This document provides information for a grade 10 accounting test, including:
- Three compulsory questions on concepts, financial statements, and notes to financial statements.
- A pre-adjustment trial balance and additional information for Zozo Traders to prepare an income statement.
- Extracts from a post-closing trial balance and additional information to prepare notes to the financial statements for Nicol Traders.
Cambridge A Level
Cambridge O Level
Accounting
9706
Differences between a club and a company
Difference between capital and accumulated fund
Terms used in a club and a profit making business
Differences between the financial statements of a not for profit organisation and a limited company or another profit oriented business like sole trader and partnerships
Reason to capitalize the donations received
Reasons to not to give dividends to members
Differences between the donation and subscription
Subscription calculation using the account or equation
Differences between receipts and payments account and income and expenditure account
All the important theories for a level students under clubs and societies final account
Final Accounts of Clubs and Societies
Introduction.
Receipts and payments account
Calculation of the result of extra activities of a club or
society
Subscription Account
Income and expenditure account
Accumulated fund
Statement of financial position of a club or society
Cambridge A Level
Cambridge O Level
Accounting
9706
Differences between a club and a company
Difference between capital and accumulated fund
Terms used in a club and a profit making business
Differences between the financial statements of a not for profit organisation and a limited company or another profit oriented business like sole trader and partnerships
Reason to capitalize the donations received
Reasons to not to give dividends to members
Differences between the donation and subscription
Subscription calculation using the account or equation
Differences between receipts and payments account and income and expenditure account
All the important theories for a level students under clubs and societies final account
Final Accounts of Clubs and Societies
Introduction.
Receipts and payments account
Calculation of the result of extra activities of a club or
society
Subscription Account
Income and expenditure account
Accumulated fund
Statement of financial position of a club or society
Single entry system of accounting is on of the easiest methods of preparing financial statements. This presentation discuss the various aspects of Single Entry System of Accounting
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Evaluation of the management System of JS bank Pakistan, which include introduction, history, Products details and Interview Questions we ask about there management style/system.
Both the chapters journal and ledger along with the accounting cycle is resent in the PPT with their formats. It makes the learning of the chapters easy for an accountancy student.
Single entry system of accounting is on of the easiest methods of preparing financial statements. This presentation discuss the various aspects of Single Entry System of Accounting
JS Bank (Evaluation of the Performance Appraisal System)Tish997
Evaluation of the management System of JS bank Pakistan, which include introduction, history, Products details and Interview Questions we ask about there management style/system.
Both the chapters journal and ledger along with the accounting cycle is resent in the PPT with their formats. It makes the learning of the chapters easy for an accountancy student.
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Postclosing Trial Balance 192 CHAPTER 6 Mini-Practice Set 1 Service Business Accounting
Cycle Eli\'s Consulting Services ing principles and This project will give you an opportunity to
apply your knowledge of accounting principles and procedures by handling all the accounting
work of Eli\'s Consulting Services for the month o January 2020. Assume that you are the chief
accountant for Eli\'s Consulting Services, During January, the busi ness will use the same types
of records and procedures that you learned about in Chapters 1 through 6. The chart of accounts
for Eli\'s Consulting Services has been expanded to include a few new accounts. Follow the
instructions to complete the accounting records for the month of January. INTRODUCTION
Eli\'s Consulting Services Chart of Accounts Revenue 401 Fees Income Assets 101 Cash 111
Accounts Receivable 121 Supplies 134 Prepaid Insurance 137 Prepaid Rent 141 Equipment 142
Accumulated Depreciation Equipment Liabilities 202 Accounts Payable Expenses 511 Salaries
Expense 514 Utilities Expense 517 Supplies Expense 520 Rent Expense 523 Depreciation
Expense-Equipment 526 Advertising Expense 529 Maintenance Expense 532 Telephone
Expense 535 Insurance Expense Owner\'s Equity 301 Trayton Eli, Capital 302 Trayton Eli,
Drawing 309 Income Summary INSTRUCTIONS 1. Open the general ledger accounts and enter
the balances for January 1, 2020. Obtain the necessary figures from the postclosing trial balance
prepared on December 31, 2019, which appears in Figure 6.3. 2. Analyze each transaction and
record it in the general journal. Use page 3 to begin January\'s transactions. 3. Post the
transactions to the general ledger accounts. 4. Prepare the Trial Balance section of the worksheet.
