Unit 157 : Preparing and processing bookkeeping documents M/600/8470

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1 Qualifications: LEVEL 1 Award in Bookkeeping (QCF) (Accreditation number: 601/0470/3) LEVEL 1 Award in Manual Bookkeeping (QCF) (Accreditation number: 601/0473/9) L1 Award in Manual and Computerised Bookkeeping (QCF) (Accreditation number: 601/3790/3) Assignment 2 Unit 157 : Preparing and processing bookkeeping documents M/600/8470 Sample Assessment Material Question paper Paper No: A0030 Suggested time: 30 minutes Suite 5, 20 Churchill Square, Kings Hill, West Malling, Kent ME19 4YU Tel: , Fax: , education@iab.org.uk 1

2 PREPARING AND PROCESSING BOOKKEEPING DOCUMENTS THERE ARE FOUR TASKS IN THIS PAPER YOU MUST COMPLETE ALL TASKS DATA AND TASKS You are employed as a bookkeeper by. Your duties include the preparation of invoices and credit notes to be issued to trade customers and the checking of invoices and credit notes received from trade suppliers. Provided below is an extract from the customer files kept by, together with an extract from their current sales catalogue: Customer Files (Extract) Customer Account Code SL C067 SL W112 SL P018 Customer Trading Name and Address Clive & Son Builders 5 Rope Street Anytown AN2 9TE The Wood Hut Unit 5 Byron Business Park Anytown AN5 3BP Pete s Plumbing Supplies 28 South Street Anytown AN1 4LT Terms of Trade Payment Net 14 days Payment Net 30 days Payment Net 21 days Product Code Sales Catalogue (Extract) Product Description 2 Product Price (Excluding VAT) Building Materials: BM 198 Engineering bricks per pack BM 212 Facing bricks per pack BM 798 Quick-dry cement (25kg) 9.50 per bag BM 963 High security external door each Timber Materials: TM 108 Treated timber (36 x 63mm x 2.4m) per pack TM 244 Planed softwood (44 x 69mm x 1.8m) per pack TM 398 Softwood timber flooring (18 x 121mm x 2.4m) per pack TM 462 Exterior plywood (1827 x 607 x 3.6mm) 8.00 per sheet Plumbing Materials: PM 108 Chrome plated tube (15mm x 2m) each PM 126 Copper tube (15mm x 3m) 8.00 each PM 462 Double radiator (600 x 400mm) each PM 468 Double radiator (600 x 600mm) each

3 Note: All products listed above are subject to VAT at standard rate (20%) Today s date is 31 July 201X. Provided below are two delivery notes and a goods returned note which are to be used in preparing two invoices and a credit note which are to be issued to trade customers today: Delivery Notes DELIVERY NOTE No: DN 1483 VAT Reg No: Redhill Business Park Order No: CSB 754 Date: 31 July 201X To: Clive & Son Builders 5 Rope Street Anytown AN2 9TE 10 packs Engineering bricks BM bags Qwik-dry cement (25kg) BM 798 Delivered To: Above address Terms: Net 14 days VAT: All goods supplied above are subject to VAT at standard rate (20%) DELIVERY NOTE No: DN 1484 To: The Wood Hut Unit 5 Byron Business Park Anytown AN5 3BP VAT Reg No: Redhill Business Park Order No: W624 Date: 31 July 201X 8 High security external doors BM packs Treated timber TM 108 Delivered To: Above address Terms: Net 30 days VAT: All goods supplied above are subject to VAT at standard rate (20%) 3

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5 Goods Returned Note Goods returned by trade customer GOODS RETURNED NOTE No: GRN (1) 182 (Goods Inwards) VAT Reg No: Goods Returned by: Date of Return: Pete s Plumbing Supplies 31 July 201X Quantity Product Description Product Code 1 Double radiator PM 462 Reason for Return Damaged REQUIRED Task 1 Prepare the sales invoices to be issued to Clive & Son Builders and The Wood Hut NB: The last sales invoice prepared was numbered S 2431 Task 2 Prepare the credit note to be issued to Pete s Plumbing Supplies NB: The last credit note prepared was numbered CN 392 Note: The following proformas are provided for your use in completing the above tasks: Sales invoices (see pages 1 and 2 of your Answer Booklet). Take care in using these sales invoices as they are already addressed for you to the trade customers to whom they are to be issued. Credit note (see page 3 of your Answer Booklet). The credit note is already addressed for you to the trade customer to whom it is to be issued. 5

