7707_w20_qp_13
A paper of Accounting, 7707
Questions:
35
Year:
2020
Paper:
1
Variant:
3
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5
On 1 March 2020 the bank column of a cash book had a credit balance of $290. During March cheques totalling $580 were received and cheques totalling $610 were paid to suppliers. Bank charges of $12 incurred in February were also entered in the cash book. What was the balance of the bank column in the cash book on 1 April 2020?
3. Verification of accounting records  →  3.3. Bank reconciliation
2. Sources and recording of data  →  2.3. Books of prime entry
2. Sources and recording of data  →  2.1. The double entry system of book-keeping
Open
13
Rashid provided the following information at 31 December. $ machinery at cost 52 000 provision for depreciation of machinery 23 000 Depreciation for the year is calculated at 20% on cost. After the statement of financial position was prepared it was found that the machinery repairs costing $2000 had been debited to the machinery account. What is the correct balance on the provision for the depreciation of machinery account?
4. Accounting procedures  →  4.2. Accounting for depreciation and disposal of non-current assets
5. Preparation of financial statements  →  5.1. Sole traders
4. Accounting procedures  →  4.1. Capital and revenue expenditure and receipts
Open
16
The balances in the books of Jason on 1 July 2019 included the following. $ trade receivables 64 200 provision for doubtful debts 1 284 Trade receivables at 30 June 2020 were $58 500, of which $500 should be written off as irrecoverable. Jason wants to maintain his provision for doubtful debts at 2% of trade receivables. What was the change in the provision for doubtful debts at 30 June 2020?
4. Accounting procedures  →  4.4. Irrecoverable debts and provision for doubtful debts
5. Preparation of financial statements  →  5.1. Sole traders
Open
21
A partnership maintains both current and capital accounts for each partner. An inexperienced book-keeper prepared the following account which contains errors. Owen capital account $ $ balance c / d 135 000 balance b / d 100 000 loan made to partnership 30 000 interest on capital 5 000 135 000 135 000 What should appear as the closing balance on Owen’s capital account?
5. Preparation of financial statements  →  5.2. Partnerships
4. Accounting procedures  →  4.1. Capital and revenue expenditure and receipts
Open
32
Zak has depreciated his machinery at the rate of 20% per annum using the straight-line method. At 31 December 2018 the statement of financial position included: $ machinery at cost 30 000 depreciation to date 12 000 18 000 On 31 December 2019 Zak was considering calculating the annual depreciation at 20% per annum on the net book value of the machinery. Which statement is correct?
4. Accounting procedures  →  4.2. Accounting for depreciation and disposal of non-current assets
5. Preparation of financial statements  →  5.1. Sole traders
Open