3. Financial accounting (A Level)
A section of Accounting, 9706
Listing 10 of 734 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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The Cardio Health Club operates a fitness centre and a shop and has the following assets and liabilities. 1 June 2012 31 May 2013 $ $ Premises 100 000 100 000 Sports equipment (at cost) 30 000 115 000 Sports equipment – depreciation provision 5 000 14 400 Shop inventory 8 500 4 800 Cash Bank (current account) 10 000 ? Bank (deposit account) 2 000 ? Subscriptions outstanding 4 200 5 600 Subscriptions paid in advance 4 000 3 500 Shop staff wages accrued 1 000 3 000 Insurance paid in advance 1 000 Loan from sports association 40 000 The receipts and payments in the bank current account for the year ended 31 May 2013 were: Receipts $ Shop revenue 120 000 Subscriptions 44 000 Loan from sports association 40 000 Donations Payments $ Wages of fitness coaches 16 000 Sports equipment 85 000 Printing and stationery 5 500 Transfer to deposit account Sundry expenses Insurance 12 000 Heating and lighting 20 000 Wages of shop staff 27 000 Shop purchases for resale 32 500 Additional information The wages of shop staff are treated as a direct cost. Insurance and heating and lighting are apportioned 80:20 between the fitness club and the shop. The loan from the sports association was received on 1 December 2012. Interest is payable at 6% per year. Donations are treated as revenue. During the year interest amounting to $90 had been credited to the bank deposit account. For Examiner's Use REQUIRED Prepare the shop income statement for the year ended 31 May 2013. For Examiner's Use Prepare the income and expenditure account of the Cardio Health Club for year ended 31 May 2013. For Examiner's Use Prepare the statement of financial position of the Cardio Health Club at 31 May 2013.
9706_w13_qp_23
THEORY
2013
Paper 2, Variant 3
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Questions Discovered
734