Osborne Books Tutor Zone. Advanced Bookkeeping. Practice assessment 1

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1 Osborne Books Tutor Zone Advanced Bookkeeping Practice assessment 1 Osborne Books Limited, 2016

2 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 are working on the accounts of a business known as Blenheim Builders. You may ignore VAT in this task. The following is an extract from a purchase invoice received by Blenheim Builders relating to a printer to be used in its office: To: Blenheim Builders Invoice 1749 Blenheim Road On-line Supplies plc Lindum Laceby Road Date: LD3 7PF Rustonby 22 March 20-0 RS4 2YD Item Details Quantity QX Laser printer Serial no 21XD Next-day delivery Printer each Net total Blenheim Builders paid the invoice in full on 30 March The following information relates to the sale of a car: Registration number LN07 SBT Date of sale 15 March 20-0 Selling price 11, Blenheim Builders has a policy of capitalising expenditure over 500. Vehicles are depreciated at 25% on a diminishing balance basis. Computer equipment is depreciated at 20% on a straight-line basis assuming no residual value. A full year s depreciation is applied in the year of acquisition and none in the year of disposal. For the year ended 31 March 20-0, record the following in the extract from the non-current asset register on the next page. Any acquisitions of non-current assets during the year ended 31 March Any disposals of non-current assets during the year ended 31 March Depreciation for the year ended 31 March Notes: Not every cell will require an entry. Show your answers to two decimal places.

3 p r a c t i c e a s s e s s m e n t 1 3 EXTRACT FROM NON-CURRENT ASSET REGISTER Description/ Acquisition Cost Depreciation Carrying Funding Disposal Disposal serial number date charges amount method proceeds date Computer equipment XXL laptop 16/06/ Cash Year ended 31/03/ Year ended 31/03/ Year ended 31/03/-0 Year ended 31/03/-0 Vehicles LN07 SBT 11/08/-7 22, Cash Year ended 31/03/-8 5, , Year ended 31/03/-9 4, , Year ended 31/03/-0 LN08 TQZ 17/07/-8 19, Part-exchange Year ended 31/03/-9 4, , Year ended 31/03/-0 Which one of the following statements is true? (d) Revenue expenditure is expenditure incurred on the running expenses of a business The cost of repairs of a non-current asset is included in the capital expenditure of that asset The cost of delivery of a non-current asset is recorded as revenue expenditure The cost of an annual service contract for a non-current asset is recorded as capital expenditure

4 4 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 2 This task is about ledger accounting for non-current assets. You are working on the accounting records of a business. VAT can be ignored. During the year an old vehicle a delivery van was disposed of. The vehicle had been bought for 10,000. Two years depreciation has been applied. Depreciation is provided at 30 per cent per year on a diminishing balance basis. The vehicle was sold for 5,200, with payment being received into the bank. Select your entries from the following list: Balance b/d, Balance c/d, Bank, Depreciation charges, Disposals, Purchases, Purchases ledger control, Sales ledger control, Statement of profit or loss, Value Added Tax, Vehicles: accumulated depreciation, Vehicles at cost. Calculate the accumulated depreciation on the vehicle now sold: Year 1 Year 2 Total Make entries in the accounts below for the disposal of the vehicle, showing clearly any balance carried down or transferred to the statement of profit or loss. Vehicles at cost Balance b/d 10,000 Disposals

5 p r a c t i c e a s s e s s m e n t 1 5 Tick the relevant box to show whether there is a gain or loss on disposal of the vehicle. Gain Loss Show the journal entry to transfer the gain or loss to the relevant financial statement. Account Debit Credit

