9706_m16_qp_12
A paper of Accounting, 9706
Questions:
30
Year:
2016
Paper:
1
Variant:
2
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9
An inexperienced bookkeeper calculated a draft profit for the year ended 31 December 2015 of $578 500. He had not accounted for the following: 1 January 2015 $ 31 December 2015 $ provision for doubtful debts 12 800 11 300 provision for depreciation 95 000 126 200 What was the revised profit for the year?
1. Financial accounting (AS Level)  →  1.5. Preparation of financial statements
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
4. Cost and management accounting (A Level)  →  4.3. Budgeting and budgetary control
Open
12
The statements of financial position of Goh’s business showed the following: 30 June 2014 30 June 2015 net assets $152 000 $184 000 During the year ended 30 June 2015, Goh brought his own motor car into the business at the value of $14 000. The net book value of this motor car at 30 June 2015 was $13 200. He also withdrew $7900 cash from the business bank account. What was the profit for the year ended 30 June 2015?
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
1. Financial accounting (AS Level)  →  1.3. Accounting for non-current assets
Open
13
P joined the partnership of G and H. He brought into the business the following assets. non-current assets cost $25 000, valued at $38 000 inventory cost $6000, valued at $4500 cash $20 000 There was no goodwill arising when P joined the partnership. What was the balance on P’s capital account?
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
1. Financial accounting (AS Level)  →  1.5. Preparation of financial statements
1. Financial accounting (AS Level)  →  1.3. Accounting for non-current assets
Open
14
X and Y have capital accounts of $50 000 each and share profits equally. They plan to admit Z into partnership. The new profit sharing ratio will be 2 : 2 : 1. The balances on the capital accounts will also be in this ratio. Goodwill is valued at $20 000 and will not be retained in the books of account. How much cash will Z need to pay to join the partnership?
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
1. Financial accounting (AS Level)  →  1.5. Preparation of financial statements
Open
15
David and Jane have been business partners for several years, sharing profits in the ratio of 2 : 1. Jane now wishes to retire. Her capital account amounts to $15 800 and her current account shows a debit balance of $3500. Goodwill is valued at $6600. The book values of certain tangible assets are to be valued upwards by $3000. What is the amount due to Jane on her retirement from the business?
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
1. Financial accounting (AS Level)  →  1.5. Preparation of financial statements
3. Financial accounting (A Level)  →  3.3. Business acquisition and merger
Open
22
A company provided the following information. material units cost per unit $ opening inventory 2.00 receipt of new inventory 2.10 issued to production The company uses the first in first out (FIFO) method of valuing inventory. What is the cost of material issued to production?
2. Cost and management accounting (AS Level)  →  2.1. Costs and cost behaviour
4. Cost and management accounting (A Level)  →  4.3. Budgeting and budgetary control
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
Open
26
A business produces and sells watches. In 2015, 4000 watches were produced and 3600 watches were sold. Other information for the year included the following: $ per unit direct materials direct labour variable selling expenses fixed manufacturing overheads fixed administrative costs What is the cost of goods sold for 2015 if the business uses absorption costing?
2. Cost and management accounting (AS Level)  →  2.2. Traditional costing methods
2. Cost and management accounting (AS Level)  →  2.1. Costs and cost behaviour
Open