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    2010 LCCI Level 3 Series 2 Model Answers (Code 3012)

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    mappymappymappy
    This document contains model answers and worked solutions to accounting questions. For question 1, it provides explanations of different types of accounting errors and journal entries. For question 2, it works through calculations relating to share capital, issued shares, and preparation of a balance sheet. For the other questions, it shows reconciliations, cash flow statements, analysis of company financial ratios, and explanations.

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    2010 LCCI Level 3 Series 2 Model Answers (Code 3012)

    Uploaded by

    mappymappymappy
    5K views9 pages
    This document contains model answers and worked solutions to accounting questions. For question 1, it provides explanations of different types of accounting errors and journal entries. For question 2, it works through calculations relating to share capital, issued shares, and preparation of a balance sheet. For the other questions, it shows reconciliations, cash flow statements, analysis of company financial ratios, and explanations.

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    This document contains model answers and worked solutions to accounting questions. For question 1, it provides explanations of different types of accounting errors and journal entries. For question 2, it works through calculations relating to share capital, issued shares, and preparation of a balance sheet. For the other questions, it shows reconciliations, cash flow statements, analysis of company financial ratios, and explanations.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    5K views9 pages

    2010 LCCI Level 3 Series 2 Model Answers (Code 3012)

    Uploaded by

    mappymappymappy
    This document contains model answers and worked solutions to accounting questions. For question 1, it provides explanations of different types of accounting errors and journal entries. For question 2, it works through calculations relating to share capital, issued shares, and preparation of a balance sheet. For the other questions, it shows reconciliations, cash flow statements, analysis of company financial ratios, and explanations.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    LCCI International Qualifications Accounting Level 3 Forturther Tel, +44 (0) 8707 202909 n Email. enquiries@ediple.com wow lect. org.ub MODEL ANSWER TO QUESTION 1 (a). Error of omission e.g. forgetting to charge depreciation. Error of original entry e.g. sales of £1,000 recorded in the sales day book as £100. Error of commission e.g, sales on credit to D Jones recorded in A Jones Account. Error of principle e.g. recording £1,000 of fied asset purchases in Repairs Account Compensating errors e.g. recording wages to X at £100 too much and wages to Y at £100 too litle (b) Journal Entries £ £ DR cR (1) Capital (500 x 12) 6,000 Wages expense 6,000 (2) Stock (trading account)[800 — (300 - 20)], 520 Stock 520 (3) Bad debts expense 5,000 Debtors 5,000 Bad debts expense (W1) 2,750 Provision for bad debts 2,750 (4) Motor expenses 820 Selling expenses 820 (8) Capital 8,000 Fixed assets 8,000 (6) Depreciation expense (121,000 - 8,000) +10), 11,300 Fixed assets 11,300 W1 Debtors before bad debt and provision (98,000 x 100/98) 100,000 Bad debt 5,000 95,000 Increase in provision [(0.05 x 96,000) ~ (100,000 ~ 98,000)} £2,750 (©) Change in net profit £ Wages 6,000 Stock (520) Bad debts (6,000) Bad debts (2,750) Depreciation 11,300) QUESTION 1 CONTINUED (d) Revised Capital £ Per trial balance 241,000 Change in net profit (13,570) ‘Wages/drawings (6,000) Fixed assets/drawings 18.000) 213.430

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