9706_w23_qp_13
A paper of Accounting, 9706
Questions:
30
Year:
2023
Paper:
1
Variant:
3
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9
The trial balance of a business did not agree and a suspense account was opened. The following errors were then discovered. The sales journal total of $9150 had been credited to both the sales account and the sales ledger control account. The purchases journal total of $3450 had been entered correctly in the purchases account but as $3350 in the purchases ledger control account. Motor expenses of $6450 paid by cheque had only been entered in the bank account. What was the opening balance in the suspense account?
1. Financial accounting (AS Level)  →  1.4. Reconciliation and verification
1. Financial accounting (AS Level)  →  1.2. The accounting system
Open
11
The year-end balance in the cash book was $23 780. This was different from the balance on the bank statement. The difference was due to the following items. $ a bank error meant a cheque was incorrectly debited to the bank account a customer’s cheque which was dishonoured 1 375 bank charges Which figure should be included as cash at bank in the statement of financial position?
1. Financial accounting (AS Level)  →  1.4. Reconciliation and verification
1. Financial accounting (AS Level)  →  1.3. Accounting for non-current assets
Open
13
The closing balance of a purchases ledger control account was $7480. It did not agree with the total of the suppliers’ balances in the purchases ledger. The following two errors were found. An error of original entry occurred when a credit note from a supplier for $120 had been recorded as $210. Interest charged on an overdue supplier’s account of $40 had been debited to the purchases ledger control account. What is the corrected balance of the purchases ledger control account?
1. Financial accounting (AS Level)  →  1.4. Reconciliation and verification
Open
16
A business adds a mark-up of 25% to all goods sold. The following information is available for the year ended 30 June. $ receipts from credit customers 284 300 opening trade receivables 22 100 closing trade receivables 26 500 cash used for business expenses and drawings 52 400 discount allowed to credit customers 1 200 closing cash balance Receipts from cash sales were used to pay business expenses and drawings. Any remaining cash was placed in the cash account. The opening cash balance was nil. What was the value of total sales for the year?
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
2. Cost and management accounting (AS Level)  →  2.1. Costs and cost behaviour
1. Financial accounting (AS Level)  →  1.2. The accounting system
Open
21
In the last financial year, R Limited had sales revenue of $190 000 and operating expenses of $108 000. In the current financial year, the directors think that if they increase spending on advertising by $5000, then sales would increase to $205 000. Operating expenses (excluding advertising) would increase by $7000. What would the operating expenses to revenue ratio be if the additional advertising took place?
1. Financial accounting (AS Level)  →  1.6. Analysis and communication of accounting information
3. Financial accounting (A Level)  →  3.5. Analysis and communication of accounting information
1. Financial accounting (AS Level)  →  1.3. Accounting for non-current assets
Open
22
The following information is available for a business. $ total purchases 820 000 credit purchases 740 000 opening inventory 60 000 closing inventory 80 000 total sales (all on credit) 910 000 carriage inwards 20 000 returns outwards 40 000 What was the inventory turnover?
1. Financial accounting (AS Level)  →  1.6. Analysis and communication of accounting information
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