acct1a past exam
THE UNIVERSITY OF
NEW SOUTH WALES
~
School of Accounting
ACCT 1501: Accounting and Financial Management lA
FINAL EXAMINATION PAPER
SESSION 1,2006
This is a three (3) hour paper.
You have ten (10) minutes reading time.
There are six (6) questions.
There are eight (8) pages, including this one.
You must answer all parts of all questions.
The questions are not of equal value.
All answers must be written in blue or black ink.
Show all relevant working.
This paper forms 55% of the assessment in this course.
This paper may be retained by the candidate.
Do not turn the page until instructed by the examination supervisor.
1
Question 1
[10 marks]
Cash
The bank statement for Eastpark Ltd for June 30, 2005 indicates a credit balance of
$9,143.11. All cash receipts are deposited each evening in a night depository, after banking hours. The accounting records indicate the following summary data for cash receipts and payments for June:
$ 3,943.50 DR
Cash balance as of June 1
Total cash receipts for June
28,971.60
Total amount of cheques issued in June 28,388.85
Comparing the bank statement and the accompanying cancelled cheques and memorandums with the records reveal the following reconciling items:
a. The bank had collected for Eastpark Ltd $1,030 on a note left for collection.
The face value of the note was $1,000, with the remaining $30 being interest.
b. A deposit of $1,852.21, representing receipts of June 30, had been made too late to appear on the bank statement.
c. Cheques outstanding totalled $5,265.27.
d. A cheque (#46) drawn for $139 had been incorrectly charged by the bank as
$157.
e. A cheque (#48) drawn for $30 had been incorrectly recorded in the company's records as $240. The cheque was for the payment of an obligation to Avian
Equipment Ltd for the purchase of supplies on account.
f.
Bank service charges for June amounted to $18.20.
Required:
1. Prepare a bank reconciliation for June. [5
NEW SOUTH WALES
~
School of Accounting
ACCT 1501: Accounting and Financial Management lA
FINAL EXAMINATION PAPER
SESSION 1,2006
This is a three (3) hour paper.
You have ten (10) minutes reading time.
There are six (6) questions.
There are eight (8) pages, including this one.
You must answer all parts of all questions.
The questions are not of equal value.
All answers must be written in blue or black ink.
Show all relevant working.
This paper forms 55% of the assessment in this course.
This paper may be retained by the candidate.
Do not turn the page until instructed by the examination supervisor.
1
Question 1
[10 marks]
Cash
The bank statement for Eastpark Ltd for June 30, 2005 indicates a credit balance of
$9,143.11. All cash receipts are deposited each evening in a night depository, after banking hours. The accounting records indicate the following summary data for cash receipts and payments for June:
$ 3,943.50 DR
Cash balance as of June 1
Total cash receipts for June
28,971.60
Total amount of cheques issued in June 28,388.85
Comparing the bank statement and the accompanying cancelled cheques and memorandums with the records reveal the following reconciling items:
a. The bank had collected for Eastpark Ltd $1,030 on a note left for collection.
The face value of the note was $1,000, with the remaining $30 being interest.
b. A deposit of $1,852.21, representing receipts of June 30, had been made too late to appear on the bank statement.
c. Cheques outstanding totalled $5,265.27.
d. A cheque (#46) drawn for $139 had been incorrectly charged by the bank as
$157.
e. A cheque (#48) drawn for $30 had been incorrectly recorded in the company's records as $240. The cheque was for the payment of an obligation to Avian
Equipment Ltd for the purchase of supplies on account.
f.
Bank service charges for June amounted to $18.20.
Required:
1. Prepare a bank reconciliation for June. [5