The Journal Correcting errors, posting wages & dealing with bad debts

Size: px
Start display at page:

Download "The Journal Correcting errors, posting wages & dealing with bad debts"

Transcription

1 The Journal Correcting errors, posting wages & dealing with bad debts Sales Returns for the month of September of 1,500 have been entered into the accounts as Sales Return Account Date Details p Date Details p 30/9 SRDB 1,500 Debtors Control Account Date Details p Date Details p 30/9 SRDB 1,500 The Journal will record the entries needed to put these incorrect entries right. THE JOURNAL Date Ref Details Dr Cr XX J1 Sales Returns 1,500 Debtors Control 1,500 Sales Returns 1,500 Debtors Control 1,500 Correction of error of reversal Task: Post the journal to the ledgers 1

2 Question 1 Write up the Journals below for the following errors, as at October 10th. 1. An entry for Vehicle expenses of 145 has been debited to the Vehicle Account. 2. An entry for the payment of 230 of office expenses has been recorded as 320 in both the office expenses account and the bank column of the cash book. 3. An invoice for Sales to D Brent for 3,000 has been omitted from the day book for September and must now be recorded in the Sales Account and the Debtors Control Account. 10-Oct J2 Vehicle Expenses 145 Vehicle Account 145 Correct error of principal 10-Oct J3 Bank 90 Office Expenses 90 Correct original entry error 10-Oct J4 Debtors Control 3000 Sales 2500 VAT 500 Correct error of omission Question 2 The trial balance of Louisa Lewis balanced. However, a number of errors have been found in the bookkeeping system: (ignore VAT) 1. A Credit sale of 426 to CL Dale has not been entered in the accounts. (JV23) 2. A payment by cheque for 125 to H Price Ltd, a creditor, has been recorded in the account of H Prince. (JV24) 3. The cost of 8000, for a new delivery van has been entered to the vehicle expense account (JV 25) 4. Postages of 55, paid by cheque, have been entered on the wrong side of both accounts (JV26) You are to take each error in turn and draft a correcting journal. 2

3 A SLCA 426 Sales 355 VAT 71 Correction of error of omission (*also update customers account in the Sales Ledger) B Purchase Ledger - H Price Ltd 125 Purchase Ledger - H Prince 125 Correction of error of comission C Motor Vehicles 8000 Vehicle Expenses 8000 D Postages 55 Bank 55 Postages 55 Bank 55 Question 3 Make appropriate entries in the journal below to deal with the following problems identified by your assistant as at October XX. The Company is not registered for VAT. The payment of vehicle expenses of 530 by cheque has been recorded as a debit entry in the bank account and a credit entry in the Vehicle expenses account. An invoice from Sumners Ltd for purchases of 2,500 has been entirely omitted from the day book for September. The total sales figure for September has been over cast by 50 the figure has been recorded in the debtors control account and in the sales account as 17,890 instead of 17,840. 3

4 Oct XX J25 Vehicle Expenses 530 Bank 530 Vehicle Expenses 530 Bank 530 Correction of error of reversal Oct XX J26 Purchases 2500 Purchase Ledger Control 2500 Correction of error of omission Oct XX J27 Sales Sales Ledger Control Sales Ledger Control Sales Correction of error of original entry Question 4 You work for Browns Ltd who operate an accounting procedure where control accounts are part of the double entry system. Individual supplier and customer records are kept as subsidiary accounts. The Accountant has noticed that the following errors have occurred: 1. A customers invoice has been omitted from the accounts. The invoice was dated XX for 9, inclusive of VAT. 2. A suppliers credit note has been received but not entered into the accounts. The credit note was for 1, inclusive of VAT. You are required to show the Journal Entries necessary to correct these errors as at March 6 th 20XX. 4

5 March XX J1 Sales Ledger Control 9600 Sales 8000 VAT 1600 Correction of error of omission (Invoice dated 28/2/XX) March XX J2 Purchase Ledger Control 1320 Purchases 1100 VAT 220 Correction of error of omission 5

6 Correcting Errors - The Suspense Account See the Trial Balance below:- Purchases Sales Capital Returns Outwards Returns Inwards A Lyon & Sons M Spencer Bank Cash Suspense Total Trial Balance as on 31 May Dr Cr Suspense Account May Trial Balance May Sales 5.00 May Purchases Further investigation reveals that purchases were under cast by 25 and sales were under cast by 5. We can make these corrections using double entry by posting to the purchases account and the suspense account and to the sales account and the suspense account. 6

7 The Journal May J1 Purchases Suspense Correction of Purchases undercast May J2 Suspense 5.00 Sales 5.00 Correction of Sales undercast Sales Account May Balance b/d May Suspense 5.00 May Balance c/d Jun Balance b/d Purchases Account May Balance b/d May Suspense May Balance c/d Jun Balance b/d

8 Question 5 Greens Ltd has the following trial balance. Trial Balance as on 31 May Dr Cr Purchases Sales Capital Purchase Returns Sales Returns Debtors Control Creditors Control Rent and Rates Telephone Office Expenses Vehicle Bank Cash 4, ,190 2,000 1,670 3,400 10,000 3, ,900 18, Record the balancing figure in the suspense account. Suspense Account Date Details p Date Details p 2. Further investigation on June 6 th reveals that Sales has been under cast by 500 Sales returns has been overcast by 100 Debtors Control has been under cast by 410 8

9 The Journal May J86 Suspense Sales Correction of Sales undercast May J87 Suspense Sales Returns Correction of Sales Returns overcast May J88 Debtors Control Suspense Correction of Debtors Control undercast Suspense Account May Sales May Trial Balance May Sales Returns Debtors Control

10 Sales Account May Balance b/d May Suspense May Balance c/d Jun Balance b/d Sales Returns May Balance b/d May Suspense Jun Balance b/d May Balance c/d Debtors Control May Balance b/d May Suspense May Balance c/d Jun Balance b/d Question 6 A trial balance fails to agree by 75 and the difference is placed in a suspense account. Later it is found that a credit sale for this amount has not been entered in the sales account. Which one of the following journal entries is correct? a) debit suspense account 75; credit sales account 75 b) debit suspense account 150; credit sales account 150 c) debit sales account 75; credit suspense account 75 d) credit sales account 75 10

11 Question 7 Lonsdull extracts a trial balance from his bookkeeping records on 30 September 20XX. Unfortunately the trial balance fails to balance and the difference 19 debit is placed to a suspense account pending further investigation. The following errors are later found: a) A cheque payment of 85 for office expenses has been entered in the cash book but no entry has been made in the office expenses account. b) A payment for photocopying of 87 by cheque has been correctly entered in the cash book, but is shown as 78 in the photocopying account c) The sales return account has been overcast by 100 d) Commission received of 25 has been entered twice in the account Required: Make journal entries to correct the errors and show the suspense account after the errors have been corrected. Suspense Account 30- Sep Trial Balance Office Expenses Sales Returns Photocopying 9.00 Commissions Sep J1 Office Expenses Suspense Error Correction 30-Sep J2 Photocopying 9.00 Suspense Sep J3 Suspense Sales Returns Sep J2 Commissions Suspense

