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A
B
C
D
A
B
C
D
A
B
C
D
A
B
C
D
delivery instructions
customers order number
name of customer
reasons for goods returned
A
B
C
D
Sold motor vehicle for cash. What is the effect of this transaction on the
accounting equation ?
A
B
C
D
A
B
C
D
general ledger
general journal
voucher
report
A
B
C
D
drawings
overdrafts
bad debts
vehicle
A
B
C
D
$98,000
$79,000
$56,000
$85,000
10
A
B
C
D
revenues decrease
liabilities increase
expenses increase
assets decrease
11
According to the double entry rule, the receipt of cash from a debtor will be
recorded as :
B
C
D
12
A
B
C
D
13
Debts owing by P. Johnson are written off as bad debts and debited to :
A
B
C
D
Accounts receivable
Purchases account
Accounts payable
Bad debts account
14
A
B
C
D
stock
goods
merchandise
drawings
15
A
B
C
D
a credit balance of $9
a debit balance of $9
an opening balance of $109
a closing balance of $109
$270
16
For Garden Supplies Pty. Ltd., the statement that best describes the
transaction which has taken place is :
B
C
D
17
When Mason Trading receives cheque no. 216 from Garden Supplies Pty.
Ltd., which of the following entries must be made in the books of Mason
Trading ?
B
C
D
18
A
B
C
D
continuity convention
historical cost convention
monetary convention
double entry convention
19
A
B
C
D
20
From one accounting period to the next, the accounting cycle does not
involve which of the following functions ?
A
B
C
D
20 marks
Question 21
5 marks
Section B:
Answer Questions 21 and 22 in the spaces provided in this examination booklet.
Question 21
Indicate whether each of the following statements is true or false by writing T or F in
the spaces provided:
T/F
a.
Handling of cash and the approval of cash payments should be done by the
same person as a good internal control practice.
b.
c.
d.
e.
Given total assets are $15,425 and total liabilities are $1,425. Owners
equity is $17,000 when the proprietor makes an additional contribution
of capital of $3,000 cash.
Question 22
15 marks
Question 22
a)
5 marks
b)
a.
b.
c.
d.
e.
5 marks
Question 23
10 marks
Section C:
Question 23 Answer:
Analysis Chart of Kennedy Trading
Date
Accounts
A, L,
OE,
R, E
Increase/
Decrease
Increase
Dr
12,000
increase
Cr
12,000
increase
Dr
400
decrease
Cr
400
OE
decrease
Dr
150
Cash at Bank
decrease
Cr
150
17 Cash at Bank
increase
Dr
300
decrease
Cr
300
decrease
Dr
12,000
decrease
Cr
12,000
20XX Purchases
Debit/
Credit
Amount
$
June
3 Accounts Payable Photographic
Supplies
5 Wages
Cash at Bank
14 Drawings
Supplies
Cash at Bank
Question 24
20 marks
$
1400
$
Oct 31 Sales Returns
8640
320
Discount Allowed
360
Cash Receipts
5000
480
Contra
100
Balance c/d
3780
10040
10040
3780
13 marks
a.
Total debtors at 1
October 20XX
$1400
b.
Sales
$8640
c.
$5000
d.
Sales Returns
$320
e.
Discount allowed to
debtors
$360
f.
$480
g.
$100
Question 25
30 marks
Question 25 Answer:
Particulars
Bank
Stock
Motor vehicle
Accounts receivable
Accounts payable
Loan - C. Nash
Capital
Assets and liabilities at commencement of
business
Debit
$
25000
6000
5000
600
Office furniture
Sundry creditor or Acct. payable Funny Furniture Warehouse
Purchased furniture on credit
(inv. no. 206)
1200
5000
12
Bad debts
Accounts receivable - T. Tab
T. Tab declared bankrupt owing $300
- paid 50 in $1
Credit
$
1530
1500
33570
1200
5000
150
150
9 marks
10
Particulars
Receipt
no.
Dr
Bank
Sales
74
200
11
Commissions
received
75
50
12
T. Tab
76
150
16
Sales
77
80
80
27
Sales
78
1310
1310
31
Total:
20XX
Aug
Dr
Disc.
allowed
Cr
Accts.
receivable
Cr
Sales
Cr
Sundry
200
50
150
1790
150
1590
50
6 marks
Cash Payments Journal of K. Moss
Date
Particulars
Chq.
no.
69201
600
600
Office
equipment
Wages
69202
500
500
15
Purchases
69203
22
Drawings
69204
25
25
Advertising
69205
60
Stationery
69206
20
Rates
69207
90
170
1295
2265
20XX
Aug
4
31
Total:
Dr
Purchases
Dr
Sundry
970
970
Dr
Accts.
payable
Cr
Disc.
Received
Cr
Bank
970
25
8 marks
11
Date
Invoice no
20XX
10 Aug
20
21
265
266
267
Amount
$
200
2000
550
2750
3 marks
Date
20XX
3 Aug
24
Date
20XX
17 Aug
Date
20XX
19 Aug
Invoice no
693A
901
Credit
note no.
15
900
655
1555
2 marks
25
25
1 mark
ABC Retailers
100
100
1 mark
12