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AC1025

Principles of Accounting

SECTION A:

Answer all questions from this section.

i	A debit to an asset will increase that assets value
ii	A credit to an expense will increase the expense
iii	A debit to a liability will increase the liability
iv	A credit to an income will increase the income

In respect of the 4 statements above which of the following combinations is true?

a	i, ii and iii
b	i, iii and iv
c	i and iv
d	ii and iii

At 31 January 2020, the cash book of Javed Ltd showed a balance of $1,520, overdrawn.

An examination of the Javed’s cash book and bank statements show the following:

i	Bank charges of $120 charged by the bank on 29.1. 2020 have not been accounted for
ii	A $435 cheque received from a customer on 23.1.2020 was dishonoured and appeared as such on the bank statement on 31.1.2020 but not in the cash book
iii	A payment of $566 made directly into the bank account of Javed on 27.1.2020 has not been entered into the Cash Book.
iv	Receipts of $905 banked at another branch of the bank on 31.1 2020 were not cleared until 4.2.2020
v	Cheques totalling $8,966 sent to suppliers on 30.1.2020 were not presented to the bank until February 2020
vi	The payments side of the cash book has been undercast by $2,000

What balance appeared on the bank statement at 31 January 2020?

a	+ $10,360
b	+ $4,552
c	- $ 3,509
d	+ $9,093

The selling price of inventory of Jostle Ltd at 28 February is $268,000. The company marks up its goods by 34%. One quarter of the inventory has been damaged in a flood and will be sold for $19,000. Which of the following will be the correct value for closing inventory at 28 February in the statement of financial position?

a	$188,000
b	$169,000
c	$151,660
d	$87,340

In relation to the payment of a final ordinary dividend on the first date of the new accounting year, paid by a company to its shareholders, which of the following statements is true?

i	the maximum dividend cannot exceed the accumulated retained profit at the end of the accounting year to which the dividend relates.
ii	the dividend cannot exceed the company’s bank balance at the date the dividend is paid
iii	the dividend must be approved by the shareholders at a general meeting
iv	the dividend must conform to past dividend policy

a	i, ii and iii
b	i, iii and iv
c	i and iii
d	ii and iii

In the TB of Company Y at 28 February 2020 included a Suspense account.

Investigation showed the following:

I	A receipt of $1,650 from a customer, F Friar, has been debited to the bank but had not been posted to the Sales ledger because at the time it was received, the accounting staff did not know which customer it related to. But a series of phone calls has identified which customer has paid this sum.
Ii	A payment of $2,000 for a new computer had been posted to the machinery repairs t-account, in error
iii	A t-account balance of $1,300 arising from the sale proceeds on the disposal of a van had been omitted from the Trial Balance
iv	A t-account balance relating to an increase in the provision for bad debts of $500 had been included in the TB as a credit balance.

What would the balance in the Suspense account have been before making the required corrections?

a	$1,950 Cr
b	$1,950 Dr
c	$3,950 Dr
d	$3,950 Cr

At 1 February 2020, trade receivables of Jonx Ltd are $227,406. In February, cash received from customers was $905,100 and discounts allowed were $3,500. Bad debts written off in the month were $20,500. A sales ledger/purchase ledger contra of $7,300 was agreed with James & Co, a company which is both a customer of and a supplier to Company X. At 28.2.20, trade receivables are $165,004.

What were the sales during February?