Level 2 Accounting, 2006
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1 For Supervisor s Level 2 Accounting, Prepare financial statements and related accounting entries for sole proprietors Credits: Five 9.30 am Thursday 23 November 2006 Check that the National Student Number (NSN) on your admission slip is the same as the number at the top of this page. Pull out Resource Booklet 90224R from the centre of this booklet to answer all questions. You should answer ALL the questions in this booklet. If you need more space for any answer, use the page(s) provided at the back of this booklet and clearly number the question. Check that this booklet has pages 2 8 in the correct order and that none of these pages is blank. YOU MUST HAND THIS BOOKLET TO THE SUPERVISOR AT THE END OF THE EXAMINATION. For Achievement Prepare financial statements following good accounting practice, with some additional information correctly treated. Prepare accounting entries for balance day adjustments. Achievement Criteria Achievement with Merit Prepare financial statements following good accounting practice, with the majority of additional information correctly treated. Prepare a range of accounting entries for balance day adjustments following good accounting practice. Achievement with Excellence Prepare financial statements following good accounting practice, with all or nearly all additional information correctly treated. Prepare a wide range of accounting entries for balance day adjustments consistently following good accounting practice. Overall Level of Performance (all criteria within a column are met) New Zealand Qualifications Authority, 2006 All rights reserved. No part of this publication may be reproduced by any means without the prior permission of the New Zealand Qualifications Authority.
2 2 You are advised to spend 55 minutes answering the questions in this booklet. Question One Henry s Super Sports specialises in selling top-quality sports gear. The firm records inventory using the First In First Out inventory measurement system. Refer to Resource One in RESOURCE BOOKLET 90224R to answer the following questions. Part A Prepare a fully classified Statement of Financial Performance (Income Statement) for Henry s Super Sports after taking into account the additional information. Classify your expenses under the following headings: Selling / Distribution Expenses, Administration Expenses, and Finance Expenses / Costs. Revenue Henry s Super Sports Statement of Financial Performance (Income Statement) for the year ended 30 September 2006 Sales ) Less Sales Returns (3 000) Net Sales ) Less Cost of Goods Sold ( ) Gross Profit ) Plus Other Income Dividends
3 3 Part B Prepare the Current Assets and Current Liabilities sections of the Statement of Financial Position (Balance Sheet) for Henry s Super Sports after taking into account the additional information. Henry s Super Sports Statement of Financial Position (Balance Sheet) extract as at 30 September 2006 Current Assets Current Liabilities Part C Prepare the following Accounting Policies for Henry s Super Sports. Measurement Base Inventory GST
4 4 Question Two Hone s Trendy Clothing has been selling quality clothing for three years. Hone s Trendy Clothing Trial Balance (extract) as at 31 March 2006 Accounts Receivable 600 Bank Overdraft 500 Advertising 900 Capital Bad Debts 40 GST Drawings Sales Electricity Shop Assistants Wages Additional Information: Hone received a letter from Jane Harris s lawyer stating that Jane has been declared bankrupt and cannot pay her outstanding account of $270, including GST. Invoice received for electricity dated 29 March 2006 for $135, including GST, for electricity used during March. The advertising was paid for a 12-month period commencing on 1 June Sales received in advance for mail order clothing for April, $120, excluding GST. Hone s accountant has calculated the Net Profit to be $18 760, after taking into account the additional information above. Part A General Journal Entries Prepare the General Journal entries to record the following balance day adjustments, closing entries and reversing entries. You must include dates. Narrations are not required. Do not abbreviate account names. (a) Record Jane Harris s account of $270, including GST, being written off as a bad debt. (b) Record the invoice dated 29 March 2006 for electricity, $135, including GST.
5 (c) 5 Record the prepaid advertising from the additional information on page 4 (you must calculate the amount). (d) Close the Drawings account on balance day. (e) Close the Sales account after taking into account the mail order sales received in advance of $120, excluding GST. (f) Reverse the Advertising balance day adjustment you prepared in (c) above. Part B General Ledger Entries Complete the General Ledger accounts below to show the relevant transactions for balance day and the first day of the next financial year, using the additional information on page 4. You must include dates. Do not abbreviate account names. Sales 31/3/06 Balance cr Capital 31/3/06 Balance cr
6 6 Question Three Soo-Youn Park has owned her jewellery store for several years. She uses a variety of source documents to record transactions. (a) Calculate the amount of money received from Accounts Receivable for the week ending Friday 7 April Show your working in the space below. Invoices issued to Accounts Receivable: Additional information: Charged S Jones for a gold ring, $450 A bad debt written off this week was Jeremy Smith, amounting to $225 Charged M Hanson for a watch, $180 Accounts Receivable on 1 April 2006, $1 487 Charged D Kirkwood for a silver jewellery set, $630 Working: Accounts Receivable on 7 April 2006, $1 150 $ (b) Calculate the amount of money paid to Accounts Payable for the week ending Friday 7 April Show your working in the space below. Invoices received from Accounts Payable: Additional information: For watches from Hoopers, $660 Accounts Payable on 1 April 2006, $590 For silver rings from Discount Jewellery, $420 Accounts Payable on 7 April 2006, $630 Working: $
7 (c) 7 Use the information in Resource Two in RESOURCE BOOKLET 90224R, and your answers to (a) and (b) on page 6, to prepare the Statement of Cash Flows for Soo-Youn s Jewellery Store for the week ended Friday 7 April, Soo-Youn s Jewellery Store Statement of Cash Flows for the week ended Friday 7 April 2006 Cash Receipts Cash Payments
8 8 Extra paper for continuation of answers if required. Clearly number the question. Question number
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