An original Thinka practice paper modelled on the structure and difficulty of the Nov 2024 (V1) Cambridge International A Level Accounting (0452) paper. Not affiliated with or reproduced from Cambridge.
Paper 11 (選擇題)
Answer all thirty-five questions. For each question, choose the one correct answer of the four possible choices.
35 題目 · 35 分
題目 1 · MCQ
1 分
At 31 October, a business had a debit balance in its cash book of $1,450. The bank statement at that date showed a different balance. The following items had not yet been recorded in the cash book: - Bank charges: $45 - Direct debit for insurance: $120
In addition, there were unpresented cheques of $320 and outstanding lodgements of $410.
What is the updated cash book balance at 31 October?
A.$1,285
B.$1,375
C.$1,450
D.$1,395
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解題
To find the updated cash book balance, we start with the unadjusted cash book balance and record the items that have not yet been entered in the cash book:
\(\text{Unadjusted balance} = \$1,450\text{ (debit)}\) \(\text{Less: Bank charges} = -\$45\) \(\text{Less: Direct debit} = -\$120\)
Note: Unpresented cheques ($320) and outstanding lodgements ($410) are bank statement reconciling items and do not affect the updated cash book balance itself.
評分準則
1 mark for the correct calculation: $1,450 - $45 - $120 = $1,285.
題目 2 · MCQ
1 分
A and B are in partnership, sharing profits and losses in the ratio 2:1 respectively. The following information is available for the year ended 31 December:
- Profit for the year before appropriation: $48,000 - Interest on capital: A: $3,000; B: $2,000 - Partner's salary: B: $6,000 - Interest on drawings: A: $500; B: $300
What is A's share of the residual profit?
A.$25,200
B.$24,667
C.$27,700
D.$12,600
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解題
First, calculate the residual profit to be shared between the partners:
\(\text{Profit for the year before appropriation} = \$48,000\) \(\text{Add: Interest on drawings (A + B)} = \$500 + \$300 = +\$800\) \(\text{Less: Interest on capital (A + B)} = -(\$3,000 + \$2,000) = -\$5,000\) \(\text{Less: Partner's salary (B)} = -\$6,000\)
Now, calculate A's share of this residual profit: \(\text{A's share} = \frac{2}{3} \times \$37,800 = \$25,200\).
評分準則
1 mark for the correct calculation of A's share of residual profit: $25,200.
題目 3 · MCQ
1 分
A purchase of office equipment for $1,200 was entered in the office repairs account. Which type of error has been made, and how does correcting this error affect the profit for the year?
A.Error of commission | Profit increases by $1,200
B.Error of principle | Profit increases by $1,200
C.Error of commission | Profit decreases by $1,200
D.Error of principle | Profit decreases by $1,200
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解題
1. **Type of Error**: This is an error of principle because a capital expenditure item (office equipment) has been incorrectly posted to a revenue expenditure account (office repairs expense). 2. **Effect of Correction on Profit**: Correcting the error involves debiting the Office Equipment account (increasing non-current assets) and crediting the Office Repairs account (decreasing expenses). Decreasing an expense increases the profit for the year by $1,200.
評分準則
1 mark for identifying the correct error type (principle) and correct profit direction and amount (profit increases by $1,200).
題目 4 · MCQ
1 分
A business bought a machine on 1 January 2021 for $20,000. It was depreciated at 20% per annum using the reducing balance method. A full year's depreciation was charged in the year of purchase and none in the year of disposal. The machine was sold on 31 August 2023 for $11,500. What was the profit or loss on disposal of the machine?
A.$1,300 loss
B.$1,300 profit
C.$1,260 profit
D.$500 loss
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解題
First, calculate the depreciation and carrying value (Net Book Value - NBV) of the machine up to the date of disposal:
- **Year 2021 depreciation**: \(20\% \times \$20,000 = \$4,000\) NBV at 31 Dec 2021: \(\$20,000 - \$4,000 = \$16,000\) - **Year 2022 depreciation**: \(20\% \times \$16,000 = \$3,200\) NBV at 31 Dec 2022: \(\$16,000 - \$3,200 = \$12,800\) - **Year 2023 depreciation**: \(\$0\) (as no depreciation is charged in the year of disposal)
- **Carrying value at date of sale**: \(\$12,800\) - **Sale proceeds**: \(\$11,500\)
1 mark for the correct calculation: $12,800 carrying value compared to $11,500 sale proceeds resulting in a $1,300 loss.
題目 5 · MCQ
1 分
The following information is available for a manufacturing business for the financial year:
- Inventory of raw materials at start: $15,000 - Inventory of raw materials at end: $18,000 - Purchases of raw materials: $85,000 - Carriage inwards on raw materials: $3,000 - Direct factory wages: $42,000 - Indirect factory wages: $18,000 - Factory rent and rates: $12,000
What is the prime cost of manufacturing?
A.$127,000
B.$145,000
C.$157,000
D.$124,000
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解題
Prime cost is the sum of direct materials consumed and direct wages:
1. **Direct materials consumed**: \(\text{Opening inventory of raw materials} = \$15,000\) \(\text{Add: Purchases} = +\$85,000\) \(\text{Add: Carriage inwards} = +\$3,000\) \(\text{Less: Closing inventory of raw materials} = -\$18,000\) \(\text{Raw materials consumed} = \$85,000\)
Note: Indirect factory wages ($18,000) and factory rent and rates ($12,000) are factory overheads and are excluded from prime cost.
評分準則
1 mark for correct calculation of Prime Cost: $127,000.
題目 6 · MCQ
1 分
At 1 January 2023, a business had a provision for doubtful debts of $1,400. At 31 December 2023, the trade receivables ledger showed total receivables of $48,000. This included a debt of $2,000 which was deemed irrecoverable and needed to be written off.
The provision for doubtful debts is to be maintained at 5% of the remaining trade receivables.
What is the amount charged to the income statement for the provision for doubtful debts for the year ended 31 December 2023?
A.$900
B.$1,000
C.$2,300
D.$2,900
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解題
First, calculate the remaining trade receivables after writing off the irrecoverable debt: \(\text{Remaining trade receivables} = \$48,000 - \$2,000 = \$46,000\)
Next, calculate the required closing provision for doubtful debts: \(\text{Required closing provision} = 5\% \times \$46,000 = \$2,300\)
Compare this to the opening provision to find the required increase in provision: \(\text{Increase in provision} = \text{Closing provision} - \text{Opening provision} = \$2,300 - \$1,400 = \$900\)
This increase of $900 is the amount charged to the income statement for the provision for doubtful debts.
