7707_w22_qp_13
A paper of Accounting, 7707
Questions:
35
Year:
2022
Paper:
1
Variant:
3
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10
Saddique’s trial balance failed to balance. The debit column totalled $12 250 and the credit column totalled $12 200. The following errors were discovered. No entry had been made for cash sales, $150. The total of the discount received account, $50, had been omitted from the trial balance. What were the totals of the trial balance after the errors had been corrected?
3. Verification of accounting records  →  3.1. The trial balance
3. Verification of accounting records  →  3.2. Correction of errors
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12
After the preparation of her income statement, Emma discovered the following errors. A debt, $1500, should have been written off as irrecoverable. No adjustment had been made for rent prepaid by Emma of $2800. The draft profit for the year was $35 000. What was the corrected profit for the year?
4. Accounting procedures  →  4.1. Capital and revenue expenditure and receipts
5. Preparation of financial statements  →  5.6. Incomplete records
3. Verification of accounting records  →  3.2. Correction of errors
Open
15
A sales ledger control account had a debit balance of $4000 on 1 August. During the month of August, credit sales totalled $50 000, sales returns from credit customers were $600 and discounts allowed were $400. The debit balance on the sales ledger control account on 1 September was $6000. What was the total amount received from credit customers in August?
3. Verification of accounting records  →  3.4. Control accounts
2. Sources and recording of data  →  2.1. The double entry system of book-keeping
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17
On the first day of his financial year, Jason purchased a new machine costing $20 000. On that date his old machine had a book value of $6000. Jason was allowed $4500 for the old machine in part exchange. He paid the balance by cheque. Machinery is depreciated at 20% per annum. How much should be charged to Jason's income statement for the year?
4. Accounting procedures  →  4.1. Capital and revenue expenditure and receipts
5. Preparation of financial statements  →  5.6. Incomplete records
Open
26
A cricket club provided the following information. $ at 1 August 2021 balance at bank during the year ended 31 July 2022 net receipts from competition subscriptions received general expenses paid insurance paid rent paid at 31 July 2022 subscriptions owing by members insurance prepaid depreciation of equipment What was the balance at bank on 31 July 2022?
4. Accounting procedures  →  4.1. Capital and revenue expenditure and receipts
1. The fundamentals of accounting  →  1.2. The accounting equation
5. Preparation of financial statements  →  5.4. Clubs and societies
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27
A club had an accumulated fund at the start of the year of $18 000 and at the end of the year of $16 200. New equipment costing $1100 was bought during the year. Total expenses for the year were $9550. The only income came from subscriptions. How much were subscriptions for the year?
5. Preparation of financial statements  →  5.4. Clubs and societies
5. Preparation of financial statements  →  5.6. Incomplete records
1. The fundamentals of accounting  →  1.2. The accounting equation
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