1 霹雳怡保培南独立中学 SM POI LAM (SUWA) IPOH FIRST MONTHLY TEST 2023 ACCOUNTING DATE : 24 TH MAR 2023(FRIDAY) TIME : 0830 - 1000 (1H 30M) NAME: _________________________ REG. NO: ___________ CLASS: S1 LI / S1 ZI READ THESE INSTRUCTIONS FIRST This paper consists of part A (10 multiple choice questions) and Part B (5 stucture questions). Answer all the questions. Write your answer on the answer paper (test pad) provided. Do not use staples, paper clips, highlights, glue or correction fluid. Write in Blue or Black pen only. You may use non-programmable calculator. The total mark for this paper is 80. DO NOT TURN OVER THIS PAGE UNTIL YOU ARE TOLD TO DO SO This paper consists of 12 printed pages Prepared by: Checked by: ….…………………. ….………………… ( MR.MOGANRAJ ) (MS.LING SOON CHING )
2 PART A: There are 20 Multiple Choice Questions. Answer all the questions.[10] 1. At the end of Leroy’s financial year it was decided that the balance on the telephone expenses account, $340, should be split 90% for business use and 10% for personal use. Which journal entry records the closing of the telephone expenses account at the end of the financial year? 2. Ella rents business premises. She owed rent at both the start and the end of the financial year. How can rent payable for the year be calculated? A rent paid – amount owing at start of year B rent paid – amount owing at start of year + amount owing at end of year C rent paid + amount owing at end of year D rent paid + amount owing at start of year – amount owing at end of year
3 3. Ann’s financial year ends on 31 August. The annual rates on her shop are $3000. On 1 September 2016 rates prepaid amounted to $750. Rates paid during the year ended 31 August 2017 amounted to $2750. What was the balance brought down on the rates account on 1 September 2017? A $250 credit B $250 debit C $500 credit D $500 debit 4. How is the profit for the year calculated? A gross profit + other income + expenses B gross profit + other income – expenses C gross profit – other income + expenses D gross profit – other income – expenses 5. On 1 January commission receivable, $210, was outstanding. Commission received during the year amounted to $4850. Which journal entry would be made at the end of the financial year on 31 December?
4 6. The following account appeared in a trader’s ledger. Where did the balance of $1100 appear in the trader’s financial statements? A income statement as an expense B income statement as an income C statement of financial position as a current asset D statement of financial position as a current liability 7. Wayne rents premises. The monthly rent is $400. On 1 April 2012 Wayne had prepaid one month’s rent. During the year ended 31 March 2013 he paid rent totalling $3200. Which entry would Wayne make at the end of his financial year on 31 March 2013? 8. Why does a business prepare a trial balance? A to calculate the profit or loss B to check the arithmetical accuracy of the ledger C to check the cash and bank balances D to show the financial position of the business
5 9. At the end of the financial year, Ryan owed $200 for motor expenses. How will this appear in Ryan’s ledger and statement of financial position/balance sheet? 10. Paul’s financial year ends on 31 December. He purchased premises on 1 July 2008. The insurance premium payable on the premises was: 1 July 2008 – 30 June 2009 $1800 1 July 2009 – 30 July 2010 $2000 How much was transferred from the insurance on premises account to the income statement (profit and loss account) for the year ended 31 December 2009? A $1800 B $1900 C $2000 D $2900 Answer all the multiple choice question using space provided below. 1. 6. 2. 7. 3. 8. 4. 9. 5. 10.
6 Part B: There are 5 Structure Questions. Answer all the questions. [70] 1. Ruth is a trader. Her financial year ends on 31 March. She provides the following information. 2013 $ April 1 Insurance prepaid for 3 months to 30 June 2014 amounted to 70 July 1 Paid insurance premium for 12 months to 30 June 2014 by cheque 372 Prepare the Insurance account as it would appear in Ruth’s ledger for the year ended 31 March 2014. Show clearly the amount transferred to the income statement.[6] 2. Mazlin is a trader. Her financial year ends on 31 July. She provides the following information. $ Wages outstanding at 1 August 2014 200 Total wages paid during the year ended 31 July 2015 61 300 Wages outstanding at 31 July 2015 180 REQUIRED (a) Write up the wages account as it would appear in Mazlin’s ledger for the year ended 31 July 2015. Show the amount transferred to the income statement.[6]
7 (b) State the section of the balance sheet prepared on 31 July 2015 in which the balance of the wages account would appear. Give a reason for your answer.[2] ___________________________________________________________________ ___________________________________________________________________ 3. Stacy owns a clothing store. Her financial year ends on 31 October. She lets part of her premises to Claystone Ltd at an annual rent of $2592. On 1 November 2016 Claystone Ltd prepaid two months’ rent. On 1 January 2017 Stacy received a cheque for $1296 for rent to 30 June 2017. On 1 July 2017 she received a further cheque for $1080 for rent to 30 November 2012. REQUIRED (a) Write up the rent received account as it would appear in Stacy’s ledger for the year ended 31 October 2017. [6]
8 (b) State the section of the balance sheet prepared on 31 October 2012 in which the balance of the rent received account would appear. Give a reason for your answer.[2] ___________________________________________________________________ ___________________________________________________________________ (c) On 1 November 2016 Stacy owed advertising expenses of $94. She paid this outstanding amount in cash on 15 November 2016. On 1 June 2017 Stacy paid $1404 by cheque for an advertising campaign which was for twelve months to 31 May 2018. Write up the advertising expenses account as it would appear in Stacy’s ledger for the year ended 31 October 2017. [6]
9 4. Jenny has a business with a financial year end of 31 January.Jenny rents out some premises. On 1 February 2017 the tenant owed $1250. The following amounts for rent were received during the year. $ 2017 May 10 cash 2700 Oct 14 cheque 2800 On 31 January 2018 the tenant owed $1700. REQUIRED (a) Prepare the rent receivable account for the year ended 31 January 2018. Balance the account and bring down the balance on 1 February 2018.[6] (b) Name the section of the statement of financial position on 31 January 2018 in which the balance on the rent receivable account was included.[1] ___________________________________________________________________
10 5. Mogan is a trader. The following balances were extracted from his books on 31 August 2004. $ Purchases 67 600 Sales 121 300 Wages and salaries 23 700 Rent and rates paid 7 350 Insurance 1 480 Carriage on purchases 1 260 Discounts received 460 Sundry expenses 10 760 Rent received 1 750 Trade receivable 11 250 Trade Payable 7 200 Bank overdraft 1 560 Inventory at 1 September 2013 9 650 Capital at 1 September 2013 29 000 Fixtures and equipment at cost 10 000 Drawings 18 220 Additional information 1. Inventory at 31 August 2014 was valued at $11 200. 2. At 31 August 2014 rates prepaid were $150. 3. Wages and salaries of $2350 were accrued at 31 August 2014. 4. Accountancy fees of $1500 for the year are accrued at 31 August 2014. REQUIRED (a) Prepare the income statement of Mogan for the year ended 31 August 2014. [20]
11 Mogan Income statement for the year ended 31 August 2014
12 (b) Prepare the statement of financial position of as at 31 August 2014.[15] Mogan Statement of financial position at 31 August 2014
