2024 Cambridge IGCSE Accounting (0452) 模拟试题及答案详解

A business's trial balance had a difference which was entered into a suspense account. A payment of $320 for telephone expenses was correctly recorded in the cash book but had been debited to the electricity account as $230.

Which journal entry corrects this error?

A manufacturer provided the following information for the financial year:

$$\begin{array}{|l|r|} \hline \text{Opening inventory of work in progress} & \$12\,500 \\ \text{Closing inventory of work in progress} & \$14\,300 \\ \text{Prime cost of manufacturing} & \$185\,000 \\ \text{Factory overheads} & \$62\,000 \\ \hline \end{array}$$

What was the cost of production?

X and Y are in partnership. Their partnership agreement provides for:
- Interest on capital at 5% per annum
- Partner's salary for Y of $8,000 per annum
- Profit and loss sharing ratio: X 60%, Y 40%

On 1 January 2023, the capital account balances were: X $60,000, Y $40,000.
The profit for the year ended 31 December 2023 before any partner adjustments was $35,000.

What was Y's share of the residual profit?

A business has trade receivables of $24,000 at the end of the year. Total credit sales for the year were $182,500. Cash sales for the year were $30,000.

What was the trade receivables turnover period (rounded to the nearest day)?

On 1 January 2022, a company purchased machinery for $40,000. It is depreciated using the reducing balance method at 20% per annum.

On 30 June 2023, the machinery was sold for $28,000. The company's policy is to charge a full year's depreciation in the year of purchase and none in the year of disposal.

What was the profit or loss on the disposal of the machinery?

A retailer has three lines of inventory at the year-end:

$$\begin{array}{|c|c|c|c|c|} \hline \text{Inventory Line} & \text{Quantity} & \text{Cost price per unit (\$)} & \text{Net realisable value per unit (\$)} & \text{Carriage inwards per unit (\$)} \\ \hline X & 100 & 12 & 15 & 1 \\ Y & 200 & 8 & 7 & 0 \\ Z & 50 & 20 & 18 & 2 \\ \hline \end{array}$$

Note: Carriage inwards is part of the cost of inventory.

What is the total valuation of the inventory at the year-end?

A trader's cash book showed a debit balance of $1,240. The bank statement showed a different balance.

The following differences were found:
1. Bank charges of $45 had been entered on the bank statement but not in the cash book.
2. A cheque received from a customer for $180 had been recorded in the cash book but was not yet credited by the bank.
3. Unpresented cheques totalled $310.

What was the corrected balance in the cash book?

A business purchased a computer for $800 on 1 June 2023. It is expected to be used for 4 years. However, the business charged the entire $800 as an expense in the income statement for the year ended 31 December 2023 because it was considered too small an amount to justify depreciating it over 4 years.

Which accounting principle is being applied here?

The trial balance of a business did not agree and the difference was placed to a suspense account. The following errors were later discovered:

1. A cheque received from J. Smith for $210 was recorded in the cash book but was not posted to J. Smith’s account.
2. The purchases journal was overcast by $300.

What was the balance on the suspense account before these errors were corrected?

A manufacturer provides the following information:

- Purchases of raw materials: $115,000
- Carriage inwards on raw materials: $3,500
- Opening inventory of raw materials: $10,000
- Closing inventory of raw materials: $12,000
- Direct factory wages: $45,000
- Factory supervisor’s salary: $18,000
- Depreciation of factory machinery: $12,000

What was the prime cost of manufacturing?

X and Y are in partnership, sharing profits and losses in the ratio 3:2. The partnership agreement provides for interest on capital of 5% per annum and a salary of $12,000 per annum to Y. Capital balances are: X $80,000 and Y $50,000. Profit for the year before interest on capital and partner's salary was $45,000. What was X’s share of the residual profit?

A business provides the following information for the financial year:

- Credit sales: $292,000
- Cash sales: $58,000
- Cost of sales: $210,000
- Trade receivables: $32,000

What was the trade receivables turnover period?

A retailer’s liquid (acid test) ratio decreased from 1.5:1 to 0.8:1 over the course of a year. Which of the following would explain this change?

A business bought a machine for $20,000 on 1 January 2021. It is depreciated at 20% per annum using the reducing balance method. On 31 December 2022, the machine was sold for $12,000. What was the profit or loss on the disposal of the machine?

A customer returned goods which had been purchased on credit. In which book of prime entry should the supplier record this transaction?

At the end of the financial year, a business had the following inventory items:

- Item X: Cost $450, Net Realisable Value $500
- Item Y: Cost $700, Net Realisable Value $620
- Item Z: Cost $300, Net Realisable Value $310

What was the total value of inventory to be included in the financial statements?

