3.1. Preparation of financial statements
A subsection of Accounting, 9706, through 3. Financial accounting (A Level)
Listing 10 of 678 questions
On 1 January 2009 Clara Coyle, a sole trader, had the following balances: $ Inventory 24 170 Premises 60 000 Fittings and fixtures (net book value) 28 000 Cash and cash equivalents 4 000 Rates prepaid Trade receivables 3 810 Trade payables 3 420 Capital 117 000 There was no opening cash or cash equivalent. Full accounting records were not kept, but the following information was available for the year ended 31 December 2009. Bank Account Receipts $ Loan from uncle (interest free) 10 000 Receipts from trade receivables 163 100 Cash sales paid into bank 34 000 Bank Account Payments Payments to trade payables 141 508 Ordinary goods purchased by cheque 6 300 Rates 2 600 Drawings 3 650 General expenses 4 410 Wages 21 300 Cash payments from cash sales General expenses 2 680 Purchases 1 200 Balances as at 31 December 2009 Trade receivables 4 100 Trade payables 11 850 Rates prepaid General expenses owing Wages owing 1 620 Cash and cash equivalents 515 Bank ? Additional Information: 1 The selling price on all goods is based on cost plus 25%. 2 During the year Clara Coyle withdrew goods, costing $140, from the business, for her own use. 3 The business allowed discounts, $1 300, to its trade receivables . 4 The business received discounts, $1 600, from its trade payables . 5 No additions or disposals of non-current assets took place during the year. Depreciation of $3 000 is to be provided on fixtures and fittings. Premises are not depreciated. REQUIRED Calculate the total sales for the year ended 31 December 2009. Calculate the total purchases for the year ended 31 December 2009. Prepare the Income Statement (trading and profit and loss account) for Clara Coyle for the year ended 31 December 2009. Prepare the Balance Sheet for Clara Coyle at 31 December 2009.
9706_w10_qp_21
THEORY
2010
Paper 2, Variant 1
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On 1 January 2009 Clara Coyle, a sole trader, had the following balances: $ Inventory 24 170 Premises 60 000 Fittings and fixtures (net book value) 28 000 Cash and cash equivalents 4 000 Rates prepaid Trade receivables 3 810 Trade payables 3 420 Capital 117 000 There was no opening cash or cash equivalent. Full accounting records were not kept, but the following information was available for the year ended 31 December 2009. Bank Account Receipts $ Loan from uncle (interest free) 10 000 Receipts from trade receivables 163 100 Cash sales paid into bank 34 000 Bank Account Payments Payments to trade payables 141 508 Ordinary goods purchased by cheque 6 300 Rates 2 600 Drawings 3 650 General expenses 4 410 Wages 21 300 Cash payments from cash sales General expenses 2 680 Purchases 1 200 Balances as at 31 December 2009 Trade receivables 4 100 Trade payables 11 850 Rates prepaid General expenses owing Wages owing 1 620 Cash and cash equivalents 515 Bank ? Additional Information: 1 The selling price on all goods is based on cost plus 25%. 2 During the year Clara Coyle withdrew goods, costing $140, from the business, for her own use. 3 The business allowed discounts, $1 300, to its trade receivables . 4 The business received discounts, $1 600, from its trade payables . 5 No additions or disposals of non-current assets took place during the year. Depreciation of $3 000 is to be provided on fixtures and fittings. Premises are not depreciated. REQUIRED Calculate the total sales for the year ended 31 December 2009. Calculate the total purchases for the year ended 31 December 2009. Prepare the Income Statement (trading and profit and loss account) for Clara Coyle for the year ended 31 December 2009. Prepare the Balance Sheet for Clara Coyle at 31 December 2009.
9706_w10_qp_22
THEORY
2010
Paper 2, Variant 2
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Questions Discovered
678