9706_s24_qp_12
A paper of Accounting, 9706
Questions:
30
Year:
2024
Paper:
1
Variant:
2
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5
Adam’s financial year ends on 31 December. At the beginning of the year, on 1 January, the carrying value of machinery was $20 000. During the year, on 30 June, he purchased a new machine for $6000. He paid 50% of the cost in cash and the balance by part exchange of an old machine which had the carrying value of $2500 on that date. He depreciates his machinery by 20% per annum on the carrying value calculated on a time basis. What is the carrying value of the machinery shown...
1. Financial accounting (AS Level)  →  1.3. Accounting for non-current assets
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
7
The following errors in the accounting records have been found and corrected. A purchase invoice for $250 was omitted from the books of account. A sale for $120 to X was debited to the account of Y. The sales journal was overcast by $100. The gross profit for the year before correcting the errors was $60 200. What is the correct gross profit for the year?
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
1. Financial accounting (AS Level)  →  1.4. Reconciliation and verification
Open
8
The bank statement of a business showed a credit balance of $3421, which did not agree with the balance in the cash book. Further investigation revealed that a receipt entered in the cash book for $125 and a payment for $455 had not yet appeared on the bank statement. The bank statement showed bank charges of $64 and a credit transfer of $177 which had not been entered in the cash book. Which balance was shown...
1. Financial accounting (AS Level)  →  1.4. Reconciliation and verification
Open
10
A trade payable for $720 transferred from the purchases ledger has been entered on the wrong side of the sales ledger control account. The sales ledger control account has a closing balance of $92 460 before correcting the transfer. An allowance for irrecoverable debts of $1000 is to be made. What is the correct balance on the sales ledger control account?
1. Financial accounting (AS Level)  →  1.4. Reconciliation and verification
1. Financial accounting (AS Level)  →  1.2. The accounting system
Open
12
The draft profit for a business was $64 000 before the following information was taken into account. • An allowance for irrecoverable debts was maintained at 2% of trade receivables. The total of trade receivables was $150 000 at the beginning of the period and $220 000 at the end of the period. • On the last day of the period $4000 was recovered from a trade receivable that had been written off as irrecoverable. D $66 600 C $63 600 What is the revised profit for the period?
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
14
A trader sells goods at a uniform mark-up of 20%. The following information is available for the year ended 31 December. $ 1 780 2 100 23 400 1 800 inventory at 1 January inventory at 31 December purchases carriage inwards carriage outwards goods taken for own use (at selling price) What was the value of cost of sales for the year ended 31 December?
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
2. Cost and management accounting (AS Level)  →  2.1. Costs and cost behaviour
2. Cost and management accounting (AS Level)  →  2.2. Traditional costing methods
Open
16
Vicram and Walter are in partnership but have not made any partnership agreement. The net assets of the partnership at the end of a financial period totalled $180 000. The partners maintain capital and current accounts. The opening balances on the current accounts were: The profit of the partnership for the period, before appropriation, was $85 000. Vicram had provided a loan of $20 000 to the business. What is the balance on Vicram’s capital account at the end of the period?
1. Financial accounting (AS Level)  →  1.5. Preparation of financial statements
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
Open
19
An accounting student made the following statements about the requirements of different users of the accounting information of a company. the government wants to assess the company's return on capital employed suppliers want to know if the company is financially stable managers use the information for planning and control purposes lenders want to know whether the business is able to pay dividends Which statements are correct?
1. Financial accounting (AS Level)  →  1.6. Analysis and communication of accounting information
Open
25
A hotel provided the following information for a 30-day period. rooms with one bed rooms with two beds number of letting bedrooms average number of rooms occupied per day number of guests in period 2 days average length of stay $300 000 payroll and cleaning costs What are the average payroll and cleaning costs per occupied bed per day?
2. Cost and management accounting (AS Level)  →  2.1. Costs and cost behaviour
3. Financial accounting (A Level)  →  3.5. Analysis and communication of accounting information
Open
28
A company makes three products X, Y and Z for which details per unit are as follows: Z Y X $50 $35 $18 selling price $5 $5 $4 direct material costs 2.5 0.5 direct labour hours The direct labour rate is $8.00 per hour. Direct labour hours are limited. In which order should the products be ranked to achieve the maximum profit with the available labour hours?
2. Cost and management accounting (AS Level)  →  2.1. Costs and cost behaviour
4. Cost and management accounting (A Level)  →  4.2. Standard costing
Open
29
The details of a planned college course are as follows: $ course fee per student variable course cost per student total fixed costs of the course The budgeted number of students is 10. However, if a lower fee is charged, 20 students are likely to take the course. How much should the course fee of $100 be reduced by to earn the same total profit from 10 students as from 20 students?
4. Cost and management accounting (A Level)  →  4.3. Budgeting and budgetary control
2. Cost and management accounting (AS Level)  →  2.1. Costs and cost behaviour
Open