Level 2 Accounting, 2016

Transcription

1 SUPERVISOR S Level 2 Accounting, Prepare financial information for an entity that operates accounting subsystems 2.00 p.m. Tuesday 22 November 2016 Credits: Five Achievement Achievement with Merit Achievement with Excellence Prepare financial information for an entity that operates accounting subsystems. Prepare in-depth financial information for an entity that operates accounting subsystems. Prepare comprehensive financial information for an entity that operates accounting subsystems. Check that the National Student Number (NSN) on your admission slip is the same as the number at the top of this page. You should attempt ALL the questions in this booklet. Pull out Resource Booklet 91176R from the centre of this booklet. If you need more room for any answer, use the extra space provided at the back of this booklet. Check that this booklet has pages 2 8 in the correct order and that none of these pages is blank. YOU MUST HAND THIS BOOKLET TO THE SUPERVISOR AT THE END OF THE EXAMINATION. Merit TOTAL 18 ASSESSOR S New Zealand Qualifications Authority, All rights reserved. No part of this publication may be reproduced by any means without the prior permission of the New Zealand Qualifications Authority.

2 2 Refer to Resources A, B, and C in Resource Booklet 91176R when answering the questions. ASSESSORS QUESTION ONE,, Gymtime is a retailer selling gym equipment, workout clothing, and health supplements. The business uses a perpetual inventory system and is registered for GST on the invoice basis. (a) Using Resource A, prepare the General Journal entry to close the Office wages account. (The narration is NOT required.) (b) 31/3/2016 I D-,A ,.J " -. \ i!a C 5t:CC: Sl:11,""""4 " "- "-<> <..J "" 4<!.a \,\. 6 ""l.. "0 \.--,_ 7hJ;::o tt.g, e Using Resource A, complete the Inventory General Ledger account for the year ended 31 March t. - Inventory 31/3/2016 Balance U>-1 l-- -J- (,b-9,.t,r c; -U. 0 1 <><> o 1-1.i o-o-(}.l..a.....a.-a..._ Dr Pv-- (c) Using Resource A, prepare the Income Statement for Gymtime on page 3. Group expenses under the following headings: Distribution costs, Administrative expenses, and Finance costs. (Do NOT use abbreviations.)

3 3 Gymtime Income Statement for the year ended 31 March $ $ $ ;.JJ t.fl:! t\<\, D<> AS$ESS0RS le, c:1t 1 UL\JW\ <M J JJ,! /1...,.\- _$ :t:- f?!.ll:.o {:to. > \.t.sj: J{- a! 50eldr $ \..l f-l < k!:n"":.2!.lalej c (!) 5,eis.{ pl(l)tq < ttr-+, D(!"l (j) l <!:rig(7»\46 " A. J,.. d t " Uh t.. Wout: rlo."n- ii " 01(\N< C,.t,;.,4-,..t. 1, i!.,i rl,,,a, _ " - "J,t.t 1.0,,_., / f bv: tq-1 \ , j.,l GI<-\., - eq;: l,- i.:::..jl..::: i<l., -t-,!: -i. ".;;:;..i e Dv- -\-- v- \,.I, ,...ccl <:>_..S,_.,- "-- -<,"" OC. o=-

4 4 QUESTION TWO ASSESSORS useonly Tentplanet is a retailer in Taupo that sells tents and other camping gear.,, (a) Using Resource B, calculate cash paid to suppliers (accounts payable). Ignore GST. Show and fully label your working in the space below. WORKING ~; t ~ 0 l,v\.,\,d l.t-u "-.., t> ~: 1. ~ I (!)(:, C t. 4 vc.t.h.jjcc. ~ 5 s c, o " o U2slj: d.;,-5,1_i ~~! 1.::?, oee 1..eos:c ~ U2.SI..., ~ cl""3 ~ w.(;)~ l,ink,_ji. ~.: Cash paid to suppliers (b) Using Resource B, prepare the cash payments section of Tentplanefs Cash Flow Statement (extract) for the year ended 31 March Ignore GST. Cash payments Tentplanet Cash Flow Statement (extract) for the year ended 31 March 2016 $ $ CA-SLc,. 2 "1A.. 02\. I, Cs " (u,w.~ ~ 7{,. Oe,o 1.,, Slee, (\J~JA. - \ l.. <> "- V - ~!..ct, t.i -ln r i..t \, CL<!>-<> <I o\kc..~..aij(o ,.- 7s.~~-.r~.1- ~P-< - d(~!,-zs._,.,, Total cash payments S bt(, i-oo

