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Question Paper

556 words - 3 pages

Chapterwise Test
Topic : Final Account (Sole Trader & manufacturing Account)
Time :1.30 hours Total Marks : 50
1. Adonnis Boxos makes televisions. Figures, except for sales, are available for the year ended 31 March 2006.
| | ₤ |
Sales | | ? |
Stocks at 1 April 2005: | Raw materials | 500 |
| Finished goods | 2400 |
| Work in progress | 800 |
Office equipment | | 4000 |
Vehicle running expenses | | 6520 |
Selling and administration expenses | | 12100 |
Manufacturing wages | | 80000 |
Indirect factory expenses | | 6000 |
Purchase of raw materials | | 200000 |
Plant and machinery | | 60000 |
Vehicles (used only to deliver finished goods) | | 10000 |
Returns outward | | 100 |
Carriage on sales | | 600 |
Additional information :
* Stocks at 31 March 2006 were: raw materials ₤ 400; finished goods ₤ 3500; work in progress ₤ 200.
* Depreciation for the ...view middle of the document...

(6)
Note: in preparing your answer to (a) and (b) you must select relevant items. Not all of the items in the list of figures
above are required.

Define the following terms (10)
Prime Cost ,Work in Progress, Fixed Cost, Variable Cost, Semi –fixed cost.

2. Curly Kale owns and runs a greengrocer’s shop. On 31 March 2009, she extracted the following trial balance from her books.
| Dr | Cr |
| £ | £ |
Administration expenses | 3122 | |
Bad debts | 340 | |
Bank | | 500 |
Capital | | 40000 |
Carriage inwards | 1200 | |
Carriage outwards | 8175 | |
Cash | 147 | |
Debtors and Creditors | 1800 | 4674 |
Drawings | 44000 | |
Equipment at cost | 2600 | |
Fixtures and fittings at cost | 3200 | |
Income from delivery charges | | 10500 |
Insurance | 625 | |
Motor van at cost | 8400 | |
Provision for depreciation on fixtures and fittings at 1 April 2008 | | 1200 |
Provision for depreciation on motor van at 1 April 2008 | | 1680 |
Purchases | 444760 | |
Rent and rates | 7900 | |
Returns | 621 | 846 |
Sales | | 516280 |
Stock at 1 April 2008 | 36190 | |
Wages | 12600 | |
| 575680 | 575680 |
Additional information:
* The stock on 31 March 2009 was valued at £ 27380.
* Since the trial balance was prepared, a debt of £ 30, which had been written off as bad, has been paid in cash to Curly by the debtor. No record of this has been made in the books.
* £ 50 of the insurance paid is for the year ended 31 March 2010.
* £ 400 was owing in wages to the shop assistant on 31 March 2009.
* A provision for doubtful debts is to be created equivalent to 2.5% of the debtors.
* The fixed assets are to be depreciated as follows
(i) Motor van: 10% on cost;
(ii) Fixtures and fittings: 30% on the reducing balance method;
(iii) Equipment: £ 1600 is to be deducted from the figure in the trial balance.
From the information provided:
(a) Prepare the trading account and profit and loss account for the year ended 31 March 2009 (12)
(b) Prepare the balance sheet at 31 March 2009; (13)

1. May2006-q-4.
2. May2009-q-2.

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