The trial balance of a business did not agree and a suspense account was opened. The following errors were later discovered: 1. The sales journal was undercast by $150. 2. Rent received of $320, correctly recorded in the cash book, was debited to the rent received account. After correcting these errors, the balance on the suspense account was eliminated. What was the opening balance on the suspense account?

A manufacturing company provided the following information for a financial year: Purchase of raw materials $82,000; Carriage inwards on raw materials $3,500; Factory supervisor's salary $15,000; Direct wages $41,200; Royalties paid for design $4,800; Opening inventory of raw materials $9,400; Closing inventory of raw materials $10,800. What was the prime cost of manufacturing?

X and Y are in partnership. Profit for the year was $68,000. Interest on capital is 5% per annum on capital account balances of X $100,000 and Y $60,000. Y is entitled to a partnership salary of $12,000. Interest on drawings was charged as X $1,500 and Y $1,100. Residual profits are shared between X and Y in the ratio 3:2. What was Y's share of the residual profit?

A retailer provided the following information for the year ended 31 December: Revenue $240,000; Gross profit margin 25%; Opening inventory $14,000; Closing inventory $16,000. What was the rate of inventory turnover?

A business purchased a machine on 1 January 2021 for $20,000. It is depreciated at 20% per annum using the reducing balance method. A full year's depreciation is charged in the year of purchase, and no depreciation is charged in the year of disposal. The machine was sold on 1 September 2023 for $11,500. What was the profit or loss on the disposal of the machine?

A trader maintains a sales returns journal. At the end of the month, the total of the sales returns journal is posted to the ledger. Which ledger accounts are updated to record this monthly total?

A trader has two types of inventory at the year end. Line X: 100 units, cost per unit $8.00, selling price per unit $10.00, estimated repair cost per unit $1.50, estimated carriage outwards per unit $1.00. Line Y: 200 units, cost per unit $12.00, selling price per unit $15.00, estimated selling expenses per unit $1.00. What is the total value of inventory to be shown in the financial statements?

A trader receives rent for sub-letting part of his premises. On 1 January, rent of $400 was owed by the tenant. During the year, the total rent received and deposited into the bank was $5,200. On 31 December, the tenant had paid $600 in advance for the next financial year. What was the rent receivable to be transferred to the income statement for the year?

A business prepared a draft income statement which showed a profit for the year of $32 500. It was then discovered that a payment of $450 for repairs to office buildings had been debited to the office buildings asset account. In addition, the provision for depreciation on office buildings was calculated on the incorrect balance at the rate of 5% per annum.

What is the corrected profit for the year?

A manufacturer provided the following information for the financial year ended 31 December 2023:

* Opening inventory of work-in-progress: $18 400
* Closing inventory of work-in-progress: $21 600
* Prime cost: $142 000
* Factory overheads: $65 500

There was no factory profit or loss. What was the cost of production for the year?

Sarah and Peter are in partnership sharing profits and losses in the ratio of 3:2 respectively. The partnership agreement provides for interest on capital at 5% per annum and a salary for Peter of $8 000 per annum.

* Capital account balances: Sarah $60 000, Peter $40 000
* Profit for the year ended 30 June 2023: $45 000

What was Peter’s share of the residual profit?

A business provided the following information at the end of its financial year:

* Revenue (all on credit): $150 000
* Cost of sales: $90 000
* Trade receivables at start of year: $12 000
* Trade receivables at end of year: $18 000

What was the trade receivables turnover (in days) using closing trade receivables? (Use 365 days in a year and round up your answer to the nearest whole day).

A business purchased machinery costing $24 000 on 1 January 2021. Depreciation is charged at 20% per annum using the reducing balance method. On 31 December 2022, the machinery was sold for $14 800 cash.

What was the profit or loss on the disposal of the machinery?

A business receives a credit note from a supplier for goods returned.

In which book of prime entry is this transaction recorded?

At the end of the financial year, a trader’s inventory consisted of two types of products, X and Y.

* Product X: 150 units costing $12 per unit, with net realisable value of $15 per unit.
* Product Y: 200 units costing $18 per unit, with net realisable value of $14 per unit.

What was the total value of the inventory to be shown in the financial statements?

A trader's bank statement showed an overdraft of $1 450. At that date, there was an unpresented cheque of $230 and an uncredited deposit of $480.

What was the balance in the bank column of the cash book?

Liam and Noah are partners sharing profits and losses in the ratio of 3:2. The following information is available for the year ended 31 December 2023:

* Liam's annual salary: $8000
* Capital account balances on 1 January 2023: Liam $60000, Noah $40000
* Interest on capital is allowed at 5% per annum
* Profit for the year before appropriations was $45000

What was Noah's share of the residual profit?