評分準則
1 mark for the correct calculation: $2,300 - $1,400 = $900.
題目 7 · MCQ
1 分
A company bought a delivery van. The costs incurred were:
- Purchase price: $18,000 - Sign-writing of company logo on the van: $600 - Motor insurance for the first year: $450 - Fuel for the first journey: $80
What is the total capital expenditure?
A.$18,000
B.$18,600
C.$19,050
D.$19,130
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解題
Capital expenditure consists of the acquisition cost of a non-current asset plus any costs incurred to bring the asset into its working condition (sign-writing of the company logo).
Note: Motor insurance ($450) and fuel ($80) are running costs of the asset, which represent revenue expenditure.
評分準則
1 mark for identifying the capital items ($18,000 + $600) and getting the correct total of $18,600.
題目 8 · MCQ
1 分
At 1 January 2023, a business had rent prepaid of $600. During the year ended 31 December 2023, the business paid rent of $7,200. At 31 December 2023, the business owed rent of $800 for the final month of the year.
What was the rent expense transferred to the income statement for the year ended 31 December 2023?
A.$7,000
B.$7,400
C.$8,600
D.$7,200
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解題
To find the rent expense transferred to the income statement, we adjust the rent paid during the year for the opening and closing accruals and prepayments:
1 mark for the correct calculation: $600 + $7,200 + $800 = $8,600.
題目 9 · MCQ
1 分
At 31 December, a business had an unadjusted cash book balance of \( \$850 \) (overdrawn). The following facts were then discovered: 1. A direct debit of \( \$120 \) and bank charges of \( \$30 \) had not been recorded in the cash book. 2. Unpresented cheques totalled \( \$450 \). 3. Uncredited deposits totalled \( \$310 \). What was the balance shown on the bank statement at 31 December?
A.\( \$860 \) debit (overdrawn)
B.\( \$860 \) credit
C.\( \$1,140 \) debit (overdrawn)
D.\( \$1,140 \) credit
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解題
First, update the cash book balance: Unadjusted balance = \( -\$850 \) (overdrawn). Deduct direct debit (\( \$120 \)) and bank charges (\( \$30 \)) to get an updated cash book balance of \( -\$1,000 \) (credit balance). Second, reconcile to the bank statement: Bank statement balance + Uncredited deposits (\( \$310 \)) - Unpresented cheques (\( \$450 \)) = Updated cash book balance (\( -\$1,000 \)). Thus, Bank statement balance - \( \$140 \) = \( -\$1,000 \), which gives Bank statement balance = \( -\$860 \) (debit / overdrawn).
評分準則
1 mark for the correct option A. 0 marks for incorrect options.
題目 10 · MCQ
1 分
Alan and Betty are in partnership sharing profits and losses in the ratio of 3:2. Betty is entitled to an annual salary of \( \$8,000 \). Interest on capital is charged at 5% per annum on capital account balances of Alan: \( \$60,000 \) and Betty: \( \$40,000 \). For the year ended 31 December, the profit for the year was \( \$45,000 \). What was the total amount credited to Betty's current account from the appropriation account for the year?
A.\( \$12,800 \)
B.\( \$20,800 \)
C.\( \$22,200 \)
D.\( \$22,800 \)
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解題
Interest on capital: Alan = 5% of \( \$60,000 \) = \( \$3,000 \); Betty = 5% of \( \$40,000 \) = \( \$2,000 \). Residual profit to share = Profit for the year (\( \$45,000 \)) - Betty's salary (\( \$8,000 \)) - Total interest on capital (\( \$5,000 \)) = \( \$32,000 \). Betty's share of residual profit = 2/5 * \( \$32,000 \) = \( \$12,800 \). Total credited to Betty's current account = Salary (\( \$8,000 \)) + Interest on Capital (\( \$2,000 \)) + Share of profit (\( \$12,800 \)) = \( \$22,800 \).
評分準則
1 mark for the correct option D. 0 marks for incorrect options.
題目 11 · MCQ
1 分
The purchase of office equipment costing \( \$1,500 \) on credit from Tech Supplies has been recorded by debiting the purchases account and crediting Tech Supplies. What type of error has been made, and how is it corrected?
This is an error of principle because a capital expenditure item (office equipment) has been entered in a revenue expenditure account (purchases). To correct this, debit the Office Equipment account to record the asset and credit the Purchases account to cancel the incorrect debit.
評分準則
1 mark for the correct option C. 0 marks for incorrect options.
題目 12 · MCQ
1 分
On 1 January 2021, a business purchased machinery 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 none in the year of disposal. The machinery was sold on 1 July 2023 for \( \$11,500 \). What was the profit or loss on disposal?
A.\( \$500 \) loss
B.\( \$1,300 \) loss
C.\( \$1,300 \) profit
D.\( \$2,300 \) loss
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解題
Year 1 (2021) depreciation = 20% of \( \$20,000 \) = \( \$4,000 \). NBV at 31 Dec 2021 = \( \$16,000 \). Year 2 (2022) depreciation = 20% of \( \$16,000 \) = \( \$3,200 \). NBV at 31 Dec 2022 = \( \$12,800 \). No depreciation is charged in 2023. Profit/loss on disposal = Sale proceeds (\( \$11,500 \)) - NBV (\( \$12,800 \)) = Loss of \( \$1,300 \).
評分準則
1 mark for the correct option B. 0 marks for incorrect options.
題目 13 · MCQ
1 分
A manufacturer provided the following information for the financial year: Opening inventory of work in progress: \( \$12,000 \); Closing inventory of work in progress: \( \$15,000 \); Cost of raw materials consumed: \( \$84,000 \); Direct wages: \( \$42,000 \); Factory overheads: \( \$31,000 \). What was the cost of production?
A.\( \$126,000 \)
B.\( \$154,000 \)
C.\( \$157,000 \)
D.\( \$160,000 \)
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解題
Prime cost = Cost of raw materials consumed (\( \$84,000 \)) + Direct wages (\( \$42,000 \)) = \( \$126,000 \). Total factory cost = Prime cost (\( \$126,000 \)) + Factory overheads (\( \$31,000 \)) = \( \$157,000 \). Cost of production = Total factory cost (\( \$157,000 \)) + Opening WIP (\( \$12,000 \)) - Closing WIP (\( \$15,000 \)) = \( \$154,000 \).