5 5. Ten/planet is registered for GST on the invoice basis. ASSESSORS ( c) Using Resource B, prepare the General Journal entries to record the following balance day information for Tentplanet. (Narrations are NOT required.) One months interest is owing to Ten/planet on the term deposit. 31/3/2016 "-C.Wu Vo-- t. - z.s o t\\.~,l-- II".,.,.,,,, A lso Close the Drawings account. 31/3/2016 tll?. 5,-..:JL <j o. 600 d~,,, V.. SC.o..o<> (d) Using Resource B, complete the General Led_ger accounts below for Tentplanet to show the relevant balance day adjustments and closing entries (if required) for the year ended 31 March Bad debts 31/3/2016 Balance. l "i<:ro bv- t ~ C. <!>IAA._ <:; " ""-"/I,\ "l.,, 0 <> - - Accrued income 31/3/2016 ~V\,4,...st- 1/ll-V. - t l.so 1-,e>. IOv O\..LW<AA-< V-""... If - ~,..,,,, \1.,0o..L&oc, b...- \U:--U::=tv~ ~=-=-- -- {., ) " - ~

6 6 QU ESTION THREE ASSESSORS,, Cl everclean provicfes cleaning services to businesses. It is registered for GST on the invoice ba sis. (a) Using Resource C, complete C/everc/eans fully classified Statement of Financial Position. The assets have been entered for you. (Do NOT use abbreviations.) C/everc/ean Statement of Financial Position as at 31 March 2016 Note $ $ Current assets Accounts receivable Cleaning supplies on hand Non-current assets Property, plant and equipment Total assets ~-l<gjo~\il.--0~< ~~,:i-..qlj-~l" /JI. t - _. I ~- _ft_~i b.vl..- n ( \- V \ l,\, "1.~t ( ti~s"") ~ C!LLc.u \Ill A..." ,r.,.,r-".. - l - lri,....,,. ~"- 3c,c,~ Al e JJ - tl.lv "", e,"r:.ll\t~<?1 <:> "l-~. Lrsw-<... ~ 1 C.. tpcp <J \J\.ik Q.,«./1,i - 0,1 vvk. I... L ln. ll-:l-<:: l.,._., o &( <,s \: -, "",; l:,,..,a C"" D""- - ~--::: O(},~:v u-ol,..~i:; r~r- ~ """" \. \..;s-:. J..-v, "-\ { ~~ 00\.( :5-0\ /1-s, o~ Ti "\ J ~I.;, ltc, o) I

7 7. (b) Prepare the Accounts Receivable note for C/everc/ean. Notes to the Financial Statements Note 1: Accounts Receivable j ASSESSORS $ l ~ (c) Prepare the Cleaning Equipment section of the Property, Plant and Equipment note for C/everc/ean. Note 2: Property, Plant and Equipment note (extract) For the year ended 31 March ~ ! Opening carrying amount c-~ I Additions Cl~aning. equipment.. $..,). ),:: ~--.,,.}-" w~\ ---~---Jk~~::=::J As a.t March : J < """O \ "1.. il.., 0 0 moo "1 (d) Prepare the General Journal entry to record depreciation on computers for the year ended 31 March (A narration is not required.} -- - _3_1 _131_2_01_6--1--~-= ":.<, ll I;;,...~ "--W»vv~ -"A}Wl..tv ~S: ~/;1~ L <X> \ -. <... _ ~]

8 8 QUESTION NUMBER Extra space if required. Write the question number(s) if applicable. ASSESSOR S 91176

9 Merit exemplar 2016 Subject: Accounting Standard: Total score: 18 Q Grade score Annotation 1 M6 2 E7 3 M5 To get to Excellence the candidate needs to subtract the doubtful debts from the other administrative expenses and correctly calculate the depreciation on delivery vans, $2 800, as both adjustments involve complex additional information. The candidate demonstrates Excellence but to earn E8 they need to know which accounts to close. I.e. Accrued Income should not be closed. This answer demonstrates that some of the detailed additional information was correctly reported (Accounts payable, all current liabilities there and Depreciation on computers). To earn a higher Merit grade all of the Additions and Disposals need to be reported and the profit for year figure needs to be an amount that sees net assets equal to equity.