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Exam ID 321
Qualification: Level 3 Certificate in Bookkeeping (QCF)
(Accreditation number: 500/8479/3)
Level 3 Certificate in Manual Bookkeeping (QCF)
(Accreditation number: 500/9260/1)
Level 3 Certificate in Applied Bookkeeping (QCF)
(Accreditation number: 500/9262/5)
Examination: June 2012
Units: Record transactions and make accounting adjustments – M601/0732 Prepare financial statements for a not for profit organisation – D601/0757
MODEL ANSWERS PAPER 1
Suite 5, 20 Churchill Square, Kings Hill, West Malling, Kent, ME19 4YU Tel: 0844 330 3527, Fax: 0844 330 3514, Email: [email protected]
SECTION A
IAB L3 Cert (QCF)/June 2012 Exam MA (P1)
QUESTION ONE Paragon Fabrics Purchase Ledger Control Account – Answer Tasks A, B and C
General Ledger (Extract) DR Purchase Ledger Control CR
2012 Details £ 2012 Details £ 31 May Purchase ret’ns day book 1 4,200 1 May Balance b/f 1 124,560 31 May 31 May
Cash book – payments 1 Cash book – discounts 1
81,050 1,250
31 May Purchase day book 1 79.440
31 May Balance c/d 2 117,500
1 204,000 1 204,000
31 May Balance b/d ½ 117,500
9½ Marks
Paragon Fabrics Reconciliation of Balance per Purchase Ledger Control Account with the Total of Trade Creditors per the Purchase Ledger as at 31 May 2012 – Answer Task D
Schedule Reconciling Purchase Ledger Control Account Balance to Total
Trade Creditors per Purchase Ledger as at 31 May 2012
£ Balance per Purchase Ledger Control as at 31 May 2012 ½ 117,500 (CR) Total trade creditors per Purchase Ledger as at 31May 2012 ½ 117,500 (CR)
Difference 1 Nil
2 Marks
Page 1
IAB L3 Cert (QCF)/June 2012 Exam MA (P1)
Paragon Fabrics Schedule Amending Trade Debtor Balances per the Sales Ledger as at 31 May 2012 – Answer Task E
Schedule Amending Trade Debtor Balances per the Sales Ledger
as at 31 May 2012
£ Trade debtors per Sales Ledger as at 31 May 2012 ½ 106,660 (DR) Amendments (i) Customer personal account balance not entered on
the list of balances taken from the Sales Ledger as at 31 May 2012.
½ 3,200 (DR)
(ii) Cheque received from a customer not posted to the
customer personal account in the Sales Ledger ½ (4,600) (CR)
(iii)
Invoice issued to a customer not posted to the customer personal account in the Sales Ledger
½ 8,440
(DR)
Amended Sales Ledger balances 1 113,700 (DR)
Balance per Sales Ledger Control Account ½ 113,700 (DR)
3½ Marks Total Marks Question 1 = 15 Marks
Page 2
QUESTION TWO
IAB L3 Cert (QCF)/June 2012 Exam MA (P1)
Elite Travel General Ledger Accounts Answer - Tasks A, B, C, F,H and J
DR Limousines (Cost) CR
Date Details £ Date Details £ 31/5/11 Balance b/f 1 156,000 31/5/12 Fixed assets disposal 1 40,000 1/9/11 Bank ½ 80,000
DR Limousines (Provision for Depreciation) CR
Date Details £ Date Details £ 31/5/12 Fixed assets disposal 1 23,616 31/5/11 Balance b/f 1 65,376
31/5/12 Depreciation expense 1 30,848
DR Depreciation Expense CR
Date Details £ Date Details £ 31/5/12 Limousines dep’n 1 30,848
DR Fixed Assets Disposal CR
Date Details £ Date Details £ 31/5/12 Limousines cost ½ 40,000 29/2/12 Bank 1 17,250 31/5/12 Profit and loss 1 866 31/5/12 Limousines dep’n ½ 23,616
40,866 40,866
9½ Marks Page 3
IAB L3 Cert (QCF)/June 2012 Exam MA (P1)
Elite Travel Fixed Asset Register (Extract)
Answer - Tasks B, C and D
8½ Marks
Pa
ge
4
Item Description Date of Acquisition
Capitalised Cost
£
Annual Depreciation
£
Accumulated Depreciation
£
Net Book Value
£
Disposal Proceeds
£
Disposal Date
Limousines
Lincoln 120 (ET/0001) 1/6/07 40,000
Depreciation – Year ended 31/5/08 8,000 8,000 32,000
Depreciation – Year ended 31/5/09 6,400 14,400 25,600
Depreciation – Year ended 31/5/10 5,120 19,520 20,480
Depreciation – Year ended 31/5/11 4,096 23,616 16,384
Disposed of ½ 17,250 ½ 29/2/2012
Chrysler 130 (ET/0002) 1/9/09 56,000
Depreciation – Year ended 31/5/10 11,200 11,200 44,800
Depreciation – Year ended 31/5/11 8,960 20,160 35,840
Depreciation – Year ended 31/5/12 1 7,168 ½ 27,328 ½ 28,672
