Assessment Schedule 2010 Accounting: Prepare financial statements and related accounting entries for sole proprietors (90224)

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1 NCEA Level 2 Accounting (90224) 2010 page 1 of 7 Assessment Schedule 2010 Accounting: Prepare financial statements and related accounting entries for sole proprietors (90224) Evidence Statement ONE Part A (a) 31 / 03 / 10 Drivers wages Accrued expenses & S (b) 31 / 03 / 10 Depreciation on (manager s) truck Accumulated depreciation on (manager s) truck & S (c) 31 / 03 / 10 Capital Drawings & S (d) 31 / 03 / 10 Bad debts GST 125 Accounts receivable & C for General Journal entries To award any, S or C the answer must have a complete General Journal entry, ie debit account name(s) and debit figure(s), plus credit account name and credit figure. correct stem and a figure in correct debit / credit column S / C provided 2 or 3 have been awarded for the entry, award S or C for the correct figure(s)

2 NCEA Level 2 Accounting (90224) 2010 page 2 of 7 ONE Part B (a) Dividends Received 31 / 03 / 10 Balance 250 Cr Accrued income Cr S Income summary C* 01 / 04 / 10 Accrued income Dr SD (b) Accrued Expenses 31 / 03 / 10 Drivers wages Cr SD 01 / 04 / 10 Drivers wages C*D for General Ledger entries for appropriate stem and a figure in the correct debit / credit column followed by correct treatment in the balance column figure need not be correct C* the entry must close the account and produce a zero balance to award C* if the answer has a debit balance first, C* can be awarded for a credit entry that closes the account to zero S / C provided has been awarded for the entry, award S or C for the correct figure D dates must be included in the ledger to demonstrate good accounting practice One Criteria Achievement Merit Excellence 10 / S / C 11 6 S / C 21 / S / C 2 D

3 NCEA Level 2 Accounting (90224) 2010 page 3 of 7 TWO Part A $ $ $ Revenue Construction receipts S Other income Dividends received S Less expenses Construction expenses Drivers wages S Petrol & diesel expenses Repairs & maintenance (bulldozer) Depreciation on bulldozer C Administrative expenses Office salaries Electricity C General expenses Internet expense (office) 680 Office rent Bad debts C Doubtful debts (200) C Depreciation on (manager s) truck S Finance costs Interest on loan Profit for the year (period) $ Sf correct stem, correct treatment and correct figure if no S or C (incorrect number allowed if S or C a possibility) S / C correct number and correct stem Sf is for the correct process (total income less total exp) F foreign items are items which do not belong in the Income Statement Shaded figures are not marked.

4 NCEA Level 2 Accounting (90224) 2010 page 4 of 7 TWO Part B Road Construction Statement of Financial Position (extract) as at 31 March 2010 $ $ $ Current assets Accounts receivable (Note 1) f Diesel supplies (on hand) GST C Accrued income S Non-current assets Investments (Note 2) Shares (in Hometown Carriers Ltd) S Property, plant and equipment Total carrying amount (Note 3) Total assets Less liabilities Current liabilities Accounts payable C Income (received) in advance S Accrued expenses S Bank Non-current liabilities Loan (Note 4) Total liabilities Net assets $ Sf correct stem, correct classification, correct treatment and correct figure if no S / C (incorrect number allowed if S / C a possibility) S / C correct number within Asset or Liability classification (stem can be incorrect but must be recognisable) Sf f F net assets is for the correct process (total assets less total liabilities). Not awarded if PPE items repeated or Equity items included follow-through from Note No mark for repeated items foreign items are items that do not belong in the Statement of Financial Position Shaded figures are not marked.

5 NCEA Level 2 Accounting (90224) 2010 page 5 of 7 Part B cont Notes: Note 1 Accounts receivable Accounts receivable & S Less allowance for doubtful debts (1 000) & C C may be awarded here only if the Allowance is deducted from the Accounts Receivable Note 2 Investments Investments comprise shares in Hometown Carriers Ltd. (S) The current fair value of the shares is $9 600, which is their market value on Balance Sheet date. (S) Note 4 Loan The Loan has an interest rate of 9% pa and a maturity date of (S) / S / C correct stem / number / phrase Shaded figures are not marked.

6 NCEA Level 2 Accounting (90224) 2010 page 6 of 7 TWO Part C (a) Cash from Credit Customers Accounts receivable 1 / 5 / Plus invoices issued S Less bad debts 450 C Less accounts receivable 31 / 5 / * Equals cash from customers Cash from Customers: $ (b) Cash to Suppliers Accounts payable 1 / 5 / Plus invoices received S Less discount received C Less accounts payable 31 / 5 / * Equals cash paid to suppliers Cash to Suppliers: $ correct stem (abbreviations are acceptable in the workings section) and the correct figure, including the correct treatment of the item, ie invoices must be added to the opening balance S / C correct stem (abbreviations are acceptable in the workings section) and the correct figure, including the correct treatment of the item, ie bad debts and discount must be deducted from the opening balance * correct stem, figure, treatment and no extra (non (a) or (b)) items in working Any repeats in (a) or (b) no score for that item Note: If no working and correct answer is recorded for Cash from Customers / to Suppliers, award 1, 1S and 1C for each.

7 NCEA Level 2 Accounting (90224) 2010 page 7 of 7 (c) Road Construction Cash Flow Statement for the month ended May 2010 $ $ Receipts Cash from (credit) customers (accounts receivable) f Dividends (received) 750 Total receipts Less payments Cash to suppliers (accounts payable) f (Staff) wages and salaries Loan (repayments) Drawings 790 Total payments Net increase / decrease in cash p Plus opening bank balance (3 350) Equals closing bank balance $3 875 C f p C follow-through figure from (a) and (b) correct stem and correct figure (direct debit or groceries is not a correct stem) correct process, total payments deducted from total receipts (must delete decrease) for process; C for correct figure and may only be awarded if there are no foreign items (depreciation, bad debts or discount or for staff wages or wages (owing) 170) Two Criteria Achievement Merit Excellence 38 / S / C S / C 36 8 C PLUS 13 S / C Max 4 F Max 2 F No F Overall Statement Achievement Achievement with Merit Achievement with Excellence 2 A 2 M 2 E

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