9706_w24_qp_13
A paper of Accounting, 9706
Questions:
30
Year:
2024
Paper:
1
Variant:
3
Login to start this paper & get access to powerful tools
10
The bank column of a business cash book showed a debit balance of $25000. The following information was then discovered. $ direct debit payments not recorded in the cash book payments for sales made directly into the bank by customers but not recorded in the cash book bank charges not recorded in the cash book payment made by the business but not yet shown...
1. Financial accounting (AS Level)  →  1.4. Reconciliation and verification
1. Financial accounting (AS Level)  →  1.2. The accounting system
Open
12
At the end of the year, the balance on a firm’s sales ledger control account was $12900. The total of the customers’ accounts in the sales ledger was $11900. The following errors were then discovered. A customer’s account had been undercast by $700. A contra with a supplier in the purchases ledger of $200 had only been entered in the sales ledger control account. The discount allowed column in the cash book totalled $500. This had not been posted to the nominal ledger. What was 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
13
A book-keeper makes the following adjustments to ledger accounts before making transfers to the statement of profit or loss for the period. The insurance expense account is debited for a prepaid amount. The account for rent received is debited for an amount received in advance. The allowance for irrecoverable debts account is debited for the reduction in the allowance. The provision for depreciation on machinery account is debited for the annual depreciation charge. Which entries are correct?
1. Financial accounting (AS Level)  →  1.5. Preparation of financial statements
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
Open
14
At the end of a financial year, the following took place in a business: Trade receivables with a value of $10000 were written off as irrecoverable. A bank loan of $20000 was received. What was the effect of the two transactions on the net assets of the business?
1. Financial accounting (AS Level)  →  1.5. Preparation of financial statements
1. Financial accounting (AS Level)  →  1.3. Accounting for non-current assets
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
Open
15
A trader started business on 1 January with capital of $120 000. At the end of the financial year on 31 December, the balance on the capital account was $150 000 after entering the profit for the year of $70 000 and an amount for drawings. During the year, the trader had introduced a motor vehicle which had previously been for private use. This had cost $30 000 but was valued at $20 000 when it was brought into the business. The trader had also introduced a further $25000 in cash. What was the drawings figure for 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
16
Annie and Benny were in partnership. They maintained both capital and current accounts. On 1 January Annie’s capital was $20000. On 1 April she transferred her private motor vehicle to the business at a valuation of $12000. On 1 July she took goods with a cost price of $2000 for personal use. Interest on capital was calculated at the rate of 10% per annum. What was Annie’s interest on capital for the year ended 31 December?
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
A company provided the following information for the financial year ended 31 December. 31 December $ 1 January $ ordinary share capital ($1 shares) − share premium − general reserve retained earnings During the year a bonus issue of one ordinary share for every five ordinary shares was made. It is the company’s policy to keep its reserves in the most flexible form. A dividend of $0.15 per share was paid during the year on all ordinary shares held on 1 January. What was the profit for the year?
1. Financial accounting (AS Level)  →  1.5. Preparation of financial statements
Open
22
The following information is available about Chi’s business. $ opening inventory closing inventory cost of sales When calculating his rate of inventory turnover, Chi used closing inventory in error. What was the effect of this error on the rate of inventory turnover?
2. Cost and management accounting (AS Level)  →  2.1. Costs and cost behaviour
3. Financial accounting (A Level)  →  3.1. Preparation of financial statements
1. Financial accounting (AS Level)  →  1.4. Reconciliation and verification
Open