Acc/100 Week 2
D2ACC100
FINANCIAL ACCOUNTING
MID SEMESTER EXAM REVISION
COMPILATION
D2 ACC 100
D2 ACC 100
ACKNOWLEDGEMENT: * Extracted from Past Year Mid Term Exam Paper: D2ACC100
– SEM 1, 2006 – SEM 3, 2007 * Original idea belongs to Mr Gooi Chee San * Some of the questions have been modified to cater the needs of current student
Sem 3, 2007
Question 3
Cabao is a financial consultancy firm. It updates its accounts everyday. Indicate the immediate effect of the following errors on each of the accounting elements described in the column headings below, using the following code:
O = overstated U = understated NE = no effectD2 ACC 100
D2 ACC 100
Copy the table below before answering.
Error | Net Income | Total …show more content…
2006 | | Oct 02 | Karon issued a cD2 ACC 100
D2 ACC 100 heque $8000 to pay the salary for September 2006 | | | Oct 06 | Sold some inventory for $60 000 on the following terms 5/10, n/60 | | | Oct 09 | Karon collected a $10 000 cheque from its customer for sales made in the previous month. | | | Oct 12 | Karon bought some inventory for $100 000 on the following terms 3/5, n/60 | | | Oct 14 | Karon issued a cheque to fully settle for the purchase made on October 12 | | | Oct 15 | Karon received a cheque from its customer for the sales made on October 06 | | | Oct 19 | Karon bought a new computer for business use. It paid by cheque $5000 | | | Oct 23 | The owner withdrew $6,000 for family use | | | Oct 31 | Paid its workers $4,000 for the work done in October 2006 |
(IGNORE GOODS & SERVICES TAX)
REQUIRED:
(a) Show ALL the ledger accounts (T-account) and post the October …show more content…
Its financial year end is 30 June each year. Below is a trial balance of Clarke Angeles as at 30 June 2007. All in thousand.
| DR $’000 | CR $’000 | Advertisement expenseWages and salaries expenseMotor vehicle expensePrepaid insuranceSundry operating expensesDiscount allowedDelivery chargesAccounts receivableCash at bankDrawingsMotor vehicles, at costLandBuildingInterest expenseAccomodation expenseOffice EquipmentElectricity and Telephone expensesPremises rental revenueDiscount receivedAccounts payableConsultationD2 ACC 100
D2 ACC 100 FeesCapitalCommision RevenueNotes payable, due 29 June 2007 | 168018242019138018208010040062341849 | 38257076840033 50 |
(Ignore Goods & Services Tax)
Other data given: (i) The owner withdrew $4,000 cash on 28 June 2007. No entry has been made. (ii) Clarke Angeles advertised its products over the local radio station on 27 June 2007. It costs the business $5,000. It has not yet paid and no entry has been made at all for this advertisement. (iii) The prepaid insurance is valid from 01 July 2006 to 30 June 2007. (iv) Rental of $4,000 is yet to be received
FINANCIAL ACCOUNTING
MID SEMESTER EXAM REVISION
COMPILATION
D2 ACC 100
D2 ACC 100
ACKNOWLEDGEMENT: * Extracted from Past Year Mid Term Exam Paper: D2ACC100
– SEM 1, 2006 – SEM 3, 2007 * Original idea belongs to Mr Gooi Chee San * Some of the questions have been modified to cater the needs of current student
Sem 3, 2007
Question 3
Cabao is a financial consultancy firm. It updates its accounts everyday. Indicate the immediate effect of the following errors on each of the accounting elements described in the column headings below, using the following code:
O = overstated U = understated NE = no effectD2 ACC 100
D2 ACC 100
Copy the table below before answering.
Error | Net Income | Total …show more content…
2006 | | Oct 02 | Karon issued a cD2 ACC 100
D2 ACC 100 heque $8000 to pay the salary for September 2006 | | | Oct 06 | Sold some inventory for $60 000 on the following terms 5/10, n/60 | | | Oct 09 | Karon collected a $10 000 cheque from its customer for sales made in the previous month. | | | Oct 12 | Karon bought some inventory for $100 000 on the following terms 3/5, n/60 | | | Oct 14 | Karon issued a cheque to fully settle for the purchase made on October 12 | | | Oct 15 | Karon received a cheque from its customer for the sales made on October 06 | | | Oct 19 | Karon bought a new computer for business use. It paid by cheque $5000 | | | Oct 23 | The owner withdrew $6,000 for family use | | | Oct 31 | Paid its workers $4,000 for the work done in October 2006 |
(IGNORE GOODS & SERVICES TAX)
REQUIRED:
(a) Show ALL the ledger accounts (T-account) and post the October …show more content…
Its financial year end is 30 June each year. Below is a trial balance of Clarke Angeles as at 30 June 2007. All in thousand.
| DR $’000 | CR $’000 | Advertisement expenseWages and salaries expenseMotor vehicle expensePrepaid insuranceSundry operating expensesDiscount allowedDelivery chargesAccounts receivableCash at bankDrawingsMotor vehicles, at costLandBuildingInterest expenseAccomodation expenseOffice EquipmentElectricity and Telephone expensesPremises rental revenueDiscount receivedAccounts payableConsultationD2 ACC 100
D2 ACC 100 FeesCapitalCommision RevenueNotes payable, due 29 June 2007 | 168018242019138018208010040062341849 | 38257076840033 50 |
(Ignore Goods & Services Tax)
Other data given: (i) The owner withdrew $4,000 cash on 28 June 2007. No entry has been made. (ii) Clarke Angeles advertised its products over the local radio station on 27 June 2007. It costs the business $5,000. It has not yet paid and no entry has been made at all for this advertisement. (iii) The prepaid insurance is valid from 01 July 2006 to 30 June 2007. (iv) Rental of $4,000 is yet to be received