Baw2 Assessment 1 Answers 4o3zg
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OSBORNE BOOKS TUTOR ZONE Basic ing 2
Practice assessment – answers (revised version calculating standard rate VAT @ 20%)
© Osborne Books Limited, 2011
2
basic ing 2 tutor zone
Practice assessment – answers
Task 1.1
(a) name
Amount £
Suspense
Debit
Credit
4,643
(b) Error in the general ledger
Error disclosed by Error NOT disclosed by the trial balance the trial balance
A bank payment for vehicle repairs has been recorded on the debit side of the cash book and on the credit side of vehicle repairs A bank receipt from a receivable (debtor) has been recorded in the cash book only
A purchase invoice has not been recorded in the ing system
A cash sale for £87 has been credited to sales as £78
Rent received of £400 has been credited to rent paid The balance of purchases has been calculated as £100 more; while the balance of sales has been calculated as £100 less
answers to practice assessment
Task 1.2
(a) name
Amount £
Debit
Credit
560
98
Bad debts Value Added Tax Sales ledger control
658
(b)
name
Debit
Credit
£
Cash at bank
4,155
Machinery
6,400
Office equipment
4,900
Sales ledger control
2,641
Purchases ledger control
1,933
Loan from bank
4,400
20,561
Capital
Amount
Inventory (stock)
4,685
Wages
3,296
817
Miscellaneous expenses
Journal to record the opening entries of the new business
3
4
basic ing 2 tutor zone
Task 1.3 (a) name
Amount £
Debit
Credit
Wages expense
16,685
Wages control
16,685
(b) name
Amount £
Debit
Credit
Wages control
5,279
HM Revenue and Customs
5,279
(c) name
Amount £
Debit
Credit
Wages control
11,131
Bank
11,131
(d) name
Amount £
Debit
Credit
Wages control
275
Trade Union
275
answers to practice assessment
Task 1.4 (a)
(i) name Purchases returns
Amount £ 500
Debit
Credit
(ii) name Purchases returns
Amount £
Debit
Credit
400
(iii) name Suspense
(b)
Amount £
Debit
Credit
100
(i) name
Amount £
Bank
400
Rent
400
Debit
Credit
(ii) name
Amount £
Rent
430
Bank
430
Debit
Credit
5
6
basic ing 2 tutor zone
Task 1.5 Suspense Details
Amount £
Balance b/f
145
Bank
275
Details Rent and rates
Amount £ 420
Bank Details
Amount £
Details Suspense
Amount £ 275
Sales returns Details Sales
Amount £
Details
Amount £
Details
Amount £
110
Sales Details
Amount £
Sales returns
110
Rent and rates Details Suspense
Amount £ 420
Details
Amount £
answers to practice assessment
Task 1.6
name
Balances extracted on 30 June £
Sales Sales returns Purchases Purchases returns
Balances at 1 July Debit £
150,264
150,264
3,089
3,374
89,491
89,491
1,584
Sales ledger control
15,636
Purchases ledger control
11,473
1,584 15,636 12,068
Rent and rates
4,095
4,095
Advertising
7,311
7,311
Insurance
3,286
3,322
45,783
45,783
Heating and lighting
5,241
5,241
Telephone
2,085
2,085
Wages
Office equipment
12,500
12,500
Inventory (stock)
15,860
15,860
Petty cash control Bank (debit balance) Loan from bank VAT owing to HM Revenue and Customs Capital Suspense (credit balance) Totals