評分準則
1 mark for the correct option B. 0 marks for incorrect options.
題目 14 · MCQ
1 分
On 1 January, a business had a provision for doubtful debts of \( \$1,200 \). On 31 December, trade receivables stood at \( \$45,000 \). This balance included an irrecoverable debt of \( \$1,500 \) that needed to be written off. The business maintains its provision for doubtful debts at 4% of trade receivables. What was the total amount debited to the income statement for the year ended 31 December for irrecoverable debts and the provision for doubtful debts?
A.\( \$1,500 \)
B.\( \$1,740 \)
C.\( \$2,040 \)
D.\( \$2,100 \)
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解題
Adjusted trade receivables = \( \$45,000 - \$1,500 = \$43,500 \). Required provision = 4% of \( \$43,500 = \$1,740 \). Increase in provision = \( \$1,740 - \$1,200 = \$540 \). Total debit to income statement = Irrecoverable debt (\( \$1,500 \)) + Increase in provision (\( \$540 \)) = \( \$2,040 \).
評分準則
1 mark for the correct option C. 0 marks for incorrect options.
題目 15 · MCQ
1 分
Which of the following transactions would be recorded on the credit side of a sales ledger control account? 1. Credit sales; 2. Cash received from credit customers; 3. Returns inwards; 4. Irrecoverable debts written off; 5. Interest charged on overdue accounts.
A.1, 2 and 5
B.2, 3 and 4
C.2, 3 and 5
D.3, 4 and 5
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解題
The sales ledger control account is credited with transactions that reduce the balance of trade receivables. Cash received (2), returns inwards (3), and irrecoverable debts written off (4) all reduce the balance, and are therefore credited.
評分準則
1 mark for the correct option B. 0 marks for incorrect options.
題目 16 · MCQ
1 分
A business purchased a new delivery van and incurred the following costs: Cost of delivery van: \( \$25,000 \); Delivery charge to premises: \( \$450 \); Insurance for the first year: \( \$600 \); Painting the company logo on the van: \( \$350 \); Fuel for the first journey: \( \$80 \). What was the total capital expenditure?
A.\( \$25,000 \)
B.\( \$25,450 \)
C.\( \$25,800 \)
D.\( \$26,480 \)
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解題
Capital expenditure includes costs incurred to acquire and bring a non-current asset to its working condition. These include the purchase cost (\( \$25,000 \)), delivery charge (\( \$450 \)), and painting the logo (\( \$350 \)) which total \( \$25,800 \). Insurance and fuel are recurring costs and are classified as revenue expenditure.
評分準則
1 mark for the correct option C. 0 marks for incorrect options.
題目 17 · MCQ
1 分
A trader's cash book showed a bank balance of $1,420 debit. The bank statement showed a different balance. The following differences were found: bank charges of $35 had not been entered in the cash book; a cheque for $210 paid to a supplier had not yet been presented to the bank; a customer's cheque for $145 had been dishonoured but no entry was made in the cash book. What was the balance shown on the bank statement?
A.$1,030 credit
B.$1,030 debit
C.$1,450 credit
D.$1,450 debit
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解題
First, the cash book is updated to find the adjusted cash book balance: Adjusted cash book balance = \(1,420 \text{ (debit)} - 35 \text{ (bank charges)} - 145 \text{ (dishonoured cheque)} = 1,240 \text{ debit}\). Next, reconcile the adjusted cash book balance to the bank statement balance: \(\text{Bank statement balance} - 210 \text{ (unpresented cheque)} = 1,240 \text{ (adjusted cash book balance)}\). Therefore, \(\text{Bank statement balance} = 1,240 + 210 = 1,450 \text{ credit}\).
評分準則
1 mark for the correct option. A is incorrect because it subtracts unpresented cheques instead of adding. B is incorrect because it uses the wrong amount and incorrect balance. C is the correct credit balance. D has the correct amount but the wrong debit/credit classification.
題目 18 · MCQ
1 分
Xavier and Yasmin are in partnership sharing profits and losses in the ratio 3:2. The partnership agreement provides for interest on capital at 5% per annum and a salary of $8,000 per annum to Yasmin. Capital account balances at the start of the year were: Xavier $60,000 and Yasmin $40,000. The profit for the year before any appropriations was $35,000. What was Yasmin's total share of the profit (including salary and interest on capital)?
A.$8,800
B.$14,000
C.$16,800
D.$18,800
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解題
Interest on capital: Xavier = \(5\% \times 60,000 = 3,000\); Yasmin = \(5\% \times 40,000 = 2,000\). Total interest on capital is $5,000. Yasmin's salary is $8,000. Residual profit to share = \(35,000 - 5,000 - 8,000 = 22,000\). Yasmin's share of residual profit = \(\frac{2}{5} \times 22,000 = 8,800\). Yasmin's total share = \(2,000 \text{ (interest)} + 8,000 \text{ (salary)} + 8,800 \text{ (residual)} = 18,800\).
評分準則
1 mark for the correct option. A only accounts for residual profit. B is an incorrect split. C is incorrect due to calculation errors. D is the correct total.
題目 19 · MCQ
1 分
Which error would require an entry in a suspense account to correct it?
A.A credit sale of $240 to P. Smith was recorded in the account of T. Smith.
B.A payment of $600 for machinery repairs was debited to the machinery account.
C.A cash receipt of $180 from a customer was recorded in the cash book but no entry was made in the customer's ledger account.
D.A purchase of inventory of $95 was entered in both the purchases account and the supplier's account as $59.
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解題
A suspense account is opened when the trial balance does not balance. Option A is an error of commission, Option B is an error of principle, and Option D is an error of original entry; none of these affect the agreement of the trial balance. Option C is a single-entry error (no debit entry was made to match the credit in the cash book), which results in an unequal trial balance and requires a suspense account to correct.
評分準則
1 mark for identifying that option C is a single-entry error causing the trial balance to disagree, which requires a suspense account.
題目 20 · MCQ
1 分
A business bought a machine on 1 January 2021 for $20,000. It is depreciated at the rate of 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. The machine was sold on 1 September 2023 for $11,500. What was the profit or loss on the disposal of the machine?
