Exam ID 322. Qualifications: Level 3 Certificate in Bookkeeping QCF (Accreditation number: 500/8479/3)
|
|
- Jason Kelley Newman
- 5 years ago
- Views:
Transcription
1 Exam ID 322 Qualifications: Level 3 Certificate in Bookkeeping QCF (Accreditation number: 500/8479/3) Level 3 Certificate in Manual Bookkeeping QCF (Accreditation number: 500/9260/1) Level 3 Certificate in Applied Bookkeeping QCF (Accreditation number: 500/9262/5) Examination: June 2012 Units: Prepare financial statements for a partnership Y601/0742 Prepare financial statements for a sole trader A601/0734 PAPER 2 MODEL ANSWERS Suite 5, 20 Churchill Square, Kings Hill, West Malling, Kent, ME19 4YU Tel: , Fax: , mail@iab.org.uk
2 SECTION A QUESTION ONE Ryan and Vera Trading in Partnership Trading and Profit and Loss Account Answer Task A Ryan and Vera Trading and Profit and Loss Account for the Year Ended 31 May 2012 Sales 1/2 812,540 Less Cost of Goods Sold Opening stock 1/2 65,280 Add Purchases 1/2 626,130 Add Carriage inwards 1/2 2, ,210 Less Closing stock 1/2 64,200 Cost of Sales 1 630,010 Gross profit 1 182,530 Less Expenses Heat and light (3, ,020) 1 4,260 Wages 1/2 66,220 Vehicle expenses 1/2 7,450 Insurances 1/2 1,400 Rates (25,200-11,000) 1/2 14,200 Operating expenses (16,400 +1,600-1,200) 1 16,800 Depreciation( ,600) 1 10, ,430 Net profit 1 62,100 10½ Marks Page 1
3 Ryan and Vera Trading in Partnership Profit and Loss Appropriation Account Answer Task B Ryan and Vera Profit and Loss Appropriation Account for the Year Ended 31 May 2012 Net profit 1/2 62,100 Add Interest on drawings: Ryan 1/2 1,000 Vera 1/ ,600 Less Interest on capital: Ryan 1 8,000 Vera 1 6,000 63,700 14,000 Less Share of profits: Ryan 1 29,820 Vera 1 19,880 49,700 49,700-5½ Marks Page 2
4 Ryan and Vera Trading in Partnership Current Accounts Answer Task C DR Current Accounts CR 2012 Details Ryan Vera 2012 Details Ryan 31 May Balance b/f ¼ 1, May Balance b/f ¼ 1, May Interest on drawings ¼ 1,000 ¼ May Interest on capital Vera ¼ 8,000 ¼ 6, May Drawings ¼ 32,000 ¼ 24, May Share of profit ¼ 29,820 ¼ 19, May Balance c/d ½ 3,570 ½ 2,880 37,820 27,480 37,820 27, May Balance b/d ¼ 3,570 ¼ 2,880 4 Marks Page 3
5 Ryan and Vera Trading in Partnership Balance Sheet - Answer Task D Ryan and Vera Balance Sheet as at 31 May 2012 NBV Fixed Assets Cost Less Dep n to Date Premises ¼ 250,000 - ¼ 250,000 Fixtures and fittings ¼ 5,000 ½ 2,000 ¼ 3,000 Vehicles ¼ 75,000 ½ 36,600 ¼ 38, ,000 38,600 ½ 291,400 Current Assets Stock ½ 64,200 Trade debtors ½ 82,800 Prepaid expenses (11, ,200) ½ 12,200 Bank ½ 8,200 Less Current Liabilities Trade creditors ½ 99,730 Accrued expenses (1,020 +1,600) ½ 2, , ,350 Working capital ½ 65,050 Financed By: Capital Ryan ½ 200,000 Add Current account ¼ 3,570 Capital Vera ½ 150,000 Add Current account ¼ 2, , , , , Marks Total This Question = 30 Marks Page 4
6 QUESTION TWO Ava and Boris Trading in Partnership Capital Accounts Answer Task A DR Capital Accounts CR 2011 Details Ava Boris 2011 Details Ava Boris 1 June Goodwill adjm t 3 4, May Balance b/f 1 60, ,000 1 June Balance c/d 1 64, ,000 1 June Goodwill adjm t 3 4,000 ¼ 64,000 ¼ 130,000 ¼ 64,000 ¼ 130,000 1 June Balance b/d ½ 64,000 ½ 126,000 Workings Goodwill Adjustment Partners Goodwill Creation Goodwill Deletion Net Adjustment Ava 20,000 (CR) 16,000 (DR) 4,000 (CR) Boris 20,000 (CR) 24,000 (DR) 4,000 (DR) 40,000 (CR) 40,000 (DR) - 12 Marks Page 5
7 Ava and Boris Trading in Partnership Profit and Loss Appropriation Account Answer Task B Ava and Boris Profit and Loss Appropriation Account for the Year Ended 31 May 2012 Net profit 1 54,800 Less Interest on capital: Ava 1 1,920 Boris 1 3,780 5,700 49,100 Less Salary: Boris 1 5,000 Less Share of profit: Ava 2 17,640 Boris 2 26,460 44,100 44,100-8 Marks Page 6
