Accounting Technicians Ireland First Year Examination: August 2017 Paper: FINANCIAL ACCOUNTING Tuesday 15 August a.m. to p.m.

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1 Accounting Technicians Ireland First Year Examination: August 2017 Paper: FINANCIAL ACCOUNTING Tuesday 15 August a.m. to p.m. INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY Candidates must indicate clearly whether they are answering the paper in accordance with the law and practice of Northern Ireland or the Republic of Ireland. In this examination paper the / symbol may be understood and used by candidates in Northern Ireland to indicate the UK pound sterling and by candidates in the Republic of Ireland to indicate the Euro. Answer ALL THREE questions in Section A and TWO of the three questions in Section B. If more than TWO questions are answered in Section B, then only the first two questions, in the order filed, will be corrected. Candidates should allocate their time carefully. All workings should be shown. All figures should be labelled as appropriate e.g. s, s, units, etc. Answers should be illustrated with examples, where appropriate. Candidates may ignore any VAT implications to transactions throughout this paper unless the question specifically instructs them to do otherwise. Question 1 begins on Page 2 overleaf. Page 1 of 8 Fin. Accounting A2017 (FA)

2 SECTION A Answer ALL THREE QUESTIONS (Compulsory) in this Section QUESTION 1 (Compulsory) The following trial balance was extracted from the books of Sean Fallon, a sole trader, on 31 st December 2016: / / Dr CR Purchases 55,000 Inventory at 01/01/2016 9,500 Wages and salaries 24,000 Equipment disposal 8,000 Vat liability 1,300 6% Long-term loan 12,000 Long term loan interest paid 500 Equipment 50,000 Accumulated depreciation on equipment 01/01/ ,800 Land 25,000 Broadband 1,350 Business insurance 5,000 Business rates 11,000 Drawings 5,100 Sales 220,000 Suspense 4,000 Bank 18,600 Receivables and payables 15,000 13,000 Light & heat 1,100 Allowance for bad debts at 01/01/2016 2,100 Accumulated profit/losses 01/01/ ,650 Carriage 3,000 Returns 9,750 4,350 Discounts 2,700 3, , ,650 The following information is also available 1) Closing inventory at 31 December 2016 is estimated at / 12,000. 2) In December 2016 Sean Fallon paid Business rates for 2017 by recording the following journal: Dr Bank / 4,000 Cr Suspense / 4,000 3) Broadband only includes payments for first nine months of year. The broadband charge is the same each month of year. 4) Equipment that cost / 15,000 on 1 January 2014 was sold for / 8,000 on 1 July It is the policy of Sean Fallon to charge a full year s depreciation in the year of purchase and none in the year of sale. Equipment is depreciated at a rate of 10% on a reducing balance basis. The only entry made in relation to equipment was to debit bank / 8,000 and credit disposal a/c / 8,000. 5) During the year Sean Fallon took goods that cost / 1,400 for his own personal use. This was not recorded. 6) At each year end Sean Fallon assesses each individual receivable balance and uses this information to adjust his allowance for bad debts account. On 31 December 2016 he assessed that he required a balance of / 1,600 in his allowance for bad debts account. Page 2 of 8 Fin. Accounting A2017 (FA)

3 7) Of the carriage costs, 40% relates to carriage inwards and the balance to carriage outwards. 8) The 6% long term loan was taken out in December You are required to prepare: a) The Income statement for the year ended 31 December b) The Statement of Financial Position as at that date. (11 Marks) (9 Marks) QUESTION 2 (Compulsory) a) Outline with the aid of examples the difference between capital and revenue expenditure. (4 Marks) b) Discuss the effects of recognising revenue expenditure as part of capital expenditure on the financial statements of a business. (4 Marks) c) Timmy Cooney purchased a motor car for / 20,000 on 1 January 2013 for use in his furniture business. He depreciates motor cars at a rate of 20% using the reducing balance method with a full year s depreciation charged in the year of purchase and none in the year of sale. On 30 October 2016 he sold the motor car for / 14,000. He will receive the proceeds in January On 1 November 2016 Timmy purchased a new motor car for use in his business costing / 30,000. There were no other transactions in relation to motor cars other than those above. You are required to prepare the following T accounts for the year ended 31 December 2016: (i) Motor Car a/c (ii) Accumulated depreciation for motor cars a/c (iii) Motor car disposal a/c. (8 Marks) d) Explain what is meant by the term residual value in relation to non- current assets. (4 Marks) Page 3 of 8 Fin. Accounting A2017 (FA)