A.$1,300 loss
B.$1,300 profit
C.$4,500 loss
D.$8,500 loss
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解題
Depreciation for 2021 = \(20\% \times 20,000 = 4,000\). NBV on 31 Dec 2021 = $16,000. Depreciation for 2022 = \(20\% \times 16,000 = 3,200\). NBV on 31 Dec 2022 = $12,800. No depreciation is charged in 2023. NBV at disposal = $12,800. Loss on disposal = \(12,800 \text{ (NBV)} - 11,500 \text{ (proceeds)} = 1,300 \text{ loss}\).
評分準則
1 mark for the correct option. A is correct. B is incorrect because it confuses profit and loss. C only includes one year of depreciation. D is incorrect as it has no depreciation deducted at all.
題目 21 · MCQ
1 分
A manufacturer provided the following information for the year ended 31 December 2023: Prime cost was $184,000; Factory overheads were $62,000; Work in progress at 1 January 2023 was $14,500; Work in progress at 31 December 2023 was $16,200. What was the cost of production for the year?
A.$244,300
B.$246,000
C.$247,700
D.$276,700
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解題
Cost of production is calculated as follows: \(\text{Prime cost} + \text{Factory overheads} + \text{Opening Work in Progress} - \text{Closing Work in Progress}\). This gives: \(184,000 + 62,000 + 14,500 - 16,200 = 244,300\).
評分準則
1 mark for the correct option. A is correct. B is incorrect because it ignores the work in progress adjustment. C is incorrect because it reverses the addition/subtraction of work in progress. D adds both work in progress figures.
題目 22 · MCQ
1 分
At 1 January 2023, a business had a provision for doubtful debts of $1,200. At 31 December 2023, the trade receivables amounted to $48,000. This included an irrecoverable debt of $1,500 which needed to be written off. The provision for doubtful debts is to be maintained at 3% of trade receivables. What was the total expense for bad and doubtful debts in the Income Statement for the year ended 31 December 2023?
A.$1,395
B.$1,500
C.$1,695
D.$1,740
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解題
First, deduct the irrecoverable debt from trade receivables: \(48,000 - 1,500 = 46,500\). Next, calculate the closing provision: \(3\% \times 46,500 = 1,395\). Calculate the increase in provision: \(1,395 - 1,200 = 195\). The total expense equals the written-off debt plus the increase in provision: \(1,500 + 195 = 1,695\).
評分準則
1 mark for the correct option. A only shows the closing provision. B only shows the written-off debt. C is correct. D does not deduct the bad debt from trade receivables before calculating the provision.
題目 23 · MCQ
1 分
A business incurred the following costs in relation to a delivery vehicle: Purchase of the delivery vehicle $15,000; Delivery cost of the vehicle $350; Insurance for the vehicle for the first year $450; Painting the business logo on the vehicle $200; Fuel for the vehicle $120. What was the total capital expenditure?
A.$15,000
B.$15,350
C.$15,550
D.$16,120
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解題
Capital expenditure comprises costs associated with purchase and preparation of a non-current asset. It includes: Purchase price ($15,000) + Delivery cost ($350) + Logo painting ($200) = $15,550. Insurance ($450) and Fuel ($120) are ongoing running costs of the vehicle, which represent revenue expenditure.
評分準則
1 mark for the correct option. A only includes the purchase price. B omits the logo painting cost. C is correct. D incorrectly includes insurance and fuel.
題目 24 · MCQ
1 分
At 1 January 2023, a business had prepaid rent of $800. During the year, rent payments of $5,200 were made by cheque. On 31 December 2023, the business owed $600 for outstanding rent. What was the rent expense transferred to the Income Statement for the year ended 31 December 2023?
A.$3,800
B.$5,000
C.$5,400
D.$6,600
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解題
Rent expense for the year is calculated as: Rent paid ($5,200) + Opening prepayment ($800) + Closing accrual ($600) = $6,600. The opening prepayment represents rent relating to this year paid last year, and the closing accrual represents rent relating to this year not yet paid.
評分準則
1 mark for the correct option. A subtracts both opening prepayment and closing accrual. B subtracts prepayment and adds accrual. C adds prepayment and subtracts accrual. D is correct.
題目 25 · MCQ
1 分
At 31 December, a business's bank statement showed a credit balance of \(\$1,420\). The following discrepancies were discovered:
1. Unpresented cheques totalled \(\$380\). 2. Uncredited deposits (cheques received but not yet credited) amounted to \(\$620\). 3. A standing order payment of \(\$110\) had been paid by the bank but not recorded in the cash book.
What was the balance in the cash book before it was updated to account for the standing order?
A.Debit balance of \(\$1,150\)
B.Debit balance of \(\$1,550\)
C.Debit balance of \(\$1,660\)
D.Debit balance of \(\$1,770\)
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解題
First, we reconcile the bank statement balance to find the updated cash book balance:
\(\text{Adjusted bank balance} = \text{Bank statement balance} + \text{Uncredited deposits} - \text{Unpresented cheques}\) \(\text{Adjusted bank balance} = \$1,420 + \$620 - \$380 = \$1,660\) (debit/positive cash book balance).
This adjusted balance represents the final updated balance of the cash book after all adjustments, including the standing order payment of \(\$110\) which reduces the cash book balance.
To find the cash book balance before this standing order was recorded: \(\text{Balance before update} = \text{Adjusted balance} + \text{Standing order}\) \(\text{Balance before update} = \$1,660 + \$110 = \$1,770\) (debit balance).
評分準則
1 mark for the correct option (D). Correct computation of updated cash book balance of \(\$1,660\) and reversal of the standing order of \(\$110\) to arrive at the pre-adjusted balance of \(\$1,770\).
題目 26 · MCQ
1 分
Alan and Brenda are partners sharing profits and losses in the ratio of 3:2. For the year ended 31 December, the partnership profit before appropriation was \(\$48,000\).
The partnership agreement provides for: - Interest on capital: Alan \(\$2,500\), Brenda \(\$1,500\) - Annual salary: Brenda \(\$6,000\) - Interest on drawings: Alan \(\$400\), Brenda \(\$600\)
What was Brenda's share of the residual profit?