8 Ava and Boris Trading in Partnership Current Accounts - Answer Task C DR Current Accounts CR 2012 Details Ava Boris 2012 Details Ava Boris 31 May Drawings ½ 18,000 ½ 32, May Balance b/f ½ 1,500 ½ 1, May Balance c/d 1½ 3,060 1½ 4, May Interest on capital ½ 1,920 ½ 3, May Salary ½ 5, May Share of profit ½ 17,640 ½ 26,460 ½ 21,060 ½ 36,440 ½ 21,060 ½ 36, May Balance b/d ¼ 3,060 ¼ 4, Marks Total This Question = 30 Marks Total This Unit = 60 Marks Page 7
9 SECTION B QUESTION ONE Trial Balance Answer Task A Trial Balance as at 31 May 2012 DR Premises (cost) 1/4 100,000 Equipment (cost) 1/4 25,000 Vehicles (cost) 1/4 40,000 Capital 1/4 155,000 Drawings 1/4 22,000 Provision for depreciation - Equipment 1/4 5,000 - Vehicles 1/4 16,000 Stock 31 May /4 16,240 Sales 1/4 530,360 Purchases 1/4 438,800 Wages and salaries 1/4 35,200 Rates 1/4 22,800 Vehicle expenses 1/4 6,100 Heat and light 1/4 1,820 Bad debts 1/4 600 General operating expenses 1/4 6,400 Trade debtors 1/4 21,260 Trade creditors 1/4 26,510 Bank 1/4 2,160 Value added tax (VAT) 1/4 2,290 Suspense 1/2 1,100 Totals 1 737, ,320 CR 7½ Marks Page 8
10 Suspense Account Answer Tasks B and D DR Suspense Account CR 2012 Details 2012 Details 31 May Difference in books 1/2 1, May Drawings 1/2 2, May Purchases 1/ ,000 2,000 1½ Marks Journal Answer Task C Journal 2012 Details DR 31 May Drawings 1/4 ½ 2,000 Suspense 1/4 ½ 2,000 Correction of error, drawings not posted to ledger account 1/4 CR 31 May Suspense 1/4 ½ 900 Purchases 1/4 ½ 900 Correction of error, purchases account incorrectly balanced off 1/4 3½ Marks Page 9
11 Extended Trial Balance Answers Tasks E, F and G EXTENDED TRIAL BALANCE AS AT 31 May 2012 Trial Balance Adjustments Profit & Loss Balance Sheet Ledger Account DR CR DR CR DR CR DR CR Premises (cost) 100,000 ¼,100,000 Equipment (cost)l 25,000 ¼ 25,000 Vehicles (cost) 40,000 ¼ 40,000 Capital 155,000 ¼155,000 Drawings 1 24,000 ¼ 24,000 Prov n dep n - Equipment 5,000 ¼ 2,500 ½ 7,500 - Vehicles 16,000 ¼ 8,000 ½ 24,000 Stock 31 May ,240 ¼ 16,240 Sales 530,360 ¼ 530,360 Purchases 1 437,900 ¼ 437,900 Wages and salaries 35,200 ¼ 35,200 Rates 22,800 ¼12,000 ½ 10,800 Vehicle expenses 6,100 ¼ 6,100 Heat and light 1,820 ¼ 600 ½ 2,420 Bad debts 600 ¼ 760 ¼ 1,360 General operating exp s 6,400 ¼ 6,400 Trade debtors 21,260 ¼ 760 ½ 20,500 Trade creditors 26,510 ¼ 26,510 Bank 2,160 ¼ 2,160 Value added tax (VAT) 2,290 ½ 2,290 Totals ½ 737,320 ½ 737, Closing stock Profit & loss ¼18,480 ¼ 18,480 Closing stock Balance ¼18,480 ¼ 18,480 Sheet Prepayment adjustment ¼12,000 ¼ 12,000 Accruals adjustment ¼ 600 ¼ 600 Depreciation expense ¼10,500 ¼ 10,500 Net profit ½ 21,920 ½ 21,920 Totals ¼42,430 ¼42,430 ½ 548,840 ½ 548,840 ½ 239,980 ½ 239, Marks Page 10
12 Trading and Profit and Loss Account Answer Task H Trading and Profit and Loss Account for the Year Ended 31 May 2012 Sales 1/4 530,360 Less Cost of Goods Sold Opening stock 1/4 16,240 Add Purchases 1/4 437, ,140 Less Closing stock ¼ 18,480 Cost of Sales ½ 435,660 Gross Profit ½ 94,700 Less Expenses Wages and salaries 1/4 35,200 Rates 1/4 10,800 Vehicle expenses 1/4 6,100 Heat and light 1/4 2,420 Bad debts 1/4 1,360 General operating expenses 1/4 6,400 Depreciation 1/2 10,500 72,780 Net profit 1 21,920 5 Marks Page 11