12 Question 8 A copy of the trial balance for Grants Ltd as at 31 March 20XX is shown below. There is an error in the bookkeeping which has caused a difference between the total debits and credits on the trial balance. Canine Concerns Trial Balance as at 31 March 20XX Debit Credit Fees Interest received 230 Motor expenses 2450 Insurance 670 Advertising 1560 Telephone 730 Sundry expenses 3520 Motor vehicles 8500 Cash at bank 6500 Trade creditors 740 Capital 6000 Drawings Suspense Total a. Calculate the difference between debits and credits and post a suspense account in the trial balance so that it balances. b. Show the suspense account in the nominal ledger (T account). Suspense Account Mar Trial Balance

13 Question 9 The trial balance (below) for a business was drawn up on 31 October 20XX. Because it does not balance open a suspense account and include it in the trail balance. Debit Credit Sales Opening Stock Purchases Wages Motor expenses 2060 Rates and insurance 3280 Heat and light 1450 Sundry expenses 650 Van 7400 Fixtures and fittings 2100 Cash at bank 2270 Cash in hand 670 Trade creditors 3740 Capital Drawings Suspense Account Total On November 4 20XX, the bookkeeper located the following two errors. The purchases account was under cast by 100. The owner had used a business cheque to buy his mother's birthday present for 680. This was recorded in the bank account but not in the drawings account. Required: a. Show the journal entries and suspense account for the errors detected by the bookkeeper. b. Redraft the trial balance for Garden World as at 4.11.XX. Suspense Account Oct Trial Balance Nov Purchases Nov Drawings

14 04- Nov J1 Purchases Suspense J2 Drawings Suspense Redrafted Trial Balance as at XX Trial Balance as at 31 October 20XX Account Name Debit Credit Sales Opening Stock Purchases Wages Motor Expenses 2060 Rates & Insurance 3280 Heat & Light 1450 Sundry Expenses 650 Van 7400 Fixtures & Fittings 2100 Cash at Bank 2270 Cash in Hand 670 Trade Creditors 3740 Capital Drawings Suspense Total Question 10 At the end of the year, 31 March 20XX, a trial balance was prepared for a business. However, there was a difference on the trial balance (on page 26) which was posted to a suspense account. Following a search through the books, the accountant detected three errors. Error 1 A credit note for 210, received from a supplier, had been entered in the Purchases returns but not in the Purchase Ledger Control Account. Error 2 The payment of an electricity bill for 320 had been entered in the cash book but not in the heat and light account. Error 3 Purchases had been overcast by

15 Required: Determine the balance on the suspense account a. Show the journal entries necessary to correct the errors b. Show the balanced suspense account with all the entries c. Redraft the trial balance for the 1.04.XX Trial Balance as at 31 March 20XX Debit Credit Sales 172,020 Interest received 540 Opening Stock 6320 Purchases Wages Motor expenses 2100 Insurance 210 Advertising 650 Telephone 430 Heat and light 860 Sundry expenses 2560 Motor Vehicle Depreciation - Motor vehicle 8000 Cash at bank 2550 Trade creditors 4300 Capital Drawings Total Suspense Account Mar Trial Balance Mar Purchase Ledger Mar Purchases Mar Heat & Light

16 Mar J1 Purchase Ledger Suspense J2 Heat & Light Suspense J3 Suspense Purchases Redrafted Trial Balance as at 1 April 20XX Trial Balance as at 1 April 20XX Account Name Debit Credit Sales Interest received 540 Opening Stock 6320 Purchases Wages Motor Expenses 2100 Insurance 210 Advertising 650 Telephone 430 Heat & Light 1180 Sundry expenses 2560 Motor Vehicles Depreciation - Motor Vehicles 8000 Cash at bank 2550 Trade creditors 4090 Capital Drawings Suspense Total Correcting Errors - Review Questions 1. Prepare a journal entry for recording the following opening balances in a new set of accounts: capital 7,500, trade receivables 2,000, trade payables 2,500, cash at bank 8,

17 Account Name Amount Dr Cr Capital Trade Receivables Trade Payables Cash at bank A credit customer has ceased trading owing 1, plus VAT. Record the journal entry needed in the general ledger to write off this bad debt. Account Name Amount Dr Cr Bad Debt VAT Trade Receivables A new business is opening a new set of accounts. A partially completed journal to record the opening entries is shown below. Record the journal entries needed in the accounts in the general ledger of Buxton to deal with the opening entries. Account name Debit Credit Capital Cash at bank Heat and light Loan from bank Machinery Motor vehicle Petty cash Rent paid Stationery Vehicle expenses 4. A payment for rent of 4,300 has been entered into the cash book and the rent account as 3,400. What type of error is this? Error of original entry 5. The sales returns for a period of 1,276 have been entered into the ledger accounts as: Dr Sales Ledger Control Cr Sales returns 17

18 a. What type of error is this? Error of reversal b. What Journal would you post to correct this error? Debit Returns 1276 Credit SLCA 1276 Debit Returns 1276 Credit SLCA A credit note from supplier Brownley has been debited to the account of Brownlow What type of error is this? Error of Commission 7. The total of the debit balances on a trial balance was 452,362 and the credit side totalled 450,241 what is the balance on the suspense account? Account name Amount Debit Suspense 2121 Credit 8. The total of the debit balances on a trial balance was 184,266 and the credit side totalled 181,278. The business does not maintain Cash control or Bank control accounts in the general ledger. The following errors have been identified: a) A receipt of 3,250 from a customer was recorded in the Cash Book correctly but in the Sales Ledger Control Account as 2,350. b) The Discounts Allowed account was overcast by 1,000 when being balanced prior to its entry in the trial balance. c) Discounts received of 450 were debited to the Discounts Received Account and credited to the Purchase Ledger Control account. d) Purchase returns of 1,088 had been correctly entered in the Purchase Ledger Control account but had been omitted from the Purchase Returns account. Draft journal entries to remove the incorrect entries for each of these errors and make the correct ones and show how the suspense account is cleared. 18

19 Account Name Amount Dr Cr SLCA 2350 Suspense 2350 Suspense 3250 SLCA 3250 Suspense 1000 Discounts Allowed 1000 PLCA 450 Discounts Received 450 PLCA 450 Discounts Received 450 Suspense 1088 Purchase Returns 1088 Suspense Account SLCA 3250 Trial Balance 2988 Discounts Allowed 1000 SLCA 2350 Purchase Returns Advance Ltd trial balance was extracted and did not balance. The debit column of the trial balance totalled 52,673 and the credit column totalled 61,920. a) What entry would be made in the suspense account to balance the trial balance? Account name Amount Debit Suspense 9247 Credit 19