5. Prepare the Adjustments section of the worksheet. a. Compute and record the adjustment for
supplies used during the month. An inventory taken on January 31 showed supplies of $5,200 on
hand. b. Compute and record the adjustment for expired insurance for the month. c. Record the
adjustment for one month of expired rent of $4,000. d. Record the adjustment for depreciation of
$183 on the old equipment for the month. The first adjustment for depreciation for the new
equipment will be recorded in February, 6. Complete the worksheet. 7. Prepare an income
statement for the month. 8. Prepare a statement of owner\'s equity.
Solution
Journal Entries
Date
Account Title
Debit
Credit
2-Jan
Supplies
7000
Cash
7000
7-Jan
Cash
20000
Accounts receivable
5000
Fees Income
25000
2-Jan
Insurance expense
8400
Cash
8400
12-Jan
Cash
4000
Accounts receivable
4000
Advertising expense
3600
Cash
3600
Cash
20700
Accounts receivable
2300
Fees Income
23000
13-Jan
Cash
4500
Accounts receivable
4500
14-Jan
Cash
750
Supplies
750
20-Jan
Supplies
5000
Accounts Payable
5000
20-Jan
Cash
12500
Accounts receivable
3500
Fees Income
16000
20-Jan
Cash
5600
Accounts receivable
5600
21-Jan
Ma.
Accounting 970642 paper 4 problem solving (supplementary topics) october nove...alproelearning
Accounting 970642 paper 4 problem solving (supplementary topics) october november 2011
Advanced Level
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Principle of accounts
All workings, when appropriate, must be shown to substantiate your.docxsimonlbentley59018
All workings, when appropriate, must be shown to substantiate your answers.
Question 1 [14 marks]
Financial statement disclosures
You are the financial accountant for Superstore Ltd, and are in the process of preparing its financial statements for the year ended 30 June 2018. Whilst preparing the financial statements, you become aware of the following situations:
1. On 1 July 2017, the directors made a decision, using information obtained over the last couple of years, to revise the useful life of an item of manufacturing equipment. The equipment was acquired on 1 July 2015 for $800,000, and has been depreciated on a straight-line basis, based on an estimated useful life of 10 years and residual value of nil. Superstore Ltd uses the cost model for manufacturing equipment. The directors estimate that as at 1 July 2017, the equipment has a remaining useful life of 6 years and a residual value of nil. No depreciation has been recorded as yet for the year ended 30 June 2018 as the directors were unsure how to account for the change in the 2018 financial statements, and unsure whether the 2016 and 2017 financial statements will need to be revised as a result of the change.
2. In June 2018, the accounts payable officer discovered that an invoice for repairs to equipment, with an amount due of $20,000, incurred in June 2017, had not been paid or provided for in the 2017 financial statements. The invoice was paid on 12 July 2018. The repairs are deductible for tax purposes. The accountant responsible for preparing the company’s income tax returns will amend the 2017 tax return, and the company will receive a tax refund of $6,000 as a result (30% x $20,000). No journal entries have been done as yet in the accounting records of Superstore Ltd, as the directors are unsure how to account for this situation, and what period adjustments need to be made in.
3. Superstore Ltd holds shares in a listed public company, ABC Ltd, which are valued in the draft financial statements on 30 June 2018 at their market value on that date - $600,000. A major fall in the stock market occurred on 10 July 2018, and the value of Superstore’s shares in ABC Ltd declined to $250,000.
