Patrick starts a new business. During the first year the entries in the sales ledger controlaccount are: USD Sales 250,000 Bank receipts 225,000 Sales returns 2,500 Irrecoverable debts written off 3,000 Dishonoured cheques 3,500 Contra with purchase ledger control account 4,000 What is the balance on the sales ledger control account at the end of the year?
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1 .The inventory value for the financial statements of Q for the year ended 31 December 2015 was based on an inventory count on 4 January 2016, which gave a total inventory value of USD836,200.Between 31 December and 4 January 2016, the following transactions took place: USD Purchases of goods 8,600 Sales of goods (profit margin 30% on sales) 14,000 Goods returned by Q to supplier 700 What adjusted figure should be included in the financial statements for inventories at 31 December 2015?
A USD834,300 B USD838,100 C USD842,300 D USD853,900
2 .A business had an opening inventory of USD180,000 and a closing inventory of USD220,000 in its financial statements for the year ended 31 December.Which of the following entries for these opening and closing inventory figures are made when completing the financial records of the business?
A Debit Inventory account USD180,000; Credit Profit or loss USD180,000;Debit Profit or loss USD220,000; Credit Inventory account USD220,000 B Debit Profit or loss USD180,000; Credit Inventory account USD180,000;Debit Inventory account USD220,000; Credit Profit or loss USD220,000 C Debit Inventory ac...
3 .Franz is a manufacturer. Inventory is valued using the continuous weighted average method.At 1 August 2014 it held inventory of 2,400 units of product Z, valued at USD10 each. During the year the following transactions in product Z took place: 14 November 2014 Sell 900 units 28 January 2015 Purchase 1,200 units for USD20,100 7 May 2015 Sell 1,800 units What was the value of Franz’s inventory of Zobdo at 31 July 2015?
A USD9,000 B USD11,700 C USD15,075 D USD35,100
4 .A trainee accountant has prepared the following receivables ledger total account to calculate the credit sales of a business which does not keep proper accounting records (all sales are on credit): Receivables ledger total account USD USD Opening receivables 148,200 Credit sales 870,800 Cash received from customers 819,300 Closing receivables 153,100 Discounts allowed to credit customers 16,200 Irrecoverable debts written off 1,500 Returns from customers 38,700 —— —— 1,023,900 1,023,900 —— —— The account contains several errors.What is the sales figure when all the errors have been corrected?
A USD835,400 B USD848,200 C USD877,600 D USD880,600
5 .At 31 October 2015 Osba had a receivables control account with a balance of USD381,255. This balance was USD782 more than the total on the list of receivables balances at the same date.Which one of the following errors would account for this diffence?
A A receipt from Ellie for USD391 had been recorded on the debit side of Ellie’s account.Correct entries were made in the general ledger B The total column in the sales day book had been overcast by USD782 C A customer returned some goods to Osba on 30 November 2015. These had originally been invo...
7 .Johan enters into the following transactions with Marius, a supplier who is also a customer.Marius buys goods from Johan on credit terms. Johan agrees to make contra entries in Marius’ individual ledger accounts.Which of Johan’s accounting records are affected by these transactions?
A Sales day book, payables ledger and sales ledger B Purchase day book, payables ledger and sales ledger C Sales day book and sales ledger D Purchases day book and purchases ledger
8 .At the end of December Rock’s payables control account and its list of payables ledger balances fail to agree.It is discovered that the total of the purchase day book for December has been recorded as USD11,750. The correct figure is USD17,150.Which one of the following is the correct adjustment in the payables control account reconciliation?
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9 .Which of the following correctly describes the imprest system of operating petty cash?
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10 .Which of the following statements about a cash imprest system is/are correct?(1) At any point in time physical cash plus petty cash vouchers will be equal to the imprest balance(2) There is no incentive to ensure all money disbursed is documented and supported by vouchers(3) It is difficult to reconcile an imprest system because it is not known exactly how much should be in the float(4) A fixed amount of cash is issued each month
A 1 only B 4 only C 1 and 3 only D 2 and 4 only