20 b) It is important to understand the types of error that are disclosed by the Trial Balance and those that are not. Show which of the errors below are, or are not disclosed by the Trial Balance. Error in the general ledger Calculating the balance on a ledger account incorrectly by 100 Recording a supplier s credit note for 800 at 80 in the purchase returns day book Forgetting to include the 200 balance on the petty cash book in the trial balance Making a debit entry for a cash sale of 150 but not the credit entry Failing to record a petty cash purchase of food for 20 (no VAT) For a purchase of stationery on credit, debiting the PLCA and crediting the stationery account Error disclosed by the trial balance Error NOT disclosed by the trial balance 10. The initial trial balance of a business includes a suspense account with a balance of 1,000. The error has been traced to the miscast of the net column of the purchases day book shown below. Date Details Invoice number Purchases Day Book Total VAT Net 31 Oct Westwood Ltd , , Oct Evans & Co Oct Lawrence Ltd , ,135 Totals 4, ,945 a) Using the picklist of account names, record the journal entries needed in the general ledger to: 10a Account Name Amount Dr Cr Purchases

21 Account Name Amount Dr Cr Purchases 3945 Account Name Amount Dr Cr Suspense b Account Name Amount Dr Cr Purchases 980 PLCA 980 Account Name Amount Dr Cr Purchases 980 PLCA The initial trial balance of a business included a suspense account. All the bookkeeping errors have now been traced and the journal entries shown below have been recorded. Journal entries Account name Debit Credit Discounts allowed 149 Discounts received 149 Suspense 256 Purchases 256 Motor expenses 893 Suspense 893 Post the journal entries to the general ledger accounts. Dates are not required. Purchases 21

22 Purchases Suspense 256 Motor Expenses Suspense 893 Suspense Purchases 256 Motor Expenses 893 Discount Received Discount Allowed 149 Discount Allowed Discount Received On 31 March a business extracted an initial trial balance which did not balance as the debit balances exceeded the credit balances by 1,148. On 1 April journal entries were prepared to correct the errors that had been found, and clear the suspense account. The list of balances in the initial trial balance, and the journal entries to correct the errors, are shown below. The journals had not yet been entered when the account balances were extracted. Taking into account the journal entries, which will clear the suspense account, re-draft the trial balance by placing the figures in the debit or credit column. 22

23 Account Name 31 March 1 April Debit Credit Machinery 52,910 52,910 Fixtures and fittings 17,835 17,835 Computers 9,920 9,920 Cash at bank 2,367 2,367 Petty cash Sales ledger control 115, ,438 Purchase ledger control 34,290 35,618 VAT owing to HM Revenue and customs 2,337 2,337 Capital 52,254 52,254 Sales 270, ,256 Purchases 78,309 78,309 Purchase returns 3,203 3,203 Wages 54,219 54,219 Maintenance expenses 3,445 3,445 Administration expenses 10,254 10,254 Marketing expenses 6,287 6,287 Premises expenses 15,244 15,244 Discount received 4,278 4,278 Discount allowed 1,288 1,468 Totals 367, ,946 Journal entries Account name Debit Credit Discount allowed 1,359 Suspense 1,359 Discount allowed 1,539 Suspense 1,539 Account name Debit Credit Purchase ledger control 664 Suspense 664 Purchase ledger control 664 Suspense

24 The Journal - Bad Debts Example Despite chasing the debt, it is clear that the balance on Baden s Account of including VAT will never be cleared without expensive legal action. The business decides to write off the balance as of October 10 th 20XX. October XX J1 Bad Debt (Expense) VAT Sales Ledger Control Write off bad debt Baden A/C October XX J1 Bad Debt (Expense) VAT Sales Ledger Control Write off bad debt P Hughes A/C Debtors Control 30- Sep Balance b/d Oct Bad Debts W/O Bad Debts Account (Expense) 10-Oct Debtors Control (Badens)

25 VAT Account 10-Oct Bad Debt (Badens) Badens Account 30- Sep Balance b/d Oct Bad Debt W/O Question 14 Today s date is 30 th June 20XX. It has been decided that the amount owing from Customer Z (95.00 incl VAT) is unlikely to be paid and your manager has authorised you to write off the account to Bad debts. Complete a Journal entry for this and make the appropriate entries in the accounts. The Journal J89 Bad Debt (Aardvark Films) VAT Account Sales Ledger Control Bad debt write off Sales Ledger Control Account Bad Debt

26 Bad Debt Account SLCA VAT Account SLCA

PREPARING FINAL ACCOUNTS. part

PREPARING FINAL ACCOUNTS. part 15_1312MH_CH09 27/1/05 8:38 am Page 87 PREPARING part 3 FINAL ACCOUNTS 9 The final accounts of sole traders 10 Accounting principles, concepts and policies 11 Depreciation and fixed assets 12 Bad debts

More information

CONTENTS. Kevin O Riordan 2000 ISBN 1841 31 3750. Folens Publishers, Hibernian Industrial Estate, Greenhills Road. Tallaght, Dublin 24.

CONTENTS. Kevin O Riordan 2000 ISBN 1841 31 3750. Folens Publishers, Hibernian Industrial Estate, Greenhills Road. Tallaght, Dublin 24. CONTENTS Chapter 2: Double-Entry Book-keeping and the Trial Balance... 1 Chapter 3: Profit Measurement and Balance Sheet Preparation... 5 Chapter 4: Value Added Tax and Statutory Deductions... 8 Chapter

More information

C02 Financial Accounting Fundamentals Control Accounts. Let s consider a more detailed example:

C02 Financial Accounting Fundamentals Control Accounts. Let s consider a more detailed example: C02 Financial Accounting Fundamentals Control Accounts Let s consider a more detailed example: Tyrell proves the accuracy of its sales and purchase ledgers by preparing monthly control accounts. At 1 May

More information

MARK SCHEME for the October/November 2008 question paper 0452 ACCOUNTING. 0452/03 Paper 3, maximum raw mark 100

MARK SCHEME for the October/November 2008 question paper 0452 ACCOUNTING. 0452/03 Paper 3, maximum raw mark 100 www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the October/November question paper 0452 ACCOUNTING 0452/03

More information

Chart of Accounts - Sole Trader

Chart of Accounts - Sole Trader Chart of Accounts - Sole Trader The basic road map into any accounting system is the chart of accounts. It is this chart that helps establish the information that will be captured by your accounting system,

More information

Accruals and prepayments

Accruals and prepayments 5 Accruals and prepayments this chapter covers... In the last chapter we have looked at the preparation of financial statements or final accounts using the extended trial balance, or spreadsheet, approach.

