2002年會(huì)計(jì)原則考試局保留版權(quán)

2002-CE

PACCT EXAMINATIONSAUTHORITY

OFEDUCATIONEXAMINATION2002

PR IPLESOFACCOUNTS

8.30am–11.00am(2?hours)ThispapermustbeansweredinEnglish

AnswerFIVEquestions:

THREEfromSectionA(42%),and

TWOfromSectionB(58%).Allworkin ustbeshown.

考試局 保留版權(quán)

ExaminationsAuthoritys 2002

2002-CE-PACCT–1

SECTIONA

AnsweranyTHREEquestionsfromthissection.Eachquestioncarries14marks.

On30April2002,thefollowingbalanceswereextractedfromthebooksof

WilsonManufacturing:

$

Sales

9890400

Purchasesofrawmaterials

4372000

Carriageinwards

58000

Carriageoutwards

83840

Stocks,1May2001

Rawmaterials

225522

Workinprogress

30180

Finishedgoods

194500

ntandmachinery,atcost

980000

Officeequipment,atcost

385000

Rentandrates

395250

Electricityandwater

134400

Wagesandsalaries

Directlabour

491100

Indirectlabour

240000

Administrativestaff

910150

Repairstomachinery

18928

Otherproductionexpenses

326400

Otheradministrativeexpenses

198685

Additionalinformation:

Stocksasat30April2002:

$

Rawmaterials 115290

Workinprogress 94840

Finishedgoods 181900

Depreciationwastobeprovidedfor:

ntandmachinery 15%oncostOfficeequipment 20%oncost

2002-CE-PACCT2 -1-

Salariesofadministrativestaff ludedanamountof$100000paidtothefactorymanager.

Electricityandwaterwastobeapportionedasfollows:Factory 75%

Administration 25%

Rentandrateswastobeapportionedasfollows:Factory 80%

Administration 20%

Required:

Brieflyexinthedifferenc weendirectcostsandindirectcosts. (2marks)

CalculatethefollowingforWilsonManufacturingfortheyearended30April2002:

primecost; (3marks)

totalfactoryoverheads;and (3marks)

productioncostofeachunitoffinishedgoods,assumingthatWilsonManufacturinghadproduced400000unitsoffinishedgoodsduringtheyear.(3marks)

PreparethetradingaccountofWilsonManufacturingfortheyearended30April2002. (3marks)

2002-CE-PACCT3 -2-

(A)Asoletradernoticesthatthereisanoverdraftbalanceinhisbusinessbankaccount.Hewantstoludehis albankbalanceonthebalancesheetofhisbusiness.Whatisyouradviceandwhywouldyougivesuchadvice? (2marks)

Onthedateofthefinancialyearend,31March2002,thebankstatementofDonLimitedshowedacreditbalanceof$108916andthecashbookshowedadebitbalanceof$104337.Anexaminationofthebankcolumninthecashbookandthebankstatementdisclosedthefollowing:

Thefollowingchequeshadnotyetbeenpresentedtothebankforpayment:

ChequeNumber $

102331 4000

102345 7400

On31March2002,the instructedthebanktostoppaymentofthechequenumbered102331,whichwasissuedtoar.Aservicechargeof$60hadbeendebitedbythebankforthisserviceonthesamedate.Thesehadnotbeenrecordedinthebooks.

Alodgementof$9437on30March2002wasnotrecordedbythebankuntil1April2002.

Achequefor$1470,afterdeductionofacashdiscountof2%,wasissuedtoaron20March2002.Thecashierrecordedthegrossamountinthecashbook.

Otheritemsshownonthebankstatement,butnotinthecashbook,luded:

Adishonouredchequeof$5200fromacustomer;

Interestof$85chargedbythebank;

Anautopayitemof$3015foranelectricitybill;and

Adirectdepositof$10946lodgedbyacustomer.

2002-CE-PACCT4 -3-

Required:

Showthenecessaryadjustmentstobemadeinthecashbookon31March2002. (8marks)

Prepareabankreconciliationstatementasat31March2002,commencingwiththeadjustedcashbookbalance.

(3marks)

StatetheamountofthebankbalancethatshouldbeshownonthebalancesheetofDonLimitedat31March2002.

(1mark)

2002-CE-PACCT5 -4-

ThefinancialinformationofGrandViewLimitedfortheyearended31December2001ispresentedbelow:

Profitandlossaccountfortheyearended31December2001

$

$25

Cashsales

2000

Creditsales

1008000

Less: Costofsales

1260000

Openingstock

210000

Purchases

955500

1165500

Less: Closingstock

385000

780500

Grossprofit

479500

Less: Operatingexpenses

360500

profit

119000

Balancesheetasat31December2001

Assets

$

Officeequipment

1145000

Furnitureandfittings

381000

Stock

385000

Debtors

262500

Bank

451500

2625000

Liabilitiesandshareholders’fund

$

Creditors

420000

Accruals

119000

Ordinarysharecapital

1925000

Retainedprofits

161000

2625000

2002-CE-PACCT6 -5-

GrandViewLimitedhadalsoproducedthefollowingratiosfortheyear2000.

Currentratio 1.93:1

Quickratio 1.01:1

Stockturnoverrate 3.02times

Debtors’collectionperiod 3.26monthsprofitratio 10.07%

Returnoncapitalemployed 6.11%

Required:

Computethefollowingratiosfortheyear2001:

Currentratio

Quickratio

Stockturnoverrate

Debtors’collectionperiod(inmonths)(vprofitratio

(vi) Returnoncapitalemployed

(Calculationstotwodecimalces)

(9marks)

Basedontheratiosfortheyear2000,commentbrieflyontheliquidityandprofitabilityofthe fortheyear2001.