6 Checking Invoices and Credit Notes Received Invoices received from trade suppliers in respect of goods purchased from them on credit are checked against supporting documentation before being passed for payment. The arithmetic accuracy of each invoice received is also checked. A slip is attached to each invoice received. Where the invoice details, price extensions and totals are correct the words passed make payment are written on the slip in the action required section. The supplier account code and a purchase invoice number are also allocated to the invoice and written on the slip. Where, however, the invoice contains errors the words contains errors return to supplier are written on the slip in the action required section and no supplier account code or purchase invoice number are allocated to the invoice. Credit notes received from suppliers for goods returned to them are also checked against supporting documentation and for arithmetic accuracy. A slip is attached to each credit note received. Where the credit note details, price extensions and totals are correct the words take credit are written on the slip in the action required section. The supplier account code is also written on the slip. Where, however, the credit note contains errors the words contains errors return to supplier are written on the slip in the action required section and no supplier code is allocated. It is not necessary to allocate the credit note a number. Provided below is an extract from the supplier files kept by : Supplier Files (Extract) Supplier Account Code PL N039 PL S107 PL P024 Supplier Trading Name and Address North Building Supplies Ltd Lansdown Trading Estate Anytown AN8 2KR Steve s Timber Merchants Marchdale Industrial Estate Anytown AN5 9LW The Plumb Shop 12 High Street Anytown AN1 3SH Terms of Trade Trade Discount 10% Payment Net 90 days Trade Discount 20% Payment Net 30 days Trade Discount 20% Payment Net 60 days 6

7 The following purchase orders, delivery notes and goods returned note relate to invoices and a credit note received today (31 July 201X) which are awaiting checking. Purchase Orders PURCHASE ORDER Order No: PO 2036 VAT Reg No: To: The Plumb Shop Date: 20 July 201X 60 Towel radiator TR Towel radiator TR Stone shower tray ST 012 Deliver To: Signed: Above address K Little (Head Buyer) PURCHASE ORDER Order No: PO 2059 VAT Reg No: To: North Building Supplies Ltd Date: 21 July 201X 500 Plasterboard PB Soundshield board PB Loft roll LF 020 Deliver To: Signed: Above address K Little (Head Buyer) 7

8 PURCHASE ORDER Order No: PO 1956 VAT Reg No: To: Steve s Timber Merchants Date: 18 July 201X 200 Furniture panel oak FP Furniture panel beech FP packs Softwood flooring pine SF 140 Deliver To: Signed: Above address K Little (Head Buyer) 8

9 Delivery Notes DELIVERY NOTE No: DN 961 The Plumb Shop VAT Reg No: High Street Anytown Order No: PO 2036 AN1 3SH To: Date: 28 July 201X 100 Stone shower tray ST Towel radiator TR Towel radiator TR 073 Deliver To: Goods Received By: B Walker Terms: Trade discount 20%. Net 60 days Carriage Paid: VAT: All goods supplied above are subject to VAT at standard rate (20%) DELIVERY NOTE No: DN 388 North Building Supplies Ltd VAT Reg No: Lansdown Trading Estate Anytown AN8 2KR Order No: PO 2059 To: Date: 27 July 201X 500 Plasterboard PB Soundshield board PB Loft roll LF 020 Delivered To: Goods Received By: B Walker Terms: Trade discount 10%. Net 90 days Carriage Paid VAT: All goods supplied above are subject to VAT at standard rate (20%) 9

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11 DELIVERY NOTE No: DN 2045 Steve s Timber Merchants VAT Reg No: Marchdale Industrial Estate Anytown AN5 9LW Order No: PO 1956 To: Date: 28 July 201X 200 Furniture panel oak FP Furniture panel beech FP packs Softwood flooring pine SF 140 Delivered To: Goods Received By: B Walker Terms: Trade discount 20%. Net 30 days Carriage Paid VAT: All goods supplied above are subject to VAT at standard rate (20%) On pages 4, 5 and 6 of your Answer Booklet you will find invoices received from The Plumb Shop, North Building Supplies Ltd and Steve s Timber Merchants which relate to the purchase orders and delivery notes given above. REQUIRED Task 3 (i) Check the details of each invoice quantities, descriptions and codes, against the quantities, descriptions and codes on the purchase orders and delivery notes. (ii) Check the arithmetic accuracy of each invoice. You can assume that the unit prices on each of the invoices have already been checked against supplier list and catalogue prices and are correct. You are required to check: all price extensions (quantity x unit price) all invoice sub-totals and totals that the correct trade discounts have been applied that the VAT on each invoice is correct that the correct terms of trade have been quoted on each invoice Where invoices are found to be correct complete the slip shown beneath each invoice in accordance with policy for passing invoices received from trade suppliers for payment. NB: The last supplier invoice received and passed for payment today was numbered P

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13 Goods Returned Note Goods returned to trade supplier GOODS RETURNED NOTE No: GRN (0) 264 (Goods Outwards) VAT Reg No: Goods Returned To: Date of Return: North Building Supplies Ltd 25 July 201X Quantity Description Product Code 2 Folding patio doors PD Shower cabin and tray SM 030 Reason for Return: Glass in door broken/doors to shower cabin missing On page 7 of your Answer Booklet you will find the credit note received from North Building Supplies Ltd which relates to the goods returned note presented above. REQUIRED Task 4 (i) Check the details of the credit note quantities, descriptions and codes, against the quantities, descriptions and codes on the goods returned note. (ii) Check the arithmetic accuracy of the credit note. You can assume that the unit prices on the credit note have already been checked against the unit prices on the original invoice and are correct. You are required to check: all price extensions (quantity x unit price) all credit note sub-totals and totals that the correct trade discount has been applied that the VAT on the credit note is correct If the credit note is found to be correct complete the slip shown beneath the credit note in accordance with policy for taking credit in respect of goods returned to trade suppliers. 13