More information

ACCOUNTING 1 (ACN101- M)

ACCOUNTING 1 (ACN101- M) 1 ACCOUNTING 1 (ACN101- M) STUDY UNIT 1: THE NATURE AND FUNCTION OF ACCOUNTING DEFINITION: Accounting can be defined as the orderly & systematic recording of the monetary values of financial transactions

More information

UNIVERSITY EXAMINATIONS COURSE TITLE: FINANCIAL ACCOUNTING DATE: 19/08/2010

UNIVERSITY EXAMINATIONS COURSE TITLE: FINANCIAL ACCOUNTING DATE: 19/08/2010 KABARAK UNIVERSITY UNIVERSITY EXAMINATIONS /2010 ACADEMIC YEAR FOR THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION COURSE CODE: ACCT 510 COURSE TITLE: FINANCIAL ACCOUNTING STREAM: DAY: TIME: MBA THURSDAY

More information

FINANCIAL STATEMENTS-II

FINANCIAL STATEMENTS-II MODULE - 3 15 FINANCIAL STATEMENTS-II You have learnt that Income Statement i.e. Trading & Profit and Loss Account and Position Statement i.e., Balance Sheet are two financial statements, which are prepared

More information

CHAPTER 10 Financial Statements NOTE

CHAPTER 10 Financial Statements NOTE NOTE In practice, accruals accounts and prepayments accounts are implied rather than drawn up. It is common for expense accounts to show simply a balance c/d and a balance b/d. The accrual or prepayment

More information

not to be republished NCERT In the earlier chapters, you have learnt about the Trial Balance and Rectification of Errors 6

not to be republished NCERT In the earlier chapters, you have learnt about the Trial Balance and Rectification of Errors 6 Trial Balance and Rectification of Errors 6 LEARNING OBJECTIVES After studying this chapter, you will be able to : state the meaning of trial balance; enumerate the objectives of preparing trial balance

More information

Trading Profit and Loss Account

Trading Profit and Loss Account Trading Profit and Loss Account Trading Account The trading account shows the income from sales and the direct costs of making those sales. It includes the balance of stocks at the start and end of the

More information

SAMPLE QUESTION PAPER IN ACCOUNTANCY. Time: Three Hours Maximum Marks: 100

SAMPLE QUESTION PAPER IN ACCOUNTANCY. Time: Three Hours Maximum Marks: 100 SAMPLE QUESTION PAPER IN ACCOUNTANCY Time: Three Hours Maximum Marks: 100 Note: The question paper is divided into two sections A and B. Attempt all questions of Section A and any one question of Section

More information

B. Division of Costs The purpose of a Manufacturing Account is to ascertain Cost of Production ( ).

B. Division of Costs The purpose of a Manufacturing Account is to ascertain Cost of Production ( ). Manufacturing Accounts ( ) S5 Manufacturing Account/LWL A. Function of a Manufacturing Acccount For those businesses which deal with manufacturing products. It is common in today s business to act both

More information

BOOKKEEPING WITH COMPUTERS

BOOKKEEPING WITH COMPUTERS BOOKKEEPING WITH COMPUTERS INTRODUCTION Whether manual or computerised, bookkeeping is essentially the same. Both methods use the same concept of DOUBLE ENTRY, i.e. Debits () and edits (). Double entry

More information

Paper 2 Accounting (Syllabus 2008)

Paper 2 Accounting (Syllabus 2008) Section A- FINANCIAL ACCOUNTING 1. Which of the following is not a Fixed Asset? (a) Building (b) Bank balance (c) Plant (d) Goodwill [Hints: (b) Fixed asset is an asset held with the intention of being

More information

Double entry bookkeeping

Double entry bookkeeping ACCOUNTS PREPARATION I Double entry bookkeeping Introduction A sound knowledge of double entry underpins many of the learning outcomes and skills required for Accounts Preparation I. A sound understanding

More information

SOLE TRADER FINAL ACCOUNTS

SOLE TRADER FINAL ACCOUNTS 6 SOLE TRADER FINAL ACCOUNTS CASE STUDY Starting out in business Olivia Boulton used to work as a buyer of kitchen and cookware goods for a large department store in central London. She was good at her

More information

MARK SCHEME for the May/June 2008 question paper 0452 ACCOUNTING. 0452/03 Paper 3, maximum raw mark 100

MARK SCHEME for the May/June 2008 question paper 0452 ACCOUNTING. 0452/03 Paper 3, maximum raw mark 100 www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June question paper 0452 ACCOUNTING 0452/03 Paper

More information

0452 ACCOUNTING 0452/02 Paper 2, maximum raw mark 100

0452 ACCOUNTING 0452/02 Paper 2, maximum raw mark 100 www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the October/November 2009 question paper for the guidance

More information

Level 1 Book-keeping Solutions Booklet. For further information contact us: Tel. +44 (0) 8707 202909 Email. enquiries@ediplc.com www.lcci.org.

Level 1 Book-keeping Solutions Booklet. For further information contact us: Tel. +44 (0) 8707 202909 Email. enquiries@ediplc.com www.lcci.org. Level 1 Book-keeping Solutions Booklet For further information contact us: Tel. +44 (0) 8707 202909 Email. enquiries@ediplc.com www.lcci.org.uk London Chamber of Commerce and Industry (LCCI) International

More information

110 Questions(with Answers) On Accounting Basics FREE E-book from http://basiccollegeaccounting.com

110 Questions(with Answers) On Accounting Basics FREE E-book from http://basiccollegeaccounting.com (http://basiccollegeaccounting.com) Dedicated to helping Students & Teachers NOTE: 110 Questions & Answers on True Or False on Accounting Basics ACCOUNTING CONCEPTS & DOUBLE ENTRY SYSTEM True False 1.