13 Balance Sheet Answer Task H Balance Sheet as at 31 May 2012 NBV Fixed Assets Cost Less Dep n to Date Premises 100,000-1/4 100,000 Equipment 25,000 1/4 7,500 1/4 17,500 Vehicles 40,000 1/4 24,000 1/4 16,000 Current Assets Stock 1/4 18,480 Trade debtors 1/2 20,500 Prepayments 1/4 12,000 Less Current Liabilities Trade creditors 1/4 26,510 Accruals 1/4 600 Value added tax (VAT) 1/4 2,290 Bank 1/4 2, ,000 31,500 1/4 133,500 50,980 31,560 Working capital 1/4 19,420 Financed By: Capital 1/4 155,000 Add Net Profit 1/4 21, ,920 Less Drawings 1/4 24,000 ½ 152,920 ½ 152,920 5½ Marks Total This Question= 40 Marks Total This Unit = 40 Marks Page 12
Level 3 Certificate in Manual Bookkeeping QCF. Level 3 Certificate in Applied Bookkeeping QCF
Exam ID 322 Qualifications: Level 3 Certificate in Book-keeping QCF Accreditation number: 500/8479/3 Level 3 Certificate in Manual Bookkeeping QCF Accreditation number 500/9260/1 Level 3 Certificate in
More informationLevel 3 Certificate in Manual Bookkeeping QCF (Accreditation number: 500/9260/1)
Exam ID 322 Qualifications: Level 3 Certificate in Bookkeeping QCF (Accreditation number: 500/8479/3) Level 3 Certificate in Manual Bookkeeping QCF (Accreditation number: 500/9260/1) Level 3 Certificate
More informationMODEL ANSWERS PAPER 1
Exam ID 321 Qualifications: Level 3 Certificate in Bookkeeping (QCF) Accreditation number 500/8479/3 Level 3 Certificate in Manual Bookkeeping (QCF) Accreditation number 500/9260/1 Level 3 Certificate
More informationTime Allowed: 3 hours
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
More informationMODEL ANSWERS PAPER 1
Exam ID 321 Qualification: Level 3 Certificate in Bookkeeping (QCF) (Accreditation number: 500/8479/3) Level 3 Certificate in Manual Bookkeeping (QCF) (Accreditation number: 500/9260/1) Level 3 Certificate
More informationJune 2014 Examination Question Paper
June 2014 Examination Question Paper 321 Exam ID Question Paper for the following Qualifications: 300: Level 3 Certificate in Bookkeeping QCF: 50084793 320: Level 3 Certificate in Manual Bookkeeping QCF:
More informationQualifications: Level 2 Award in Manual Bookkeeping QCF (Accreditation number: 500/9259/5) IAB ID 210
Exam ID 208 QUESTION PAPER Qualifications: Level 2 Award in Manual Bookkeeping QCF (Accreditation number: 500/9259/5) IAB ID 210 Level 2 Certificate in Bookkeeping QCF (Accreditation number: 500/9053/7)
More informationIAB LEVEL 3 CERTIFICATE IN MANUAL BOOKKEEPING (QCF)
IAB LEVEL 3 CERTIFICATE IN MANUAL BOOKKEEPING (QCF) CONTENTS Qualification Accreditation Number 500/9260/1) (Accreditation review date 31 st December 2017) QUALIFICATION SPECIFICATION 1. Introduction 2.
More informationJune 2014 Examination Question Paper
June 2014 Examination Question Paper 208 Exam ID 2050 Exam ID Question Paper for the following Qualifications: 200: Level 2 Certificate in Bookkeeping QCF: 50090537 210: Level 2 Award in Manual Bookkeeping
More informationQUESTION PAPER. Exam ID 107
QUESTION PAPER Exam ID 107 Qualification: Level 3 Diploma in Accounting and Advanced Book-keeping Record Adjustments and Prepare Financial Statements (Qualification Accreditation Number 500/3022/x) Examination:
More informationQualifications: LEVEL 2 Certificate in Bookkeeping (QCF) (Accreditation number: 601/0730/3)
Qualifications: LEVEL 2 Certificate in Bookkeeping (QCF) (Accreditation number: 601/0730/3) LEVEL 2 Certificate in Manual Bookkeeping (QCF) (Accreditation number: 601/0480/6) Sample Assessment Material
More informationIAB LEVEL 2 AWARD IN MANUAL BOOKKEEPING (QCF)
IAB LEVEL 2 AWARD IN MANUAL BOOKKEEPING (QCF) CONTENTS Qualification Accreditation Number 601/0480/6 (Accreditation review date 31 st December 2017) QUALIFICATION SPECIFICATION Introduction 1. Aims 2.