4 QUESTION 3 (Compulsory) ANSWER ANY FOUR PARTS Part A R. Curley manufactures and sells wooden garden furniture. At 31 December 2016 he had the following items in inventory: Product Type Costs to date Cost to Selling price Selling costs complete / / / / Bench Table Lounger You are required: (i) In relation to inventory explain what is meant by the term net realisable value and outline how it is calculated. (2 Marks) (ii) Calculate the value that should be included in the accounts of R. Curley for inventory at 31 December Part B S. Walsh has just finished completing his financial statements for the year ended 31 December However, his debits did not equal credits in the trial balance and on review he identified the following items: (i) (ii) (iii) An opening balance for rent prepaid of / 530, at 1 January 2016, was omitted from the accounts. Bad debts of / 150 were not recorded in the financial statements. Cash received of / 1,350, from a credit customer was recorded by debiting bank and debiting trade receivables. You are required: (i) Prepare the necessary journals to correct the issues identified above. (ii) Prepare the suspense account. (2 Marks) Part C (i) Explain with the aid of an example what is meant by an irrecoverable debt. (2 Marks) (ii) Explain the difference between a general bad debt provision and a specific bad debt provision. Page 4 of 8 Fin. Accounting A2017 (FA)

5 Part D Top tennis club is a not for profit organisation and is currently preparing its accounts for the year ended 31 December The following balances were provided as at 1 January 2016: / Clubhouse 100,000 Equipment 13,000 Subscriptions in advance 2,300 Subscriptions in arrears 1,100 Rent prepaid 5,000 Electricity due 400 Inventory 200 Loans 23,000 Bank overdraft 3,300 You are required to calculate the opening accumulated fund as at 1 January Part E G. Byrne had a closing debit balance in his cash/bank T account of / 32,500 on 31 December This included the following items (i) Lodgements totalling / 11,000 which had not cleared in the bank by 31 December (ii) Two cheques for, / 760 and / 440, which were not presented at the bank by 31 December When he received his bank statement, for the month of December, he noticed the following entries were not recorded in his cash/bank T for the year ended 31 December 2016: (i) Bank charges / 210 (ii) Credit transfer / 1,500 You are required to calculate the closing balance on the bank statement that he received. Part F N. Holmes does not maintain proper books and records. However, she was able to provide the following information: 31 December December 2016 / / Assets 77,150 65,180 Liabilities 16,340 19,330 During the year N. Holmes introduced capital of / 18,000 and took drawings of / 5,400. Requirement From the information above calculate the profit or loss for the year ended 31 December Page 5 of 8 Fin. Accounting A2017 (FA)

6 SECTION B Answer any TWO of the three questions in this Section QUESTION 4 The following information is provided in relation to the receivables and payables of John Finn for the year ended 31 December 2016: / Payables ledger credit balances 01/01/ ,000 Receivables ledger credit balances 01/01/2016 2,100 Receivable ledger debit balances 01/01/ ,170 Payable ledger debit balances 01/01/ The following transactions occurred during / Cash sales 45,144 Credit sales 890,180 Cash purchases 28,155 Credit purchases 551,890 Sales returns (all credit) 15,000 Purchases returns (all cash) 2,100 Bad debts written off 15,180 Payment to credit suppliers 495,150 Receipts from credit customers 811,120 Discounts received from credit transactions 21,000 Discounts allowed on credit transactions 13,150 Interest charged to receivables on overdue accounts 1,800 Interest charged by payables on overdue account 180 Contra entry between payables and receivables 13,135 Rent paid 15,000 At 31 December 2016 the total of debit balances in the payables account was / 1,100 and credit balances in the receivables account was / 1,950 You are required to: a) Prepare the receivables and payables control accounts for Mr. Finn for the year ended 31 December (15 Marks) b) Explain the relationship between the individual personal ledgers and the receivables and payables ledger control accounts. Page 6 of 8 Fin. Accounting A2017 (FA)

7 QUESTION 5 S. Kelly, a sole trader, did not maintain a full set of accounts during The following is a summary of his bank account for the year ended 31 December 2016: Cash/Bank a/c / / Balance b/d 500 Wages 25,000 Cash received from Cash purchases 3,400 credit customers 181,000 Cash sales 12,450 Cash paid to credit suppliers 89,000 Rent 11,000 Electricity 2,300 Drawings 40,340 Carriage (note 1) 890 Balance c/f??? Note 1: 40% of the carriage costs incurred related to carriage inwards. All of the cash sales were lodged with the exception of / 5,400 which was used to undertake repairs on the business premises. The following additional information is also provided: 01/01/ /12/2016 Inventory 33,100 36,240 Premises at cost 140, ,000 Trade receivables 18,000 23,560 Trade payables 24,000 21,870 The premises were purchased on 1 January 2014 and are being depreciated on a straight-line basis over 40 years. You are required to: a) Prepare a statement of affairs as at 1 January b) Prepare an income statement for the year ended 31 December c) A statement of financial position as at 31 December (12 Marks) Page 7 of 8 Fin. Accounting A2017 (FA)

8 QUESTION 6 a) The selection and consistent use of accounting policies are essential in the preparation of financial statements. Outline your understanding of the term accounting policy. b) Outline the principles a business should follow when selecting appropriate accounting policies. c) Explain the situations in which a change in accounting policy is allowed in the preparation of financial statements. (4 Marks) d) Explain with the aid of examples what is meant by the term estimation techniques. e) Sometimes in the preparation of financial statements conflicts in the qualitative characteristics of accounting information will arise. One example of this is relevance versus understandability. Explain how this conflict can arise. Page 8 of 8 Fin. Accounting A2017 (FA)

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