More information

Chapter 4: Transactions to General Ledger Chapter Review Solutions

Chapter 4: Transactions to General Ledger Chapter Review Solutions Introductory Accounting - Accounting to Trial Balance Chapter 4: Transactions to General Ledger Chapter Review Solutions 2. Invoice: A bill charging a customer for goods supplied or service provided on

More information

UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS 0452 ACCOUNTING. 0452/01 Paper 1 (Multiple Choice), maximum mark 40

UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS 0452 ACCOUNTING. 0452/01 Paper 1 (Multiple Choice), maximum mark 40 www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the June 2004 question papers 0452 ACCOUNTING 0452/01 Paper

More information

Paper F3. Financial Accounting. Specimen Exam applicable from June 2014. Fundamentals Level Knowledge Module

Paper F3. Financial Accounting. Specimen Exam applicable from June 2014. Fundamentals Level Knowledge Module Fundamentals Level Knowledge Module Financial Accounting Specimen Exam applicable from June 2014 Time allowed: 2 hours This paper is divided into two sections: Section A ALL 35 questions are compulsory

More information

Process Accounts Payable and Receivable

Process Accounts Payable and Receivable Process Accounts Payable and Receivable UNIT PURPOSE On successful completion of this unit the learner will be able to maintain financial records of a business using both manual accounting processes and

More information

CENTRE FOR CONTINUING EDUCATION BBA (AVIATION OPERATION)

CENTRE FOR CONTINUING EDUCATION BBA (AVIATION OPERATION) CENTRE FOR CONTINUING EDUCATION BBA (AVIATION OPERATION) BATCH: SEMESTER: NAME: ROLL NO: ASSIGNMENT 1 & 2 FOR BUSINESS ACCOUNTING BBCF 131 UNIVERSITY OF PETROLEUM & ENERGY STUDIES Assignment-1 Note: All

More information

FINANCIAL ACCOUNTING

FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING FORMATION 2 EXAMINATION - AUGUST 2012 NOTES: You are required to answer Question 1. You are also required to answer any three out of Questions 2 to 5. (If you provide answers to all

More information

Accounts from Incomplete Records

Accounts from Incomplete Records CHAPTER 9 Accounts from Incomplete Records LEARNING OBJECTIVES After studying the chapter, you will be able to: state the meaning of incomplete records; distinguish between Balance Sheet and Statement

More information

MAINTAIN A GENERAL LEDGER. and PROCESS JOURNAL ENTRIES STUDENT MANUAL

MAINTAIN A GENERAL LEDGER. and PROCESS JOURNAL ENTRIES STUDENT MANUAL MAINTAIN A GENERAL LEDGER and PROCESS JOURNAL ENTRIES STUDENT MANUAL NAME: USING A TRANSACTION ANALYSIS CHART TO UNDERSTAND TRANSACTIONS Understanding transactions is fundamental to accounting. A transaction

More information

International Examinations. IGCSE Accounting Catherine Coucom

International Examinations. IGCSE Accounting Catherine Coucom International Examinations IGCSE Accounting Catherine Coucom PUBLISHED BY THE PRESS SYNDICATE OF THE UNIVERSITY OF CAMBRIDGE The Pitt Building, Trumpington Street, Cambridge, United Kingdom CAMBRIDGE UNIVERSITY

More information

Accounting Foundations

Accounting Foundations 1 Accounting Foundations Terry Marris June 2013 7 Unsold Stock Previously we have assumed that goods purchased for resale have all been sold by the end of the financial year. We see how unsold stock affects

More information

AS Accounting for AQA

AS Accounting for AQA a n s w e r s t o s e l e c t e d q u e s t i o n s i n t h e t e x t b o o k AS Unit 1 Introduction to Financial Accounting 1 What is financial accounting? 1 2 Double-entry book-keeping: first principles

More information

BUSINESS ACCOUNTS. Question bank. sourced from www.osbornebooks.co.uk. 4th edition

BUSINESS ACCOUNTS. Question bank. sourced from www.osbornebooks.co.uk. 4th edition BUSINESS ACCOUNTS 4th edition Question bank sourced from www.osbornebooks.co.uk Osborne Books Limited 2012 All rights reserved. No part of this material may be reproduced, stored in a retrieval system,

More information

Accounting for Branches Including Foreign Branch Accounts

Accounting for Branches Including Foreign Branch Accounts 9 Accounting for Branches Including Foreign Branch Accounts BASIC CONCEPTS Types of branches Dependent branches Independent branches Based on accounting point of view, branches may be classified as follows:

More information

ΛΥΣΕΙΣ. Branch Stock Account

ΛΥΣΕΙΣ. Branch Stock Account ΛΥΣΕΙΣ QUESTION Exercise Branch Stock Account Selling Price Cost Price Selling Price Cost Price Stock b/d (W) 32.00 2.400 Sales Cash 5.330 5.330 Coods Sent (W2) 46.700 97.800 Sales Credit 39.560 39.560

More information

BUSINESS ACCOUNTS. sample documents. sourced from www.osbornebooks.co.uk

BUSINESS ACCOUNTS. sample documents. sourced from www.osbornebooks.co.uk BUSINESS ACCOUNTS sample documents sourced from www.osbornebooks.co.uk Sample documents document page invoice 3 statement 4 double-entry accounts 5 cash book 6 petty cash book 7 extended trial balance

More information

Assessment Schedule 2013 Accounting: Prepare financial information for an entity that operates accounting subsystems (91176)

Assessment Schedule 2013 Accounting: Prepare financial information for an entity that operates accounting subsystems (91176) NCEA Level 2 Accounting (91176) 2013 Page 1 of 7 Assessment Schedule 2013 Accounting: Prepare financial information for an entity that operates accounting subsystems (91176) Evidence Part A Question One

More information

We have so far studied accounting records of

We have so far studied accounting records of Accounts from Incomplete Records 11 LEARNING OBJECTIVES After studying this chapter, you will be able to : state the meaning and features of incomplete records; calculate profit or loss using the statement

More information

The Profit & Loss Account Accounting for Revenue & Expenses

The Profit & Loss Account Accounting for Revenue & Expenses The Profit & Loss Account Accounting for Revenue & Expenses Chapter 3 Luby & O Donoghue (2005) Profit & Loss Account The main reason why people set up in business is to make a profit. The profit and loss

More information

How To Account For Credit Purchases In The European Currency Union

How To Account For Credit Purchases In The European Currency Union 7 Accounting for purchases and purchases returns this chapter covers... This chapter focuses on using the accounting system to record the details of purchases and purchases returns. Having looked in the

More information

2006 VCE VET Financial Services GA 2: Written examination

2006 VCE VET Financial Services GA 2: Written examination VCE VET Financial Services GA 2: Written examination GENERAL COMMENTS Students were well prepared for the VCE VET Financial Services examination, and a significant number achieved pleasing results. It

More information

8 posting to general ledger accounts Learning outcomes

8 posting to general ledger accounts Learning outcomes PART ONE: TRIAL BALANCES chapter 8 posting to general ledger accounts Learning outcomes The learning outcomes for this chapter are to post journal entries for a double entry system to the general ledger

More information

Introduction to Accounts

Introduction to Accounts Introduction to Accounts Copyright statement Sage (UK) Limited, 2012. All rights reserved We have written this guide to help you to use the software it relates to. We hope it will be read by and helpful

More information

MARK SCHEME for the October/November 2010 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/22 Paper 2, maximum raw mark 120

MARK SCHEME for the October/November 2010 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/22 Paper 2, maximum raw mark 120 www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the October/November 2010 question paper for the guidance

More information

UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education

UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education *0018636067* UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education ACCOUNTING 0452/13 Paper 1 October/November 2013 Candidates answer on the Question

