2. Sources and recording of data
A section of Accounting, 7707
Listing 10 of 79 questions
Lottie is a trader. Her financial year end is 30 April. She keeps her petty cash book using the imprest system. The imprest amount is $150. The totals of the payments analysis columns in her petty cash book for April 2024 are as follows. $ Cleaning Stationery Sundry expenses During April 2024, Lottie received a refund for damaged stationery, $15. This amount was received into petty cash. REQUIRED Calculate the amount required to restore the petty cash imprest on 1 May 2024. The petty cash book is one of the books of prime entry. REQUIRED State one other book of prime entry two advantages of using books of prime entry On 30 April 2024, Lottie sold a motor vehicle for $6000 on credit to Y Limited. She had purchased the vehicle on 1 May 2021 for $12 000. Lottie charges depreciation on vehicles at 25% using the reducing balance method. No depreciation is charged in the year of disposal. REQUIRED Calculate the accumulated depreciation on the vehicle at 30 April 2024. Prepare the disposal of motor vehicles account. Lottie Disposal of motor vehicles account Date Details $ Date Details $ Lottie sells 3 different types of goods. Her inventory at 30 April 2024 is as follows. Type Number of units Purchase price per unit $ Net realisable value per unit $ Carriage inwards per unit $ A B C REQUIRED Calculate the value of Lottie’s inventory at 30 April 2024. Lottie pays $360 per annum for insurance. On 1 May 2023, insurance of $60 was prepaid. On 1 August Lottie paid $360 by bank transfer for the year 1 July 2023 to 30 June 2024. REQUIRED Prepare the insurance account for the year ended 30 April 2024. Bring down the balance at 1 May 2024. Lottie Insurance account Date Details $ Date Details $
7707_s24_qp_22
THEORY
2024
Paper 2, Variant 2
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Questions Discovered
79