Osborne Books Tutor Zone. Bookkeeping Controls. Answers to practice assessment 2
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1 Osborne Books Tutor Zone Bookkeeping Controls Answers to practice assessment 2 Osborne Books Limited, 2016
2 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 Variable monthly bill for broadband and telephone services Payment of a credit supplier s account due in one day Purchase of computer equipment online in a one-day special offer. No credit account exists Guaranteed payment for a new vehicle costing 26,000. Payment must be made in person when the vehicle is collected from the dealer. Direct debit Faster payment Business credit card Bank draft Both are False (c) Error in the general ledger Error causes Error does NOT an imbalance cause an imbalance A cash purchase has been correctly recorded in purchases account as 65, but has been recorded in cash book as 56 A bank payment to a trade payable has been recorded in the cash book only Purchases returns of 150 have been debited to purchases account A sales invoice has not been recorded in the accounting system 4 (d) Rent received of 450 by cheque has been recorded in both accounts as 540 (e) True
3 a n s w e r s t o p r a c t i c e a s s e s s m e n t 2 3 Task 2 Wages expense 26,741 4 Wages control 26,741 4 Wages control 7,149 4 HM Revenue & Customs 7,149 4 (c) Wages control 18,282 4 Bank 18,282 4 (d) Wages control 1,310 4 Pension fund 1,310 4 Task 3 Irrecoverable debts VAT Sales ledger control 648 4
4 4 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 Inventory 4,108 4 Bank overdraft 1,095 4 Capital 21,757 4 Sales ledger control 12,395 4 Purchases ledger control 7,962 4 Wages 3,855 4 Miscellaneous expenses Machinery 4,550 4 Office equipment 2,680 4 Rent 2,250 4 Journal to record the opening entries of new business Task 4 VAT control account Details Amount Purchases 6,373 Sales returns 469 Discounts allowed 340 Cash purchases 224 Irrecoverable debt 90 Computer equipment 460 Bank 5,273 Details Amount Balance b/f 5,273 Sales 13,104 Purchases returns 346 Discounts received 166 Cash sales 924 6,584 Credit
5 a n s w e r s t o p r a c t i c e a s s e s s m e n t 2 5 Task 5 Details Amount Debit Credit Balance of credit suppliers at 1 June 13,241 4 Goods bought on credit 6,935 4 Payments made to credit suppliers 6,752 4 Discount received Goods returned to credit suppliers 1,046 4 Cr 12,266 (c) Purchases ledger control account balance as at 1 July 12,266 Total of purchases ledger accounts as at 1 July 12,045 Difference 221 (d) (c) A payment to a credit supplier was entered twice in the purchases ledger
6 6 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 6 CASH BOOK Date Details Bank Date Cheque Details Bank number 02 Jun Scotts 3, Jun Balance b/f 2, Jun D Dunlevy 1, Jun Walls plc Jun Melia & Co Jun Linsell & Stuart Jun Dixon & Co 1, Jun Silk & Co Jun Trew Ltd 3, Jun Siddique Brothers 1, Jun Amery Ltd 2, Jun Hudson Ltd Jun Balance b/d 3, Jun Yanez Ltd 2, Jun Western Gas Jun Aiken Insurance 1, Jun Bank charges Jun Balance c/d 3,818 13,985 13,985
7 a n s w e r s t o p r a c t i c e a s s e s s m e n t 2 7 Task 7 Bank reconciliation statement as at 30 September 20-4 Balance as per bank statement 1,016 Add: Name: Marsh & Co 968 Total to add 968 Less: Name: Parry Cleaning 836 Name: Haddon Ltd 1,507 Total to subtract 2,343 Balance as per cash book 359 Cash book balance Bank column totals 359 Credit 5,544 Task 8 (1) Sales returns 2,190 4 (2) Sales returns 2,090 4 (3) Suspense 100 4
8 8 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 Bank Insurance Insurance Bank Task 9 Suspense Details Amount Details Amount Rent received 1,425 Balance b/d 180 Rent received 1,245 Rent received Details Amount Details Amount Suspense 1,245 Balance b/d 1,245 Balance c/d 1,425 Suspense 1,425 2,670 2,670
9 a n s w e r s t o p r a c t i c e a s s e s s m e n t 2 9 Task 10 Account name Debit Credit Suspense 930 Account name Original balance New balance Debit Credit Commission received 1,392 2,052 4 Sales 73,391 73,661 4 (c) Account name Balance Debit in the Credit in the trial balance trial balance Capital 16,271 4 Sales ledger control 15,624 4 Advertising 3,767 4 (d) Account name Debit Credit Totals 136, ,884
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