More information

MARK SCHEME for the May/June 2011 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/21 Paper 2, maximum raw mark 120

MARK SCHEME for the May/June 2011 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/21 Paper 2, maximum raw mark 120 www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June question paper for the guidance of teachers

More information

WOOD: Business Accounting Basics, 01 CHAPTER 5. Value added tax

WOOD: Business Accounting Basics, 01 CHAPTER 5. Value added tax CHAPTER 5 Value added tax Learning objectives By the end of this chapter you should be able to: Calculate the level of VAT for inclusion on an invoice Ascertain the VAT liability of a business through

More information

UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education ACCOUNTING

UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education ACCOUNTING UNIVERSITY OF MRIGE INTERNTIONL EXMINTIONS International General ertificate of Secondary Education OUNTING 0452/01 Paper 1 Multiple hoice May/June 2006 dditional Materials: Multiple hoice nswer Sheet Soft

More information

C02-Fundamentals of financial accounting

C02-Fundamentals of financial accounting Sample Exam Paper Question 1 The difference between an income statement and an income and expenditure account is that: A. An income and expenditure account is an international term for an Income statement.

More information

Accounts of the sole trader

Accounts of the sole trader Unit 1 Accounts of the sole trader This unit consists of one section only: Section 1: Final accounts Section 1 Final accounts By the end of this section you should be able to: explain the position of a

More information

Recording Financial Transactions

Recording Financial Transactions INTRODUCTORY CERTIFICATE Paper FA1 Recording Financial Transactions STUDY NOTES 2014 Kaplan Financial Limited, 2013 The text in this material and any others made available by any Kaplan Group company does

More information

Chart of Accounts AA Corp Tax 0000-1020 / page 1. Sales. Income from participating interests. Income from other fixed asset investments

Chart of Accounts AA Corp Tax 0000-1020 / page 1. Sales. Income from participating interests. Income from other fixed asset investments 0000-1020 / page 1 0000 Sales 0001 Sales type A 0002 Sales type B 0003 Sales type C 0004 Sales type D 0005 Sales type E 0006 Sales type F 0007 Sales type G 0008 Sales type H 0009 Sales type I 0100 UK sales

More information

Coimisiún na Scrúduithe Stáit State Examinations Commission. Leaving Certificate 2014. Marking Scheme. Accounting. Higher Level

Coimisiún na Scrúduithe Stáit State Examinations Commission. Leaving Certificate 2014. Marking Scheme. Accounting. Higher Level Coimisiún na Scrúduithe Stáit State Examinations Commission Leaving Certificate 2014 Marking Scheme Accounting Higher Level Note to teachers and students on the use of published marking schemes Marking

More information

MARK SCHEME for the May/June 2011 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/11 Paper 1, maximum raw mark 120

MARK SCHEME for the May/June 2011 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/11 Paper 1, maximum raw mark 120 www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June 2011 question paper for the guidance of teachers

More information

Mustafa Khuwaja - CAT Finalist

Mustafa Khuwaja - CAT Finalist 1 Run through the Flashcards as often as you can during your final revision period. The day before the exam, try to go through the Flashcards again. You will be well on your way to passing your exams.

More information

EasyPC Training. Accounting Basics

EasyPC Training. Accounting Basics EasyPC Training Accounting Basics Contents Accounting Basics... 3 The Accounting Equation... 3 Assets... 3 Liabilities... 3 Owner s Equity... 3 The Balance Sheet... 5 Double Entry Bookkeeping... 6 Ledger

More information

Final Examination Semester 2 / Year 2012

Final Examination Semester 2 / Year 2012 Final Examination Semester 2 / Year 2012 COURSE : ACCOUNTING COURSE CODE : ACCT1023 TIME : 2 1/2 HOURS DEPARTMENT : COMPUTER SCIENCE/INFORMATION TECHNOLOGY LECTURER : CHUAH SWEE AUN Student s ID : Batch

More information

CHAPTER 4. Final Accounts

CHAPTER 4. Final Accounts CHAPTER 4 Final Accounts Meaning Preparation of final account is the last stage of the accounting cycle. The basic objective of every concern maintaining the book of accounts is to find out the profit

More information

Dr Sales ledger control account Cr $ $ Credit sales. Bank (dishonored cheques) Contra/set-off. Balance c/d (large amount)

Dr Sales ledger control account Cr $ $ Credit sales. Bank (dishonored cheques) Contra/set-off. Balance c/d (large amount) Dr Sales ledger control account Cr $ $ Balance b/d (large amount) Credit sales Bank (dishonored cheques) Interest charged to debtors Bank (refund to customers) Balance c/d (small amount) Balance b/d (small

More information

Accounting Principles. Question Paper, Answers and Examiner s Comments

Accounting Principles. Question Paper, Answers and Examiner s Comments Accounting Principles Question Paper, Answers and Examiner s Comments Level 3 Diploma Copyright of the Institute of Credit Management Institute of Credit Management The Water Mill, Station Road, South

More information

ACCOUNTS PRODUCTION OPEN SANS FONT FOR 2013 TAXCALC HUB AND ACCOUNTS PRODUCTION CHART OF ACCOUNTS - LIMITED COMPANY

ACCOUNTS PRODUCTION OPEN SANS FONT FOR 2013 TAXCALC HUB AND ACCOUNTS PRODUCTION CHART OF ACCOUNTS - LIMITED COMPANY OPEN SANS FONT FOR 2013 TAXCALC HUB AND ACCOUNTS PRODUCTION CHART OF ACCOUNTS - LIMITED COMPANY Contents Sales 1 Other Operating Income 1 Income from Shares in Group Undertakings 1 Income from Participating

More information

CHAPTER 4. Adjusting the accounts and preparing financial statements CONTENTS

CHAPTER 4. Adjusting the accounts and preparing financial statements CONTENTS CHAPTER 4 Adjusting the accounts and preparing financial statements CONTENTS Demonstration problem 4.1 Adjusting entries and corrections 4.2 Adjusting centries and effect on financial statements 4.3 Adjusting

More information

Cambridge International Examinations Cambridge International General Certificate of Secondary Education

Cambridge International Examinations Cambridge International General Certificate of Secondary Education Cambridge International Examinations Cambridge International General Certificate of Secondary Education ACCOUNTING 0452/02 Paper 2 For Examination from 2014 SPECIMEN MARK SCHEME 1 hour 45 minutes MAXIMUM

More information

MARK SCHEME for the November 2005 question paper ACCOUNTING

MARK SCHEME for the November 2005 question paper ACCOUNTING www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the November 2005 question paper ACCOUNTING 0452/02 Paper

More information

TRADING ACCOUNT (Horizontal Format) for the year ended. Particulars. Rs.