- - -
Hummer H3 (ET/0003) 1/2/10 60,000
Depreciation – Year ended 31/5/10 12,000 12,000 48,000
Depreciation – Year ended 31/5/11 9,600 21,600 38,400
Depreciation – Year ended 31/5/12 1 7,680 ½ 29,280 ½ 30,720
Lincoln Evolution (ET/0004) ½ ½ 1/9/11 ½ 80,000
Depreciation – Year ended 31/5/12 1 16,000 ½ 16,000 ½ 64,000
IAB L3 Cert (QCF)/June 2012 Exam MA (P1)
Elite Travel Journal – Answer - Tasks E, G and I
Journal
2012 Details DR £
CR £
Journal Task E 31 May Depreciation Expense 1/4 1 30,848 Limousines (Provision for Depreciation) 1/4 1 30,848 Depreciation on limousines for the year
ended 31 May 2012 1/4
Journal Task G 31 May Fixed Assets Disposal 1/4 1 40,000 Limousines (Cost) 1/4
Limousines (Provision for Depreciation) 1/4 Fixed Assets Disposal 1/4
1 23,616
1 40,000 1 23,616
Transfer of the cost and accumulated
depreciation of limousine disposed of to the Fixed Assets Disposal account at the year end 31 May 2012 1/2
Journal Task I 31 May Fixed Assets Disposal 1/4 1 866 Profit and Loss 1/4 1 866 Transfer of profit on disposal of limousine to
the Profit and Loss Account at the year end 31 May 2012 1/4
11 Marks Page 5
IAB L3 Cert (QCF)/June 2012 Exam MA (P1)
Elite Travel Note – Answer - Task K
Note
Subject: Discrepancy between the contents of the Fixed Asset Register and physical count of limousines as at 31 May 2012 The physical count of limousines as at the year end 31 May 2012 does not include the Chrysler 130(ET/0002) which appears in the Fixed Asset Register. The discrepancy between the items per the list resulting from the physical count and the contents of the Fixed Asset Register needs further investigation so as to ascertain the reason for the discrepancy. 1
1 Mark Total Marks Question 2 = 30 Marks Page 6
IAB L3 Cert (QCF)/June 2012 Exam MA (P1)
QUESTION THREE
Riverdale Pet Supplies General Ledger (Extract) – Ledger Accounts Answer - Tasks B, D, F, I, K and L
General Ledger (Extract)
DR Provision for Doubtful Debts CR
Date Details £ Date Details £ 31/5/12 Balance c/d 1 1,030
31/5/11 31/5/12
Balance b/f Profit and loss 2
750 280
1,030 1,030
31/5/12 Balance b/d ½ 1,030
DR Sales Ledger Control CR
Date Details £ Date Details £ 31/5/12 Balance b/f 104,200 31/5/12 Bad debts 2 1,200 31/5/12 Balance c/d 1 103,000
104,200 104,200
31/5/12 Balance b/d ½ 103,000
DR Rates CR
Date Details £ Date Details £ 31/5/12 Balance b/f 24,800 31/5/12 Prepaid expenses 1 12,000 31/5/12 Profit and loss 2 12,800
24,800 24,800
DR Heat and Light CR
Date Details £ Date Details £ 31/5/12 Balance b/f 3,660 31/5/12 Profit and loss 2 4,368 31/5/12 Accrued expenses 1 708
4,368 4,368
DR Rent Receivable CR
Date Details £ Date Details £ 31/5/12 Profit and loss 2 9,600 31/5/12 Balance b/f 8,800 31/5/12 Accrued income 2 800
9,600 9,600
Page 7
IAB L3 Cert (QCF)/June 2012 Exam MA (P1)
Riverdale Pet Supplies General Ledger (Extract) Continued
DR Stock CR
Date Details £ Date Details £ 1/6/11 Balance b/f 156,620 31/5/12 Trading 1 156,620 31/5/12 Trading 1 162,000 31/5/12 Balance c/d 1 162,000
318,620 318,620
31/5/12 Balance b/d 1 162,000
DR Bad Debts CR
Date Details £ Date Details £ 31/5/12 Sales ledger control 1 1,200 31/5/12 Profit and loss 1 1,200
DR Prepaid Expenses and Accrued Income CR
Date Details £ Date Details £ 31/5/12 Rates 1 12,000 31/5/12 Balance c/d 1 12,800 31/5/12 Rent receivable 1 800
12,800 12,800
31/5/12 Balance b/d ½ 12,800
DR Accrued Expenses CR
Date Details £ Date Details £ 31/5/12 Balance c/d 1 708 31/5/12 Heat and light 1 708
708 708
31/5/12 Balance b/d ½ 708
29 Marks Page 8
IAB L3 Cert (QCF)/June 2012 Exam MA (P1)
Riverdale Pet Supplies Schedule Amending Closing Stock Valuation – Answer -Task G Schedule Amending Closing Stock Valuation as at 31 May 2012
Details
£
Original closing stock valuation 163,500 Amendment: Value of stock item (Doggy Treats) reduced from selling price
to cost price 2 (1,500)
Amended Closing Stock Valuation at 31 May 2012 2 162,000
4 Marks
Page 9
