Aat FSTP Tutor QB 2015-16 - As

aat
AQ2013 Level 3
Prepare final accounts for sole

traders and partnerships
TUTOR QUESTION BANK
ANSWERS
A AT F S T P : PRE PARE FINA L ACCOUN TS FOR SOLE TRADE RS A ND PAR TNERS HIPS
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assessment materials. The solutions have been prepared by Kaplan Publishing.
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Unit 2 The Business Centre
Molly Millars Lane
Wokingham
RG41 2QZ
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Kaplan Financial Limited, 2015
24
K A P LA N P UB L I S HI NG
SUPPORT ANSWERS
CHAPTER 1
PREPARATION OF ACCOUNTS FOR A SOLE TRADER
1
NED
(i)
(ii)
(iii)
(iv)
Debit
Depreciation expense (980 + 740)
1,720
Credit
Accumulated depreciation fixtures and fittings
980
Accumulated depreciation motor vehicles
740
Debit
Irrecoverable debts expense (1,600 160) (W1)
Debit
Allowance for doubtful debts (W1)
Credit
Receivables (SLCA)
Debit
Electricity
Credit
Accruals
Debit
Prepayments
Credit
Advertising
Debit
Closing inventory SOFP (W2)
Credit
Closing inventory S of P&L
1,440
160
1,600
200
200
40
40
1,040
1,040
Workings:
(W1) Doubtful debt allowance required
740
900
160
(38,600 1,600) 2% =
Opening Allowance
Decrease in Allowance
(W2) Closing inventory
Closing inventory at valuation

Inventory at cost
Net realisable value
Reduction in inventory value
26
1,080
240
200
(40)
1,040
ANSWERS
STEVE INMAN
Statement of profit or loss for the year ended 31 December 20X2
Sales revenue
Purchases
Less: Closing inventory
36,191
19,320
(2,460)
Cost of sales
(16,860)
19,331
Gross profit
Less: Expenses:
Depreciation of van (5,040/4)
Rent and rates
Insurance
General expenses
Wages
1,260
2,556
200
4,375
4,994
(13,385)
5,946
Net profit
Statement of financial position as at 31 December 20X2

Non-current assets:
Motor van
Current assets:
Inventory
Receivables
Cash at bank
Cash in hand
Less: payables
Capital
Profit for the year
Less: drawings
KAPLAN PUB LI S H I N G
Cost
5,040
Depreciation
(1,260)
2,460
6,072
3,154
40
11,726
(10,680)
Carrying value
3,780
1,046
4,826
5,000
5,946
10,946
(6,120)
4,826
27
CHAPTER 2
PARTNERSHIP ACCOUNTS
3
LEN AND FRED

(a)
Partnership appropriation account for the year ended 30 September 20X4
Net profit
Salary Fred
Interest on capital
Len (33,000 4%)
Fred (20,000 4%)
38,000
(6,000)
1,320
800
(2,120)
29,880
Profit share:
Len (29,880 2/3)
Fred (29,880 1/3)
19,920
9,960
29,880
(b)
Current accounts
Balance b/d
Drawings
Balance c/d
Len
500
17,000
3,740
21,240
Fred
14,000
3,760
17,760
Len
Balance b/d
Salary
Interest on capital
Profit share
Balance b/d
28
1,320
19,920
21,240
3,740
Fred
1,000
6,000
800
9,960
17,760
3,760
ANSWERS
(c)
Statement of financial position as at 30 September 20X4

Cost
Non-current assets:
Motor vehicles
Fixtures and fittings
Current assets:
Inventory
Receivables
Cash at bank
Cash in hand
Payables
40,000
22,000
62,000
Accumulated Carrying
depreciation value
16,000
8,000
24,000
16,000
32,000
5,000
500
53,500
(21,000)
32,500
70,500
(10,000)
60,500
Loan
Capital accounts
Len
Fred
Current accounts
Len
Fred
24,000
14,000
38,000
33,000
20,000
53,000
3,740
3,760
7,500
60,500
29
JACK AND JILL

Capital accounts
Goodwill
Balance c/d
Jack
8,000
62,000
Jill
8,000
42,000
Ross
4,000
46,000
Balance b/d
Cash
Goodwill

70,000 50,000 50,000

Balance b/d
30
Jack
60,000
Jill
40,000
Ross
50,000
10,000 10,000

70,000 50,000 50,000

62,000 42,000 46,000
ANSWERS
HARRY AND PHIL

Capital accounts
Harry
Goodwill
Cash
Loan
Balance c/d
Phil
20,000
Jo
10,000
15,000
63,200
30,000 25,000

