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Appendix 2 Mock Examination Paper

Answer 1
(a) Luke Lo
Purchases Day Book
Date Particulars Total
20X8 £ £
Jun 3 Matthew So 1,190
Less 10% trade discount 119 1,071
" 16 Joseph Wong 2,290
Less 20% trade discount 458 1,832
" 17 Peter Lee 840
Less 30% trade discount 252 588
" 18 Joseph Wong 560
Less 7.5% trade discount 42 518
" 21 Paul Cheung 3,920
Less 15% trade discount 588 3,332
" 25 Paul Cheung 870
Less 10% trade discount 87 783
" 29 Matthew So 2,730
Less 20% trade discount 546 2,184
" 30 Transferred to purchases account 10,308

Returns Outwards Day Book


Date Particulars Total
20X8 £ £
Jun 10 Matthew So 250
Less 10% trade discount 25 225
" 19 Peter Lee 70
Less 30% trade discount 21 49
" 20 Joseph Wong 990
Less 20% trade discount 198 792
" 29 Paul Cheung 280
Less 10% trade discount 28 252
" 30 Transferred to returns outwards account 1,318

(b) Purchases Ledger


Joseph Wong
20X8 £ 20X8 £
Jun 20 Returns outwards 792 Jun 1 Balance b/f 2,050
" 30 Bank (£2,050 x 98%) 2,009 " 16 Purchases 1,832
" 30 Discounts received 41 " 18 Purchases 518
" 30 Balance c/f 1,558
4,400 4,400

Matthew So
20X8 £ 20X8 £
Jun 1 Balance b/f 210 Jun 3 Purchases 1,071
" 10 Returns outwards 225 " 29 Purchases 2,184
" 30 Balance c/f 2,820
3,255 3,255

195
Paul Cheung
20X8 £ 20X8 £
Jun 29 Returns outwards 252 Jun 1 Balance b/f 3,500
" 30 Bank (£3,500 x 97%) 3,395 " 21 Purchases 3,332
" 30 Discounts received 105 " 25 Purchases 783
" 30 Balance c/f 3,863
7,615 7,615

Peter Lee
20X8 £ 20X8 £
Jun 19 Returns outwards 49 Jun 1 Balance b/f 840
" 30 Bank (£840 x 97%) 815 " 17 Purchases 588
" 30 Discounts received 25
" 30 Balance c/f 539
1,428 1,428

(c) General Ledger


Purchases
20X8 £ 20X8 £
Jun 1 Balance b/f 98,012 Jun 30 Balance c/f 108,320
" 30 Total for the month 10,308
108,320 108,320

Returns Outwards
20X8 £ 20X8 £
Jun 30 Balance c/f 6,638 Jun 1 Balance b/f 5,320
" 30 Total for the month 1,318
6,638 6,638

Answer 2
(a) Calculation of provision for doubtful debts account balances on 31 December:
20X6 20X7 20X8
£ £ £
Specific provision 5,000 8,750 3,750
General provision 1,810 (W1) 3,665 (W2) 2,865 (W3)
Total 6,810 12,415 6,615

Workings:
(W1) General provision as at 31 December 20X6:
(£100,125 – £4,625 – £5,000) x 2% = £1,810

(W2) General provision as at 31 December 20X7:


(£106,750 – £6,375 – £8,750) x 4% = £3,665

(W3) General provision as at 31 December 20X8:


(£104,000 – £4,750 – £3,750) x 3% = £2,865

196
(b) Provision for Doubtful Debts
20X6 £ 20X6 £
Dec 31 Balance c/d 6,810 Jan 1 Balance b/f 4,200
Dec 31 Profit and loss 2,610
6,810 6,810
20X7 20X7
Dec 31 Balance c/d 12,415 Jan 1 Balance b/d 6,810
Dec 31 Profit and loss 5,605
12,415 12,415
20X8 20X8
Dec 31 Profit and loss 5,800 Jan 1 Balance b/d 12,415
“ 31 Balance c/f 6,615
12,415 12,415

(c) Stephen Co Ltd


Balance Sheet (extract) as at 31 December 20X8
Current Assets £ £
Debtors (£104,000 – £4,750) 99,250
Less Provision for doubtful debts 6,615 92,635

Answer 3
(a) Cash Book
20X7 £ 20X7 £
Feb 28 Balance b/f 2,716 Feb 28 Bank charges 562
" 28 Jasper Ltd: Credit transfer 1,375 " 28 Government rates: Direct debit 231
" 28 Jacob Co: Dishonoured cheque 350
" 28 Trade subscriptions: Standing order 375
" 28 Balance c/f 2,573
4,091 4,091

(b) Amy Ko
Bank Reconciliation Statement as at 28 February 20X7
£ £
Balance as per bank statement 1,429
Add Uncredited items 2,000
3,429
Less Unpresented cheques
Telephone (#4149) 106
Wages (#4152) 750 856
Corrected balance as per cash book 2,573

(c) Sales Ledger


Jacob Co
20X7 $ 20X7 $
Feb 1 Balance b/f 719 Feb 24 Bank 350
" 27 Bank: Dishonoured cheque 350 " 28 Balance c/f 719
1,069 1,069

197
Answer 4
(a) Ruth Co
Trading and Profit and Loss Account for the year ended 31 December 20X7
£ £ £
Sales 538,250
Less Returns inwards 7,000
531,250
Less Cost of goods sold:
Stock as at 1 January 20X7 17,500
Add Purchases 339,000
Less Returns outwards 4,750 334,250
351,750
Add Carriage inwards 4,550
356,300
Less Stock as at 31 December 20X7 23,000 333,300
Gross profit 197,950
Less Expenses:
Carriage outwards 1,750
Wages and salaries 127,500
Rent and rates (£16,000 – £4,000) 12,000
Lighting and heating 12,000
Vehicle running costs 7,500
Repairs and maintenance 9,200
Telephone expenses (£13,800 + £1,875) 15,675
General office expenses 12,950
Provision for depreciation: Motor vehicle [(£21,250 – £8,500) × 40%] 5,100
Machinery (£15,000 × 25%) 3,750
Furniture and fittings (£10,000 × 25%) 2,500
Provision for doubtful debts (£65,500 × 3%) 1,965 211,890
Net loss (13,940)

(b) Ruth Co
Balance Sheet as at 31 December 20X7
Accumulated Net book
Cost depreciation value
Fixed Assets £ £ £
Machinery 15,000 11,250 3,750
Furniture and fittings 10,000 7,500 2,500
Motor vehicle 21,250 13,600 7,650
46,250 32,350 13,900
Current Assets
Stock 23,000
Debtors 65,500
Less Provision for doubtful debts 1,965 63,535
Prepayments 4,000
Bank 10,175
Cash 500
101,210
Less Current Liabilities
Creditors 46,100
Accruals 1,875 47,975
Net current assets 53,235
67,135
Financed by:
Capital as at 1 January 20X7 112,500
Less Net loss for the year 13,940
Drawings 31,425 45,365
67,135
198