6 6 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 3 This task is about ledger accounting, including accruals and prepayments and applying ethical principles. Enter the figures given in the table below in the appropriate trial balance columns. Do not enter zeros in unused column cells. Do not enter any figures as negatives. Extract from the trial balance as at 31 March Ledger balance Trial balance Account Dr Cr Prepaid expenses 1,050 Discounts received 790 Accrued income 3,220 Opening inventory 10,445 You are working on the accounting records of a business for the year ended 31 March In this task, you can ignore VAT. Business policy: accounting for accruals and prepayments An entry is made into the income or expense account and an opposite entry into the relevant asset or liability account. In the following period, this entry is reversed. You have the following information: The balance on the rent receivable account at the beginning of the financial year is 650. This represents a prepayment for rent receivable as at the end of the year on 31 March The cash book for the year shows receipts for rent receivable of 8,000. The rent receivable account has been correctly adjusted for 2,100 rent for the quarter ended 31 May This was received into the bank and entered into the cash book on 29 March Complete the following statements by calculating the required figure and selecting one option from each box. On 1 April 20-0, the rent receivable account shows a DEBIT / CREDIT balance of On 31 March 20-1, the rent receivable account shows an adjustment for ACCRUED EXPENSES ACCRUED INCOME PREPAID EXPENSES PREPAID INCOME of Calculate the rent receivable for the year ended 31 March 20-1.

7 p r a c t i c e a s s e s s m e n t 1 7 The cash book for the year shows payments for vehicles expenses of 7,240. Update the vehicles expenses account for this, showing clearly the balance to be carried down. Select your entries from the following list: Accrued expenses, Accrued income, Balance b/d, Balance c/d, Bank, Prepaid expenses, Prepaid income, Purchases, Purchases ledger control, Rent receivable, Sales, Sales ledger control, Statement of profit or loss, Vehicle expenses. Vehicle expenses Accrual expenses (reversal) 225 You now find out that there is an unpaid bill of 960 for vehicle fuel for the two months ended 30 April 20-1 that has not been included in the accounting records. Complete the following statements by calculating the required figure and selecting one option from each box. Adjusting for this will INCREASE / DECREASE / HAVE NO EFFECT ON the total vehicle expenses figure transferred to the statement of profit or loss for the year. The adjustment is. Vehicle expenses will show as a DEBIT / CREDIT in the statement of profit or loss account in the general ledger. (d) Accrued expenses shows a balance of 750 for the year ended 31 March This relates to unpaid wages. Complete the following statements: The reversal of this accrual is a DEBIT / CREDIT in Accrued expenses account and a DEBIT / CREDIT in Wages account.

8 8 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 (e) A junior colleague asks you to explain the reason for applying the accruals principle in accounting. Which of the following can you use as an explanation? Choose one answer for each row. Acceptable reason Not acceptable reason It allows for manipulation of period end profit or loss It ensures that revenues and expenses are recorded when they are earned It ensures that revenue and expenses are recorded when they are paid for

9 p r a c t i c e a s s e s s m e n t 1 9 Task 4 This task is about accounting adjustments. You are working on the accounting records of a business with a year-end of 31 March. A trial balance has been drawn up and a suspense account opened. You now need to make some corrections and adjustments for the year ended 31 March You may ignore VAT in this task. No entries have been made for closing inventory for the year end 31 March Closing inventory has been valued at cost at 14,400. Included in this figure are some items costing 1,250 that will be sold for 990. Calculate the value of closing inventory. (1) Record this adjustment into the extract from the extended trial balance (on the next page). (2) Make the following further adjustments. You will not need to enter adjustments on every line. Do not enter zeros into unused column cells. Entries need to be made for an irrecoverable debt of 165. A payment of 700 for vehicle expenses has been made from the bank account. The correct entry was made in vehicle expenses account, but no other entries were made. The figures from the columns of the purchases day book for 31 March have been totalled correctly as follows: Purchases column 4,400 Value Added Tax column 880 Total column 5,280 The amounts have been posted as follows: Dr Purchases 4,400 Cr Value Added Tax 880 Cr Purchases ledger control 5,280