More informationIAB LEVEL 2 CERTIFICATE IN MANUAL AND COMPUTERISED BOOKKEEPING (QCF)
CONTENTS IAB LEVEL 2 CERTIFICATE IN MANUAL AND COMPUTERISED BOOKKEEPING (QCF) Qualification Accreditation Number 601/3789/7 (Accreditation review date 31 st December 2016) QUALIFICATION SPECIFICATION Introduction
More informationIAB LEVEL 2 CERTIFICATE IN APPLIED BOOKKEEPING (QCF)
IAB LEVEL 2 CERTIFICATE IN APPLIED BOOKKEEPING (QCF) Qualification Accreditation Number 500/9262/5 (Accreditation end date 31 st December 2012) CONTENTS QUALIFICATION SPECIFICATION 1. Introduction 2. Aims
More informationNVQ/SVQ Level 3 in Accounting Maintaining Financial Records and Preparing Accounts (FRA) and
NVQ/SVQ Level 3 in Accounting Maintaining Financial Records and Preparing Accounts (FRA) and Advanced Certificate in Accounting (Diploma Pathway) Financial Accounting (FRA) June 2006 SUGGESTED ANSWERS
More informationSIR MICHELANGELO REFALO
SIR MICHELANGELO REFALO SIXTH FORM Half-Yearly Exam 2015 Subject: ACCOUNTING ADV 1 st Time: 3 hrs Section A Answer all the questions in this section 1. Some clubs operate life membership schemes. (a) How
More informationMark Scheme (Results) June International GCSE IGCSE Accounting (4AC0) Paper 01
Scheme (Results) June 2011 International GCSE IGCSE Accounting (4AC0) Paper 01 Edexcel is one of the leading examining and awarding bodies in the UK and throughout the world. We provide a wide range of
More informationOsborne Books Update. Final Accounts Preparation Tutorial. Amended pages 67 to 71 Case Study: ELECTROPARTS
Osborne Books Update Final Accounts Preparation Tutorial Amended pages 67 to 71 Case Study: ELECTROPARTS October 2018 a m e n d e d pa g e s 6 7 t o 7 1 C a s e s t u d y: e l e C t r o pa r t s The following
More informationSole Trader Final Accounts
All questions copyright of Cambridge International Examinations 1 Sole Trader Final Accounts All questions copyright of Cambridge International Examinations 2 2 1 Amah Retto's ledger accounts for the year
More informationIAB Level 3 Certificate in Bookkeeping and Accounting (RQF) Qualification Specification
IAB Level 3 Certificate in Bookkeeping and Accounting (RQF) Qualification Specification Contents 1 Introduction to the qualification... 2 2 Statement of level... 2 3 Aims... 2 4 Target groups... 3 5 Entry
More informationProfit (P) = Increase or Decrease in Net Assets (I) + Drawings (D) Capital (C) Income Expense = Profit / (Loss) Asset = Liability Capital
Rule of Double Entry Assets Liability Capital Expense Income DEBIT CREDIT Increase Decrease Accounting Equation Asset = Capital + Liability Capital = Asset Liability = NET ASSETS Business Equation Profit
More informationFinal accounts for sole traders and partnerships
Osborne Books Tutor Zone Final accounts for sole traders and partnerships Practice assessment 2 Osborne Books Limited, 2013 2 f i n a l a c c o u n t s f o r s o l e t r a d e r s a n d p a r t n e r s
More informationQUESTION PAPER JUNE Exam ID 223
Exam ID 223 Qualifications Level 2 Award in Computerised Bookkeeping QCF (Accreditation number 500/9261/3) Level 2 Certificate in Applied Bookkeeping QCF (Accreditation number 500/9261/3) Examination Units:
More information2016 EXAMINATIONS KNOWLEDGE LEVEL PAPER 1: ACCOUNTING FRAMEWORK
EXAMINATION NO 2016 EXAMINATIONS NOWLEDGE LEVEL PAPER 1: ACCOUNTING FRAMEWOR TUESDAY 7 JUNE 2016 TIME ALLOWED : 3 HOURS 9.00AM - 12.00 NOON INSTRUCTIONS: 1. You are allowed 15 minutes reading time before
More informationFINANCIAL STATEMENTS OF PARTNERSHIP. The following trial balance was extracted from A, B & Co. books on June 30, 2002.
Lesson # 34 Example # 1: FINANCIAL STATEMENTS OF PARTNERSHIP The following trial balance was extracted from A, B & Co. books on June 30, 2002. A B & company Trial balance As on June 30, 2002 Particulars
More informationManufacturing Accounts
All questions copyright of Cambridge International Examinations 1 Manufacturing Accounts All questions copyright of Cambridge International Examinations 2 2 1 The following balances were extracted from
More informationTeacher: Mr. Jones ACCOUNTS WORKBOOK GRADE 11 PRINCE WILLIAMS HIGH SCHOOL TERM 1
Name: Class: Option: 1 Teacher: Mr. Jones ACCOUNTS WORKBOOK GRADE 11 PRINCE WILLIAMS HIGH SCHOOL TERM 1 INSTRUCTIONS TO CANDIDATES REVIEW NOTES AND ANSWER QUESTIONS PROVIDED ALL YOUR ANSWERS MUST BE WRITTEN
More informationCHAPTER 6 FINAL ACCOUNTS WITH ADJUSTMENTS
CHAPTER 6 FINAL ACCOUNTS WITH ADJUSTMENTS Suppose, the firm closes its books on 31st March and rent for the month of March has not been paid, this expense "rent" has been incurred and yet to be paid. Therefore,