150 4,933
Credit £
150 4,933
20,300
20,300
3,972
3,972
21,593
21,593
274
–
–
209,781
209,781
7
8
basic ing 2 tutor zone
Section 2 Task 2.1 (a)
Cash book – credit side
Details
Discount
Cash
Balance b/f
VAT
I Hatten Hendry Ltd
48
8
40
144
24
120
35
1,760
Shaw’s Vehicle Repairs Ltd
96
Nugent & Co
Vehicle expenses
1,760 16
1,132
Totals
35
Details
Discount
Balance b/f
192
4,413
48
Cash
Bank
Receivables (debtors)
1,282
1,282
2,845
2,845
4,127
4,127
582
C Fernandez Howard Ltd
35
Totals
35
(c) £390
(d) £286
(e) Debit
582
80 1,132
Cash book – debit side
Credit
Payables Cash (creditors) purchases
1,425
Govett Ltd
(b)
Bank
2,892
160
80
answers to practice assessment
Task 2.2 (a) – (c) CASH BOOK Date 20XX
Details
Bank £
Date 20XX
Cheque number
Details
Bank £
01 Jun
Balance b/f
1,420
02 Jun
284119
N charlton
1,729
18 Jun
Gourdji Ltd
876
02 Jun
284120
Eiffert Ltd
950
23 Jun
T Larcombe
1,214
02 Jun
284121
Gray & Co
2,384
23 Jun
Prime Kitchens
3,851
02 Jun
284122
Sykes Timber
1,232
21 Jun
Teme Traders
3,470
06 Jun
284123
Decor Supplies
1,099
22 Jun
Wyvern Mills
1,584
18 Jun
23 Jun
Brough Stores
1,436
18 Jun 20 Jun
13,851 26 Jun
Balance b/d
1,473
Insure Direct
795
284124
Aldred & Co
655
284125
Wain Ltd
3,176
22 Jun
Bank charges
235
23 Jun
National Gas
123
25 Jun
Balance c/d
1,473 13,851
9
10
basic ing 2 tutor zone
(d) Bank reconciliation statement as at 25 June 20XX Balance as per bank statement
£683
Add Name: T Larcombe
£1,214
Name: Prime Kitchens
£3,851
Total to add
£5,065
Less Name: Decor Supplies
£1,099
Name: Wain Ltd
£3,176
Total to subtract
£4,275
Balance as per cash book
£1,473
answers to practice assessment
11
Task 2.3
Petty cash book Debit side Details
Balance b/f
Credit side Amount Details £
125.00 Wyvern Taxi Co Paper Supplies Ltd
125.00
Amount £
VAT £
14.88
2.48
29.28
4.88
Post office
8.60
Balance c/d
72.24 125.00
Postage £
Travel £
Stationery £
12.40 24.40 8.60
7.36
8.60
12.40
24.40
12
basic ing 2 tutor zone
Task 2.4 (a) Date:
(b)
(c)
Petty cash voucher
Petty cash voucher Date:
02.07.XX
02.07.XX
Number: PCV420
Number: PCV421
Window cleaning
5 packets of A4 copy paper
Net
£20.00
Net
£12.40
VAT
£ 4.00
VAT
£ 2.48
Gross
£24.00
Gross
£14.88
Amount in petty cash box
£131.50
Balance on petty cash
£133.25
Difference
£
1.75
Petty cash reimbursement Date: 31.07.20XX Amount required to restore the cash in the petty cash box
£118.65
answers to practice assessment
Task 2.5 (a) Details
Amount
Debit
Credit
£
Balance of credit customers at 1 June
35,049
Goods sold on credit
18,261
Payments received from credit customers
15,958
2,108
Discounts allowed
550
Bad debt written off
227
Goods returned by credit customers
(b)
Dr £34,467
(c)
£ Balance on sales ledger control at 30 June
34,467
Total of the sales ledger balances at 30 June
33,925
Difference
542
(d)
Money received from customers was entered twice in the sales ledger
(e)
Reconciliation of the sales ledger control assures managers that the amount showing as outstanding from customers is correct.
