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F5 accounting scheme, Schemes and Mind Maps of Law

Law

Accounting notes scheme for alevel

Typology: Schemes and Mind Maps

2024/2025

Uploaded on 01/28/2026

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leonorah-chonzi 🇿🇼

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ROUTLAW MT SINAI ACADEMY
ACCOUNTING PAPER 2
FORM 5 : END OF YEAR 2025
QUESTION 1
Vikran, a sole trader, has extracted the following trial
balance from his books of account at
30 June 2014.
Dr $ Cr $
Bank 7600
Capital 200000
Carriage inwards 4200
Factory supervision salaries 12400
General factory expenses 8100
Heat and light 5400
Indirect factory wages 36800
Insurance 12000
Inventory at 1 July 2013 at cost
Raw materials 39 000
Work in progress 48 000
Finished goods 57000
Manufacturing wages 259100
Office salaries
Office equipment at cost
37300
Plant and machinery at cost 270000
Provision for depreciation at 1 July 2013
Office equipment
38 000
Plant and machinery 90
000
Provision for doubtful debts
1600
Purchase of finished goods 2100
Purchase of raw materials 162000
Returns outwards (raw materials)
1200
Rent and rates 42000
pf3
pf4
pf5

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ROUTLAW MT SINAI ACADEMY

ACCOUNTING PAPER 2

FORM 5 : END OF YEAR 2025

QUESTION 1

Vikran, a sole trader, has extracted the following trial balance from his books of account at 30 June 2014. Dr $ Cr $ Bank 7600 Capital 200000 Carriage inwards 4200 Factory supervision salaries 12400 General factory expenses 8100 Heat and light 5400 Indirect factory wages 36800 Insurance 12000 Inventory at 1 July 2013 at cost Raw materials 39 000 Work in progress 48 000 Finished goods 57000 Manufacturing wages 259100 Office salaries Office equipment at cost 37300 Plant and machinery at cost 270000 Provision for depreciation at 1 July 2013 Office equipment 38 000 Plant and machinery 90 000 Provision for doubtful debts 1600 Purchase of finished goods 2100 Purchase of raw materials 162000 Returns outwards (raw materials) 1200 Rent and rates 42000

Returns inwards 1800 Revenue 768500 Trade payables 30 300 Trade receivables 34800 1129600 1129600 Additional information :

  1. Inventory at 30 June 2014 at cost: $ Raw materials 46000 Work in progress 54000 Finished goods 52000
  2. Depreciation is to be provided on all non-current assets at 15% per annum using the reducing balance method.
  3. The following expenses are to be apportioned. Factory Office Rent and rates 85% 15% Insurance 80% 20% Heat and light 85% 15%
  4. At 30 June 2014 insurance of $4000 had been paid in advance.
  5. At 30 June 2014 heat and light of $600 had accrued but remained unpaid.
  6. A bad debt of $1800 is to be written off at 30 June
  8. The provision for doubtful debts is to be maintained at 3% of trade receivables. REQUIRED (a) Prepare Vikran’s manufacturing account for the year ended 30 June 2014. [14] (b) Prepare Vikran’s income statement for the year ended 30 June 2014. (12) QUESTION 2 Q Limited is a small wholesale business. It uses the reducing balance method of depreciation to depreciate delivery vehicles.

The directors of H Limited provided the following details from the statement of financial position at 30 September

During the year ended 30 September 2022, the following transactions took place. Date Transaction

  1. 1 November 2021 Paid a final dividend of $0. per ordinary share.
  2. 1 January 2022 Made a rights issue of two ordinary shares for every five shares held at a price of $0.60. The issue was fully subscribed.
  3. 1 July 2022 Paid an interim dividend of $0.02 per ordinary share.
  4. 31 August 2022 Made a bonus issue of one ordinary share for every four shares held. The directors decided to leave the reserves in the most flexible form. REQUIRED (a) Prepare journal entries to record transactions 1 – 4. (10) (b) State one reason why a company may make a bonus issue of shares. [1] (c) State two features of preference shares. [2] d) State two uses of the share premium. (2)

QUESTION 4

Maurice and Ravel had been in partnership for a number of years, sharing profits and losses equally. On 1 July 2011, they decided to admit Bach as a partner. Bach paid $39 000 capital into the partnership and also provided a motor van, valued at $8000, for partnership use. A new partnership agreement was drawn up, effective from 1 July 2011 which stated:

  1. Profits and losses will be shared by Maurice, Ravel, and Bach in the ratio 2:2:1.
  2. Interest on capital is payable at 10% per annum.
  3. Interest on drawings is charged at 5% on annual drawings.
  4. Ravel would receive an annual salary of $10 000 per annum. Goodwill in the business was valued at $40 000 and the partners agreed that this would not remain in the books. Capital accounts before goodwill – 1 July 2011 Maurice $120 000 Ravel $ 80 000 REQUIRED (a) Prepare the capital accounts for all three partners at 1 July 2011. (5) The following additional information relates to the year ended 30 June 2012 $ Revenue 2 600 000 Revenue (sales) returns 200 000 Purchases 1 625 000 Inventory: 1 July 2011 120 000 Inventory: 30 June 2012 145 000 General expenses 480 000