(5marks)

2002-CE-PACCT7 -6-

(A) Stateanytwocausesofdepreciation. (3marks)

On1January1998,JohnnyManufacturingpurchasedanewmachinefor$262500andpaidfreightchargesof$7500,installationcostof$15000andannualmaintenancefeeof$1650.

The estimatedthatthemachinewouldhaveausefullifeof8yearsandascrapvalueof$21384.Thefinancialyearofthe

endson31December.

Required:

CalculatethecostofthemachinetobecapitalisedbyJohnnyManufacturing. (2marks)

Calculatetheannualdepreciationonthemachinefortheyears1998,1999and2000ifthe adoptedthereducingbalancemethodandadepreciationrateof30%perannum. (3marks)

Supposethe decidedtousethestraight-linemethodofdepreciation.

Calculate the annual depreciation on themachine.

(2marks)

Preparethenecessaryjournalentriestorecordthedisposalofthemachineifitwassoldfor

$155000on31March2002.(Narrationsarenot

required.) (4marks)

2002-CE-PACCT8 -7-

THISISABLANKPAGE

2002-CE-PACCT9 -8-

SECTIONB

AnsweranyTWOquestionsfromthissection.Eachquestioncarries29marks.

(A) Listsixtypesoferrorsthatdonotaffecttheagreementofthedebitandcredittotalsofatrialbalance. (3marks)

ThetrialbalanceofMayLimitedat31March2002didnotagreeandasuspenseaccountwasdebitedwiththedifference.Thedraftnetprofitfortheyearamountedto$67246.

Subsequentcheckingoftherecordsrevealedthefollowing:

Acreditpurchaseoffurniturefor$5000hadbeenrecordedinthepurchasesdaybook.The

providesfordepreciationattherateof25%onthecostoffurnitureheldat ofeachfinancialyear.

Theclosingstockat31March2002wasover-valuedby

$1347.

samplesreceivedfromthershadbeenwronglyrecordedascreditpurchasesof$1000.

Apartialloanrepaymentof$6000hadbeenrecordedcorrectlyinthecashbook.However,itwasrecordedas

$600intheloaninterestaccount.

Thesalesdaybookwasovercastby$1870.

Discountsallowedof$460hadbeendebitedtosalesas

$640.

An reaseintheprovisionfordoubtfuldebtsof$900hadbeentreatedasabaddebton31March2002.

Apaymentfor ephoneexpensesof$540hadbeenrecordedtwiceintheinsuranceaccount.

2002-CE-PACCT10 -9-

Required:

Preparethenecessaryjournalentriestocorrecttheabove.(Narrationsarenotrequired.) (12marks)

Drawupthesuspenseaccount. (5marks)

Prepareastatementtocorrectthedraf profitfortheyearended31March2002. (9marks)

2002-CE-PACCT11 -10-

ThetrialbalanceofStarLimitedat31March2002wasasfollows:

$

$

3000000ordinarysharesof$0.5each,fullypaid

1500000

8%loan(borrowedin2000andrepayablein

750000

2005)

Officeequipment,atcost

3000000

Furnitureandfittings,atcost

3300000

Provisionfordepreciation,1April2001

Officeequipment

625000

Furnitureandfittings

1125000

Generalreserve

105000

Retainedprofits

310912

Tradedebtors

910500

Tradecreditors

574908

Stock,1April2001

42650

Sharepremium

125000

Provisionfordoubtfuldebts,1April2001

19865

Loaninterest

30000

Sales

6062500

Purchases

2235614

Salesreturns

33725

Carriageinwards

8400

Wagesandsalaries

800000

Rentandrates

768450

Cashatbank

69446

Interimdividend

60000

Administrationexpenses

597100

Sellinganddistributionexpenses

Sharesissue

442300

1100000

12298

Additionalinformation:

Stockasat31March2002amountedto$48050.

Thefollowingadjustmentsweretobemadeon31March2002:

$

Accruedwagesandsalaries 10600

Prepaidrates 3900

2002-CE-PACCT12 -11-

Tradedebtsamountingto$85000weretobewrittenoffandaprovisionfordoubtfuldebtswastobemaintainedat3%oftradedebts.

Apieceoffullydepreciatedofficeequipmentcosting$92000wassoldfor$6000.The onlyrecordedtheproceedsfromthesaleinthebankaccountandthesalesaccount.

Depreciationwastobechargedasfollows:Officeequipment10%oncost

Furnitureandfittings20%o bookvalue

InOctober2001,1000000ordinaryshareswereofferedtothepublicat$1.10pershare.The onlydebitedthecashatbankaccountandcreditedthesharesissueaccount.Thenewshareswerealsoentitledtothefinaldividendproposedfortheyear.

Theboardofdirectorsproposedtransferring$150000tothegeneralreserveandtodeclareafinaldividendof$0.03pershare.

Requiredtoprepare:

thetrading,profitandlossandappropriationaccountsofStarLimitedfortheyearended31March2002,and (16marks)

thebalancesheetofStarLimitedasatthesamedate. (13marks)

2002-CE-PACCT13 -12-

Au,FokandMakwerepartnerssharingprofitsandlossesintheratiosof2:1:2respectively.Thebalancesheetoftheirbusinessasat30April2002wasasfollows:

$ $

$

Fixedassets

ntandmachinery

272250

Furniture

60750

Motorvehicles

96750

429750

Currentassets

Stock

108000

Debtors

31500

Bank

78975

218475

Less: Currentliabilities

Loan–Fok

90000

Creditors

72000

486225

Capitalaccounts

Au

195750

Fok

117000

Mak

144