2014 EXAMINATIONS CERTIFICATE IN FINANCIAL ACCOUNTING PROGRAMME PAPER FA 4 : BUSINESS ACCOUNTING
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1 EXAMINATION NO EXAMINATIONS CERTIFICATE IN FINANCIAL ACCOUNTING PROGRAMME PAPER FA 4 : BUSINESS ACCOUNTING TUESDAY 2 DECEMBER 2014 TIME ALLOWED: 3 HOURS 9.00 AM NOON INSTRUCTIONS 1. You are allowed 15 minutes reading time before the examination begins during which you should read the question paper and, if you wish, make annotations on the question paper. However, you will not be allowed, under any circumstances, to open the answer book and start writing or use your calculator during this reading time. 2. Number of questions on paper The paper is divided into two sections A and B. Section A is compulsory. Candidates should attempt any three questions in section B. 4. Marks will be awarded for neatness and layout. All workings forming part of your answer should be shown. 5. Begin each answer on a fresh page. 6. This question paper must not be removed from the examination hall. 7. DO NOT OPEN THIS PAPER UNTIL YOU ARE INSTRUCTED BY THE INVIGILATOR. This question paper contains 6 pages
2 1 SECTION A This section is compulsory 1. The trial balance for Zathu Enterprise for the period ended 31 October 2014 was as follows: Capital Payables Return inwards Return outwards Sales Discount allowed Purchases Opening Inventories Carriage inwards Carriage outwards Rent paid Salaries and wages Electricity Fuel costs Insurance costs Communication costs Motor vehicle repairs Stationery expenses Office expenses Land Buildings cost Accumulated depreciation 1 November 2013 Motor vehicle cost Accumulated depreciation 1 November 2013 Office furniture cost Accumulated depreciation 1 November 2013 Equipment cost Accumulated depreciation Receivables Bank overdraft Cash Bank loan Discount received Dr 16, ,000 70,000 40,000 22,000 13, , , , ,000 52,000 23,000 48,000 4,184,000 Cr 600, ,000 1,200,000 60,000 14,000 17,000 25,000 18,000 21,000 24,000 2,734,000 Continued/
3 2 (a) Some of the above transactions have been recorded on the wrong side of the trial balance. Produce a correct trial balance as at 31 October (b) You are provided with the following additional information: (1) Closing inventories 85,000 (2) Outstanding rental payable 10,000 (3) Insurance costs paid in advance 7,000 (4) Depreciation charge: - Buildings 2% on cost - Motor vehicle 25% on net book value - Office furniture 10% on cost - Equipment 20% on net book value (i) Prepare a statement of Profit or Loss. 13 Marks (ii) Prepare a statement of financial position as at 31 October Marks (c) (d) Describe five errors which do not affect the trial balance. Give an example for each. 10 Marks Apart from closing inventories, mention four other items which are presented as period end adjustments to financial statements. 4 Marks (TOTAL : 40 MARS)
4 3 SECTION B Answer any three questions from this section 2. Bank transactions for Mutu Designers for the month of 2014 were as follows: 1 Balance b/f 48,000 4 cash 6 cash 25, cash 15, cash 30, Z Mbewe 18, cash 10,000 Cash book 166,000 2 Electricity ,000 5 D Banda ,000 8 Phiri Water , Wages , J Moyo , W Tidd , A ay , C Lungu , Balance c/d 33, , Balance b/f Electricity Deposit D Banda Deposit Cash Water Wages Deposit Direct credit Deekay Standing order Game stores Bank charges Z Mbewe R D cheque Mbewe Direct debit M Sito W ay Direct credit Z Butao Bank Statement Cheque Dr 10,000 15,000 12,000 25,000 30,000 5,000 18,000 31,000 11,000 Cr 25,000 15,000 30,000 18,000 21,000 Balance 48,000 cr 38,000 cr 58,000 cr 43,000 cr 68,000 cr 83,000 cr 71,000 cr 46,000 cr 76,000 cr 96,000 cr 66,000 cr 61,000 cr 79,000 cr 61,000 cr 30,000 cr 19,000 cr 40,000 cr (a) Mention any five items from the bank statement which make the balance at the bank to be different from that in the cash book.
5 4 (b) Prepare an updated cash book for Mutu Designers for the months of Marks (c) Prepare a bank reconciliation for Mutu Designers for the month of (d) Outline any three control measures which should be implemented when depositing cash. 3 Marks (TOTAL : 20 MARS)
6 5 3. A non-current asset register for Tin Ltd for the year to 31 May 2013 was as follows: Balance b/f Additions Disposals Depreciation Balance b/f Depreciation Disposal Net book balance Land & Buildings - 950, ,000 50, , ,000 Information for the year to 31 May 2014 Office Equipment 400, ,000 (100,000) 500, , ,000 _(60,000) 140, ,000 Motor Vehicles 700,000 (200,000) (1) 330, ,000 Total 1,900, ,000 () 2,250, ,000 (180,000) 7 1,530,000 (1) The company bought a new piece of land for 200,000. The building element of Land and Buildings has a cost of 600,000 and is depreciated at 2% on cost. (2) New office equipment worth was acquired during the year. Equipment worth with an accumulated depreciation of 80,000 was disposed of. Depreciation on equipment is at 20% on the year end net book value. (3) A new motor vehicle worth 250,000 was acquired during the year. Depreciation is 20% on cost. (a) Reproduce the non-current asset register for Tin Ltd for the year to 31 May 2014, clearly showing computations for depreciation. 17 Marks (b) Calculate the profit on disposal of the equipment if it was sold for 95, Marks (TOTAL:20 MARS)
7 6 4. For each of the following accounting terms, indicate their treatment in the statement of comprehensive income and the statement of financial position: (a) Opening inventories 2 Marks (b) Return inwards 2 Marks (c) Interest receivables 2 Marks (d) Accrued rental payable 2 Marks (e) Depreciation expense on equipment 2 Marks (f) Drawings for inventories 2 Marks (g) Bank overdraft 2 Marks (h) Provision for doubtful debt (decrease) 2 Marks (i) Carriage inwards 2 Marks (j) Closing inventories. 2 Marks (TOTAL: 20 MARS) 5. ZWY Ltd produces mango juice. Information relating to the production during the month of 2014 was as follows: Input materials 10, per litre Other direct costs 12,000 Labour cost Direct per hour Indirect per hour Overheads absorbed at 30 per direct labour hour Normal loss was set at 10% of input At the end of the month 9,300 litres of juice were produced. (a) Produce a process account for the mango juice for the month of Marks (b) The packaging cost is 10 per bottle, labelling at 8 and bottle tops cost 4 each. The juice is packed in one litre bottles. Calculate the cost of producing each bottle. 2 Marks (c) Prepare a trading account for the month of 2014 if 9,000 bottles were sold at a mark-up of 20%. (d) Mention any three other costing methods apart from process costing. 3 Marks (TOTAL: 20 MARS) E N D
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