More informationDate of Homework assigned: 7 Apr 2014 Due date: 16 Apr 2014 Exercise book: Book 1
2013-2014 / F.4 BAFS / HA11 / P.1 TWGHs Wong Fut Nam College Form 4 Business, Accounting and Financial Studies Homework Assignment 11 FA Ch1-3 Preparation of Financial Statements for Sole Proprietorships
More informationIntermediate Bookkeeping
Intermediate Bookkeeping Course map This document outlines the course structure. Course orientation Lesson 1: Welcome Lesson 2: Getting your diploma Lesson 3: How do I study this course? Unit 1: Welcome
More informationBook-keeping and Accounts Level 2
Book-keeping and Accounts Level 2 8991-02-002 2012 Sample Paper Candidate s name (Block letters please) Centre no Date Time allowed: 2 hours (Plus 5 minutes' reading time) Note making is not allowed during
More informationCambridge Assessment International Education Cambridge International General Certificate of Secondary Education. Published
Cambridge Assessment International Education Cambridge International General Certificate of Secondary Education ACCOUNTING 045/ Paper MARK SCHEME Maximum Mark: 0 Published This mark scheme is published
More informationFINANCIAL STATEMENTS OF LIMITED COMPANIES (Continued)
Lesson # 39 Question # 1: FINANCIAL STATEMENTS OF LIMITED COMPANIES (Continued) KKB (Private) Limited is a manufacturing company. Following list of balances has been extracted from its books as on June
More informationCHAPTER 6 FINAL ACCOUNTS WITH ADJUSTMENTS
CHAPTER 6 FINAL ACCOUNTS WITH ADJUSTMENTS When a person starts a business he wishes to know the financial performance of his business. A convenient and universally accepted method of knowing this is to
More informationAnnual Qualification Review
LCCI International Qualifications Level 2 Certificate in Book-Keeping and Accounts Annual Qualification Review 2008 For further information contact us: Tel. +44 (0) 8707 202909 Email. enquiries@ediplc.com
More informationCoimisiún na Scrúduithe Stáit State Examinations Commission. Leaving Certificate Marking Scheme. Accounting. Ordinary Level
Coimisiún na Scrúduithe Stáit State Examinations Commission Leaving Certificate 2012 Marking Scheme Accounting Ordinary Level LEAVING CERTIFICATE EXAMINATION, 2012 ACCOUNTING - ORDINARY LEVEL Solutions
More informationJanuary 2014 Examination Question Paper
January 2014 Examination Question Paper 223 Exam ID Question Paper for the following Qualifications: 220: Level 2 Award in Computerised Bookkeeping QCF: 50092613 230: Level 2 Certificate in Applied Bookkeeping
More informationAccounting Principles. Question Paper, Answers and Examiners Comments. Level 3 Diploma June B/PQP/1
Accounting Principles Question Paper, Answers and Examiners Comments Level 3 Diploma 7B/PQP/1 Copyright of the Institute of Credit Management Institute of Credit Management The Water Mill, Station Road,
More informationSOLUTIONS TO ASSIGNMENT PROBLEMS. PROBLEM No. 1. Dec.31 By Bank Stock. 17,500 Debtors. Cash from Petty cash 26,000 8,200 9,400 63,400 16,400
SOLUTIONS TO ASSIGNMENT PROBLEMS PROBLEM No. 1 12. BRANCH ACCOUNTS (A) Debtors Method: Dr. Delhi Branch Account Cr. 2010 Particulars Rs. Rs. 2010 Particulars Rs. Rs. Jan. 1 Dec.31 By Bank Stock Cash Sales
More informationChapter 5. Control Accounts. Notes to teachers
Chapter 5 Control Accounts Notes to teachers 1 Start with Chapters 3 and 4 of Frank Wood s Introduction to Accounting and briefly explain to students the basic principles of recording in the books and
More information* * (plus 5 minutes reading time) The marks allocated to each question are shown in brackets. All answers must be written in ink.
Book-keeping and Accounts Level 2 8991-02-002 (NU-BKA 02) This paper must be returned with the candidate s work, otherwise the entry will be void and no result will be issued. *8991002* Candidate s name
More information(Accrual and Prepayment)
Accrual and Prepayment Longman Question 13 The following balances were extracted from the ledgers of Mr Ko at 31 March 2014: $ Telephone 12,355 Dr Rent and rates 55,000 Dr Loan to Bob 450,000 Dr Rental
More informationAnnual Qualification Review 2010
LCCI International Qualifications Level 2 Book-keeping & Accounts Annual Qualification Review 2010 For further information contact us: Tel. +44 (0) 8707 202909 Email. enquiries@ediplc.com www.lcci.org.uk
More informationThis exam paper is in two sections. You should try to complete every task in both sections.
