BSc (Hons) Tourism and Hospitality Management. Cohort: BTHM/12B/FT Year 1. Examinations for 2012/2013 Semester I. & 2012 Semester II
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1 BSc (Hons) Tourism and Hospitality Management Cohort: BTHM/12B/FT Year 1 Examinations for 2012/2013 Semester I & 2012 Semester II MODULE: FINANCIAL ACCOUNTING MODULE CODE: ACCF 1102A Duration: 2 Hours 15 Minutes Instructions to Candidates: 1. This question paper consists of Section A and Section B. 2. Attempt all questions in Section A. Multiple choice questions should be answered on the MCQ Answer Sheet provided. 3. Question 2 of Section A and any 2 questions of Section B should be answered on the Answer Booklet provided. 4. Attempt any two questions in Section B. 5. Always start a new question on a fresh page. 6. Total Marks: 100 This question paper contains 5 questions and 13 pages. Page 1 of 13
2 SECTION A: COMPULSORY QUESTION 1: (25 MARKS) (1 mark per question) 1. Which of the following is incorrect? Assets Liabilities Capital Rs Rs Rs (A) 9,460 2,680 6,780 (B) 7,390 1,140 6,250 (C) 6,120 2,490 4,630 (D) 8,970 3,580 5, Which of the following should not be called purchases? (A) Items bought for the prime purpose of resale (B) Goods bought on credit (C) Office Stationery purchased (D) Goods bought for cash 3. Of the following, which best describes a trial balance? (A) Is the final account in the books (B) Is a list of balances on the books (C) Shows all the asset balances (D) Discloses the financial position of a business 4. Given figures showing Sales Rs285,000, Opening stock Rs46,900, Closing stock Rs72,400, Carriage inwards Rs5,700 and Purchases Rs213,600, the cost of goods sold figure is: (A) Rs 196,300 (B) Rs 189,800 (C) Rs 198,300 (D) Rs 193, Depreciation is : (A) The current cost of a current asset wearing away (B) The cost of replacement for a non current asset (C) The salvage value of a non current asset plus its original cost (D) The part of the cost of the non current asset consumed during its period of use by the business Page 2 of 13
3 6. A provision for doubtful debts is created : (A) To provide for possible bad debts (B) When debtors cease to be in business (C) When debtors become bankrupt (D) To write off bad debts 7. Details of a company s insurance policy are shown below: Premium for the year ended 31 March 2008 paid April 2007 Rs25, 920 Premium for the year ended 31 March 2009 paid April 2008 Rs28, 800 What figures should be included in the company s financial statements for the year ended 30 June 2008 Income statement (Rs) Statement of Financial Position (Rs) (A) 26,640 21,600 prepayment (Dr) (B) 28,080 21,600 prepayment (Dr) (C) 26,640 21,600 accrual (Cr) (D) 28,080 21,600 accrual (Cr) 8. What are the accounting standards issued by the IASB called? (A) Internationally Accepted Accounting Standards (B) International Financial Accounting Standards (C) International Accounting Principles (D) International Financial Reporting Standards 9. The four principal qualitative characteristics of useful financial statements are: (A) Understandability, relevance, reliability, comparability. (B) Timeliness, relevance, reliability, comparability. (C) Understandability, relevance, accuracy, comparability. (D) Understandability, relevance, reliability, simplicity. 10. Which of the following items is not a non-cash item? (A) Depreciation expense (B) Amortization expense (C) Reversal of provision (D) Income tax payment 11. Which one is correct for a non profit organisation? (A) Accumulated funds= Asset Add liabilities (B) Capital= Assets less liabilities (C) Accumulated funds= Asset less liabilities (D) Capital= Assets Add liabilities Page 3 of 13
