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1 ANSWER BOOKLET: Exam ID 321 Qualifications: Level 3 Certificate in Bookkeeping (QCF) Accreditation number: 500/8479/3 IAB ID 300 Level 3 Certificate in Manual Bookkeeping (QCF) Accreditation number 500/9260/1 IAB ID 320 Level 3 Certificate in Applied Bookkeeping (QCF) Accreditation number 500/9276/5 IAB ID 340 Examination: June 2011 Time Allowed: 3 hours Student Number: Candidate Number: Name of Exam Centre: FOR USE BY ASSESSOR ONLY: IAB Units covered I/D 309 Record transactions and make accounting adjustments M601/0732 Possible marks 100 Actual marks Pass or Fail 308 Prepare financial statements for a not for profit organisation D601/ Suite 30, 40 Churchill Square, Kings Hill, West Malling, Kent, ME19 4YU Tel: , Fax: , mail@iab.org.uk
2 SECTION A INSTRUCTIONS There are THREE questions in this section of the paper. You must complete ALL TASKS within the questions QUESTION ONE Midlands Timber Supplies General Ledger Extract Sales Ledger Control Account and Purchase Ledger Control Account for Use in Answering Question One Tasks A, B and C General Ledger (Extract) DR Sales Ledger Control CR 2011 Details 2011 Details DR Purchase Ledger Control CR 2011 Details 2011 Details Page 1
3 Midlands Timber Supplies Schedules Reconciling the Balance on the Sales Ledger Control Account and the Balance on the Purchase Ledger Control Account as at 31 May 2011 with the Total of Trade Debtors per the Sales Ledger and Total of Trade Creditors per the Purchase Ledger as at that date - for Use in Answering Question One Task D Schedule Reconciling Sales Ledger Control Account Balance to Total Trade Debtors per Subsidiary Sales Ledger as at 31 May 2011 Balance per Sales Ledger Control as at 31 May 2011 Total Debtors per subsidiary Sales Ledger as at 31 May 2011 Difference Schedule Reconciling Purchase Ledger Control Account Balance to Total Trade Creditors per Subsidiary Purchase Ledger as at 31 May 2011 Balance per Purchase Ledger Control as at 31 May 2011 Total Creditors per subsidiary Purchase Ledger as at 31 May 2011 Difference Page 2
4 Midlands Timber Supplies Schedule Amending Total Trade Debtor Balances as at 31 May for Use in Answering Question One Task E Schedule Amending Trade Debtor Balances per the Sales Ledger as at 31 May 2011 Trade debtors per Sales Ledger as at 31 May 2011 Amendments: (i) (ii) Trade debtor balance not included on list extracted from subsidiary sales ledger Credit note not posted to debtor personal account (iii) Transposition error in posting cheque received to debtor personal account Amended Sales Ledger balances Balance per Sales Ledger Control Account Page 3
5 This Page is Intentionally Left Blank for Notes/Workings Page 4
6 QUESTION TWO The Payroll Bureau General Ledger (Extract) For Use in Answering Question Two Tasks A, B, F, H, and J DR Vehicles (Cost) CR 31/5/10 Balance b/f 60,000 DR Computers (Cost) CR 31/5/10 Balance b/f 25,000 DR Vehicles (Provision for Depreciation) CR 31/5/10 Balance b/f 18,720 DR Computers (Provision for Depreciation) CR 31/5/10 Balance b/f 15,000 DR Depreciation Expense CR DR Fixed Assets Disposal CR Page 5
7 The Payroll Bureau Fixed Asset Register Vehicles Section For Use in Answering Question Two Tasks A, B and C Page 6 Item Description Vehicles Date of Acquisition Fixed Asset Register (Extract) Annual Depreciation Capitalised Cost Accumulated Depreciation Net Book Value Disposal Proceeds Disposal Date Renault Kangoo Van (PB 07 SAL) 1/6/07 10,000 Depreciation Year ended 31/5/08-2,000 2,000 8,000 Depreciation Year ended 31/5/09 1,600 3,600 6,400 Depreciation Year ended 31/5/10 1,280 4,880 5,120 Jaguar X-Type Car (PB 08 SAL) 1/8/08 24,000 Depreciation Year ended 31/5/09-4,800 4,800 19,200 Depreciation Year ended 31/5/10 3,840 8,640 15,360 Jaguar X-Type Car (PB 09 SAL) 1/7/09 26,000 Depreciation Year ended 31/5/10-5,200 5,200 20,800
8 The Payroll Bureau Journal For Use in Answering Question Two Tasks D, E, G and I Journal 2011 Details DR Journal Task D CR Journal Task E Journal Task G Journal Task I Page 7