Exam NVQ/SVQ Level 3 in Accounting Maintaining Financial Records and Preparing Accounts (FRA) 2003 Standards Advanced Certificate in Accounting (Diploma Pathway) Financial Accounting (FRA) 2003 Standards
More informationTuesday 6 December 2005 (afternoon) EXAMINATION. Time allowed - 3 hours plus 15 minutes reading time
NVQ/SVQ Level 2 in Accounting Preparing Ledger Balances and an Initial Trial Balance (PLB) (2003 standards) Tuesday 6 December 2005 (afternoon) EXAMINATION Time allowed - 3 hours plus 15 minutes reading
More informationFinal accounts for sole traders and partnerships
Osborne Books Tutor Zone Final accounts for sole traders and partnerships Chapter activities Osborne Books Limited, 2013 2 f i n a l a c c o u n t s f o r s o l e t r a d e r s a n d p a r t n e r s h
More informationCAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education
www.xtremepapers.com Centre Number Candidate Number Name CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education ACCOUNTING 0452/03 Paper 3 Candidates answer on the
More informationASSOCIATION OF ACCOUNTING TECHNICIANS
ASSOCIATION OF ACCOUNTING TECHNICIANS Prepare Final Accounts for Sole Traders and Partnerships Level 3 Published by: Home Learning College 1 Hammersmith Broadway London W6 9DL Home Learning College Ltd
More informationNABTEB Past Questions and Answers - Uploaded online
QUESTION 1 NATIONAL BUSINESS AND TECHNICAL EXAMINATION BOARD NBC MAY/JUNE 2005 FINANCIAL ACCOUNTING (a) Differentiate between preference shares and ordinary shares of a company. (b) Explain the following
More informationBSc (Hons) Tourism and Hospitality Management. Cohort: BTHM/12B/FT Year 1. Examinations for 2012/2013 Semester I. & 2012 Semester II
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
More information15 FINANCIAL STATEMENTS-II You have learnt that Income Statement i.e. Trading & Profit and Loss Account and Position Statement i.e., Balance Sheet are two financial statements, which are prepared by every
More information13. BRANCH ACCOUNTS SOLUTIONS TO ASSIGNMENT PROBLEMS
13. BRANCH ACCOUNTS SOLUTIONS TO ASSIGNMENT PROBLEMS PROBLEM No. 1 (A) Debtors Method: Delhi Branch Account 2010 Particulars Rs. Rs. 2010 Particulars Rs. Rs. Jan. 1 Dec.31 By Bank Stock 7,000 Cash Sales
More informationFANLING LUTHERAN SECONDARY SCHOOL
FANLING LUTHERAN SECONDARY SCHOOL 2012 2013 2 nd Term Examination S.5 BUSINESS, ACCOUNTING AND FINANCIAL STUDIES Accounting Module Date : 20th June, 2013 Time allowed: 8:30 am - 11:00 am (2 hour 30 minutes)
More informationFinal Accounts Preparation
Osborne Books Tutor Zone Final Accounts Preparation Answers to chapter activities Osborne Books Limited, 2016 2 f i n a l a c c o u n t s p r e p a r a t i o n t u t o r z o n e 1 Business organisations
More informationMINISTRY OF EDUCATION
REPUBLIC OF NAMIBIA MINISTRY OF EDUCATION NAMIBIA SENIOR SECONDARY CERTIFICATE ACCOUNTING SPECIMEN PAPERS 1 2 AND MARK SCHEMES HIGHER LEVEL GRADES 11 12 THESE PAPERS AND MARK SCHEMES SERVE TO EXEMPLIFY
More informationSupport Notes for 2015 F NET F NET. 10/5 DIM Ltd 91 CL 26,000 5,980 31,980 GL GL 1 ½ ½ ½. Analysed Cash Book of BRIGHT Ltd Debit Side (4½) Date 2015
Support Notes for Q.1 Question on Books of First Entry, Ledger and Trial Balance (A~B) Sales Book of BRIGHT Ltd () Details Invoice No. F NET VAT TOTAL 1/5 WATT Ltd 20 DL,000 10,120 5,120 19/5 WATT Ltd
More informationLEAVING CERTIFICATE 2009 MARKING SCHEME ACCOUNTING ORDINARY LEVEL
Coimisiún na Scrúduithe Stáit State Examinations Commission LEAVING CERTIFICATE 2009 MARKING SCHEME ACCOUNTING ORDINARY LEVEL LEAVING CERTIFICATE ACCOUNTING - 2009 Ordinary Level Marking Scheme INTRODUCTION
More informationThis exam paper is in two sections. You should try to complete every task in both sections.
Exam NVQ/SVQ Level 2 in Accounting Preparing Ledger Balances and an Initial Trial Balance (PLB) 2003 Standards Tuesday 17 June 2008 (afternoon) Time allowed - 3 hours plus 15 minutes reading time Please
More informationTHE TRAINING PLACE OF EXCELLENCE Accounts Preparation Practice Assessment: Questions
THE TRAINING PLACE OF EXCELLENCE Accounts Preparation Practice Assessment: Questions Task 1: Non-Current Assets Register The following is a purchase invoice received by NFS Ltd: Invoice 60754 To: NFS Ltd
More information7110 PRINCIPLES OF ACCOUNTS
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS GCE Ordinary Level MARK SCHEME for the May/June 2007 question paper 7110 PRINCIPLES OF ACCOUNTS 7110/02 Paper 2 (Structured), maximum raw mark 100 This
More informationCOMSATS Institute of Information Technology Abbottabad
COMSATS Institute of Information Technology Abbottabad Department of Management Sciences Terminal Section A Class: Date: Subject: Accounting Instructor: Zaheer A. Swati Time Allowed: 30 Minutes Max Marks:
More informationFoundation Access Course for Undergraduate Programmes. Examinations for / Semester 1
Foundation Access Course for Undergraduate Programmes Cohort: FACUP/09/FT Examinations for 2009 2010 / Semester 1 MODULE: FOUNDATION IN ACCOUNTING I MODULE CODE: ACCF Duration: 2 1 2 Hours Reading time:
More information2016 Accounting Assignment. National 5. Finalised Marking Instructions
National Qualifications 2016 2016 Accounting Assignment National 5 Finalised Marking Instructions Scottish Qualifications Authority 2016 The information in this publication may be reproduced to support
More informationMark Scheme (Results) January 2011
Scheme (Results) January 2011 GCE GCE Accounting (6001/01) Paper 01 Edexcel Limited. Registered in England and Wales No. 4496750 Registered Office: One90 High Holborn, London WC1V 7BH Edexcel is one of
More informationFinancial Accounting. Sample Paper / 2018 Questions & Suggested Solutions
Financial Accounting Sample Paper 2 2017 / 2018 Questions & Suggested Solutions NOTES TO USERS ABOUT SAMPLE PAPERS Sample papers are published by Accounting Technicians Ireland. They are intended to provide
More informationFINANCIAL STATEMENTS OF SOLE PROPRIETORSHIP
CHAPTER-9 FINANCIAL STATEMENTS OF SOLE PROPRIETORSHIP Learning Objectives After studying this lesson you will be able to; State the nature of the financial statements; Distinguish between the capital and
More informationPrepare the necessary journal entries to correct the above. Narrations are not required.
