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PMP Accounting and Finance
发布时间：2023-12-05
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Progress Test 2 - Week 6
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Module Title |
PMP Accounting and Finance |
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Module Code |
P_AFi |
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Semester |
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Week |
Week 6 (Wednesday 08th November 2023) |
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Total Questions and Pages |
Part I: 5 questions, Part II: 1 question. 8 pages. |
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Total Marks |
46 (Scores will be converted to a 100 scale) |
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Venue |
Online on Turnitin |
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Time Allowed |
One hour and 30 minutes (1:30 hours) ( 1 hour to answer; 30 minutes to prepare and upload) |
Instructions: There are two parts in this paper. Answer ALL questions.
You can download this question paper to your computer and type and save answers. HAND-WRITTEN ANSWERS are also acceptable.
You must email [email protected] if you experience any issues during the exam. Provide a brief summary of the issue and attach a screenshot.
Answers must be submitted on the Turnitin submission link provided
PART I: Short Answer and MCQ Questions - 5 questions. (Total 18 marks)
Answer ALL questions in this section.
1. A business purchased a computer for its office on credit for £1,200. Explain the effect of this transaction on the basic accounting equation. (4 marks)
2. Explain the difference between accrual basis and cash basis of accounting. (4 marks)
3. From 1 January 2020 to 31st December 2020, a supermarket in London has earned £310,000 in sales revenue. During the same period, it has purchased goods to the value of £298,000. On the 1st January 2020, it had a stock of unsold goods in the stores with a total value of £37,000. The total value of remaining stock of goods as at 31st December 2020 was estimated at £40,000.
You must show all your calculations / workings to obtain full marks
(i) Calculate the cost of goods sold (COGS) of the supermarket for the year ending 31st December 2020 (4 marks)
(ii) Calculate the gross profit of the supermarket for the year ending 31st December 2020. (2 marks)
Choose the single most correct answer for Questions 4 and 5
4. Which of the following economic actions increases the amount of current assets? (2 marks)
A. Sale of old machine in the factory for cash
B. Purchase of motor vehicle for cash
C. A receipt of cash from a debtor ( a credit customer)
D. Purchase of goods for cash
5. Which of the following reflects the effect on the accounting equation of the delivery of finished goods to customers? (2 marks)
A. Assets increase; ownership interest decreases
B. Assets decrease; liabilities decrease
C. Assets decrease; ownership interest increases
D. Assets decrease; ownership interest decreases
PART II: Accounts Preparation Questions
Answer ALL questions in this section. Write your answers in the space provided.
Question 1 – (28 marks)
Peter started his business on 1st February 2021, and completed the following transactions during the month.
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£ |
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01- Feb |
Peter deposited cash into the business bank account |
70,000 |
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02- Feb |
Bought a Delivery Van paid by cash |
10,000 |
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07- Feb |
Bought goods for cash |
7,500 |
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09- Feb |
Bought shop fittings paid by cash |
3,500 |
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12- Feb |
Sold goods for cash |
5,500 |
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25- Feb |
Paid wages to a shop assistant |
850 |
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28- Feb |
Peter withdrew from business bank account for personal use |
2,500 |
Required:
i. Prepare journal entries to record these transactions (8 marks)
Date, Account name and the amount must all be accurate to gain full marks. Answer:
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Date |
Accounts |
Debit (£) |
Credit (£) |
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ii. Prepare the relevant ledger (T) accounts and balance off the accounts, (15 marks)
Date, Account name and the amount must all be accurate to gain full marks. Answer:
Cash and Bank A/c
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Date |
Account |
£ |
Date |
Account |
£ |
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Capital A/c
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Date |
Account |
£ |
Date |
Account |
£ |
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Motor Vehicle A/c
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Date |
Account |
£ |
Date |
Account |
£ |
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Purchases A/c
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Date |
Account |
£ |
Date |
Account |
£ |
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Shop Fittings A/c
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Date |
Account |
£ |
Date |
Account |
£ |
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Sales A/c
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Date |
Account |
£ |
Date |
Account |
£ |
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Wages A/c
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Date |
Account |
£ |
Date |
Account |
£ |
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Drawings A/c
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Date |
Account |
£ |
Date |
Account |
£ |
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iii. Prepare the Trial balance at the end of February 2021. (5 marks)
Account name and the amount must all be accurate to gain full marks.
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Accounts
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Debit (£) |
Credit (£) |
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End of Progress Test 2