A.\(\$15,200\)
B.\(\$15,600\)
C.\(\$17,200\)
D.\(\$22,500\)
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解題
To find the residual profit to be shared between partners:
\(\text{Profit before appropriation} = \$48,000\) Less: Interest on capital: \(-\$4,000\) (\(\$2,500 + \$1,500\)) Less: Partner salary: \(-\$6,000\) Add: Interest on drawings: \(+\$1,000\) (\(\$400 + \$600\))
Brenda's share of residual profit (2/5 of residual profit): \(\text{Brenda's share} = \frac{2}{5} \times \$39,000 = \$15,600\).
評分準則
1 mark for the correct option (B). Step 1: Calculate total residual profit of \(\$39,000\) by subtracting interest on capital and salary and adding interest on drawings. Step 2: Apply profit sharing ratio of \(\frac{2}{5}\) to Brenda.
題目 27 · MCQ
1 分
The draft profit for the year of a sole trader was calculated at \(\$24,500\). The following errors were later discovered:
1. A payment for motor vehicle repairs of \(\$350\) was debited to the motor vehicles asset account. Depreciation is charged at 20% per annum on the cost of motor vehicles at the year-end. 2. A purchase invoice for goods costing \(\$480\) had been omitted from the books completely.
What is the corrected profit for the year?
A.\(\$23,670\)
B.\(\$23,740\)
C.\(\$24,020\)
D.\(\$24,220\)
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解題
We must adjust the draft profit for the discovered errors: - Draft profit: \(\$24,500\) - Error 1: Motor vehicle repairs (revenue expenditure) was treated as capital expenditure. This means repairs expense of \(\$350\) was omitted from the income statement (reducing profit by \(\$350\)). However, because it was incorrectly added to the asset cost, depreciation of 20% on the \(\$350\) (amounting to \(\$70\)) was incorrectly charged. Reversing this incorrect depreciation increases profit by \(\$70\). Net effect of Error 1: \(-\$350 + \$70 = -\$280\). - Error 2: Complete omission of a purchase invoice for goods of \(\$480\). This is an unrecorded purchase expense, which reduces profit by \(\$480\).
1 mark for the correct option (B). Correct adjustment for incorrect capitalisation of repairs expense (-$350) and corresponding depreciation write-back (+$70), and correction of omitted purchase (-$480).
題目 28 · MCQ
1 分
A business purchased a machine on 1 January 2021 for \(\$12,000\). Depreciation is charged at 25% 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.
The machine was sold on 1 August 2023 for \(\$6,200\).
What was the profit or loss on the disposal of the machine?
A.\(\$550\) loss
B.\(\$550\) profit
C.\(\$1,137.50\) profit
D.\(\$200\) profit
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解題
First, calculate the carrying value of the machine at the date of disposal: - Cost (1 Jan 2021): \(\$12,000\) - Depreciation for 2021 (25% of \(\$12,000\)): \(\$3,000\) - Carrying value at 31 Dec 2021: \(\$9,000\) - Depreciation for 2022 (25% of \(\$9,000\)): \(\$2,250\) - Carrying value at 31 Dec 2022: \(\$6,750\) - Depreciation for 2023: Nil (no depreciation is charged in the year of disposal) - Carrying value at disposal: \(\$6,750\)
Calculate the profit or loss on disposal: \(\text{Disposal Proceeds} - \text{Carrying Value} = \$6,200 - \$6,750 = -\$550\) (a loss of \(\$550\)).
評分準則
1 mark for the correct option (A). Correct calculation of reducing balance depreciation for Year 1 ($3,000) and Year 2 ($2,250) to arrive at carrying value ($6,750), and comparison with disposal proceeds ($6,200) to find the loss.
題目 29 · MCQ
1 分
A manufacturing business provided the following information for the year ended 30 June:
| Item | \(\$\) | | :--- | :--- | | Purchase of raw materials | 45,000 | | Carriage inwards on raw materials | 2,500 | | Direct wages | 32,000 | | Factory supervisor's salary | 14,000 | | Rent and rates (factory 80%, office 20%) | 15,000 | | Inventory of raw materials - 1 July | 6,000 | | Inventory of raw materials - 30 June | 8,000 | | Work in progress - 1 July | 4,000 | | Work in progress - 30 June | 3,500 |
Step 5: Calculate cost of production (adjusting for work in progress): \(\text{Total factory cost} + \text{Opening WIP} - \text{Closing WIP}\) \(= \$103,500 + \$4,000 - \$3,500 = \$104,000\).
評分準則
1 mark for the correct option (C). Correct inclusion of carriage inwards in cost of raw materials, apportionment of rent (80% factory), calculation of prime cost, and correct adjustments for WIP.
題目 30 · MCQ
1 分
At 1 January, a business had a provision for doubtful debts of \(\$1,200\). At 31 December, trade receivables stood at \(\$48,000\). This balance included a debt of \(\$1,500\) which was determined to be irrecoverable and must be written off. The business maintains a provision for doubtful debts equal to 3% of trade receivables.
What is the total expense for irrecoverable debts and provision for doubtful debts in the income statement for the year ended 31 December?
A.\(\$1,395\)
B.\(\$1,695\)
C.\(\$1,740\)
D.\(\$2,895\)
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解題
1. Irrecoverable debt expense to be written off = \(\$1,500\). 2. Adjusted trade receivables = \(\$48,000 - \$1,500 = \$46,500\). 3. Required closing provision for doubtful debts = 3% of \(\$46,500 = \$1,395\). 4. Increase in provision = \(\text{Closing provision} - \text{Opening provision} = \$1,395 - \$1,200 = \$195\). 5. Total charge in the income statement = \(\text{Irrecoverable debt written off} + \text{Increase in provision} = \$1,500 + \$195 = \$1,695\).
評分準則
1 mark for the correct option (B). Deducting the bad debt from trade receivables before calculating the new provision, calculating the net increase in provision, and combining both expenses correctly.
題目 31 · MCQ
1 分
At 1 October, the debit balance on the sales ledger control account was \(\$14,200\). During October, the following transactions took place:
1 mark for the correct option (A). Correct inclusion of opening debit balance, credit sales (excluding cash sales), and deduction of receipts, discount allowed, returns, bad debts, and contra entry.
題目 32 · MCQ
1 分
A business purchased a new factory building. The following expenditures were incurred:
1. Purchase price of the building: \(\$180,000\) 2. Legal fees for purchasing the building: \(\$4,500\) 3. Cost of painting the exterior walls (for the first time, to make the building ready for use): \(\$3,200\) 4. Fire insurance premium for the first year: \(\$1,200\) 5. Purchase and installation of air-conditioning systems: \(\$15,000\)
What is the total capital expenditure?
