aat accounting qualification preparing ledger balances and an 2008-12-09آ aat accounting...
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Exam AAT Accounting Qualification NVQ/SVQ Level 2 Preparing Ledger Balances and an Initial Trial Balance (PLB) 2003 Standards Tuesday 2 December 2008 (afternoon) Time allowed - 3 hours plus 15 minutes’ reading time Please complete the following information in BLOCK CAPITALS: Student member number Desk number Venue code Date Venue name Important: This exam paper is in two sections. You should try to complete every task in both sections. We recommend that you use the 15 minutes’ reading time to study the exam paper fully and carefully so that you understand what to do for each task. However, you may begin to write your answers within the reading time, if you wish. We strongly recommend that you use a pen rather than a pencil. You may not use programmable calculators or dictionaries in the exam. Do NOT open this paper until instructed to do so by the Supervisor.
This exam paper is in TWO sections. You must show competence in BOTH sections. So, try to complete EVERY task in BOTH sections. Section 1 contains 6 tasks and Section 2 contains 10 tasks. You should spend about 90 minutes on each section. There is blank space for your workings on page 10, but you should include all essential calculations in your answers. Both Sections 1 and 2 are based on the business described below.
Introduction • Suki Jones is the owner of The Flower Chain, a business that supplies fresh flowers. • You are employed by the business as a bookkeeper. • The business uses a manual accounting system. • The VAT rate is 17.5%. • Double entry takes place in the main (general) ledger. Individual accounts of debtors and creditors
are kept in subsidiary ledgers as memorandum accounts. • Bank payments and receipts are recorded in the cash book, which is part of the double entry system. • Assume today’s date is 30 November 2008 unless you are told otherwise.
Note: This page is perforated. You may remove it for easy reference. Section 1 – processing exercise You should spend about 90 minutes on this section. Write your answers in the blank spaces provided. Please use the blank space on page 10 to show your workings. Data The following balances are relevant to you at the start of the day on 30 November 2008: £ Subsidiary (purchases) ledger accounts Fresh Fields 5,750 Scented Garden 13,215 The Daisy Chain 8,673 Petal Place 4,517 Main ledger accounts Fixtures and fittings 15,315 Sales 147,318 Purchases 96,120 Purchases returns 750 Purchases ledger control 37,238 Loan from bank 7,000 Motor expenses 1,213 VAT (credit balance) 8,710 Task 1.1 Enter the opening balances shown above into the accounts on pages 5 - 7.
Note: The lines shown in the accounts on pages 5 - 7 are there to help you present your work neatly and clearly. You may not need to use all the lines.
Note: This page is perforated. You may remove it for easy reference. Data The following transactions all took place on 30 November 2008 and have been entered into the relevant books of prime entry as shown below. No entries have yet been made into the ledger system.
Date 2008 Details Invoice number Total £ VAT £ Net £
30 Nov 30 Nov 30 Nov 30 Nov
Fresh Fields Scented Garden The Daisy Chain Petal Place
163 3982 2001 S320
385 210 119
Totals 5,170 770 4,400
Purchases returns day-book
Date 2008 Details Credit note number Total £ VAT £ Net £
30 Nov 30 Nov
Scented Garden The Daisy Chain
Totals 329 49 280
Cash-book Date 2008 Details VAT £ Bank £
Date 2008 Details VAT £ Bank £
30 Nov 30 Nov
Balance b/d Cash sales
30 Nov 30 Nov 30 Nov 30 Nov 30 Nov 30 Nov
Fixtures and fittings Motor tax Loan repayment Fresh Fields (creditor) Petal Place (creditor) Balance c/d
3,525 245 500
5,000 4,326 5,193
315 18,789 525 18,789 1 Dec Balance b/d 5,193 Task 1.2 From the day-books and cash-book shown above, make the relevant entries into the accounts in the subsidiary (purchases) ledger and main ledger shown on pages 5 - 7. Task 1.3 Balance the accounts, showing clearly the balances carried down at 30 November (closing balance). Task 1.4 Now enter the balances brought down at 1 December (opening balance), showing clearly the date and details, as well as the amount.
Subsidiary (purchases) ledger
Fresh Fields Date 2008 Details Amount £ Date 2008 Details Amount £
Scented Garden Date 2008 Details Amount £ Date 2008 Details Amount £
The Daisy Chain Date 2008 Details Amount £ Date 2008 Details Amount £
Petal Place Date 2008 Details Amount £ Date 2008 Details Amount £
Main ledger Fixtures and fittings Date 2008 Details Amount £ Date 2008 Details Amount £ Sales Date 2008 Details Amount £ Date 2008 Details Amount £ Purchases Date 2008 Details Amount £ Date 2008 Details Amount £ Purchases returns Date 2008 Details Amount £ Date 2008 Details Amount £
Main ledger Purchases ledger control Date 2008 Details Amount £ Date 2008 Details Amount £ Loan from bank Date 2008 Details Amount £ Date 2008 Details Amount £ Motor expenses Date 2008 Details Amount £ Date 2008 Details Amount £ VAT Date 2008 Details Amount £ Date 2008 Details Amount £
Task 1.5 Transfer the balances that you calculated in tasks 1.3 and 1.4, and the bank balance, to the trial balance on page 9. Data Other balances to be transferred to the trial balance: £ Motor vehicles 20,000 Petty cash control 50 Sales ledger control 54,250 Capital 43,969 Discount received 608 Bank interest received 117 Bank interest paid 80 Wages 25,320 Office expenses 2,759 Rent and rates 10,500 Heat and light 632 Insurance 1,240 Advertising 225 Legal fees 800 Miscellaneous expenses 532 Task 1.6 Transfer the balances shown above to the trial balance on page 9, and total each column.
The Flower Chain Trial balance as at 30 November 2008
Dr £ Cr £
Fixtures and fittings
Petty cash control
Sales ledger control
Purchases ledger control
Loan from bank
Bank interest received
Bank interest paid
Rent and rates
Heat and light
Note: You may use this page for your workings.
Section 2 – tasks and questions You should spend about 90 minutes on this section. Answer all the questions on pages 11 to 19. You should show your answers by inserting a tick, words or figures, as appropriate. Please use the blank space on page 10, and where indicated in the task, to show your workings. Note: You do not need to adjust the accounts in Section 1 as part of any of the following tasks. Task 2.1 The following is an extract from the coding lists used at The Flower Chain. Supplier name Account code
The Daisy Chain Fresh Fields Growers Corner LBC Ltd Petal Place Raven Gardens Renata Flowers D Saunders Ltd Scented Garden Shah Displays Shore Flowers Vale Blooms Young and Brown
DAI001 FRE001 GRO001 LBC001 PET001 RAV001 REN002 SAU001 SCE002 SHA003 SHO004 VAL001 YOU001
Flower description Product code
Red daisies in boxes of 10 White carnations in boxes of 15 Yellow roses in boxes of 20 Purple asters in boxes of 20
DAIR10 CARW15 ROSY20 ASTP20
(a) What will be the supplier account codes for the new suppliers shown below?
Supplier name Supplier account code
P Venables Ltd
RJH Ltd (b) What will be the product codes for the new flowers shown below?
Flower description Product code
Orange lilies in boxes of 10
Blue lupins in boxes of 15
Task 2.2 On the first day of ev