4. On 21 July 2018, you discovered a cheque dated 20 April 2018 of $32,000 authorised by the company’s previous accountant, Max. The payment was for the purchase of a swimming pool at Max’s house. The payment had been recorded in the accounting system as an advertising expense. You advise the directors of this fraudulent activity, and they will investigate.
Assume that each event is material.
Required:
i) State the appropriate accounting treatment for each situation. Provide explanations and references to relevant paragraphs in the accounting standards to support your answers. Where adjustments to Superstore Ltd’s financial statements are required, explain which financial statements need to be adjusted (ie. 2016, 2017, 2018 or 2019).
ii) Prepare any note disclosures and adjusting j.
Model Attribute Check Company Auto PropertyCeline George
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Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
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Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
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The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
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A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
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This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
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Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
1. ACCOUNTING GRADE 10 COMMON CONTROLLED TEST SEPTEMBER 2017
Page 1 of 6
TERM 3
CONTROLLED TEST
GRADE 10
SUBJECT : ACCOUNTING
CODE : ACCN
TASK : COMMON CONTROLLED TEST
TIME : 1 HOUR
MARKS : 100
This question paper consists of 6 pages
2. ACCOUNTING GRADE 10 COMMON CONTROLLED TEST SEPTEMBER 2017
Page 2 of 6
INSTRUCTIONS AND INFORMATION
1. This test consists of THREE Questions.
2. All questions are COMPULSORY
3. Read through the questions carefully and make sure that you allocate enough
time for each question.
QUESTION CONTENT TIME MARKS
1 Concepts 3 minutes 5
2 Financial statements 40 minutes 56
3 Notes to Financial Statements 17 minutes 39
TOTAL 60 minutes 100
____________________________________________________________________________________
QUESTION 1 CONCEPTS (5 marks; 3 minutes)
Match the concepts listed in column A with the descriptions in column B. Write only
the letter next to the numbers provided in the answer book. [5]
COLUMN A COLUMN B
1.1 Residual Amount A To determine the net profit that a business made in a
specific period.
1.2 Balance Sheet B Full amount of an asset cannot be written off as long as it
is in the business possession.
1.3 Financial
statements
C Financial information is always reported more
conservatively than optimistically.
1.4 Prudence principle D Show the profitability, solvency, and liquidity of the
business.
1.5 Income statement E The financial records of the business are kept entirely
separate from those of the owner
F To determine the financial position of a business on a
specific period
3. ACCOUNTING GRADE 10 COMMON CONTROLLED TEST SEPTEMBER 2017
Page 3 of 6
QUESTION 2 FINANCIAL STATEMENTS (56 marks; 40 minutes)
You are provided with information relating to Zozo Traders. The owner wants you
to determine the profit / loss for the financial year ended 28 February 2017.
Use the Pre-adjustment Trial Balance and additional information to prepare the following:
2.1 Income Statement for the year ended 28 February 2017.
Note: Show all your calculations in brackets to earn part marks (56))
ZOZO TRADERS
PRE-ADJUSTMENT TRIAL BALANCE ON 28 FEBRUARY 2017
Balance Sheet accounts section Fol Debit Credit
Capital B1 820 100 00
Drawings B2 32 100 00
Land and Buildings B3 700 000 00
Vehicles B4 175 000 00
Equipment B5 90 000 00
Accumulated depreciation on vehicles B6 67 000 00
Accumulated depreciation on equipment B7 42 000 00
Trading stock B8 106 450 00
Debtors control B9 20 000 00
Bank B10 45 200 00
Cash float B12 1 200 00
Creditors control B13 127 530 00
Fixed deposit: KS Investors (9% p.a.) B14 650 000 00
Loan: SA Bank B15 550 000 00
Nominal accounts section
Sales N1 265 420 00
Cost of sales N2 56 500 00
Debtors allowances N3 1 750 00
Rent income N4 168 000 00
Discount received N5 750 00
Stationery N7 8 000 00
Telephone N8 11 500 00
Water and Electricity N9 8 950 00
Insurance N10 78 000 00
Salaries N11 25 500 00
Rates and Taxes N12 48 000 00
Bad debts N13 1 150 00
Interest on fixed deposit N14 20 000 00
Interest on overdraft N15 1 500
2 060 800 00 2 060 800 00
4. ACCOUNTING GRADE 10 COMMON CONTROLLED TEST SEPTEMBER 2017
Page 4 of 6
Adjustments and additional information:
1. A debtor, S.Mabaso, returned good to the value of R1 200 on 31 December 2016, Cost
of sale of the goods was R850. No entries were recorded in the books.