A business has a draft profit of $24500 for the year. It is then discovered that:

1. Rent prepaid of $400 has been treated as rent accrued in the accounts.
2. A purchase invoice for office equipment of $1200 has been debited to the purchases account.

What is the corrected profit for the year?

The following information is provided by a manufacturer for the financial year:

* Purchases of raw materials: $95000
* Carriage inwards on raw materials: $3000
* Direct factory wages: $62000
* Factory supervisor's salary: $28000
* Royalties paid: $4500
* Opening inventory of raw materials: $12000
* Closing inventory of raw materials: $14500

What was the prime cost of manufacturing?

Samir is a trader. His financial year end is 31 May. He keeps his petty cash book using the imprest system. The imprest amount is $200. The totals of the payments analysis columns in his petty cash book for May 2023 are as follows:

- Cleaning: $38
- Stationery: $52
- Travel: $29

During May 2023, Samir received a cash refund of $12 for returned stationery. This amount was received into petty cash.

**REQUIRED**

**(a)** Calculate the amount required to restore the petty cash imprest on 1 June 2023. [3]

**(b)** State:
(i) one other book of prime entry [1]
(ii) two advantages of using books of prime entry [2]

**(c)** On 31 May 2023, Samir sold a delivery van for $8,000 on credit to Bilal. He had purchased the van on 1 June 2020 for $20,000. Samir charges depreciation on vehicles at 20% per annum using the reducing balance method. A full year's depreciation is charged in the year of purchase, but no depreciation is charged in the year of disposal.
(i) Calculate the accumulated depreciation on the delivery van at 31 May 2023. [2]
(ii) Prepare the disposal of delivery vans account. [4]

**(d)** Samir sells three different types of goods. His inventory at 31 May 2023 was as follows:

| Type | Number of units | Purchase price per unit ($) | Net realisable value per unit ($) | Carriage inwards per unit ($) |
|---|---|---|---|---|
| X | 120 | 8.00 | 12.00 | 0.50 |
| Y | 70 | 15.00 | 14.00 | 1.00 |
| Z | 50 | 22.00 | 25.00 | 1.50 |

Calculate the value of Samir's inventory at 31 May 2023. [4]

**(e)** Samir pays $480 per annum for rent. On 1 June 2022, rent of $80 was prepaid. On 1 September 2022, Samir paid $480 by bank transfer for the year 1 July 2022 to 30 June 2023.
Prepare the rent account for the year ended 31 May 2023. Bring down the balance on 1 June 2023. [4]

Omar owns a factory which makes wooden chairs. His financial year end is 28 February. At 28 February 2023, his ledger accounts included the following balances:

- Inventory at 1 March 2022:
- Raw materials: $15,200
- Work in progress: $11,800
- Finished goods: $22,400
- Revenue: $420,000
- Purchases of raw materials: $165,000
- Wages:
- Factory operatives: $64,000
- Factory supervisor: $22,000
- Office staff: $35,000
- Factory power: $18,500
- Rent and rates: $24,000
- General factory expenses: $8,100
- Factory machinery - at cost: $150,000
- Factory machinery - provision for depreciation: $60,000

**Additional information:**
1. Inventory at 28 February 2023:
- Raw materials: $13,900
- Work in progress: $12,400
- Finished goods: $20,100
2. Rent and rates are to be apportioned 3/4 to the factory and 1/4 to the office.
3. At 28 February 2023, general factory expenses of $450 were unpaid.
4. Factory machinery is depreciated at 20% per annum using the reducing balance method.

**REQUIRED**

**(a)** Prepare Omar's manufacturing account for the year ended 28 February 2023. [9]

**(b)** Prepare Omar's income statement (trading section) for the year ended 28 February 2023. [5]

**(c)** The factory produced 8,500 chairs during the year ended 28 February 2023. Calculate the manufacturing cost of each chair, rounded to the nearest dollar. [1]

**(d)** Omar's main competitor is retiring and has offered to sell his remaining finished stock of chairs to Omar for $12,000 cash. This is a discount of 35% on the usual cost. Omar currently has a cash balance of $2,500 and a bank overdraft of $1,000.
Advise Omar whether or not he should buy this stock. Justify your answer by providing two points for and two points against buying this stock. [5]

Priya prepared her trial balance at 31 March 2024. The total of the debit side was $124,150 and the total of the credit side was $124,980. Priya later discovered the following errors:

1. The total of the purchases journal for March 2024, $4,200, had been debited to the purchases returns account.
2. A direct debit for rent, $180, had been debited to both the bank account and the rent account.
3. Discount allowed, $65, had been credited to the account for discount received.
4. A payment for motor vehicle repairs, $150, had been debited to the motor vehicles account.
5. The sales journal for March had been undercast by $110.