13
14
basic ing 2 tutor zone
Task 2.6 (a) VAT control Details
Amount £
Purchases
8,056
Sales returns
216
(b) Yes No
Details Sales
Amount £ 17,800
Purchases returns
464
Cash sales
312
answers to practice assessment
Task 2.7 (a)
Aspect
Bank
Building society
Established as a mutual society Set up as a public limited company
Offers a wide range of of business services
May be restricted to a smaller geographical area Offers a safe custody service to customer
(b)
it is signed by the issuer, it is in date, the amount in words and figures is the same
(c)
card number, 3 digit security number and expiry date
Task 2.8 (a)
(b)
Paying suppliers at the end of each month:
direct credit
Paying loan repayments (equal instalments):
standing order
Variable insurance s on variable dates:
direct debit
A payment made by debit card over the internet is automatically guaranteed by the card issuer:
False
A debit card can normally be used to withdraw Euros from cash machines within the EU:
True
15
Practice assessment – answers (revised version calculating standard rate VAT @ 20%)
© Osborne Books Limited, 2011
2
basic ing 2 tutor zone
Practice assessment – answers
Task 1.1
(a) name
Amount £
Suspense
Debit
Credit
4,643
(b) Error in the general ledger
Error disclosed by Error NOT disclosed by the trial balance the trial balance
A bank payment for vehicle repairs has been recorded on the debit side of the cash book and on the credit side of vehicle repairs A bank receipt from a receivable (debtor) has been recorded in the cash book only
A purchase invoice has not been recorded in the ing system
A cash sale for £87 has been credited to sales as £78
Rent received of £400 has been credited to rent paid The balance of purchases has been calculated as £100 more; while the balance of sales has been calculated as £100 less
answers to practice assessment
Task 1.2
(a) name
Amount £
Debit
Credit
560
98
Bad debts Value Added Tax Sales ledger control
658
(b)
name
Debit
Credit
£
Cash at bank
4,155
Machinery
6,400
Office equipment
4,900
Sales ledger control
2,641
Purchases ledger control
1,933
Loan from bank
4,400
20,561
Capital
Amount
Inventory (stock)
4,685
Wages
3,296
817
Miscellaneous expenses
Journal to record the opening entries of the new business
3
4
basic ing 2 tutor zone
Task 1.3 (a) name
Amount £
Debit
Credit
Wages expense
16,685
Wages control
16,685
(b) name
Amount £
Debit
Credit
Wages control
5,279
HM Revenue and Customs
5,279
(c) name
Amount £
Debit
Credit
Wages control
11,131
Bank
11,131
(d) name
Amount £
Debit
Credit
Wages control
275
Trade Union
275
answers to practice assessment
Task 1.4 (a)
(i) name Purchases returns
Amount £ 500
Debit
Credit
(ii) name Purchases returns
Amount £
Debit
Credit
400
(iii) name Suspense
(b)
Amount £
Debit
Credit
100
(i) name
Amount £
Bank
400
Rent
400
Debit
Credit
(ii) name
Amount £
Rent
430
Bank
430
Debit
Credit
5
6
basic ing 2 tutor zone
Task 1.5 Suspense Details
Amount £
Balance b/f
145
Bank
275
Details Rent and rates
Amount £ 420
Bank Details
Amount £
Details Suspense
Amount £ 275
Sales returns Details Sales
Amount £
Details
Amount £
Details
Amount £
110
Sales Details
Amount £
Sales returns
110
Rent and rates Details Suspense
Amount £ 420
Details
Amount £
answers to practice assessment
Task 1.6
name
Balances extracted on 30 June £
Sales Sales returns Purchases Purchases returns
Balances at 1 July Debit £
150,264
150,264
3,089
3,374
89,491
89,491
1,584
Sales ledger control
15,636
Purchases ledger control
11,473
1,584 15,636 12,068
Rent and rates
4,095
4,095
Advertising
7,311
7,311
Insurance
3,286
3,322
45,783
45,783
Heating and lighting
5,241
5,241
Telephone
2,085
2,085
Wages
Office equipment
12,500
12,500
Inventory (stock)
15,860
15,860
Petty cash control Bank (debit balance) Loan from bank VAT owing to HM Revenue and Customs Capital Suspense (credit balance) Totals
150 4,933
Credit £
150 4,933
20,300
20,300
3,972
3,972
21,593
21,593
274
–
–
209,781