A.\(\$184,500\)
B.\(\$199,500\)
C.\(\$202,700\)
D.\(\$203,900\)
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解題
Capital expenditure comprises costs incurred on purchasing, improving, or preparing non-current assets for use.
1. Purchase price of building: Capital expenditure (\(\$180,000\)) 2. Legal fees for purchase: Capital expenditure (\(\$4,500\)) 3. First-time painting to make ready: Capital expenditure (\(\$3,200\)) 4. Fire insurance premium: Revenue expenditure (\(\$1,200\) - regular running cost) 5. Air-conditioning systems: Capital expenditure (\(\$15,000\) - improvement/addition)
1 mark for the correct option (C). Identification of purchase price, legal fees, preparation costs (first-time painting), and installation of non-current additions as capital, while excluding the annual insurance premium as revenue expenditure.
題目 33 · MCQ
1 分
The bank column of a business's cash book showed a debit balance of $1,450. When comparing this with the bank statement, the following differences were found:
1. Bank charges of $45 had not been recorded in the cash book. 2. A cheque for $210 paid to a supplier was unpresented. 3. A customer's cheque for $180 was returned by the bank marked 'refer to drawer' (dishonoured), but no entry had been made in the cash book. 4. Cash sales of $340 deposited in the bank at the end of the month had not yet been credited by the bank.
What was the corrected balance in the cash book and the balance shown on the bank statement?
A.Corrected cash book balance: $1,225 (debit); Bank statement balance: $1,095 (credit)
B.Corrected cash book balance: $1,225 (debit); Bank statement balance: $1,355 (credit)
C.Corrected cash book balance: $1,405 (debit); Bank statement balance: $1,275 (credit)
D.Corrected cash book balance: $1,405 (debit); Bank statement balance: $1,535 (credit)
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解題
First, find the corrected cash book balance: \text{Draft Cash Book Balance} = $1,450\text{ (debit)} Less: \text{Bank charges} = -$45 Less: \text{Dishonoured cheque} = -$180 \text{Corrected Cash Book Balance} = $1,450 - $45 - $180 = $1,225\text{ (debit)}
1 mark for the correct option. Total balance calculation must resolve to a credit balance of $7,600.
題目 35 · MCQ
1 分
A business prepared its draft financial statements and calculated a draft profit for the year of $42,600. The following errors were subsequently discovered:
1. No entry had been made in the books for bank charges of $150. 2. Rent received of $400 had been recorded as a debit of $400 in the rent payable account. 3. The purchases journal was undercast by $600.
What is the corrected profit for the year?
A.$41,050
B.$42,250
C.$42,650
D.$43,850
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解題
To find the corrected profit:
1. \text{Draft profit} = $42,600 2. \text{Adjust for bank charges}: -$150 (omitted expense reduces profit) 3. \text{Adjust for rent received error}: Rent received (revenue) of $400 was incorrectly debited as an expense of $400 to rent payable. To correct this, we must credit rent payable by $400 (removing the incorrect expense, which increases profit) and credit rent received by $400 (recording the correct income, which increases profit). Total impact is +$800. 4. \text{Adjust for undercast purchases}: -$600 (purchases expense increases, reducing profit)
1 mark for the correct option. Profit must be correctly adjusted from $42,600 to $42,650.
Paper 21 (Structured Written Paper)
Answer all five structured questions. Show all appropriate calculations and financial statement layouts as required.
5 題目 · 100 分
題目 1 · Structured Ledger/Statement
20 分
Liana operates a sole trade business. On 30 April 2024, her cash book (bank column) showed a debit balance of $1,480. On the same date, her bank statement showed a different balance.
The following discrepancies were discovered: 1. Bank charges of $45 had been debited by the bank but not recorded in the cash book. 2. A direct debit of $120 for insurance had not been entered in the cash book. 3. A cheque received from J. Taylor for $310 had been dishonoured by the bank, but no entry had been made in the cash book. 4. Cheques written but not yet presented to the bank totaled $890. 5. Deposits of $1,120 made on 30 April 2024 did not appear on the bank statement. 6. A credit transfer of $180 from a credit customer, S. Patel, appeared on the bank statement but had not been recorded in the cash book. 7. The bank had incorrectly credited Liana's account with $75, which belonged to another customer.
Required: (a) Prepare the updated cash book of Liana for the month of April 2024 to show the corrected bank balance. [8 marks] (b) Prepare the bank reconciliation statement for Liana as at 30 April 2024, starting with the balance as per the bank statement. [8 marks] (c) State two reasons why a cheque received might be dishonoured by the bank. [4 marks]
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解題
(a) Updated Cash Book of Liana as at 30 April 2024: Debit Side: - Balance b/d: $1,480 - S. Patel (Credit transfer): $180 - Total Debit: $1,660 Credit Side: - Bank charges: $45 - Insurance (Direct debit): $120 - J. Taylor (Dishonoured cheque): $310 - Balance c/d: $1,185 - Total Credit: $1,660 Balance b/d on 1 May 2024: $1,185 (Debit)
(b) Bank Reconciliation Statement as at 30 April 2024: - Balance as per Bank Statement: $1,030 Credit - Add: Deposits not yet credited (Deposits in transit): $1,120 - Less: Unpresented cheques: ($890) - Less: Bank error (incorrect credit): ($75) - Balance as per updated cash book: $1,185 Debit
(c) Two reasons for a dishonoured cheque: 1. Insufficient funds in the drawer's account. 2. The cheque is post-dated (dated in the future) or stale-dated (more than six months old). 3. The words and figures on the cheque do not agree. 4. The drawer's signature is missing or does not match the bank's records.
評分準則
(a) Updated Cash Book [Total 8 marks]: - Debit Balance b/d $1,480 [1 mark] - S. Patel debit entry $180 [1 mark] - Bank charges credit entry $45 [1 mark] - Insurance credit entry $120 [1 mark] - J. Taylor credit entry $310 [1 mark] - Balance c/d and b/d shown correctly as $1,185 [3 marks (2 for calculation, 1 for correct sides and layout)]
(b) Bank Reconciliation Statement [Total 8 marks]: - Starting balance as per bank statement $1,030 [2 marks (1 for calculation, 1 for indicating Credit)] - Add deposits in transit $1,120 [2 marks] - Less unpresented cheques $890 [2 marks] - Less bank error $75 [1 mark] - Correct final reconciled balance of $1,185 [1 mark]
(c) Reasons for dishonoured cheque [Total 4 marks]: - State any two valid reasons [2 marks each].