IAB L3 Cert (QCF)/June 2012 Exam MA (P1)
Riverdale Pet Supplies
Journal – Answer -Tasks A, C, E, H and J
Journal
2012 Details DR £
CR £
31 May
Journal Task A Bad Debts
1 1,200
Sales Ledger Control 1 1,200 Balance on debtor account written off as bad
debt
Journal Task C
31 May Profit and Loss 1 280 Provision for Doubtful Debts 1 280 Adjustment to increase the provision for
doubtful debts at the year end
Journal Task E 31 May Prepaid Expenses and Accrued Income 1 12,000 Rates
1 12,000
Heat and Light 1 708 Accrued Expenses
Prepaid Expenses and Accrued Income Rent Receivable Adjustments to account for expenses prepaid and rent receivable accrued at the year end
1 800
1 708
1 800
Journal Task H
31 May Trading 1 156,620 Stock (opening) 1156,620 Stock (closing) 1 162,000 Trading 1162,000 Transfer of opening and closing stock to the
Trading Account at the year end
Page 10
IAB L3 Cert (QCF)/June 2012 Exam MA (P1)
Riverdale Pet Supplies Journal (continued)
Journal
2012 Details DR £
CR £
31 May
Journal Task J Profit and Loss
1 1,200
Bad Debts
1 1,200
Profit and Loss 1 12,800 Rates
1 12,800
Profit and Loss 1 4,368 Heat and Light
Rent Receivable Profit and Loss
1 9,600
1 4,368
1 9,600 Transfer of income and expenses to the Profit
and Loss Account at the year end 31 May 2012
22 Marks Total Marks Question 3 = 55 Marks Total Marks This Unit = 100 Marks
Page 11
IAB L3 Cert (QCF)/June 2012 Exam MA (P1)
SECTION B
QUESTION ONE Lakeside Dinghy Club Members’ Accumulated Fund as at 1 June 2011 – Answer Task A £ Assets of Club:
Cash at bank ½ 6,840
Club dinghies and safety equip’t (net book value) ½ 32,000 Clubhouse fixtures and fittings (net book value)
Club safety boat (net book value) ½ 4,500
½ 12,500 Clubhouse rent (prepaid) ½ 1,000
Total Assets 56,840
Liabilities of Club: Members subscriptions (received in advance) ½ 5,120 Clubhouse heat and light (accrued) ½ 320
Total Liabilities 5,440
Members Accumulated Fund ½ 51,400
4 Marks Page 12
IAB L3 Cert (QCF)/June 2012 Exam MA (P1)
Lakeside Dinghy Club Accounts – Answer Task B
DR Members Subscriptions (Income) CR
Details Income & expenditure 2
Balance c/d 1
£ 67,480 5,240
Details Balance b/f 1 Receipts ½
£ 5,120 67,600
72,720 72,720
Balance b/d ½ 5,240
DR Clubhouse Rent CR
Details Balance b/f 1 Payments ½
£ 1,000 12,200
Details Income & expenditure 2 Balance c/d 1
£ 12,000 1,200
13,200 13,200
Balance b/d ½ 1,200
DR Clubhouse Heat and Light CR
Details £ Details £ Payments ½ 1,260 Balance b/f 1 320 Balance c/d 1 400 Income & expenditure 2 1,340
1,660 1,660
Balance b/d ½ 400
15 Marks Page 13
IAB L3 Cert (QCF)/June 2012 Exam MA (P1)
Lakeside Dinghy Club
Income and Expenditure Account – Answer Task C
Lakeside Dinghy Club
Income and Expenditure Account for the Year Ended 31 May 2012
Income £ £
Members subscriptions
1 67,480
Dinghy hire Sailing lessons Expenditure Instructor salaries
½ 36,480
½ 4,650 ½ 32,120 104,250
Clubhouse heat and light 1 1,340 Clubhouse rent 1 12,000 Safety boat maintenance
Boatyard maintenance Health and safety training Operating expenses
½ 5,800
½ 5,600 ½ 2,400 ½ 16,940
Depreciation (£16,000 + £1,000 + £2,500) 1½ 19,500
100,060
Surplus of income over expenditure
2 4,190
10 Marks
Page 14
IAB L3 Cert (QCF)/June 2012 Exam MA (P1)
Lakeside Dinghy Club Balance Sheet – Answer Task D
Lakeside Dinghy Club
Balance Sheet as at 31 May 2012
£ £ £ Fixed Assets Club dinghies and safety equipment (net book value)
1 41,200
Clubhouse fixtures and fittings (net book value) Club safety boat (net book value)
1 3,500 1 10,000
Current Assets Clubhouse rent (prepaid)
1 1,200
54,700
Cash at bank 1 5,330
6,530 Less Current Liabilities Members subscriptions (received in advance)
1 5,240
Clubhouse heat and light (accrued) 1 400 5,640
1 890
½ 55,590
Represented by: Members opening accumulated fund 1 51,400 Surplus in year 1 4,190
Members closing accumulated fund ½ 55,590
11 Marks
Total Marks This Unit = 40 Marks Total Marks This Paper = 140 Marks Page 15