash sales Credit purchases Cash purchases Discounts received Bad debts written off Cheque payments to suppliers Cheques received from debtors Returns outwards Returns inwards Discounts allowed Amounts paid in error to a supplier and refunded by him Credit balances in Purchases Ledger transferred to Sales Ledger Customers cheques dishonoured Provision for doubtful debts Debit balances in Purchases Ledger, 31st December 2006 Credit balances in Sales Ledger, 31st December ,014 31, ,185 4,867 1,528 2, , ,840 2,620 3,120 1, The opening balances at 1st January 2006 were: Sales Ledger Dr 25,285 Cr 360 Purchases Ledger Dr 175 Cr 22,008 a. Prepare the Purchases Ledger and Sales Ledger Control Accounts as they would appear in the General Ledger for the year ended 31st December Bring down the balances at 1st January (22 marks) b. Rasa Sayang Trading is intending to divide its Sales (i.e. Debtors) Ledger into six parts according to sales areas and to keep a Control Account for each part. State one advantage that Rasa Sayang Trading might obtain from keeping such Control Accounts. (3 marks) Page 3 of 5
4 Question 3 On 31st December 2006, Mr Chong's Cash Book showed a debit balance of 3,193 in the Bank Account. The Bank Statement of the same date showed a credit balance of 3,494. On comparing the Cash Book with the Bank Statement the following differences were found: i. Cheques 76 had been paid into Bank on 31st December but were not credited by bank until the following day. ii. Cheques 248 had been drawn but not yet presented for payment. iii. Bank charges 5 appeared on the Bank Statement but not in the Cash Book. iv. Dividends 134 collected and credited by the bank but has not been taken up in the Cash Book. a. Adjust the Bank Account balance in the Cash Book as at 31st December ( marks) b. Prepare a Bank Reconciliation Statement as at 31st December (15 marks) Page 4 of 5
5 Question 4 The following items are to be entered in a Petty Cash Book. Analysis columns are to be headed up for Travelling Expenses, Hotel Charges, Postages, Motor Expenses, Stationery and Sundry Expenses. The book is to be kept on the imprest system, the total amount spent will be reimbursed on the last day of each month. The opening petty cash float is 300 received on 1st December December Bought motor spares from Soon Garages 3 Bought postage stamps 8 Paid for train fare to Penang 9 Paid petrol expenses 11 Bought stationery from Carrefour 13 Paid for bus fare 18 Bought postage stamps 19 Repairs to motor van 21 Donation to charity 23 Paid for refreshment (office) 28 Paid for hotel expenses 29 Bought envelopes 31 Received reimbursement to bring cash float to the original amount (25 marks) 000 Page 5 of 5
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