Correction of errors HKDSE (2017, 5) (Correction of errors) ABC Limited drafted a trial balance as at 31 December 2016, before the preparation of the closing entries. As the trial balance did not agree,
More informationAccounting Technicians Ireland First Year Examination: May 2017 Paper: FINANCIAL ACCOUNTING Tuesday 9 May a.m. to p.m.
Accounting Technicians Ireland First Year Examination: May 2017 Paper: FINANCIAL ACCOUNTING Tuesday 9 May 2017 9.30 a.m. to 12.30 p.m. INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY Candidates must indicate
More informationOsborne Books Tutor Zone. Bookkeeping Controls. Answers to practice assessment 1
Osborne Books Tutor Zone Bookkeeping Controls Answers to practice assessment 1 Osborne Books Limited, 2016 2 b o o k k e e p i n g c o n t r o l s t u t o r z o n e Task 1 Payment Payment of expenses by
More informationQuestion bank answers
BUSINESS ACCOUNTS 4th edition Question bank answers sourced from www.osbornebooks.co.uk Contents chapter answers number page 1 2 2 2 3 3 4 4 5 4 6 6 7 7 8 9 9 9 10 10 11-12 12 13 13 14 16 15 18 16 20 17
More informationPhotocopiable proforma layouts
Photocopiable proforma layouts These pages may be photocopied for student use. The forms and formats include: n income statement of a sole trader n statement of financial position of a sole trader n income
More informationBook-Keeping and Accounts Level 2
LCCI International Qualifications Book-Keeping and Accounts Level 2 Model Answers Series 3 2011 (2007) For further information contact us: Tel. +44 (0) 8707 202909 Email. enquiries@ediplc.com www.lcci.org.uk
More informationFINANCIAL ACCOUNTING FUNDAMENTALS. A date is then fixed for the commencement of the standard which date is often stated in the standard itself.
SOLUTION 1 a. Process of Developing Accounting Standards Identification of the need for an accounting standard for the purpose of resolving conflicting or varied views on a subject matter or where existing
More informationJohn Ogilvie High School. Higher Accounting. Company Accounts
John Ogilvie High School Higher Accounting Company Accounts Question 1 The following figures were taken from the records of Ochil Industries plc as at 31 December Year 2. Dr Cr 000 000 Revenue of finished
More informationUnit 10 : YEAR-END ADJUSTMENTS
Unit 10 : YEAR-END ADJUSTMENTS Slide 1.2 INTRODUCTION The most important point, which must be understood at the outset, is that all these adjustments have an impact on both the income statement/profit
More informationACCN1 (JAN12ACCN101) General Certificate of Education Advanced Subsidiary Examination January Introduction to Financial Accounting TOTAL
Centre Number Surname Candidate Number For Examiner s Use Other Names Candidate Signature Examiner s Initials Accounting General Certificate of Education Advanced Subsidiary Examination January 2012 ACCN1
More informationSCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME
All Rights Reserved No. of Pages - 12 No of Questions - 06 SCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME YEAR I SEMESTER I (INTAKE VI GROUP B) END SEMESTER
More informationPlease write all your answers in blue or black ink in the answer book provided. There are 3 questions to attempt.
Desk Number. University Card Number FOUNDATION Mid Term Assessment Group November 2016 Accounting 1.5 hours Instructions Please write all your answers in blue or black ink in the answer book provided.
More informationCoimisiún na Scrúduithe Stáit State Examinations Commission. Leaving Certificate Marking Scheme. Accounting. Ordinary Level
Coimisiún na Scrúduithe Stáit State Examinations Commission Leaving Certificate 2017 Marking Scheme Accounting Ordinary Level Note to teachers and students on the use of published marking schemes Marking
More informationAccounting *P44292A0120* P44292A. Paper 1. Pearson Edexcel International GCSE. Friday 8 May 2015 Morning Time: 2 hours 30 minutes.