78,200 50,000 35,000

Harry
Balance b/d
60,000
Current account 3,200
Goodwill
15,000
Balance b/d
Phil
40,000
Jo
30,000
10,000
5,000

78,200 50,000 35,000

30,000 25,000
Current accounts
Capital account
Balance c/d
Harry
3,200
Phil
Jo
Balance b/d
1,600
4,300

3,200
1,600
4,300

Balance b/d
Harry
3,200
Phil
1,600
Jo
4,300

3,200
1,600
4,300

1,600
4,300
31
CHAPTER 3
INCOMPLETE RECORDS
6
CAROLE
Drawings = 4,600
Payables (PLC) account
Cash payments
Closing balance
58,900 Opening balance

8,300 Purchases (bal fig)
67,200
10,200
57,000
67,200
Trading account
Sales revenue (bal fig)

Opening inventory
Purchases
Less: Closing inventory
75,200
%
100
56,400
18,800
75
16,500
57,000
73,500
(17,100)
Cost of sales
Gross profit
25
Receivables (SLC) account

Opening balance
Sales revenue
14,200 Cash received (bal fig)

75,200 Closing balance
89,400
73,500
15,900
89,400
Bank account
Opening balance
Cash from sales (receivables a/c)
32
1,400 Purchases
73,500 Expenses
Drawings (bal fig)
Closing balance
74,900
58,900
10,500
4,600
900
74,900
ANSWERS
ADRIAN
Net assets at 31 March 20X3
Receivables
Motor vehicles at carrying value
Bank account balance
Cash in till
Fixtures and fittings at carrying value
Computer at carrying value
Prepayments
Inventory
Payables
Accruals
Bank loan
Net assets
Increase in net assets
profit drawings
38,700 28,900
profit 12,600
9,800
profit 12,600
Profit
9,800 + 12,600
Profit
22,400
15,400
9,200
5,400
200
8,600
1,500
800
8,200
49,300
(8,300)
(300)
(2,000)
38,700
33
SUMMARISED CASH BOOK

(a)
Receivables (SLC) account
6,900 Cash received

42,900 Closing balance
49,800
Opening balance
Sales revenue (bal fig)
(b)
42,600
7,200
49,800
Payables (PLC) account

Cash payments
Closing balance
22,700 Opening balance

5,100 Purchases (bal fig)
27,800
3,800
24,000
27,800
(c)
Sales revenue
Opening inventory
Purchases
Less: closing inventory

Cost of sales
Gross profit
42,900
7,200
24,000
31,200
(6,300)
(24,900)
18,000
(d)
Gross profit
Less: Expenses (4,300 300 + 700)
Net profit
34
18,000
(4,700)
13,300
ANSWERS
BARNEY
(a)
Trial balance at 31 December 20X3

Delivery vans
Cash at bank
General expenses
Receivables (SLCA)
Payables (PLCA)
Purchases
Sales
Wages
Drawings
Lighting and heating
Rent, rates and insurance
Capital (balancing figure)
Dr
6,430
5,790
3,720
1,450
2,760
3,250
10,670
25,340
4,550
15,000
1,250
2,070
53,690
(b)
(c)
Cr
25,100
53,690
Profit for the year would be reduced by 500. To ensure that wages and drawings were
correctly stated, the following adjustment would be required:
Dr Wages
500
Cr: Drawings
500
Profit for the year would be increased by 1,500. To ensure that sales and capital are
correctly stated, the following adjustment would be required:
Dr: Capital
1,500
Cr: Sales
1,500
35
36
ADVANCED ANSWERS
CHAPTER 1
PREPARATION OF ACCOUNTS FOR A SOLE TRADER
10
LAURA
Laura Statement of profit or loss for the year ended 30 April 20X7
000
Sales revenue
Less: Returns inwards
Opening inventory
Purchases
Closing inventory
84
516
600
(74)
Cost of sales
Gross profit
Discount allowed
Administration costs (38 3)
Salaries (44 + 2)
Research costs
Irrecoverable debts written off
Depreciation of plant (83,000 10%)
Depreciation of office equipment ((31 + 2 8) 20%)
Net profit
38
000
813
(47)
766
(526)
240
4
35
46
26
77
8
5
(201)
39
ANSWERS
Laura Statement of financial position as at 30 April 20X7
Non-current assets:
Plant
Office equipment (31 + 2)
Current assets:
Inventory
Receivables (198 23)
Loan
Prepayment
Current liabilities:
Overdraft
Payables
Accruals
Cost or
valuation
000
Accum
depn
000
000
83
33
21
13
62
20
116
34
82
74
175
25
3
CV
277
50
52
2
(104)
Net current assets
Financed by:
Capital (228 + 2)
Add: Profit
Less: Drawings
173
255
230
39
(14)
25
255
39
11
KW ENTERPRISE
Statement of financial position as at 31 October 20X1
Cost
Non-current assets:
Motor vehicles
Current assets:
Inventory
Receivables
Less: Allowance
36,000
57,020
93,020
Depreciation
23,670
43,133
66,803
CV
12,330
13,887
26,217
29,665
55,530
(2,250)
53,280
82,945
Current liabilities
Bank overdraft
Payables
Accruals
VAT/sales tax
2,700
33,850
3,000
10,100
(49,650)
Net current assets
Capital
Net profit
Less: drawings
40
33,295
59,512
61,280
28,232
89,512
30,000
59,512
ANSWERS
KW Enterprise Statement of profit or loss for the year ending 31 October 20X1
Sales revenue
Less: sales returns
Less: cost of sales