9 The Payroll Bureau Note For Use in Answering Question Two Task K Note Subject: Discrepancy Between the Contents of the Fixed Asset Register and Physical Count of Vehicles as at 31 May 2011 Page 8
10 This Page is Intentionally Left Blank for Notes/Workings Page 9
11 QUESTION THREE Ideal Furniture General Ledger (Extract) Ledger Accounts for Use in Answering Question Three Tasks B, D, F, I, K and L General Ledger (Extract) DR Provision for Doubtful Debts CR 31/5/10 Balance b/f 2,250 DR Sales Ledger Control CR 31/5/11 Balance b/f 199,200 DR Rates CR 31/5/11 Balance b/f 35,200 DR Power Heat and Light CR 31/5/11 Balance b/f 3,280 Page 10
12 Ideal Furniture General Ledger (Extract) Continued DR Operating Expenses CR 31/5/11 Balance b/f 12,480 DR Stock CR 1/6/10 Balance b/f 158,580 DR Bad Debts CR DR Prepayments CR DR Accruals CR Page 11
13 Ideal Furniture Schedule Amending Closing Stock Valuation For Use in Answering Question Three Task G Schedule Amending Closing Stock Valuation Details Original closing stock valuation 152,240 Amendment: Stock item valued at selling price Amended Closing Stock Valuation at 31 May 2011 Page 12
14 Ideal Furniture Journal For Use in Answering Question Three Tasks A, C, E, H and J Journal 2011 Details DR Journal Task A CR 31 May Bad Debts Sales Ledger Control Balance on debtor account written off as bad debt Journal Task C 31 May Provision for Doubtful Debts Profit and Loss Adjustment to decrease the provision for doubtful debts at the year end Journal Task E 31 May Prepayments Rates Power Heat and Light Accruals Prepayments Operating Expenses Operating Expenses Accruals Adjustments to account for rates prepaid, power heat and light accrued and operating expenses prepaid and accrued at the year end Journal Task H 31 May Trading Stock (opening) Stock (closing) Trading Transfer of opening and closing stock to trading at the year end Page 13
15 Ideal Furniture Journal (continued) Journal 2011 Details DR Journal Task J CR 31 May Profit and Loss Bad Debts Profit and Loss Rates Profit and Loss Power Heat and Light Profit and Loss Operating Expenses Transfer of expenses to profit and loss at the year end 31 May 2011 Page 14
16 This Page is Intentionally Left Blank for Notes/Workings Page 15
17 INSTRUCTIONS SECTION B There is ONE question in this section of the paper. You must complete ALL TASKS within the question. QUESTION ONE Fitness First Workings Calculation of Members Accumulated Fund For Use in Answering Question One Task A Workings Calculation of Accumulated Fund of Members of Fitness First as at 31 May 2010 Assets of Club: Total Assets Liabilities of Club: Total Liabilities Members Accumulated fund Page 16
18 Fitness First Members Subscriptions (Income) Account, Clubhouse Rent Account and Clubhouse Heat and Light Account For Use in Answering Question One Task B DR Members Subscriptions (Income) CR Details Details DR Clubhouse Rent CR Details Details DR Clubhouse Heat and Light CR Details Details Page 17
19 Fitness First Income and Expenditure Account For Use in Answering Question One Task C Fitness First Income and Expenditure Account for the Year Ended 31 May 2011 Income Members subscriptions Expenditure Clubhouse rent Clubhouse heat and light Clubhouse maintenance Operating expenses Depreciation Surplus of income over expenditure Page 18
20 Fitness First Balance Sheet For Use in Answering Question One Task D Fitness First Balance Sheet as at 31 May 2011 Fixed Assets Clubhouse fixtures and fittings (net book value) Sports and fitness equipment (net book value) Current Assets Clubhouse rent (prepaid) Cash and bank Less Current Liabilities Members subscriptions (received in advance) Clubhouse heat and light (accrued) Represented by: Members opening accumulated fund Surplus in year Members closing accumulated fund Page 19
21 This Page is Intentionally Left Blank for Notes/Workings Page 20
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