2. The owner Zozo took stock at cost R1050 for personal use.
3. According to the physical stocktaking the following stock was on hand:
Trading stock, R88 500
Stationery, R1 350
4. The water and electricity account for February 2017 was received but not paid, R2 100.
5. Included in the amount for insurance is an annual insurance of R30 000 paid on the
1 September 2016.
6. The fixed deposit was invested on the 1 September 2016. Provide for the outstanding
amount.
7. Zozo traders received the loan Statement from ABSA Bank. The monthly repayment
was R12 500 per month. The Balance on 1 March 2016 was R620 000. Interest has
been capitalized. Provide for interest for the year.
8. The rent income amount was received up to the 30 April 2017.
9. A debtor Bhablos who owes the business R3 700 was declared insolvent. His estate
paid a final dividend of 25 cent in a rand and was recorded. Write off the balance as
irrecoverable.
10. G. Thape a debtor whose account has already been written off paid R800. This has
been recorded in the Cash receipts journal in the Debtors column. Correct the error.
11. Depreciation is calculated as follows:
Vehicles are calculated at 15% p.a on cost price.
Equipment is calculated at 20% p.a on the diminishing balance method.
12. The bank statement was received and showed the following had not yet been
recorded.
Interest on favourable bank account R720, Bank charges R670
5. ACCOUNTING GRADE 10 COMMON CONTROLLED TEST SEPTEMBER 2017
Page 5 of 6
QUESTION 3 Notes to the financial statements (39marks, minutes 17 )
3.1
Use the information below to prepare the following notes
Capital (7)
Trade and other receivable (Debtors) (6)
Trade and other payable (Creditors) (6)
Extract Post Closing Trial Balance 30 June 2017 in the books of Nicol Traders
Capital 950 000
Debtors control 65 200
Trading stock 92 500
Creditors control 125 000
Accrued income 6 000
Income received in advance 13 000
Prepaid expenses 7 000
Accrued expenses 36 000
Consumable stores on hand 4 000
Additional information:
The following amounts have already been included in the Capital amount:
Net Profit : 120 000
Drawings : 35 000
The owner contributed R85 000 as additional capital on 1 January 2017.
The following items were not taken into consideration when preparing the Post
Adjustment Trial Balance on the 30 June 2017.
Insurance of R250 for the month of July 2017
Rent income of R1500 for the month of July and August 2017.
6. ACCOUNTING GRADE 10 COMMON CONTROLLED TEST SEPTEMBER 2017
Page 6 of 6
3.2 Calculate the amounts with numbers 1 to 8 (16)
3 FIXED/TANGIBLE ASSETS Land and Equipment Vehicles
buildings
Carrying value at beginning of year 860 000 132 500 (5)
Cost Price 860 000 (2) 175 000
Accumulated depreciation 87 500 (22 000)
Movements
Additions (1) (3) 85 000
Disposals at carrying value
Depreciation (57 000 (6)
Carrying value at end of year 1 000 000 170 500 205 375
Cost Price 1 000 000 315 000 (8)
Accumulated Depreciation (4) (7)
Notes:
The financial year ends on 28 February 2017.
The new vehicle was bought on 30 August 2016.
Write off depreciation on vehicles at 15% per annum on the cost price
method.
3.3.
What measures could be put in place to ensure that vehicles are not being
used for private purposes. Suggest TWO measures. (4)