10 1 0 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 Extract from extended trial balance Ledger balances Adjustments Allowance for doubtful debts 1,100 Bank 2,650 Closing inventory statement of financial position Closing inventory statement of profit or loss Depreciation charge 2,500 Irrecoverable debts Office expenses 18,370 Purchases 68,000 Purchases ledger control 10,450 Sales ledger control 20,150 Suspense 1,060 Value Added Tax 2,140 Vehicle expenses 3,810 Dr Cr Dr Cr The ledgers are ready to be closed off for the year ended 31 March Show the journal entries to close off the office expenses account. Select your entries from the following list: Allowance for doubtful debts, Bank, Closing inventory statement of financial position, Closing inventory statement of profit or loss, Depreciation charge, Irrecoverable debts, Office expenses, Purchases, Purchases ledger control, Sales ledger control, Statement of profit or loss, Suspense, Value Added Tax, Vehicle expenses. Account Dr Cr Select the appropriate narrative for the journal above: Transfer of office expenses for the year ended 31 March 20-1 to the statement of financial position Closure of office expenses account for the year ended 31 March 20-1 Transfer of office expenses for the year ended 31 March 20-1 to the statement of profit or loss (d) Removal of office expenses for the year ended 31 March 20-1

11 p r a c t i c e a s s e s s m e n t (d) An allowance for doubtful debts account is kept (choose one option): To set aside a sum of cash to compensate the business when doubtful debts become irrecoverable To record adjustments to the trial balance when it does not balance To show a realistic figure of trade receivables in the statement of financial position (d) Until the end of the financial year, when the balance is credited to sales ledger control account

12 1 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 5 This task is about period end routines, using accounting records, and the extended trial balance. You are preparing to reconcile purchases ledger control account to purchases ledger. The balance showing on purchases ledger control account is a credit of 14,280 and the total account balances in the purchases ledger is a credit of 14,350. The purchases ledger has been compared with purchases ledger control account and the following differences identified: 1 Settlement (cash) discount received of 180 has been entered in the purchases ledger accounts but has been omitted from purchases ledger control account. 2 A payment of 645 has been debited to the purchases ledger account of Amery Ltd instead of purchases ledger account of Avery Ltd. 3 A BACS payment sent to a credit supplier was for 450, but the amount that should have been paid is A set-off entry for 300 has been omitted from purchases ledger control account. 5 A purchase of 550 from Hewitt & Co has been omitted from purchases day book, but has been correctly entered into the purchases ledger. 6 A purchases return of 240 has been debited to the purchases ledger account of Bristow Ltd instead of the purchases ledger account of W Bristol Ltd. Use the following table to show the three adjustments you need to make to purchases ledger control account. Adjustment Amount Debit Credit number Which of the following statements about the VAT control account is true? Choose one. (d) A refund of VAT from HMRC is debited to the VAT control account VAT is not adjusted when settlement discounts are taken Purchases returns VAT increases VAT liability to HMRC VAT on non-current asset acquisitions is apportioned over the useful life of the asset

13 p r a c t i c e a s s e s s m e n t You have the following extended trial balance. The adjustments have already been correctly entered. Extend the figures into the statement of profit or loss and statement of financial position columns. Do not enter zeros into unused column cells. Complete the extended trial balance by entering figures and a label (see * below) in the correct places. Extended trial balance Ledger account Ledger balances Adjustments Statement Statement of of Profit or Loss Financial Position Administration expenses 15, Allowance for doubtful debts Allowance for doubtful debts: adjustment 250 Bank 5, Capital 20,000 Closing inventory 12,150 12,150 Depreciation charge 4,000 Office equipment at cost 30,000 Office equipment: accumulated depreciation 12,000 4,000 Opening inventory 14,250 Payroll expenses 25, Purchases 125,000 Purchases ledger control 22,600 Sales 195, Sales ledger control 30,300 Selling expenses 18,400 Suspense 1,050 1, Value Added Tax 2,050 * *Select your entry from the following list: Dr Cr Dr Cr Dr Cr Dr Cr 258, ,850 17,850 17,850 Balance b/d, Balance c/d, Gross profit/loss for the year, Profit/loss for the year, Suspense.

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