Level 2 Award in Manual Bookkeeping (QCF) (Accreditation number: 601/0480/6)

Transcription

1 Qualifications Level 2 Certificate in Bookkeeping (QCF) (Accreditation number: 601/0730/3) Level 2 Award in Manual Bookkeeping (QCF) (Accreditation number: 601/0480/6) Level 2 Certificate in Manual and Computerised Bookkeeping (QCF) (Accreditation number: 601/3789/7) Paper No: A1003(2) Assignment 1 Unit 2002 Preparing and Recording Financial Documentation - (H ) 2015/16 Assessment Question paper Suggested time: 2 hours International Association of Book-keepers, Suite 5, 20 Churchill Square, Kings Hill, West Malling, Kent ME19 4YU Tel: education@iab.org.uk website V4 10/15 BC/TA

2 INTERNATIONAL ASSOCIATION OF BOOK-KEEPERS QUALIFICATION TITLE: LEVEL 2 CERTIFICATE IN BOOKKEEPING UNIT TITLE: Preparing and recording financial documentation This Assignment consists of all tasks relevant to meet all assessment criteria relating to this unit. 1. You must enter your Unique Learner Number (if applicable), Student number, Name of Centre and Date of Assessment in the boxes provided on the front cover of your Answer Booklet. 2. On completion of the assignment you must sign your name in the Answer Booklet to confirm it is your own unaided work. 3. Suggested time: 2 hours 4. All answers are to be written in ink. 5. Cross out errors neatly, or use correcting fluid in moderation. 6. The use of silent non-programmable calculators is permitted. 7. A blank page is provided at the end of your Answer Booklet for workings if required. 8. NOTE this Question Paper and the Answer Booklet have information and data printed on both sides of the pages contained within the booklets. International Association of Book-keepers, Suite 5, 20 Churchill Square, Kings Hill, West Malling, Kent ME19 4YU Tel: education@iab.org.uk website V4 10/15 BC/TA

3 Scenario Thelmsford Ltd is an accounting practice offering a wide range of services to its business clients including bookkeeping/accounting services, and general help and advice with day-to-day financial matters. You are employed by Thelmsford Ltd as an Accounts Assistant. You are based in the company s town centre office and carry out tasks as instructed by the Accounts Manager. You are now presented with all relevant information, and are required to complete the tasks in accordance with the Assignment instructions. The Standard Rate of Value Added Tax (VAT) assumed in this examination is 20%. IAB L2 Bookkeeping (QCF) Assignment 1 QP 2013_14 v2 Page 2

4 ASSIGNMENT INFORMATION It is Monday 4 th November and you are at the premises of Lingsford Craft Supplies to assist the Accounts Manager while a member of staff is on leave. Lingsford Craft Supplies is registered for VAT, and maintains a sub-divided bookkeeping system including analysed Sales and Purchase Day Books, and Sales and Purchase Returns Day Books, which are totalled weekly. You are provided with the day books in your Answer Booklet. REQUIRED: You are required to complete the following tasks: Task A - Using the purchase orders, goods returned note, extract from the Price List and information contained within the Customer File given on pages 5, 6 and 7 of this Question Booklet, you are to prepare two sales invoices to be issued to the customers to which goods have been supplied, and one credit note to be issued to the customer who has returned goods. In completing the invoices and the credit note, number them using the next consecutive invoice and credit note numbers. Pro-forma invoices and credit notes to be used in completing this task are given on pages 2, 3 and 4 of your Answer Booklet. You must date the invoices you prepare 1 November 201Y and date the credit note 3 November 201Y. Note Lingsford Craft Supplies does not offer prompt payment discounts to any of its credit customers. Task B - Enter the sales invoices and credit note prepared in Task A above into appropriate day books. These are provided on page 5 of your Answer Booklet. You should note that the day books are already partially completed. Task C - Total the Sales Day Book and Sales Returns Day Book. Task D You are presented with three supplier invoices and one credit note on pages 7, 8 and 9 of this Question Booklet. The invoices and credit note details, including the goods descriptions unit prices and trade discount percentages quoted on the invoices and credit note, have already been checked against supporting documentation and all details are correct. You are now required to check the arithmetic accuracy of the invoices and the credit note. To do so you must check each of the gross goods, trade discount, and net goods amount calculations. You must also check the VAT calculations and invoice and credit note sub-totals and totals. Should you discover any errors in the checking process you must record details of the errors found, and the action to be taken where errors are discovered, on the Supplier Invoices and Credit Note Errors form provided on page 6 of your Answer Booklet. It is the policy of Lingsford Craft Supplies to return invoices and credit notes containing errors to suppliers. Task E Following the completion of Task B above, enter any of the invoices and credit notes received which do not contain errors into the appropriate Day Books, these are provided on pages 6 and 7 of your Answer Booklet. When entering any of the invoices or the credit note in the day books use the date on the invoices or credit note. You should note that the day books provided are already partially completed. Task F - Total the Purchase Day Book and Purchase Returns Day Book. Task G - Three cheques have arrived in today s post from credit customers, and there is also a cheque received in payment of a cash sale. The cheques are provided on pages 9 and 10 of this Question Booklet. Examine each of the four cheques and, using the Errors on Cheques form provided on page 7 of your Answer Booklet, give details of any errors you find, state also any action which is required in respect of any cheques identified as containing errors. IAB L2 Bookkeeping (QCF) Assignment 1 QP 2013_14 v2 Page 3

