9706_w19_qp_12
A paper of Accounting, 9706
Questions:
30
Year:
2019
Paper:
1
Variant:
2
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5
A company prepared a sales ledger control account. The balance did not agree with the total of the sales ledger balances, which were $42 650. The following was discovered. An irrecoverable debt of $500 in the general journal has not been recorded in the sales ledger. The sales journal has been incorrectly added and must be reduced by $750. The sales ledger control account includes the discount received of $400. It should have been discount allowed, $600. Sales to J Brown, $640, have not been entered in his account. What was the correct total of the sales ledger balances?
1. Financial accounting (AS Level)  →  1.4. Reconciliation and verification
1. Financial accounting (AS Level)  →  1.2. The accounting system
Open
7
The table shows information for a business at 31 March 2019. $ inventory 16 100 trade payables 5 200 other payables 2 000 The information excludes the purchase of $3700 of goods. These goods were delivered on 31 March 2019, but the invoice states that legal title to the goods does not pass until payment is received. Which values should appear in the statement of financial position on 31 March 2019?
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
1. Financial accounting (AS Level)  →  1.5. Preparation of financial statements
Open
9
The following balances were extracted from a trial balance at 31 March 2019. $ total trade receivables 84 600 provision for doubtful debts at 1 April 2018 2 835 irrecoverable debt 1 600 There was a decrease in the provision for doubtful debts, $280, for the year ended 31 March 2019. What was the amount of net trade receivables at 31 March 2019?
1. Financial accounting (AS Level)  →  1.5. Preparation of financial statements
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
1. Financial accounting (AS Level)  →  1.4. Reconciliation and verification
Open
10
A business had the following assets and liabilities at the start of the year. a motor car valued at $2500 inventory which cost $4000 with a sales value of $5800 bank overdraft of $500 a loan to a friend from the business bank account of $1000 What was the capital account balance at the start of the year?
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
1. Financial accounting (AS Level)  →  1.3. Accounting for non-current assets
1. Financial accounting (AS Level)  →  1.2. The accounting system
Open
13
A warehouse was damaged by fire on 31 March and some of the inventory was destroyed. The following information is available. $ inventory at cost on 1 January 6 000 inventory at cost on 31 March after fire 3 200 sales during the period 14 700 purchases during the period 9 500 The business uses a mark-up of 33.33%. What was the value of the inventory destroyed?
2. Cost and management accounting (AS Level)  →  2.1. Costs and cost behaviour
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
Open
14
P and Q are in partnership. R was admitted as a partner on 1 July 2018, and the profit and loss sharing ratio among P, Q and R was 2 : 2 : 1 respectively. For the purpose of R’s admission, the partners agreed: goodwill would be valued at $20 000, but not retained in the books of account R would introduce cash, $40 000, and motor vehicle, $10 000 R would be entitled to an annual salary, $5000. What was R’s capital account balance immediately after his admission?
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
1. Financial accounting (AS Level)  →  1.5. Preparation of financial statements
Open
16
L, M and N are in partnership sharing profits and losses equally. L retired when the credit balances on her capital and current accounts were $100 000 and $40 000. Partnership assets were revalued upwards by $60 000. L took half of the amount due to her on retirement. The other half was left as a loan to the business. How much was L paid from the partnership bank account on her retirement?
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
1. Financial accounting (AS Level)  →  1.5. Preparation of financial statements
Open
17
The directors of a limited company recently made a rights issue of one ordinary share for every three held at a premium of $0.50 per share. The rights issue was fully subscribed. The statement of financial position showed the following information after the rights issue was made. $000 issued share capital: (shares of $1 each) share premium Which amount was debited to the company’s bank account when the rights issue was made?
1. Financial accounting (AS Level)  →  1.5. Preparation of financial statements
Open
18
A company’s year end is 31 December. During the year ended 31 December 2018 it paid the following dividends: $ final dividend for the year ended 31 December 2017 15 000 interim dividend for the year ended 31 December 2018 8 000 On 1 February 2019 it declared a final dividend of $10 000 for the year ended 31 December 2018. How much should be recorded for dividends in the statement of changes in equity for the year ended 31 December 2018?
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
1. Financial accounting (AS Level)  →  1.5. Preparation of financial statements
Open
22
The following information relates to the inventory of a business. date purchases unit cost sales unit selling price 2 June 1000 units $12 12 June 1000 units $13 18 June 800 units $18 28 June 1000 units $14 Estimated unit selling price at 30 June is $20. There was no opening inventory. What was the value of closing inventory at 30 June using FIFO?
2. Cost and management accounting (AS Level)  →  2.1. Costs and cost behaviour
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
Open
27
A company makes three products for which the following details are given. product X $ product Y $ product Z $ selling price per unit direct material per unit direct labour per unit The same material is used to make all three products and it costs $2.00 per kilo. There is a shortage of material. In which order should the products be made to achieve maximum profit?
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
28
Last month a company made and sold 10 000 units and earned a contribution of $20 per unit. Its final profit, after deducting total fixed costs, was $120 000. This month its sales volume has increased by 20%, its contribution per unit has increased by 5% and its total fixed costs have increased by 15%. What is its profit this month?
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