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1. Financial accounting (AS Level)
A section of Accounting, 9706
Listing 10 of 1775 questions
For Examiner's Use The following is a summary of Harry's balance sheet at 30 April 2008. $000 $000 Assets Fixed assets Furniture and equipment at net book value Current assets Stock Debtors Cash Total assets Equity and liabilities Equity Owner's capital Current liabilities Creditors for supplies Creditors for expenses Bank overdraft The following information is available for the year ended 30 April 2009: $000 1 Amount paid into bank (This included $50 000 from the sale of furniture and equipment which had a net book value of $48 000.) 2 Cash from Harry's sales was used to pay for the following: Expenses Drawings 3 Amounts paid from the bank: Purchases Interest on overdraft Expenses 4 Balances at 30 April 2009: Creditors for supplies Creditors for expenses Debtors Stock Cash 5 During the year, Harry brought into the business a motor vehicle. 6 A provision for doubtful debts of 4% of debtors is to be made. 7 Depreciation on all fixed assets was to be provided for at 25% using the reducing balance method. Full depreciation would be provided for in the year in which an asset was introduced but none would be applied in the year of disposal. For Examiner's Use REQUIRED Explain, briefly, the difference between a liability and a provision. Calculate, showing all workings, the total sales for the year ended 30 April 2009. For Examiner's Use Calculate, showing all workings, Harry's bank balance at 30 April 2009. For Examiner's Use Prepare Harry's trading and profit and loss account for the year ended 30 April 2009. For Examiner's Use Prepare Harry's balance sheet at 30 April 2009. Use a layout similar to the balance sheet at the beginning of the question.
9706_w09_qp_22
THEORY
2009
Paper 2, Variant 2
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Questions Discovered
1775