5 Task H The account of a credit customer JK Bead Shop in the sales ledger of Lingsford Craft Supplies carried a debit balance of 1,506 as at 1 October 201Y. Details of the transactions taking place between Lingsford Craft Supplies and JK Bead Shop in October month 201Y are provided on page 9 of this Question Booklet. You are required to complete a Statement of Account made up to 31 October 201Y to be issued to JK Bead Shop. You should date the Statement of Account 31 October 201Y. A pro-forma Statement of Account for your use in completing this task is provided on page 8 of your Answer Booklet. You should note that the balance of 1,506 on the account of JK Bead Shop as at 1 October 201Y has already been entered on the Statement of Account for you. Task I - Using the Supplier Statement received today from Bramcote Craft Supplies which is provided on page 10 of this Question Booklet, and the ledger account of Bramcote Craft Supplies extracted from the purchases ledger of Lingsford Craft Supplies, which also appears on page 10 of this Question booklet, you are required to reconcile the closing balance on the supplier Statement of Account to the closing balance on their ledger account. You are provided with a pro-forma form to be used for the purpose of completing this task on page 9 of your Answer Booklet. Task J Following the reconciliation in Task I above prepare a Remittance Advice and cheque to be issued to Bramcote Craft Supplies to clear the balance on their account as shown in the purchase ledger as at 31 October 201Y. You should date the remittance advice and cheque using the date 4 November 201Y. The address to which the Remittance Advice and cheque is to be sent is Bramcote Road, Southwell,, TE54 7YN. The following are provided in your answer booklet for your use in completing the above tasks: Blank invoices and credit note Sales Day Book, Sales Returns Day Book Purchase Day Book, Purchase Returns Day Book Supplier Invoices and Credit Note Errors form Errors on Cheques form Statement of Account Supplier Reconciliation Statement form Remittance Advice Cheque IAB L2 Bookkeeping (QCF) Assignment 1 QP 2013_14 v2 Page 4

6 Lingsford Craft Supplies Purchase Order Received (all goods supplied as ordered) PURCHASE ORDER No: Date: 1 November 201Y To: Lingsford Craft Supplies From: JK Bead Shop Bleinham Way Beresford BW2 4HQ Code Description Quantity SE06 Sequins 22 BK03 Bead Kits 6 AB01 100g Pack of Assorted Beads 200 Lingsford Craft Supplies Purchase Order Received (goods supplied as ordered) PURCHASE ORDER No: Date: 1 November 201Y To: Lingsford Craft Supplies From: Crafts South Street TE1 5TQ Code Description Quantity LC01 Lingsford Craft Supplies 201Y Catalogue 1 CCK01 Calligraphy Craft Kit 250 JK02 Jewellery Kits 360 IAB L2 Bookkeeping (QCF) Assignment 1 QP 2013_14 v2 Page 5

7 Lingsford Craft Supplies Goods Returned Note (goods returned by customer as described) Lingsford Craft Supplies GOODS RETURNED NOTE Customer: Timsford Wholesale 90a Lenton Way Shelton TE6 7PA Goods Returned Note No: 1061 Customer Order No: 670 Date: 3 November 201Y Product Code Quantity Description Reason for return JK02 60 Jewellery Kits Damaged in transit Lingsford Craft Supplies Extract from Price List (prices include carriage but exclude Vat) VAT Standard Rated Items Details Product Code List Price (Standard-rated, excluding VAT) 200g Pack of Assorted Beads AB Calligraphy Craft Kit CCK Sequins SE Coloured Enamel Wire CEW Jewellery Kits JK g Pack of Assorted Beads AB Storage Drawers SD Bead Kits BK Cold Enamelling Introduction Pack CEIP Beeswax Candle Making Kit BCMK Piece Glitter Set GS VAT Zero Rated Items Details Product Code List Price (Zero-rated) Lingsford Craft Supplies 201Y Catalogue LC IAB L2 Bookkeeping (QCF) Assignment 1 QP 2013_14 v2 Page 6