Write your name here Surname Other names Pearson Edexcel International GCSE Accounting Paper 1 Centre Number Candidate Number Friday 8 May 2015 Morning Time: 2 hours 30 minutes You do not need any other
More informationDawood Public School. Course Outline for Principles of Accounts. Class X
Cambridge O Level Principles of Accounts Syllabus Code 7110 Course Books: Dawood Public School Course Outline for 2013-2014 Principles of Accounts Class X 1. Wood, Frank, Business Accounting, FT Pitman
More informationTuesday 14 June 2005 (afternoon) EXAMINATION. Time allowed - 3 hours plus 15 minutes reading time
NVQ/SVQ Level 2 in Accounting Preparing Ledger Balances and an Initial Trial Balance (PLB) (2003 standards) Tuesday 14 June (afternoon) EXAMINATION Time allowed - 3 hours plus 15 minutes reading time Please
More informationOsborne Books Tutor Zone. Bookkeeping Controls. Answers to chapter activities
Osborne Books Tutor Zone Bookkeeping Controls Answers to chapter activities Osborne Books Limited, 2016 2 b o o k k e e p i n g c o n t r o l s t u t o r z o n e 1 Payment methods 1.1 (a) A standing order
More informationICAN MID DIET LIVE CLASS FOR MAY DIET 2015 FINANCIAL ACCOUNTING Introduction to financial accounting Recording non-current assets and depreciation
ICAN MID DIET LIVE CLASS FOR MAY DIET 2015 FINANCIAL ACCOUNTING Introduction to financial accounting Recording non-current assets and depreciation Compiling financial statement Compiling financial statement
More informationITL Public School Annual Examination ( ) Accountancy (Set -A)- answer key
ITL Public School Annual Examination (204-5) Accountancy (Set -A)- answer key Date: Class: XI Time: hrs M. M: 90 General Instructions:. All questions are compulsory 2. Marks for each question are indicated
More informationAccredited Accounting Technician Examination. Paper 1 Fundamentals of Accounting and Computerized Accounts
Accredited Accounting Technician Examination Pilot Examination Paper Paper 1 Fundamentals of Accounting and Computerized Accounts Questions & Answers Booklet The Suggested Answers given in this booklet
More informationPaper Reference(s) 7011/01 London Examinations GCE. Friday 15 May 2009 Afternoon. Source booklet for use with Questions 1 to 6.
Paper Reference(s) 7011/01 London Examinations GCE Accounting Ordinary Level Friday 15 May 2009 Afternoon Source booklet for use with Questions 1 to 6. Do not return the insert with the question paper.
More informationMARK SCHEME for the May/June 2011 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/11 Paper 1, maximum raw mark 120
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June 2011 question paper for the guidance of teachers 0452 ACCOUNTING
More informationOsborne Books Tutor Zone. Advanced Bookkeeping. Practice assessment 1
Osborne Books Tutor Zone Advanced Bookkeeping Practice assessment 1 Osborne Books Limited, 2016 2 a d v a n c e d b o o k k e e p i n g t u t o r z o n e Task 1 This task is about non-current assets. You
More informationMARK SCHEME for the May/June 2011 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/22 Paper 2, maximum raw mark 120
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June question paper for the guidance of teachers 0452 ACCOUNTING 0452/22
More informationLearning Outcomes. The Basic Accounting Cycle
Chapter 2: Review of the Accounting Process Part 3: Accounting Cycle with Emphasis on Year End Activities Intermediate Accounting 1 Dr. Chula King Learning Outcomes After completing this part, you should
More informationFinancial Accounting. Sample Paper 3 Questions & Suggested Solutions. Page 1 of 31
Financial Accounting Sample Paper 3 Questions & Suggested Solutions Page 1 of 31 NOTES TO USERS ABOUT SAMPLE PAPERS Sample papers are published by Accounting Technicians Ireland. They are intended to provide
More informationCHAPTER - 4 BASIC ACCOUNTING PROCEDURES LEDGER AND TRIAL BALANCE
CHAPTER 4 BASIC ACCOUNTING PROCEDURES LEDGER AND TRIAL BALANCE Learning Objectives After studying this chapter, you will be able to: To understand the Meaning and Procedure for posting. To know the Procedure
More informationInstitute of Certified Bookkeepers
Making you count Institute of Certified Bookkeepers Level III Certificate in Bookkeeping and Accounting Syllabus ICB Syllabus Level III Certificate in Bookkeeping and Accounting 1 Level III Certificate
More informationACCOUNTANCY (Principal and Practice of Financial Accounting) Time: 3 Hours] [Maximum Marks: 100 SECTION A
ACCOUNTANCY (Principal and Practice of Financial Accounting) Time: 3 Hours] [Maximum Marks: 100 Note: (i) (ii) (iii) This Question Paper consists of two Sections, viz., A and B All questions from Section
More informationChapter 5 Extra review questions
Accounting for Non-Accountants 10th Online Material 1 Chapter 5 Extra review questions 1 Enter up the entries needed in the journal to correct the following errors. Narratives are not required: (a) Advertising
More informationAccounting Technicians Ireland First Year Examination: August 2017 Paper: FINANCIAL ACCOUNTING Tuesday 15 August a.m. to p.m.
Accounting Technicians Ireland First Year Examination: August 2017 Paper: FINANCIAL ACCOUNTING Tuesday 15 August 2017 9.30 a.m. to 12.30 p.m. INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY Candidates
More informationManufacturing Account (With answers)
Manufacturing Account (With answers) A) Modified Trading and Profit and Loss Account A company imported transistor radios from Britain, however, the radios must be modified to meet Hong Kong specifications
More informationAccounting (Modular Syllabus)
Pearson Edexcel International Advanced Level Accounting (Modular Syllabus) Unit 1: The Accounting System and Costing Tuesday 12 May 2015 Morning Source Booklet Paper Reference WAC01/01 Do not return the
More informationPrinciples of Accounts. Comprehensive Worksheet. Class 9. 2 nd Term
Principles of Accounts Comprehensive Worksheet Class 9 2 nd Term The City School / PAF Chapter/ Comprehensive Worksheet/May 2018/ Accounts Class 9 Page 1 of 8 Topics for 2 nd Term 1. Statement of profit
More information