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    INS2009 - Mock Exames 2024

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    hạnh vũ thị mai
    Mary runs a shop selling calculators. She has provided an initial trial balance and additional information for exercises 1-3. The additional information includes transactions relating to discounts, accruals, prepayments, inventory, bad debts, and allowance for doubtful accounts. For each exercise, the tasks are to journalize the transactions, adjust the trial balance, calculate profit, and prepare the statement of profit or loss and statement of financial position.

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    INS2009 - Mock Exames 2024

    Uploaded by

    hạnh vũ thị mai
    13 views5 pages
    Mary runs a shop selling calculators. She has provided an initial trial balance and additional information for exercises 1-3. The additional information includes transactions relating to discounts, accruals, prepayments, inventory, bad debts, and allowance for doubtful accounts. For each exercise, the tasks are to journalize the transactions, adjust the trial balance, calculate profit, and prepare the statement of profit or loss and statement of financial position.

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    INS2009 - Mock exames 2024

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    Mary runs a shop selling calculators. She has provided an initial trial balance and additional information for exercises 1-3. The additional information includes transactions relating to discounts, accruals, prepayments, inventory, bad debts, and allowance for doubtful accounts. For each exercise, the tasks are to journalize the transactions, adjust the trial balance, calculate profit, and prepare the statement of profit or loss and statement of financial position.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    13 views5 pages

    INS2009 - Mock Exames 2024

    Uploaded by

    hạnh vũ thị mai
    Mary runs a shop selling calculators. She has provided an initial trial balance and additional information for exercises 1-3. The additional information includes transactions relating to discounts, accruals, prepayments, inventory, bad debts, and allowance for doubtful accounts. For each exercise, the tasks are to journalize the transactions, adjust the trial balance, calculate profit, and prepare the statement of profit or loss and statement of financial position.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 5

    Exercises 1:

    Mary runs a shop selling calculators, She has extracted the following initial trial balance as at 31/12/N, as
    follows:

    Additional information:
    1. Paid wages to shop assistants of £400 in cash.
    2. During the reporting period, £100 was banked in respect of a debt which had been
    written off in the reporting period ended 31 December (N-1). Mary posted the cash
    received to the cash at bank account and credited the suspense account as she was
    unsure the how to treat the transaction.
    3. Mary has normal credit terms of 30 days but offers a prompt payment discount of
    6% to customers if they settle invoices within 10 days. The company sold goods
    totaling £3000 to Mike. Mike normally takes advantage of the prompt payment
    discount offered, and this time too. The company does not record any relating to this
    transaction
    4. With the same credit terms, Mary sold to another customer Richard, totaling £4000.
    Richard normally takes a full 30 days to settle her invoices, but this time Richard pays
    within 10 days, so can receive the discount from Mary. The company does not record any
    relating to this transaction
    5. As at the end of the reporting period there is a debt of £500 to be written off.
    6. Of the remaining receivables, Mary has calculated that an allowance totaling £300
    is required to reflect the probability of non-payment of debts.

    Required:
    1. Journalize transitions from additional information (Các nghiệp vụ liên quan đến discounts làm
    kỹ các bài ở Chương 4, Mục 7 – Accounting for discounts)
    2. Adjust Sam's initial trial balance to reflect the additional information and make the
    final trial balance for the period (show the initial trial balance, adjustment and final
    trial balance) – Xem cách làm ở Chương 5 (Mục 1- The Initial Trial Balance, xem kỹ các ví
    dụ để áp dụng và làm bài này).
    3. Calculate the profit for the period
    4. Prepare Statement of Profit or Loss, and Prepare financial position for the year
    Exercises 2:
    Mary runs a shop selling calculators, She has extracted the following initial trial balance as at 31/12/N, as
    follows:

    Additional information:
    1. A royalty of £100 is due from a partner. Mary wishes to account for this as other/accrued
    income rather than trade receivables.
    2. Sales include £600 received from cash customers in December in respect of items of
    clothing that Mary will complete in January (N+1).
    3. Her quarterly power bills are £900. The last bill she paid was in respect of the quarter
    ending 31 October N.
    4. Her annual rent bill of £3,000 was paid on 1 May N in respect of the year to 30 April
    (N+1)
    Required:
    1. Journalize transitions from additional information (Các nghiệp vụ liên quan đến discounts làm
    kỹ các bài ở Chương 9 – Accruals and Prepayments)
    2. Adjust Sam's initial trial balance to reflect the additional information and make the
    final trial balance for the period (show the initial trial balance, adjustment and final
    trial balance) – Xem cách làm ở Chương 5 (Mục 1- The Initial Trial Balance, xem kỹ các ví
    dụ để áp dụng và làm bài này) + Xem kỹ các ví dụ ở Chương 9, Mục 6 +
    3. Calculate the profit for the period
    4. Prepare Statement of Profit or Loss, and Prepare financial position for the year
    Exercise 3:
    Mary runs a shop selling calculators, She has extracted the following initial trial balance as at 31/12/N, as
    follows:

    Additional information:
    1. Made sales of £1,600, £1,800 of which were on credit.
    2. Another credit sales £3,000
    3. Bought more materials for £1,500, half for cash and half on credit.
    4. Payments from credit customers £2,000
    5. Paid wages to shop assistants of £500 in cash.
    6. Two debts, for £200 and £400, were declared irrecoverable and the customers are no
    longer purchasing goods from the company. These are to be written off. (Use irrecoverable debt
    expense)
    7. Of the remaining receivables, the company has calculated that an allowance totaling
    £300 is required to reflect the probability of non-payment of debts.
    8. Closing inventories at the end of the year cost £ 20,000
    Required:
    1. Journalize transitions from additional information
    2. Adjust Sam's initial trial balance to reflect the additional information and make the
    final trial balance for the period (show the initial trial balance, adjustment and final
    trial balance) – Xem cách làm ở Chương 5 (Mục 1- The Initial Trial Balance, xem kỹ các ví
    dụ để áp dụng và làm bài này) + Xem kỹ các ví dụ ở Chương 9, Mục 6 + Chapter 7, Mục 4
    3. Calculate the profit for the period
    4. Prepare Statement of Profit or Loss, and Prepare financial position for the year

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