TRADING ACCOUNT (Horizontal Format) for the year ended. Particulars. Rs. Dr. To Opening Stock To Purchases Less: Returns outwards () To Frieght & Carriage To Customs & Insurance To Wages To Gas, Water & Fuel To Factory Expenses To Royalty on Production To Cargo Expenses To

More information

Level 2 Book-keeping & Accounts Solutions Booklet

Level 2 Book-keeping & Accounts Solutions Booklet Level 2 Book-keeping & Accounts Solutions Booklet For further information contact us: Tel. +44 (0) 8707 202909 Email. enquiries@ediplc.com www.lcci.org.uk London Chamber of Commerce and Industry (LCCI)

More information

MARK SCHEME for the October/November 2011 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/23 Paper 2, maximum raw mark 120

MARK SCHEME for the October/November 2011 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/23 Paper 2, maximum raw mark 120 www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the October/November question paper for the guidance of

More information

Guide to Starting Self Employment or Business. Guide No.6 in the Tax Guide Series

Guide to Starting Self Employment or Business. Guide No.6 in the Tax Guide Series Guide to Starting Self Employment or Business Guide No.6 in the Tax Guide Series About This Guide This Guide has been prepared to help someone starting out in a new business or self employment venture

More information

TRAINING IN FINANCIAL AND BUSINESS MANAGEMENT FOR ROAD CONTRACTORS MODULE ONE: SESSION FIVE PARTICIPANTS NOTES FINANCIAL ACCOUNTING FRAMEWORK

TRAINING IN FINANCIAL AND BUSINESS MANAGEMENT FOR ROAD CONTRACTORS MODULE ONE: SESSION FIVE PARTICIPANTS NOTES FINANCIAL ACCOUNTING FRAMEWORK TRAINING IN FINANCIAL AND BUSINESS MANAGEMENT FOR ROAD CONTRACTORS 1.0 Purpose of session: The purpose of this session is; MODULE ONE: SESSION FIVE PARTICIPANTS NOTES FINANCIAL ACCOUNTING FRAMEWORK 1)

More information

FINANCIAL STATEMENTS-I

FINANCIAL STATEMENTS-I 14 FINANCIAL STATEMENTS-I You have learnt the meaning of the financial statements and the need to prepare these for the business organisations. You have also learnt the format of these statements and the

More information

GRAAD 12 NATIONAL SENIOR CERTIFICATE GRADE 12

GRAAD 12 NATIONAL SENIOR CERTIFICATE GRADE 12 GRAAD 12 NATIONAL SENIOR CERTIFICATE GRADE 12 ACCOUNTING NOVEMBER 2010 MARKS: 300 TIME: 3 hours This question paper consists of 21 pages and an answer book of 19 pages. Accounting 2 DBE/November 2010 INSTRUCTIONS

More information

6.3 PROFIT AND LOSS AND BALANCE SHEETS. Simple Financial Calculations. Analysing Performance - The Balance Sheet. Analysing Performance

6.3 PROFIT AND LOSS AND BALANCE SHEETS. Simple Financial Calculations. Analysing Performance - The Balance Sheet. Analysing Performance 63 COSTS AND COSTING 6 PROFIT AND LOSS AND BALANCE SHEETS Simple Financial Calculations Analysing Performance - The Balance Sheet Analysing Performance Analysing Financial Performance Profit And Loss Forecast

More information

Correction Of Errors and the Suspense Account

Correction Of Errors and the Suspense Account Correction Of Errors and the Suspense Account 1. At the start of the year, all the bal b/d on the left total to the same as all the bal b/d on the right. 2. During the year, Double Entry means each figure

More information

Annual Qualification Review

Annual Qualification Review LCCI International Qualifications Level 2 Certificate in Book Keeping and Accounts Annual Qualification Review 2009 For further information contact us: Tel. +44 (0) 8707 202909 Email. enquiries@ediplc.com

More information

Unit 1 Introduction to Financial Accounting Mark scheme

Unit 1 Introduction to Financial Accounting Mark scheme AQA Qualifications A-LEVEL ACCOUNTING Unit 1 Introduction to Financial Accounting Mark scheme 2120 June 2014 Version: v0.1 Final Mark schemes are prepared by the Lead Assessment Writer and considered,

More information

(a) (i) Marking Scheme: 1 mark for definition and 1 mark for example.

(a) (i) Marking Scheme: 1 mark for definition and 1 mark for example. T A S M A N I A N Accounting C E R T I F I C A T E Subject Code ACC5C O F E D U C A T I O N Question 1 T A S M A N I A N Q U A L I F I C A T I O N S A U T H O R I T Y (a) (i) Marking Scheme: 1 mark for

More information

0452 ACCOUNTING 0452/02 Paper 2, maximum raw mark 90

0452 ACCOUNTING 0452/02 Paper 2, maximum raw mark 90 www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June 2009 question paper for the guidance of teachers

More information

Paper 5- Financial Accounting

Paper 5- Financial Accounting Paper 5- Financial Accounting Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 5- Financial Accounting Full Marks:100 Time allowed:

More information

(AA11) FINANCIAL ACCOUNTING BASICS

(AA11) FINANCIAL ACCOUNTING BASICS All Rights Reserved ASSOCIATION OF ACCOUNTING TECHNICIANS OF SRI LANKA AA1 EXAMINATION - JANUARY 2016 (AA11) FINANCIAL ACCOUNTING BASICS Instructions to candidates (Please Read Carefully): (1) Time allowed:

More information

Level 2 Certificate in Bookkeeping (QCF) (Accreditation number 500/9053/7) Sample Assessment Material

Level 2 Certificate in Bookkeeping (QCF) (Accreditation number 500/9053/7) Sample Assessment Material Level 2 Certificate in Bookkeeping (QCF) (Accreditation number 500/9053/7) Sample Assessment Material KNOWLEDGE TESTS 1 VAT at the Standard Rate of 20% IAB Student Number: Student Name: Name of Centre:

More information

Opening Balances Process for a business that is VAT registered using the standard scheme or is NOT VAT registered

Opening Balances Process for a business that is VAT registered using the standard scheme or is NOT VAT registered Opening Balances Process for a business that is VAT registered using the standard scheme or is NOT VAT registered Correct opening balances are the key to bookkeeping activities. If you do not enter them

More information

This stimulus material must be used for the June 2015 examination session.