4 12. Under which activity do we classify a Sales proceed on a non current asset in the cash flow statements? (A) Cash flow from operating activities (B) Cash flow from investing activities (C) Cash flow from financing activities (D) Increase or decrease in cash and cash equivalent 13. An Intangible asset has three critical attributes and they : (A) Identifiability, control and future economic benefits (B) Non Identifiability, control and future economic benefits (C) Non Identifiability, no control but with future economic benefits (D) None of the above 14. Return on Capital employed is calculated as follows: (A) Gross profit divided by Noncurrent assets (B) Net Profit divided by capital employed (C) Gross Profit divided by capital employed (D) Gross profit divided by sales 15. The following bank reconciliation statement has been prepared by a trainee accountant: Rs Overdraft per bank statement 38,600 Less: Unpresented cheques 91,600 53,000 Add: Outstanding lodgements 166,900 Cash at bank 219,900 What should be the correct balance per the cash book? (A) (B) (C) (D) Rs219, 900 balance at bank as stated Rs11, 390 balance at bank Rs36, 700 overdrawn Rs36, 700 balance at bank Page 4 of 13
5 16. Which one of these errors would be disclosed by the trial balance? (A) Error on a purchase invoice (B) Purchases from T Moga entered in C Moga s account (C) Carriage outwards debited to sales account (D) Overcast of total on sales account 17. If someone owns a grocery store, which of the following are not capital expenditure? i. Rent ii. Motor Van iii. Furniture iv. Fire Insurance (A) (i) and (iv) (B) (i) and (ii) (C) (i) and (iii) (D) (ii) and (iii) 18. Which one of the following best describes an unpresented cheque: (A) Charge made by the bank for providing the services of a bank account (B) Instruction given by a business to a bank to pay specified amounts at given dates. (C) Cheque that have been sent but have not yet gone through the recipient s bank account (D) Stale cheque 19. If the shares are issued at a price higher than the nominal value, then the extra is known as (A) Share capital (B) Public Issue (C) Rights issue (D) Share premium Page 5 of 13
6 20. At 30 June 2011 a company s allowance for receivables was Rs 93,600. At 30 June 2012 trade receivables totalled Rs 1,240,800. It was decided to write off debts totalling Rs 88,800 and to adjust the allowance for receivables to the equivalent of 5 per cent of the trade receivables based on past events. What figure should appear in the income statement for the year ended 30 June 2012 for these items? (A) Rs 146,400 (B) Rs 52,800 (C) Rs 57,600 (D) Rs 57,240 THE FOLLOWING INFORMATION RELATES TO MULTIPLE QUESTIONS NUMBER 21 TO 25 The accounts of Lola for the year ended 31 December 2010 include the following information: Rs Revenue 7,200 Gross profit 2,376 Net profit 1,080 Inventory 300 Trade receivables 624 Cash 1,608 Trade payables 1, Calculate the net profit percentage. (A) 33% (B) 66% (C) 15% (D) 85% 22. Calculate the gross profit percentage. (A) 33% (B) 66% (C) 15% (D) 85% Page 6 of 13
7 23. Calculate the receivables payment period (all sales are on credit). (A) 211 days (B) 95 days (C) 49 days (D) 32 days 24. Calculate the current ratio. (A) 1.18 (B) 1.34 (C) 0.49 (D) Calculate the quick ratio. (A) 1.18 (B) 1.34 (C) 0.49 (D) 0.75 Page 7 of 13
8 QUESTION 2: (25 MARKS) SECTION A: COMPULSORY The following balances were extracted from the books of Kingston, a sole trader, as at 31 December 2011: Rs Capital Account 13,800 Fixtures and fittings 1,170 Receivables 7,000 Payables 5,070 Purchases 61,600 Revenue 84,340 Carriage on purchases 310 Carriage on sales 230 Motor van 5,000 Motor van expenses 1,150 Rent and rates 2,300 Bad debts 620 Provision for bad debts at 01 January Discounts received 760 Wages and salaries 9,400 Light and heat 1,040 Drawings 7,100 Bank 1,230 Inventory at 01 January ,980 Question 2 continues next page Page 8 of 13
9 Question 2 continues In preparing the accounts, the following information is to be taken into account. (a) Inventory at 31 December 2011 was Rs 8,370 (b) A provision for bad debts of 2% of Debtors is required at 31 December 2011 (c) The annual rates of Rs 1,000 have been paid to 31 March 2012 (d) The Motor Van Accounts appeared in the ledger as follows: Dr Motor Van account Cr Jan 1 Balance (old van) 1,500 Jan 1 Cash (old van) 1,300 Jan 1 Cash (cost of new van) 4,800 Dec 31 Balance c/d 5,000 6,300 6, Jan 1 Balance b/d 5,000 (e) Provide depreciation on the new van at the rate of 20% on cost (f) During 2011, Kingston withdrew goods valued at Rs 400 from the business for his private use. No entry had been made in the books for the withdrawal of these goods. (g) An amount of Rs 200 was owed for wages and salaries. Required: (i) (ii) The Income Statement for the year ended 31 December 2011 and The Statement of Financial Position as at that date. [13 marks] [12 marks] Page 9 of 13