8 Lingsford Craft Supplies Extract from Customer File Customer JK Bead Shop Bleinham Way Beresford BW2 4HQ Crafts South Street TE1 5TQ Timsford Wholesale 90a Lenton Way Shelton TE6 7PA Account Reference Trade Discount Terms JKB004 5% Net 14 days TEE006 3% Net 30 days TIM004 5% Net 30 Days Invoices and Credit Notes received from suppliers (Please note trade discounts where applicable are shown on the invoices/credit notes): To: Lingsford Craft Supplies Details INVOICE Craft Mania Wholesale Unit 32, North Side TC1 2KJ Unit price Gross Invoice No Order No. PO2410 Invoice date Y 10% Trade Discount Net : p 15 Craft Display Units Craft Packs Packs of white card Carriage paid Terms of trade: Trade discount 10%, Net 14 days E&OE VAT Reg No Net total VAT Total amount due , IAB L2 Bookkeeping (QCF) Assignment 1 QP 2013_14 v2 Page 7

9 To: Lingsford Craft Supplies Details INVOICE Main Street Supplies 451 Main Street TE2 3JU Unit price Gross Invoice No. M/5165 Order No. LCS695 Invoice date Y 15% Trade Net Discount : P 10 Mosaic Fun Kits Tissue Paper Flower Kits Net total VAT Total amount due Carriage paid Terms of trade: 15% Trade discount, Net 30 days E&OE VAT Reg No To: Lingsford Craft Supplies Details INVOICE The Bag Wholesale 54 McLean Road Clifton TL5 2BG Unit price Gross Invoice No Order No. Invoice date 10% Trade Discount LCS Y Net : P 350 Small Paper Bags Medium Paper Bags Net total VAT Total amount due Terms of trade: 10% Trade discount, Net 30 days Carriage paid E&OE VAT Reg No IAB L2 Bookkeeping (QCF) Assignment 1 QP 2013_14 v2 Page 8

10 Account Payee Account Payee To: Lingsford Craft Supplies Details Credit note Main Street Supplies 451 Main Street TE2 3JU Unit price Gross Credit Note CN414 Invoice date Y 15% Trade Discount Net 2 Mosaic Fun Kits Net total VAT Total amount due Terms of trade: Trade discount 15%, Net 30 days E&OE VAT Reg No Cheques received: Bank Plc Wheatley Road,, TW3 8QE Date: 1 November 20 1Y Pay Lingsford Craft Supplies Nine Hundred and eighty only pounds and 20 pence C. Johnstone Crafts North East Bank Plc Main Branch, Coalville, CA7 8PY Pay Lingsford Craft Supplies (Cash Sales) Date: 1 November 20 1Y Three hundred and four pounds only R Fuller CJK Ltd IAB L2 Bookkeeping (QCF) Assignment 1 QP 2013_14 v2 Page 9

11 Account Payee Account Payee Central Bank Plc Wollaton Street, London W3 9RD Date: 1 November 20 1Y Pay Lingsford Craft Supplies Six hundred and twenty pence only pounds and ninety five L Harris LH Ltd Bank Plc Wheatley Road,, TW3 8QE Pay Linford Arts and Crafts Date: 1 November 20 1Y One hundred and eight pence only pounds and fifty five Spencer Supplies Lingsford Craft Supplies Transactions with Customer JK Bead Shop in October 201Y Date 201Y Details Amount 1 October Balance b/f 1,506 Sales Invoices 8 October LCS October LCS October LCS Credit Note 17 October LCS Payments received 2 October 1, October 553 IAB L2 Bookkeeping (QCF) Assignment 1 QP 2013_14 v2 Page 10

12 Lingsford Craft Supplies Purchase Ledger (extract) Purchase Ledger (extract) DR Bramcote Craft Supplies CR 201Y Details 201Y Details Credit Note Balance brought down Payment Invoice Balance c/d 2, Invoice , Invoice Invoice ,569 3, Balance b/d 2,487 Statement of Account from Bramcote Craft Supplies STATEMENT OF ACCOUNT From: Bramcote Craft Supplies To: Lingsford Craft Supplies Statement Date: Bramcote Road Southwell TE54 7YN 31 October 201Y Account reference: LCS002 Date Details Debit Credit Balance 201Y 1 Oct Balance b/down Oct Sales (Invoice 4801) Oct Sales Returns (Credit Note 241) Oct Sales (Invoice 4815) Oct Sales (Invoice 4826) Oct Sales (Invoice 4910) Oct Sales Returns (Credit Note 755) Oct Sales (Invoice 4935) Amount due 4212 VAT Reg No IAB L2 Bookkeeping (QCF) Assignment 1 QP 2013_14 v2 Page 11