3. Financial accounting (A Level)
A section of Accounting, 9706
Listing 10 of 734 questions
The City Cricket Club’s Receipts and Payments Account for the year ended 30 September 2015 is as follows: Receipts Payments $ $ Balance at 1 October 2014 5 604 Supplies for refreshments 2 697 Subscriptions received 6 650 Groundsman’s wages 3 500 Sale of refreshments 4 430 New equipment 3 600 Sale of advertising space 2 600 Team travelling expenses Donations Rent of the ground 4 500 Sale of old equipment 1 500 Balance at 30 September 2015 6 315 21 554 21 554 Other balances were as follows: at 1 October 2014 at 30 September 2015 $ $ Trade payables for refreshments Inventory of refreshments Subscriptions in advance Subscriptions in arrears Life membership fund 2 800 ? Equipment at cost 10 700 ? Accumulated depreciation 4 800 ? 5% Loan account repayable in 2017 5 000 Additional information Some of the subscriptions in arrears at 1 October 2014, amounting to $50, were never received and are to be written off. The equipment is depreciated monthly at 20% per annum using the straight-line basis. Old equipment sold on 31 March 2015 had been purchased on 1 January 2012 for $5000. New equipment was purchased on 1 April 2015. Life membership costs $40 and there were 10 new members during the year included in subscriptions received. The life membership is written off over 10 years. REQUIRED Prepare the refreshments trading account for the year ended 30 September 2015. Prepare the club’s income and expenditure account for the year ended 30 September 2015. Prepare the club’s statement of financial position at 30 September 2015. Explain the accounting treatment of a life membership fund. Explain why the balance on the club’s bank account is not the same as its surplus.
9706_w15_qp_21
THEORY
2015
Paper 2, Variant 1
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A sales ledger control account showed a debit balance of $15 000. The following errors were discovered. Returns outwards, $200, had been credited in the sales ledger control account. A contra entry with the purchases ledger control account, $400, had been debited in the sales ledger control account. A customer balance, $300, had been written off in the sales ledger control account but no entry had been made in the sales ledger. Which figure for trade receivables should appear in the statement of financial position?
9706_w21_qp_12
MCQ
2021
Paper 1, Variant 2
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Questions Discovered
734