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    FA2-Pre Exam (R)

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    BRos THiv
    Here are the adjustments I would make to the cash ledger account and the bank reconciliation statement as at 31 October: (a) Cash ledger adjustments: Debit Bank charges $35 Check entered as receipt $47 Returned check not written back $18 Credit Balance b/f adjustment $1,470 Checks not yet presented $214 + $370 + $30 = $614 Takings in night safe $1,542 Bank error charging check $72 (b) Bank reconciliation statement as at 31 October: Balance per bank statement (overdraft) ($124) Add: Deposits in transit $1,542 Bank error charging check $

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    FA2-Pre Exam (R)

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    BRos THiv
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    Here are the adjustments I would make to the cash ledger account and the bank reconciliation statement as at 31 October: (a) Cash ledger adjustments: Debit Bank charges $35 Check entered as receipt $47 Returned check not written back $18 Credit Balance b/f adjustment $1,470 Checks not yet presented $214 + $370 + $30 = $614 Takings in night safe $1,542 Bank error charging check $72 (b) Bank reconciliation statement as at 31 October: Balance per bank statement (overdraft) ($124) Add: Deposits in transit $1,542 Bank error charging check $

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    Here are the adjustments I would make to the cash ledger account and the bank reconciliation statement as at 31 October: (a) Cash ledger adjustments: Debit Bank charges $35 Check entered as receipt $47 Returned check not written back $18 Credit Balance b/f adjustment $1,470 Checks not yet presented $214 + $370 + $30 = $614 Takings in night safe $1,542 Bank error charging check $72 (b) Bank reconciliation statement as at 31 October: Balance per bank statement (overdraft) ($124) Add: Deposits in transit $1,542 Bank error charging check $

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    122 views3 pages

    FA2-Pre Exam (R)

    Uploaded by

    BRos THiv
    Here are the adjustments I would make to the cash ledger account and the bank reconciliation statement as at 31 October: (a) Cash ledger adjustments: Debit Bank charges $35 Check entered as receipt $47 Returned check not written back $18 Credit Balance b/f adjustment $1,470 Checks not yet presented $214 + $370 + $30 = $614 Takings in night safe $1,542 Bank error charging check $72 (b) Bank reconciliation statement as at 31 October: Balance per bank statement (overdraft) ($124) Add: Deposits in transit $1,542 Bank error charging check $

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    of 3

    CAT-FA2

    1 At 30 April 20X7 the total amount owed to James by his customers was $54,864. At the same date, James
    calculated that his receivables allowance is $3,775.
    How should these balances be reported in James' statement of financial position?

    A $51,089 as a current asset


    B $51,089 as a current liability
    C $54,864 as a current asset, and $3,775 as a current liability
    D $54,864 as a current liability, and $3,775 as a current asset 2 marks

    2 George is preparing the general ledger journal entry to write off an irrecoverable debt. He knows that the debit entry
    should be made in the receivables expense account.
    In which general ledger account should the credit entry be made?

    A Sales account
    B Bank account
    C Receivables account
    D Receivables allowance account 2 marks

    3 The turnover in a company was $2 million and its accounts receivable were 5% of turnover. The company wishes to
    have an allowance for doubtful debts equal to 4% of receivables, which would make the allowance one-third higher
    than the current allowance.

    How will the profit for the period be affected by the change in allowance?

    A Profit will be reduced by $1,000


    B Profit will be increased by $1,000
    C Profit will be reduced by $1,333
    D Profit will be increased by $ 1,333 2 marks

    4 To record goods returned inwards:


    A Debit sales account and credit payables account
    B Debit returns inwards account and credit payables account
    C Debit returns inwards account and credit receivables account
    D Debit receivables account and credit returns inwards account 2 marks

    5 At 31 October 20X6 Roger's trial balance included the following balances:

    What is the value of Roger's current assets at 31 October 20X6?

    A $17,649
    B $17,499
    C $15,974
    D $13,734 2 marks

    6 An asset cost $100,000. It is expected to last for ten years and have a scrap value of $10,000. The company is going
    to depreciate this asset at 20% on the reducing balance basis. What will the depreciation charge on this asset be in
    its second year?

    A $14,400
    B $16,000
    C $18,000
    D $20,000 2 marks
    7 The opening balance on Derv plc's motor vehicles at cost account was $140,000. The opening balance on
    depreciation of motor vehicles was $60,000. The company purchased new vehicles costing $30,000 during the year.
    No vehicles were sold. The company depreciates vehicles at 25% on the reducing balance basis, with a full year's
    depreciation in the year of acquisition and none in the year of disposal.

    What is the closing balance on Derv plc's depreciation of motor vehicles account?
    A $102,500
    B $87,500
    C $80,000
    D $42,500 2 marks

    ចំណំ៖ ចម្លើយខាងម ើត្រូវត្រង់ចូ មៅក្នុង Answer sheet


    II) លំហាត់
    ហា
    ំ រ់ទី ១ (៤០ ពិន្ទុ)

    a) An asset purchased for $20,000 is expected to have a useful life of five years, after which it is expected to be sold for
    $1,985. The reducing balance method of depreciation is to be used, the appropriate percentage rate being 37%.

    Calculate the annual depreciation charges over five years. 10 marks

    b)

    10 marks

    c)

    On investigation you discover that:

    (1) Bank charges of $35 shown on the bank statement have not been entered in the day books.
    (2) A check drawn for $47 has been entered in error as a receipt.
    (3) A check for $18 has been returned by the bank marked 'Refer to drawer’, but it has not been written back in the day
    books.
    (4) The balance brought forward should have been $1,470.
    (5) Three checks paid to suppliers for $214, $370 and $30 have not yet been presented to the bank.
    (6) Takings of $1,542 were placed in a night safe deposit on 31 October but were not credited by the bank until 3
    November.
    (7) The bank charged a check for $72 in error to the company's account.
    (8) The bank statement shows an overdraft of $124.

    Required:
    (a) Show what adjustments you would make in the cash ledger account.
    (b) Prepare a bank reconciliation statement as at 31 October.
    20 marks

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