Aat Level 3 Maintaining Financial Records June 2009 Fra Answers

Topics: Generally Accepted Accounting Principles, Balance sheet, Asset Pages: 9 (917 words) Published: March 26, 2011
Model answers

|AAT Accounting Qualification |AAT Accounting Qualification | |NVQ/SVQ |Diploma pathway | |Level 3 |Advanced Certificate | |Maintaining Financial Records |Financial Accounting (FRA) | |and Preparing Accounts (FRA) |2003 Standards | |2003 Standards | |

June 2009

Section 1

Task 1.1

(a)
Purchases ledger control account
| |£ | |£ | |Bank |77,120 |Balance b/f | 6,270 | |Balance c/f | 8,915 |Credit purchases | 79,765 | | |86,035 | |86,035 |

(b)
| |£ | |Credit purchases |79,765 | |Cash purchases |5,000 | |Total purchases |84,765 |

Task 1.2
(a)
| |£ | |Original cost |4,000 | |Depreciation year ended 31 March 2007 (15% x 4,000) |(600) | |Net book value 31 March 2007 |3,400 | |Depreciation year ended 31 March 2008 (15% x 3,400) |(510) | |Net book value 31 March 2008 |2,890 | |No depreciation in year of disposal | | |Total depreciation (600 + 510) |1,110 |

(b)
Disposal account
| |£ | |£ | |Fixtures and fittings at cost | 4,000 |Fixtures and fittings accumulated depreciation | 1,110 | | | |Bank | 1,380 | | | |Loss on disposal (P&L) | 1,510 | | |4,000 | |4,000 | (c)

| |£ | |Cost as at 31 March 2008...
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