Opening inventory
Purchases
Less: purchases returns
Less: closing inventory
Gross profit
Less: expenses:
Rent
General expenses
Motor expenses
Irrecoverable debts (1,520 950)
Depreciation
Net profit
486,490
(8,900)
477,590
25,870
288,330
(650)
313,550
(29,665)
(283,885)
193,705
36,000
87,700
28,540
570
12,663
(165,473)
28,232
41
12
SIMPSON
Simpson
Statement of profit or loss for the year ended 30 June 20X8
Revenue (784, 518 5,436)

Opening inventory
779,082
41,211
Purchases (370,215 1,447)
368,768
Closing inventory
(54,426)
Cost of goods sold
(355,553)
Gross profit
423,529
Less:
Payroll expenses
161,326
General expenses
72,900
Motor expenses
14,633
Irrecoverable debts
4,825
Loss on disposal
3,870
Depreciation expense
Total expenses
Profit for the year
42
12,995
(270,549)
152,980
ANSWERS
CHAPTER 2
PARTNERSHIP ACCOUNTS
13
TED, IAN AND JANE

(a)
Partnership appropriation account for the year ending 31 March 20X3
Net profit
Salary Jane
Interest on capital
Ted (50,000 5%)
Ian (40,000 5%)
Jane (30,000 5%)
96,000
(10,000)
2,500
2,000
1,500
(6,000)
80,000
Profit share:
Ted (80,000 3/6)
Ian (80,000 2/6)
Jane (80,000 1/6)
40,000
26,667
13,333
80,000
(b)
Capital accounts
Ted
Ian
Jane
Balance b/d
Ted
50,000
Ian
40,000
Jane
30,000
Ted
1,000
Ian
500
Jane
Current accounts
Balance b/d
Drawings
Balance c/d
Ted
Ian
42,600
28,200
900
967

43,500 29,167

Jane
200 Balance b/d

23,100 Salary
Interest on
capital
1,533 Profit share
24,833
Balance b/d
10,000
2,500
2,000
1,500
40,000 26,667 13,333

43,500 29,167 24,833

900
967
1,533
43
14
RALPH AND HUGH

(a)
Journal adjustments required:

Debit
(i)
Dr: Closing inventory (SOFP)
Credit
750
Cr: Closing Inventory (SOP&L)
(ii)
750
Dr: Wages
1,500
Cr: General expanses
1,500
Ralph and Hugh

