9706_s21_qp_13
A paper of Accounting, 9706
Questions:
30
Year:
2021
Paper:
1
Variant:
3
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5
During the year ended 31 December 2017 a business purchased a vehicle for $23 500. On 30 September 2020 it was sold for $3500. Depreciation was charged at 20% per annum using the straight-line method. A full year’s depreciation was charged in the year of purchase and the year of disposal. What was the profit or loss on disposal of the vehicle?
1. Financial accounting (AS Level)  →  1.3. Accounting for non-current assets
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
Open
7
At the end of a financial year, the debit balance on a trader’s sales ledger control account was $26 800. At the same date, his sales ledger balances totalled $30 000. He discovered the following. A dishonoured cheque of $1000 had been omitted from the sales ledger control account. A sales ledger credit balance of $500 had been listed as a debit balance. The sales journal had been undercast by $1200. What was the amount of trade receivables to be included in the statement of financial position?
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
1. Financial accounting (AS Level)  →  1.2. The accounting system
1. Financial accounting (AS Level)  →  1.4. Reconciliation and verification
Open
8
A trader extracted the following information from his books of account at 31 March 2021. $ purchases ledger balances at 1 March 2021 32 100 credit purchases for March 26 400 cheques paid to credit suppliers in March 29 700 contra with sales ledger discount received What was the closing balance on the purchases ledger control account at 31 March 2021?
1. Financial accounting (AS Level)  →  1.4. Reconciliation and verification
1. Financial accounting (AS Level)  →  1.2. The accounting system
Open
10
Marianna rents part of her premises to Paul. On 1 April 2020, the rent receivable account showed a balance of $800 as Paul owed rent for the last month of the financial year ended 31 March 2020. From 1 April 2020 there was a 5% increase in the annual rent. Marianna received payments from Paul during the year ended 31 March 2021 totalling $10 040. Which figures should be included in Marianna’s financial statements for the year ended 31 March 2021?
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
Open
13
P and Q were in partnership, sharing profits and losses equally. R was admitted to the partnership. The terms of R’s admission were as follows. R introduced capital of $20 000 cash and a vehicle valued at $6000. Non-current assets were revalued upwards by $14 000. Goodwill was valued at $10 000, but will not be retained in the books of account. The new future profit-sharing ratio will be P, Q, R, 2 : 2 : 1. What was the opening balance on R’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
Open
14
H and D are in partnership. They are charged 5% interest on their annual drawings. Their appropriation account for the year ended 30 April 2021 showed the following. H $ D $ interest on drawings 2 080 1 520 interest on capital 2 000 1 000 salaries 20 000 15 000 share of profits 63 000 42 000 On 1 May 2020 the balance on H’s current account was $3300 debit. What was the credit balance on H’s current account on 30 April 2021?
1. Financial accounting (AS Level)  →  1.5. Preparation of financial statements
Open
15
L and M are in partnership. The following information about the partnership relates to 2020. $ profit before appropriation 88 000 interest on drawings: L M 1 000 1 000 interest on capital: L M 3 000 1 000 Profits are shared in the same ratio as partners’ capital account balances. What is L’s share of the residual profit?
1. Financial accounting (AS Level)  →  1.5. Preparation of financial statements
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
Open
18
The following information is available for a limited company at 31 December 2020. $ non-current assets 200 000 shareholders’ equity 170 000 5% debentures (2028) 40 000 bank loan 150 000 The bank loan is repayable in five annual equal instalments with the first payment due on 1 June 2021. What was the total working capital at 31 December 2020?
1. Financial accounting (AS Level)  →  1.5. Preparation of financial statements
1. Financial accounting (AS Level)  →  1.3. Accounting for non-current assets
Open
20
The following information is available for a business for the year ended 31 December 2020. rate of inventory turnover 20 times opening inventory $40 000 closing inventory $20 000 gross margin 25% What was the revenue for the year ended 31 December 2020?
1. Financial accounting (AS Level)  →  1.6. Analysis and communication of accounting information
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
2. Cost and management accounting (AS Level)  →  2.1. Costs and cost behaviour
Open
21
The following information is available regarding direct materials for a month. opening inventory 1000 kgs at $20 per kg purchases 20 000 kgs at $22 per kg closing inventory 3500 kgs Inventory is valued using the first in, first out (FIFO) method. What was the cost of the materials issued to production for the month?
2. Cost and management accounting (AS Level)  →  2.1. Costs and cost behaviour
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
24
A company has budgeted the following factory overheads for the next financial year. machining assembly stores total overheads $80 000 $50 000 $10 000 $140 000 Machining and assembly are production departments and stores is the service department. The two production departments issued requisitions to stores as follows. machining assembly total What was the budgeted overhead absorption rate for the machining department based on 4300 budgeted machine hours?
2. Cost and management accounting (AS Level)  →  2.2. Traditional costing methods
Open
28
For the month of April a business manufactured 4000 units and sold 3600 units. The following total costs have been incurred. $ direct materials 80 000 direct labour 120 000 variable production overheads 36 000 variable selling commission 18 000 fixed production overheads 144 000 There was no opening inventory. The business values inventory using marginal costing. What is the value of the closing inventory?
2. Cost and management accounting (AS Level)  →  2.1. Costs and cost behaviour
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
2. Cost and management accounting (AS Level)  →  2.2. Traditional costing methods
Open