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FINAL EXAMINATION_SENIOR 1 ACCOUNTING PAPER (2)

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Published by PLHS Library, 2023-05-03 01:01:44

FINAL EXAMINATION_SENIOR 1 ACCOUNTING PAPER (2)

FINAL EXAMINATION_SENIOR 1 ACCOUNTING PAPER (2)

霹雳怡保培南独立中学 SM POI LAM (SUWA) IPOH FINAL EXAMINATION 2021 ACCOUNTING PAPER 2 DATE: TIME: DURATION: 19-11-2021 1320-1505 1 HOUR 45 MINUTES NAME:______________________ REG NO: ________________ CLASS:S1YI/S1PIN INSTRUCTIONS • Answer all questions • Use a black or dark blue pen. You may use an HB pencil for any diagrams or graphs. • Write your answer to each question in the space provided. • Do not use an erasable pen or correction fluid. • You may use a calculator • International accounting terms and formats should be used as appropriate. • You should show your workings. INFORMATION • The total mark for this paper is 100. • The number of marks for each question or part question is shown in brackets [ ]. • Where you are asked to complete a layout, you may not need all the lines for your answers. DO NOT TURN OVER THIS PAGE UNTIL YOU ARE TOLD TO DO SO This paper consists of 6 printed pages Prepared by : ………………… (PUAN NADIA ) Checked by: ………………… (MS.MOGAN RAJ)


2 1. Nazrin is a teacher. He provided the following information about his inventory at 30 November 2020. Inventory code number Number of units in inventory Cost per unit $ Selling price per unit $ BD20 300 1.5 2.3 BD 23 119 0.95 0.8 BD 29 410 1.78 1.85 Nazrin had to pay carriage inwards on inventory code number BD20 at the rate of $5 per 100 units (not included in the cost per unit shown in the table). a. Explain the meaning of the following terms used in connection with inventory valuation: [4%] (i) Cost (ii) Net releasable value b. Name one accounting principle Nazrin should apply when valuing his inventory. [3%] c. Calculate the total value of Nazrin inventory on 30 November 2020. [4%] After the preparation of the financial statements for the year ended 30 November 2020.Nazrin discovered that the inventory had been understated by $15. d. Complete the following table by placing a tick to show the effect of this error. (Copy the table in your answer sheet). [9%] Overstated Understated No effect Current asset at 30 November 2020 Profit for the yeat ened 30 November 2020 Gross profit for the year ended 30 November 2020


3 2. Pretty is a trader. Her financial years end on 31 March. Her trial balance on 31 March 2020 was as follows: $ $ Capital 390000 Drawings 54000 Trade receivables 49270 Trade payables 43500 Bank 21335 Premises at cost 300000 Fixtures and fittings at cost 35000 Motor vehicles at cost 24000 Provision for depreciation of fixtures and fittings 14000 Provision for depreciation of motor vehicles 10500 Provision for doubtful debts 2360 Revenue 644000 Inventory 1 April 2019 36000 Purchases 528850 Sales returns 1050 Carriage inwards 750 Commission receivable 1030 Rates and insurance 10400 Wages 39400 Administration expenses 5335 1105390 1105390


4 Additional Information: 1. At 31 March 2020; inventory was values at $41050, commission receivable outstanding amounted to $110. Insurance prepaid amounted to $180. Rates accrued amounted to $260. Wages accrued amounted to $1600. 2. A debt of $150 should be written off as irrecoverable and the provision for doubtful debts should be maintained at 5% of the remaining trade receivable. 3. Fixtures and fittings are being depreciated at 20% per annum using the straight line method. 4. Motor vehicles are being depreciated at 25% per annum using the reducing balance method. (a) Prepare the income statement for the year ended 31 March 2020. [10%] (b) Prepare the statement of financial position at 31 March 2020.1[10%] 3. On 31 July 2020 the bank account in Mogan’s cash book showed an overdrawn balance of $1121. On the same date her bank statement showed a debit balance of $1091. When comparing the cash book and the bank statement it was found that the following items appeared only in the cash book: 1. A cheques paid to PJ Motors for $163 on 29 July. 2. Cash sales amounting to $1010 paid into the bank 31 July. The following items appeared only on the bank statement and not in the cash book: 1. Rent received paid directly into the bank $190. 2. Bank charges of $213. 3. A credit balance on 1 July was shown as $2100 instead of $1200. a) Make any additional entries that are required in Mogan’s cash book. Balance the bank account and bring down the balance on 1 May 2020.[10%] b) Prepare a bank reconciliation statement 31 July 2020. [10%]


5 4. Syarifah is a sole trader. She provides the following information for the month of May 2020. 2020 $ May 1 Sales ledger control account debit balance 1850 Sales ledger control account credit balance 115 Purchases ledger control account credit balance 2118 31 Total for the month: Sales journal 5360 Purchases journal 5110 Sales returns journal 134 Purchases returns journal 216 Cheques and bank transfers received from credit customer 4965 Cheques and bank transfers paid to credit suppliers 4508 Discount received from credit suppliers 92 Irrecoverable debts written off 35 Interest charged by credit supplier on overdue account 14 Contra entry 190 June 1 Sales ledger control account debit balance ? Purchases ledger control account credit balance ? Purchases ledger control account debit balance 135 Prepare Syarifah sales ledger control account and purchases ledger control account for the month of May 2020. Balance the account and bring down the balances on 1 June 2020. [20%]


6 5. Anand is a business owner. He maintains a bank account, but incomplete of double entry records. He manages to record the following information: 1-Jul-19 30-Jun-20 Trade receivables 23800 26800 Trade payable 19700 20200 During the year ended 30 June 2020 receipts from credit customers totaled $331600(after the deduction of $8200 cash discount). $249400 was paid to credit suppliers (after the deduction of $6780 cash discount). Calculate the credit sales and credit purchases for the year ended 30 June 2020. [20%]


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