題目 2 · Structured Ledger/Statement
20 分
Ethan and Grace are in partnership sharing profits and losses in the ratio 3:2. The partnership agreement provides for: - Interest on capital at 5% per annum. - Interest on drawings at 4% per annum. - A partnership salary of $8,000 per annum for Grace.
On 1 January 2023, the balances on their capital and current accounts were: - Ethan: Capital $60,000; Current $2,400 (Debit) - Grace: Capital $40,000; Current $1,800 (Credit)
During the year ended 31 December 2023: - The partnership profit for the year was $24,500. - Ethan's drawings were $12,000 on which interest was calculated as $360. - Grace's drawings were $9,000 on which interest was calculated as $240. - On 1 July 2023, Ethan introduced an additional $10,000 cash as capital. (Interest on capital is calculated on a pro-rata basis for any changes during the year).
Required: (a) Prepare the partnership profit and loss appropriation account for the year ended 31 December 2023. [10 marks] (b) Prepare the current account of Grace for the year ended 31 December 2023. [10 marks]
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解題
(a) Ethan and Grace - Partnership Profit and Loss Appropriation Account for the year ended 31 December 2023: Profit for the year: $24,500 Add: Interest on Drawings: - Ethan: $360 - Grace: $240 - Total Interest on Drawings: $600 Total available: $25,100
Less: Partnership Salary - Grace: ($8,000) Interest on Capital: - Ethan: ($3,250) (calculated as: 5% on $60,000 for 1 year = $3,000; plus 5% on $10,000 for 6 months = $250) - Grace: ($2,000) (calculated as: 5% on $40,000) - Total Interest on Capital: ($5,250) Total allocations: ($13,250)
Residual Profit to Share: $11,850 Share of Profit: - Ethan (3/5): $7,110 - Grace (2/5): $4,740
(b) Grace Current Account for the year ended 31 December 2023: Debit Side: - 31 Dec 2023 Drawings: $9,000 - 31 Dec 2023 Interest on drawings: $240 - 31 Dec 2023 Balance c/d: $7,300 - Total Debit: $16,540 Credit Side: - 1 Jan 2023 Balance b/d: $1,800 - 31 Dec 2023 Interest on capital: $2,000 - 31 Dec 2023 Partnership salary: $8,000 - 31 Dec 2023 Share of profit: $4,740 - Total Credit: $16,540 1 Jan 2024 Balance b/d: $7,300 (Credit)
評分準則
(a) Appropriation Account [Total 10 marks]: - Profit for the year $24,500 [1 mark] - Add Interest on drawings (Ethan $360, Grace $240) [2 marks] - Deduct Grace Salary $8,000 [1 mark] - Interest on Capital Ethan ($3,250) [2 marks, showing pro-rata calculation] - Interest on Capital Grace ($2,000) [1 mark] - Share of Profit Ethan ($7,110) [2 marks] - Share of Profit Grace ($4,740) [1 mark]
(b) Current Account of Grace [Total 10 marks]: - Balance b/d credit $1,800 [1 mark] - Interest on capital credit $2,000 [1 mark (O/F from a)] - Salary credit $8,000 [1 mark] - Share of profit credit $4,740 [2 marks (O/F from a)] - Drawings debit $9,000 [1 mark] - Interest on drawings debit $240 [1 mark] - Balance c/d and b/d calculated and shown correctly on correct sides as $7,300 [3 marks]
題目 3 · Structured Ledger/Statement
20 分
The trial balance of Zara, a trader, failed to agree on 31 December 2023. The debits exceeded the credits by $640. A suspense account was opened for the difference.
Subsequent investigation revealed the following errors: 1. Sales of $320 on credit to M. Yusuf had been recorded in the sales journal as $230 and posted to the ledger accordingly. 2. A payment of rent of $480 by cheque had been correctly recorded in the cash book but debited to the electricity account. 3. The purchase of office equipment of $1,200 on credit from Office Depot had been entered in the purchases journal and posted to the purchases account. 4. A payment of $150 from a credit customer, T. Hill, was recorded correctly in the cash book, but no other entry had been made. 5. Discount allowed of $40 had been credited to the discount received account. The entry in the customer's account was correct. 6. A cash receipt of $570 for commission received was entered in the cash book but had not been posted to the commission received account.
Required: (a) Prepare the journal entries to correct errors 1 to 6. Narratives are not required. [12 marks] (b) Prepare the Suspense Account, showing the original balance and the entries needed to clear it. [8 marks]
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解題
(a) Zara - Journal Entries: 1. Debit: M. Yusuf $90, Credit: Sales $90 2. Debit: Rent $480, Credit: Electricity $480 3. Debit: Office Equipment $1,200, Credit: Purchases $1,200 4. Debit: Suspense $150, Credit: T. Hill $150 5. Debit: Discount Allowed $40, Debit: Discount Received $40, Credit: Suspense $80 6. Debit: Suspense $570, Credit: Commission Received $570
(b) Suspense Account: Debit Side: - T. Hill: $150 - Commission Received: $570 - Total Debit: $720 Credit Side: - Difference on trial balance (Balance b/d): $640 - Discount Allowed: $40 - Discount Received: $40 - Total Credit: $720
評分準則
(a) Journal Entries [Total 12 marks]: - Error 1: Debit M. Yusuf and Credit Sales with $90 [2 marks] - Error 2: Debit Rent and Credit Electricity with $480 [2 marks] - Error 3: Debit Office Equipment and Credit Purchases with $1,200 [2 marks] - Error 4: Debit Suspense and Credit T. Hill with $150 [2 marks] - Error 5: Debit Discount Allowed ($40) and Debit Discount Received ($40), and Credit Suspense ($80) [2 marks] - Error 6: Debit Suspense and Credit Commission Received with $570 [2 marks]
(b) Suspense Account [Total 8 marks]: - Opening Difference on trial balance credit $640 [2 marks] - T. Hill debit $150 [2 marks] - Commission Received debit $570 [2 marks] - Discount Allowed credit $40 [1 mark] - Discount Received credit $40 [1 mark]
題目 4 · Structured Ledger/Statement
20 分
Hassan prepares his financial statements to 31 December each year. He bought a delivery vehicle (Vehicle A) on 1 January 2021 for $24,000. On 1 July 2022, he bought another delivery vehicle (Vehicle B) for $18,000.