209,781
7
8
basic ing 2 tutor zone
Section 2 Task 2.1 (a)
Cash book – credit side
Details
Discount
Cash
Balance b/f
VAT
I Hatten Hendry Ltd
48
8
40
144
24
120
35
1,760
Shaw’s Vehicle Repairs Ltd
96
Nugent & Co
Vehicle expenses
1,760 16
1,132
Totals
35
Details
Discount
Balance b/f
192
4,413
48
Cash
Bank
Receivables (debtors)
1,282
1,282
2,845
2,845
4,127
4,127
582
C Fernandez Howard Ltd
35
Totals
35
(c) £390
(d) £286
(e) Debit
582
80 1,132
Cash book – debit side
Credit
Payables Cash (creditors) purchases
1,425
Govett Ltd
(b)
Bank
2,892
160
80
answers to practice assessment
Task 2.2 (a) – (c) CASH BOOK Date 20XX
Details
Bank £
Date 20XX
Cheque number
Details
Bank £
01 Jun
Balance b/f
1,420
02 Jun
284119
N charlton
1,729
18 Jun
Gourdji Ltd
876
02 Jun
284120
Eiffert Ltd
950
23 Jun
T Larcombe
1,214
02 Jun
284121
Gray & Co
2,384
23 Jun
Prime Kitchens
3,851
02 Jun
284122
Sykes Timber
1,232
21 Jun
Teme Traders
3,470
06 Jun
284123
Decor Supplies
1,099
22 Jun
Wyvern Mills
1,584
18 Jun
23 Jun
Brough Stores
1,436
18 Jun 20 Jun
13,851 26 Jun
Balance b/d
1,473
Insure Direct
795
284124
Aldred & Co
655
284125
Wain Ltd
3,176
22 Jun
Bank charges
235
23 Jun
National Gas
123
25 Jun
Balance c/d
1,473 13,851
9
10
basic ing 2 tutor zone
(d) Bank reconciliation statement as at 25 June 20XX Balance as per bank statement
£683
Add Name: T Larcombe
£1,214
Name: Prime Kitchens
£3,851
Total to add
£5,065
Less Name: Decor Supplies
£1,099
Name: Wain Ltd
£3,176
Total to subtract
£4,275
Balance as per cash book
£1,473
answers to practice assessment
11
Task 2.3
Petty cash book Debit side Details
Balance b/f
Credit side Amount Details £
125.00 Wyvern Taxi Co Paper Supplies Ltd
125.00
Amount £
VAT £
14.88
2.48
29.28
4.88
Post office
8.60
Balance c/d
72.24 125.00
Postage £
Travel £
Stationery £
12.40 24.40 8.60
7.36
8.60
12.40
24.40
12
basic ing 2 tutor zone
Task 2.4 (a) Date:
(b)
(c)
Petty cash voucher
Petty cash voucher Date:
02.07.XX
02.07.XX
Number: PCV420
Number: PCV421
Window cleaning
5 packets of A4 copy paper
Net
£20.00
Net
£12.40
VAT
£ 4.00
VAT
£ 2.48
Gross
£24.00
Gross
£14.88
Amount in petty cash box
£131.50
Balance on petty cash
£133.25
Difference
£
1.75
Petty cash reimbursement Date: 31.07.20XX Amount required to restore the cash in the petty cash box
£118.65
answers to practice assessment
Task 2.5 (a) Details
Amount
Debit
Credit
£
Balance of credit customers at 1 June
35,049
Goods sold on credit
18,261
Payments received from credit customers
15,958
2,108
Discounts allowed
550
Bad debt written off
227
Goods returned by credit customers
(b)
Dr £34,467
(c)
£ Balance on sales ledger control at 30 June
34,467
Total of the sales ledger balances at 30 June
33,925
Difference
542
(d)
Money received from customers was entered twice in the sales ledger
(e)
Reconciliation of the sales ledger control assures managers that the amount showing as outstanding from customers is correct.
13
14
basic ing 2 tutor zone
Task 2.6 (a) VAT control Details
Amount £
Purchases
8,056
Sales returns
216
(b) Yes No
Details Sales
Amount £ 17,800
Purchases returns
464
Cash sales
312
answers to practice assessment
Task 2.7 (a)
Aspect
Bank
Building society
Established as a mutual society Set up as a public limited company
Offers a wide range of of business services
May be restricted to a smaller geographical area Offers a safe custody service to customer
(b)
it is signed by the issuer, it is in date, the amount in words and figures is the same
(c)
card number, 3 digit security number and expiry date
Task 2.8 (a)
(b)
Paying suppliers at the end of each month:
direct credit
Paying loan repayments (equal instalments):
standing order
Variable insurance s on variable dates:
direct debit
A payment made by debit card over the internet is automatically guaranteed by the card issuer:
False
A debit card can normally be used to withdraw Euros from cash machines within the EU:
True
15
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