10 SECTION B: ANSWER ANY TWO QUESTIONS QUESTION 3: (25 MARKS) (a) Ward is a trader. The following figures have been extracted from his books for the month of April Rs Cash sales 2,560 Cheques received from debtors 1,520 Discount allowed to debtors 30 Returns inwards (credit customers) 75 Debtors 01 April ,120 Debtors 30 April ,485 Purchases on credit 3,210 Purchases for cash 200 Inventory 01 April ,180 Inventory 30 April ,290 (i) Prepare a Debtors Total Control Account to show clearly the amount of the credit sales for April [7 marks] (ii) Calculate Ward s gross profit for the same month [8 marks] (iii) Explain briefly the purpose of preparing a Control Account [2 marks] (b) Explain briefly the difference between capital expenditure and revenue expenditure. [8 marks] Page 10 of 13
11 QUESTION 4: (25 MARKS) (a) Raffles Cash Book (Bank columns only) for the month of May 2011 was as follows: DR Cheque CR 2011 Rs 2011 Number Rs May 1 Balance b/f 900 May 9 D. Stream May 4 Cash 200 May 15 Ridge May 11 A. Hill 94 May 22 Brook May 7 W. Vale 71 May 25 Petty cash May 23 Cash 100 May 30 Balance c/f 779 May 30 Cash 90 1,455 1,455 The following Bank Statement was received at the beginning of June 2011: 2011 Details/Cheque Number Payments Receipts Balance Rs Rs Rs May 1 Balance b/f 1,010 May 4 Cash 200 1,210 May 11 Cheque 94 1,304 May ,174 May ,064 May 17 Cheque 71 1,135 May 17 Bankers Order Fire Insurance 98 1,037 May 21 Unpaid cheque W. Vale May 23 Cash 100 1,066 May May May 29 Interest Question 4 continues next page Page 11 of 13
12 Question 4 continues Required: (i) Bring the Cash Book up to date, starting with the balance b/f of Rs 779 on 31 May 2011.(No need to copy down the whole Cash Book as shown below) [8 marks] (ii) Prepare a Statement, under its proper title, to reconcile the difference between your amended Cash Book balance and the balance in the Bank Statement on 31 May [8 marks] (b) What are the purposes and the limitations of preparing a Trial Balance? [9 marks] QUESTION 5: (25 MARKS) a) The following receipts and payments account for the year ending 31 May 2012 was prepared by the treasurer of the DT Sports and Social Club. Receipts Balance at bank 01 June 2011 Subscriptions Net proceeds of books sale Net proceeds of dance Sale of equipment Bar takings Rs ,177 Payments Purchases of new equipment Bar stocks purchased Hire of rooms Wages of part time staff Balance at bank 31 May 2012 Rs ,177 Notes: 1. On 01 June 2011, the club s equipment was valued at Rs 340. Included in this total, valued at Rs 92, was equipment sold during the year for Rs Bar stocks were valued as follows: 31 May 2011, Rs 88; 31 May 2012, Rs 101. There were no creditors for bar supplies on either of these dates. 3. Allow Rs 30 for depreciation of equipment during the year ending 31 May This is additional to the loss on equipment sold during the year. Question 5 continues next page Page 12 of 13
13 Question 5 continues 4. No subscriptions were outstanding at 31 May 2011, but on 31 May 2012 subscriptions due but unpaid amounted to Rs 14. Required (with calculations shown): (i) Calculate the accumulated fund of the club as at 01 June [4 marks] (ii) Draw up the income and expenditure account of the club for the year ending 31 May [15 marks] b) Harry green is the treasurer of his golf club. During the year ended 30 November 2009, the club received Rs110,000 in cash and cheques from members for annual subscriptions. The annual subscription is Rs50 per member On 30 November 2008, four members were in arrears and two had paid in advance On 30 November 2009, three members were in arrears and five had paid in advance. Required: (i) Prepare the subscription account clearly showing the amount of subscriptions to be entered in the income and expenditure account for the year ended 30 November [6 marks] ***END OF QUESTION PAPER*** Page 13 of 13
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