Hassan depreciates his delivery vehicles at 20% per annum using the diminishing (reducing) balance method. Depreciation is calculated on a pro-rata basis for the proportion of the year for which the asset is owned.
On 30 September 2023, Vehicle A was sold for $13,000 cash.
Required: (a) Calculate the depreciation charge on delivery vehicles for each of the years ended: (i) 31 December 2021 [2 marks] (ii) 31 December 2022 [4 marks] (iii) 31 December 2023 [6 marks] (b) Prepare the delivery vehicles disposal account for the year ended 31 December 2023. [8 marks]
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解題
(a) Depreciation Calculations: (i) Year ended 31 December 2021: - Vehicle A: 20% x $24,000 = $4,800
(ii) Year ended 31 December 2022: - Vehicle A: 20% x ($24,000 - $4,800) = $3,840 - Vehicle B: 20% x $18,000 x 6/12 (owned 6 months) = $1,800 - Total Depreciation for 2022: $3,840 + $1,800 = $5,640
(iii) Year ended 31 December 2023: - Vehicle A: 20% x $15,360 (NBV) x 9/12 (owned 9 months) = $2,304 - Vehicle B: 20% x ($18,000 - $1,800) = 20% x $16,200 = $3,240 - Total Depreciation for 2023: $2,304 + $3,240 = $5,544
(b) Delivery Vehicles Disposal Account: Debit Side: - 30 Sep 2023 Delivery Vehicles (Cost of A): $24,000 - Total Debit: $24,000 Credit Side: - 30 Sep 2023 Provision for Depreciation of Vehicles (Accumulated depreciation of A): $10,944 (calculated as: $4,800 + $3,840 + $2,304) - 30 Sep 2023 Cash / Bank (Proceeds): $13,000 - 31 Dec 2023 Income Statement (Loss on disposal): $56 - Total Credit: $24,000
評分準則
(a) Depreciation Calculations [Total 12 marks]: (i) 2021: Vehicle A $4,800 [2 marks] (ii) 2022: Vehicle A $3,840 [1 mark], Vehicle B $1,800 [2 marks (showing 6/12 pro-rata)], Total $5,640 [1 mark] (iii) 2023: Vehicle A $2,304 [3 marks (showing 9/12 pro-rata)], Vehicle B $3,240 [2 marks], Total $5,544 [1 mark]
(b) Delivery Vehicles Disposal Account [Total 8 marks]: - Debit entry: Delivery Vehicles (Cost of A) $24,000 [1 mark] - Credit entry: Provision for Depreciation $10,944 [3 marks (1 for each year's depreciation of A, or O/F from a)] - Credit entry: Cash/Bank $13,000 [1 mark] - Credit entry: Income Statement (Loss) $56 [3 marks (2 for correct calculation, 1 for correct transfer to Income Statement debit)]
題目 5 · Structured Ledger/Statement
20 分
Makarov is a manufacturer of wooden furniture. The following information is available for the year ended 31 December 2023: - Inventory at 1 January 2023: - Raw materials: $14,500 - Work-in-progress: $9,200 - Finished goods: $21,000 - Inventory at 31 December 2023: - Raw materials: $16,200 - Work-in-progress: $8,400 - Finished goods: $23,500 - Transactions during the year: - Purchases of raw materials: $94,600 - Carriage inwards on raw materials: $3,100 - Direct factory wages: $68,200 - Indirect factory wages: $24,500 - Factory rent and rates: $18,000 - Factory heat and light: $11,400 - Depreciation of factory machinery: $12,800 - Adjustments at 31 December 2023: - Direct factory wages unpaid: $1,400 - Factory rent and rates prepaid: $1,500
Required: (a) Calculate the cost of raw materials consumed during the year. [4 marks] (b) Prepare the Manufacturing Account of Makarov for the year ended 31 December 2023. [12 marks] (c) State the difference between direct costs and indirect costs in a manufacturing business, giving one example of each from the details above. [4 marks]
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解題
(a) Cost of raw materials consumed: Opening inventory of raw materials: $14,500 Add: Purchases of raw materials: $94,600 Add: Carriage inwards: $3,100 Less: Closing inventory of raw materials: ($16,200) Cost of raw materials consumed: $96,000
(b) Manufacturing Account of Makarov for the year ended 31 December 2023: Cost of raw materials consumed: $96,000 Direct factory wages ($68,200 + $1,400 unpaid): $69,600 Prime Cost: $165,600
Factory Overheads: - Indirect factory wages: $24,500 - Factory rent and rates ($18,000 - $1,500 prepaid): $16,500 - Factory heat and light: $11,400 - Depreciation of factory machinery: $12,800 Total Factory Overheads: $65,200
Total Cost before WIP adjustment: $230,800 Add: Opening Work-in-progress: $9,200 Less: Closing Work-in-progress: ($8,400) Cost of Production: $231,600
(c) Differences and Examples: - Direct costs can be directly identified with and traceably linked to the units being manufactured. Example: Raw materials or direct factory wages. - Indirect costs are overhead expenses incurred in the factory which cannot be directly identified with a specific unit of production. Example: Indirect factory wages, factory rent, or depreciation of factory machinery.
評分準則
(a) Cost of Raw Materials Consumed [Total 4 marks]: - Opening inventory + purchases + carriage inwards [2 marks] - Less closing inventory [1 mark] - Correct total of $96,000 [1 mark]
(b) Manufacturing Account [Total 12 marks]: - Cost of raw materials consumed $96,000 [1 mark (O/F from a)] - Direct factory wages adjusted to $69,600 [2 marks] - Correct Prime Cost $165,600 [1 mark] - Indirect factory wages $24,500 [1 mark] - Factory rent adjusted to $16,500 [2 marks] - Factory heat and light $11,400 & Depreciation $12,800 [1 mark] - Total Factory Overheads $65,200 [1 mark] - WIP opening and closing adjustment (+ $800 net) [2 marks] - Correct Cost of Production $231,600 [1 mark]
(c) Direct vs Indirect Costs [Total 4 marks]: - Definition of Direct Cost [1 mark] and relevant example [1 mark] - Definition of Indirect Cost [1 mark] and relevant example [1 mark]
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