**REQUIRED**

**(a)** State:
(i) which business document shows when the direct debit for rent was paid [1]
(ii) which of the errors listed in 1 to 5 above is an error of principle [1]

**(b)** Prepare the journal entries to correct errors 1 to 3 only. Narratives are not required. [7]

**(c)** (i) State why a balance may remain on the suspense account after errors 1 to 5 have been corrected. [1]
(ii) Prepare the suspense account. Bring down any remaining balance at 1 April 2024. [5]

**(d)** Priya's draft profit for the year, before correction of the errors, was $28,400. Calculate Priya's profit after items 1 to 5 have been corrected. [5]

Hameed and Yasmin are partners in a consultancy business. The partners provided the following trial balance at 30 September 2023:

- Revenue: $285,400 (credit)
- Salaries: $94,000 (debit)
- Rent and rates: $22,500 (debit)
- Marketing expenses: $18,200 (debit)
- Office overheads: $7,900 (debit)
- Interest on loan from Yasmin: $1,500 (debit)
- Office equipment at cost: $80,000 (debit)
- Provision for depreciation of office equipment: $28,000 (credit)
- Trade receivables: $28,600 (debit)
- Cash at bank: $14,800 (debit)
- Cash in hand: $1,200 (debit)
- Loan from Yasmin: $30,000 (credit)
- Capital accounts:
- Hameed: $110,000 (credit)
- Yasmin: $70,000 (credit)
- Current accounts:
- Hameed: $2,800 (credit)
- Yasmin: $3,600 (debit)
- Drawings:
- Hameed: $36,000 (debit)
- Yasmin: $42,000 (debit)

**Additional information:**
1. Rent and rates include a prepayment of $1,800.
2. At 30 September 2023, $2,100 for salaries was due but unpaid.
3. Irrecoverable trade receivables of $800 are to be written off.
4. Depreciation on office equipment is to be charged at 10% per annum using the reducing balance method.
5. The partnership agreement provides for:
- interest on partner's loan of 5% per annum
- interest on drawings of 4%
- interest on capital of 4% per annum
- a salary to Yasmin of $12,000 per annum
- residual profits and losses are to be shared 60% to Hameed and 40% to Yasmin.

**REQUIRED**

**(a)** Prepare the income statement for Hameed and Yasmin for the year ended 30 September 2023. [8]

**(b)** Prepare the appropriation account for Hameed and Yasmin for the year ended 30 September 2023. [5]

**(c)** State:
(i) one reason why the partners might consider reducing their drawings [1]
(ii) which accounting principle reflects the partners' intention to continue trading indefinitely [1]

**(d)** The partners employ a senior consultant, Sarah, who is paid $30,000 per year. Sarah has received an offer from another firm and is considering leaving. She has suggested she would stay if she were offered a partnership, expecting 30% of the residual profit.
Advise Hameed and Yasmin whether or not they should offer Sarah a partnership. Justify your answer by providing points for and against offering Sarah a partnership. [5]

Bilal is a retail trader. He has provided the following information:

**At 1 July 2022:**
- Inventory: $8,400
- Trade receivables: $11,200
- Cash at bank: $3,100
- Trade payables: $7,900

**For the year ended 30 June 2023:**
- Revenue - credit sales: $140,000
- Revenue - cash sales: $20,000
- Purchases: $92,000
- Expenses: $38,500

**At 30 June 2023:**
- Inventory: $10,600
- Trade receivables: $14,400
- Cash at bank: $1,800
- Trade payables: $9,200

**REQUIRED**

**(a)** Complete the following table. Workings must be shown. Ratios should be calculated to 2 decimal places (trade receivables turnover days should be rounded up to the next whole day). [11]

| Ratio | Workings | Answer |
|---|---|---|
| Gross margin | | |
| Profit margin | | |
| Rate of inventory turnover (times) | | |
| Trade receivables turnover (days) | | |
| Liquid (acid test) ratio | | |

**(b)** (i) Bilal has never changed his selling prices, yet his gross margin for the year ended 30 June 2023 is higher than in the previous year. Suggest one reason why his gross margin has increased. [1]
(ii) State one reason why Bilal's suppliers might be interested in his financial statements. [1]

**(c)** Bilal is concerned about the rising levels of his inventory and trade receivables. He is considering offering a 5% trade discount to all customers to clear inventory and speed up collection.
Advise Bilal whether or not he should offer this discount. Justify your answer by providing two advantages and two disadvantages of offering this discount. [5]

**(d)** Although Bilal's gross margin has increased, his profit margin has fallen. State two reasons why Bilal should be concerned about his falling profit margin. [2]