This stimulus material must be used for the June 2015 examination session. Oxford Cambridge and RSA June 2015 A2 GCE APPLIED BUSINESS F253/SM Constructing a Financial Strategy STIMULUS MATERIAL FOR ACADEMIC YEAR 2014 2015 *2709831348* SERIES 9 This stimulus material must be used

More information

Grade 9 Top Accounting Exam

Grade 9 Top Accounting Exam Tel: 011 849 8406 Fax: 086 611 3855 Cell: 083 659 3067 VAT Reg. No 4410204061 E mail: info @wamark.co.za www.wamark.co.za Bluegum Creek Office Park Unit 5, 49 Golden Drive, Morehill, Benoni Grade 9 Top

More information

Easy Debits & Credits. A Step By Step Guide to Basic Bookkeeping

Easy Debits & Credits. A Step By Step Guide to Basic Bookkeeping Easy Debits & Credits A Step By Step Guide to Basic Bookkeeping This workbook, packed with simple explanations and practical activities has been written by Stephen Blacktop. Stephen has many years of experience

More information

MARK SCHEME for the May/June 2010 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/22 Paper 22, maximum raw mark 120

MARK SCHEME for the May/June 2010 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/22 Paper 22, maximum raw mark 120 www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June 2010 question paper for the guidance of teachers

More information

GCE. Accounting. Mark Scheme for June 2011. Advanced Subsidiary GCE Unit F012: Accounting Applications. Oxford Cambridge and RSA Examinations

GCE. Accounting. Mark Scheme for June 2011. Advanced Subsidiary GCE Unit F012: Accounting Applications. Oxford Cambridge and RSA Examinations GCE Accounting Advanced Subsidiary GCE Unit F012: Accounting Applications Mark Scheme for June 2011 Oxford Cambridge and RSA Examinations OCR (Oxford Cambridge and RSA) is a leading UK awarding body, providing

More information

MARK SCHEME for the October/November 2014 series 0452 ACCOUNTING. 0452/23 Paper 2, maximum raw mark 120

MARK SCHEME for the October/November 2014 series 0452 ACCOUNTING. 0452/23 Paper 2, maximum raw mark 120 CAMBRIDGE INTERNATIONAL EXAMINATIONS Cambridge International General Certificate of Secondary Education MARK SCHEME for the October/November series 0452 ACCOUNTING 0452/23 Paper 2, maximum raw mark 120

More information

RECORDING OF TRANSACTIONS (JOURNAL ENTRIES, LEDGER AND TRIAL BALANCE)

RECORDING OF TRANSACTIONS (JOURNAL ENTRIES, LEDGER AND TRIAL BALANCE) Source Document : RECORDING OF TRANSACTIONS (JOURNAL ENTRIES, LEDGER AND TRIAL BALANCE) A document which provides evidence of the transactions is called the Source Document such as Cash memo, Invoice etc.

More information

NATIONAL CURRICULUM STATEMENT ACCOUNTING GUIDE GRADE 11-12

NATIONAL CURRICULUM STATEMENT ACCOUNTING GUIDE GRADE 11-12 NATIONAL CURRICULUM STATEMENT ACCOUNTING GUIDE GRADE 11-12 TABLE OF CONTENT The purpose of this self study guide... 2 How to use this document... 2 Accounting Equation... 3 How To Teach Accounting Equation...

More information

Grade 10 Accounting Notes SET 2: Basics Cash Retail Business Cash Transactions. Name: JCansfield Page 1 of 27

Grade 10 Accounting Notes SET 2: Basics Cash Retail Business Cash Transactions. Name: JCansfield Page 1 of 27 Grade 10 Accounting Notes SET 2: Basics Cash Retail Business Cash Transactions Name: JCansfield Page 1 of 27 Accounting Cycle The Accounting cycle takes place over 12 months. We refer to this as the Financial

More information

Department of Management Studies

Department of Management Studies Department of Management Studies 1 BACHELOR OF MANAGEMENT STUDIES DEGREE PROGRAMME FINANCIAL & COST ACCOUNTING MCU 1206 DAY SCHOOL 01 15/08/2015 Content Unit Slides Time (hrs.) UNIT 01 INTRODUCTION TO

More information

Accounting and Book-keeping Level 3

Accounting and Book-keeping Level 3 Accounting and Book-keeping Level 3 8991-03-003 2012 Sample paper Candidate s name (Block letters please) Centre no Date Time allowed: 2 hours 30 minutes (plus 5 minutes' reading time) Note making is not

More information

Teacher s Manual Answers to X questions

Teacher s Manual Answers to X questions Teacher s Manual Answers to X questions Chapter 1 Introduction to Accounting None Chapter 2 The Accounting cycle 2.4X Refer to text Section 2.7 Chapter 3 The balance sheet and the accounting equation 3.2X

More information

Financial Accounting 1 st Year Examination

Financial Accounting 1 st Year Examination Financial Accounting 1 st Year Examination May 2012 Paper, Solutions & Examiner s Report NOTES TO USERS ABOUT THESE SOLUTIONS The solutions in this document are published by Accounting Technicians Ireland.

More information

4. $4,319 Accounts Receivable account in the General Ledger (5 min.) S 8-8

4. $4,319 Accounts Receivable account in the General Ledger (5 min.) S 8-8 Inventory... 151 Accounts Payable... 201 Jan Marks, Capital... 301 Jan Marks, Drawings... 311 Service Revenue... 411 Depreciation Expense... 531 (5 min.) S 8-4 (5 min.) S 8-7 1. $1,718 Inventory account

More information

ACCOUNTS FROM INCOMPLETE RECORDS SINGLE ENTRY SYSTEM MODULE II OF IV

ACCOUNTS FROM INCOMPLETE RECORDS SINGLE ENTRY SYSTEM MODULE II OF IV ACCOUNTS FROM INCOMPLETE RECORDS SINGLE ENTRY SYSTEM MODULE II OF IV 1 CA. Prathap S.S Agenda In Module II, we will focus on mastering the Journal Entries concerning Accounts from Incomplete Records. To

More information

PART 5. External Reporting and Performance Evaluation. Statements of financial performance and position. Statement of cash flows 19

PART 5. External Reporting and Performance Evaluation. Statements of financial performance and position. Statement of cash flows 19 PART 5 External Reporting and Performance Evaluation Statements of financial performance and position 18 Statement of cash flows 19 Analysis and interpretation of financial statements 20 CHAPTER 18 Statements

More information

Financial Accounting 1 st Year Examination

Financial Accounting 1 st Year Examination Financial Accounting 1 st Year Examination May 2013 Paper, Solutions & Examiner s Report NOTES TO USERS ABOUT THESE SOLUTIONS The solutions in this document are published by Accounting Technicians Ireland.

More information

Level 3 Accounting Solutions Booklet. For further information contact us: Tel. +44 (0) 8707 202909 Email. enquiries@ediplc.com www.lcci.org.

Level 3 Accounting Solutions Booklet. For further information contact us: Tel. +44 (0) 8707 202909 Email. enquiries@ediplc.com www.lcci.org. Level 3 Accounting Solutions Booklet For further information contact us: Tel. +44 (0) 8707 202909 Email. enquiries@ediplc.com www.lcci.org.uk London Chamber of Commerce and Industry (LCCI) International

More information