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2011

ACCOUNTING
Written examination 1

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 5 2011 ACCNT EXAM 1A

Fantastic Footwear sent the following Statement of Account to one of its debtors, Jets Little Aths.

Fantastic Footwear
STATEMENT OF ACCOUNT
To: Jets Little Aths
30 June 2011
Debit Credit Balance

1 June Balance 3 200 Dr

11 June Payment received – Rec. No. 601 3 200 Nil

19 June Inv. No. 59 2 200 2 200 Dr

24 June Inv. No. 64 990 3 190 Dr

27 June Payment received/disc – Rec. No. 623 2 200 990 Dr

30 June Balance owing $990

1.2.3 Show how Jets Little Aths’ account in the Debtors Subsidiary Ledger would appear at 30 June after
all June transactions have been posted. You are not required to balance the account.
3 marks
The GST Clearing account had a debit balance of $1 250 at 31 May 2011.

Required
1.2.4 Show the GST Clearing account as it would appear in the General Ledger at 30 June 2011.
You are not required to balance the account.
4 marks
1.2.5 Explain why it would be necessary to make a balance day adjustment at 30 June as a result of the
information provided on 26 June relating to rent.
2 marks
1.2.6 Show how the rent would be reported at 30 June after all adjusting entries had been recorded.
3 marks

Question 1 – continued
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Fantastic Footwear

Memo 43 'DWH-XQH

'HWDLOV One pair of Tiger Tearaway shoes taken from stock for personal use.

6LJQHG T Trimble

Fantastic Footwear

Memo 44 'DWH-XQH

'HWDLOV The stocktake shows 9 pairs of Tiger Tearaway shoes remaining in stock.

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2011 ACCNT EXAM 1A 8

Question 2

Bubble Baths
Barry Billings commenced business on 1 January 2011 under the name of Bubble Baths. The business specialises
in selling a range of bathtubs. It uses a double entry accounting system based on the accrual method of accounting.
Other features of Bubble Baths’ accounting system are as follows.
i. The business uses control accounts and subsidiary records for Debtors, Creditors and Stock.
ii. The perpetual method of stock recording and the FIFO cost assignment method are used.
iii. There is a 12-month reporting period ending 30 June.

Required
2.1 Explain what is meant by ‘the accrual method of accounting’.
2 marks
2.2 On 1 January 2011, Barry provided his accountant with the following list of assets and liabilities that Barry
had contributed to commence the business – Memo No. 001.
$
Cash at Bank – Receipt No. 1 4 000
Loan (principal repayable $3 000 per quarter) 48 000
Stock 18 000
Vehicle 46 000
Prepaid Rent Expense* 3 000 (plus $300 GST)

* Barry paid the Rent in December from his personal bank account. It represents three months rent in advance
at $1 000 per month (plus $100 GST), commencing 1 January 2011.
Barry has also arranged a bank overdraft for the business of $25 000.

Required
Prepare the journal entries required on 1 January 2011 to establish the double entry accounting system.
Narration is not required.
1 + 2 = 3 marks

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2011

STUDENT NUMBER Letter

Figures
Words

ACCOUNTING
Written examination 1
Tuesday 14 June 2011
Reading time: 2.45 pm to 3.00 pm (15 minutes)
Writing time: 3.00 pm to 4.30 pm (1 hour 30 minutes)

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Question 1 – Fantastic Footwear

1.1

Explanation

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1.2.1

Cash Receipts Journal (summary)

Date Details Rec. Bank Disc. Debtors &RVWRI Sales GST Sundries
2011 No. Exp. Sales

7RWDOVWRGDWH 17 350 750 9 600 2 000 3 000 300 5 200
-XQH

Sales Journal (summary)

Date Debtor Invoice &RVWRI Sales GST Total
2011 No. Sales Debtors

7RWDOVWRGDWH 8 000 12 000 1 200 13 200
-XQH

Cash Payments Journal (summary)

Date Details Chq. Bank Disc. Creditors Stock Wages GST Sundries
2011 No. Rev.

7RWDOVWRGDWH 15 200 600 6 200 4 000 1 800 600 3 200
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Question 1±FRQWLQXHG
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Purchases Journal (summary)

Date Creditor Invoice Stock GST Total
2011 No. Creditors

7RWDOVWRGDWH 5 000 500 5 500
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GENERAL JOURNAL
Date Particulars General Ledger Subsidiary Ledger
2011
Debit Credit Debit Credit
$ $ $ $

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1.2.2
DEBTORS CONTROL
Date &URVV5HIHUHQFH $ Date &URVV5HIHUHQFH $
2011 2011
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1.2.3
DEBTOR – Jets Little Aths
Date &URVV5HIHUHQFH $ Date &URVV5HIHUHQFH $
2011 2011

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1.2.4

GST CLEARING
Date &URVV5HIHUHQFH $ Date &URVV5HIHUHQFH $
2011 2011
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1.3.1

Stock Card: Tiger Tearaway

Date Details IN OUT BALANCE
2011
Qty Cost Total Qty Cost Total Qty Cost Total
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GENERAL JOURNAL
Date Particulars General Ledger Subsidiary Ledger
2011
Debit Credit Debit Credit
$ $ $ $

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Question 2 – Bubble Baths

2.1

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2.2

Cash Receipts Journal

Date Details Rec. Bank Disc. Debtors &RVWRI Sales GST Sundries
2011 No. Exp. Sales

GENERAL JOURNAL
Date Particulars General Ledger Subsidiary Ledger
2011
Debit Credit Debit Credit
$ $ $ $

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Question 2±FRQWLQXHG
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2011 ACCNT EXAM 1B 10

2.3.1

Bubble Baths
Cash Flow Statement for the six months ending 30 June 2011
Cash Flow from Operating Activities $ $

NET CASH FROM OPERATING ACTIVITIES

Cash Flow from Investing Activities

NET CASH FROM INVESTING ACTIVITIES

Cash Flow from Financing Activities

NET CASH FROM FINANCING ACTIVITIES

NET INCREASE (DECREASE) IN CASH

Cash at Bank (01/01/2011)

Cash at Bank (30/06/2011)

7 marks

Question 2 – continued
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2.4.1

GENERAL JOURNAL
Date Particulars General Ledger Subsidiary Ledger
2011
Debit Credit Debit Credit
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2.4.2

GENERAL JOURNAL
Date Particulars General Ledger Subsidiary Ledger
2011
Debit Credit Debit Credit
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2.4.3

PROFIT AND LOSS SUMMARY

Date &URVV5HIHUHQFH $ Date &URVV5HIHUHQFH $
2011 2011

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Question 2±FRQWLQXHG
 13 2011 ACCNT EXAM 1B

2.4.4
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2 marks

2.4.7

6WDWH

1 mark
Question 2 – continued
TURN OVER
$&&17(;$0% 

2.5

Cash Payments Journal (summary)

Date Details Chq. Bank Disc. Creditors Stock Wages GST Sundries
2011 No. Rev.

PDUNV
7RWDOPDUNV

END OF ANSWER BOOK