Statement of profit or loss for the year ended 30 September 20X7
Revenue
Opening inventory
Purchases
Closing inventory
69,000
9,800
46,000
(11,750)
Cost of goods sold
(44,050)
Gross profit
24,950
Less:
Payroll expenses
6,500
General expenses
14,900
Rent
600
Discount allowed
800
Depreciation expense
Total expenses
Loss for the year
44
1,800
(24,600)
(350)
ANSWERS
CHAPTER 3
INCOMPLETE RECORDS
15
MICHAEL
(a)
Calculate the total sales for the year ended 31 October 20X8
Amount
Account name
(b)
Cash
50,000
Bank
90,000
Total
140,000
Prepare the purchases ledger control account for the year ended 31 October 20X8,
showing clearly the credit purchases of materials.
Payments to payables
Balance c/d
Total
(c)
(d)
30,000
4,000
34,000
Balance b/d
5,000
Credit purchases (bal)
29,000
Total
34,000
Calculate the total purchases for the year ended 31 October 20X8
Account name
Amount
Credit purchases (part b)
29,000
Cash
4,000
Bank
11,000
Total
44,000
Depreciation is calculated at 20% per annum on a reducing balance basis. Calculate the
revised accumulated depreciation as at 31 October 20X8.
Account name
Amount
Accumulated depreciation
22,000
Charge in the year (50,000 22,000) 20%

Total
5,600
27,600
45
(e)
Prepare the rent account for the year ended 31 October 20X8, showing clearly the rent
expense for the year
(f)
Balance b/d
2,000
P&L expense (bal)
7,500
Bank
6,500
Balance c/d prepayment
1,000
Total
8,500
Total
8,500
Prepare the light and heat account for the year ended 31 October 20X8, showing clearly
the expense for the year
Bank
Balance c/d accrual
Total
(g)
4,000
500
4,500
Balance b/d
700
P&L expense (bal)
3,800
Total
4,500
Prepare the statement of profit or loss for the year ended 31 October 20X8 year
Michael
Statement of profit or loss for the year ended 31 October 20X8.
Revenue (part(a))
140,000
Opening inventory
2,500
Purchases (part (c))
44,000
Closing inventory
1,500
Cost of goods sold
45,000
Gross profit
95,000
Less:
Payroll expenses
46
25,000
Light and heat (part (f))
3,800
Rent (part (e))
7,500
Advertising
2,000
Depreciation expense (part (d))
5,600
Administration
4,800
Total expenses
48,700
Loss for the year
46,300
ANSWERS
(h)
Prepare the statement of financial position as at 31 October 20X8.

Michael Statement of financial position as at 31 October 20X8
Non-current assets
Fixtures and fittings (part (d))
Cost
Depreciation
Carrying value
50,000
27,600
22,400
Current assets
Inventory
1,500
Prepayments
1,000
Bank
33,500
Cash
6,750
42,750
Current liabilities
Trade payables
Accruals
4,000
500
4,500
Net current assets
38,250
Net assets
60,650
Financed by
Capital account
Balance brought forward
34,350
Profit for the year (part (f))
46,300
Drawings
20,000
60,650
47
48

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aat

Prepare final accounts for sole

Depreciation expense (980 + 740)

Accumulated depreciation fixtures and fittings

Accumulated depreciation motor vehicles

Irrecoverable debts expense (1,600 160) (W1)

Allowance for doubtful debts (W1)

Closing inventory SOFP (W2)

Closing inventory S of P&L

Closing inventory at valuation

Statement of financial position as at 31 December 20X2

LEN AND FRED

Partnership appropriation account for the year ended 30 September 20X4

Statement of financial position as at 30 September 20X4

JACK AND JILL

HARRY AND PHIL

58,900 Opening balance

Sales revenue (bal fig)

Less: Closing inventory

Receivables (SLC) account

14,200 Cash received (bal fig)

SUMMARISED CASH BOOK

Receivables (SLC) account

6,900 Cash received

Payables (PLC) account

22,700 Opening balance

Less: closing inventory

Trial balance at 31 December 20X3

Fixtures and fittings

Laura Statement of financial position as at 30 April 20X7

Net current assets

Net current assets

Less: cost of sales

Less: closing inventory

Revenue (784, 518 5,436)

Purchases (370,215 1,447)

Cost of goods sold

TED, IAN AND JANE

Partnership appropriation account for the year ending 31 March 20X3

200 Balance b/d

RALPH AND HUGH

Journal adjustments required:

Dr: Closing inventory (SOFP)

Cr: Closing Inventory (SOP&L)

Cr: General expanses

Ralph and Hugh

Cost of goods sold

Credit purchases (bal)

Credit purchases (part b)

Charge in the year (50,000 22,000) 20%

P&L expense (bal)

Balance c/d prepayment

P&L expense (bal)

Purchases (part (c))

Cost of goods sold

Light and heat (part (f))

Rent (part (e))

Depreciation expense (part (d))

Loss for the year

Prepare the statement of financial position as at 31 October 20X8.

Net current assets

Profit for the year (part (f))

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