Hi, this is accounting questions

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Practice Final Exam for Revision purposes Part A Problem Solving QUESTION 1 (10 marks) The following transactions occurred during June 2014 for Darling Harbour Gift Shop. All sales and purchases include 10% GST. Use the Perpetual System a) June 3 Purchased $6,600 of inventory on credit under terms of 3/10 n/20. b) June 7 Returned $750 of defective goods purchased on June 3. c) June 9 Paid freight bill of $250 on June 3 purchase. d) June 10 Sold inventory on credit for $8,800. Payment terms were 4/15 n/30. These goods cost the business $4,000 net of GST. e) June 12 Paid amount owed on credit purchase of June 3, less the return and the discount. f) June 17 Granted a sales allowance of $880 on the June 10 sale. g) June 25 received cash from June 10 customer in full settlement of her debt, less the allowance and the discount (if applicable). Required: Journalise the June transactions for Darling Harbour Gift Shop. QUESTION 2 (10 marks) McGuire Metals Ltd uses the periodic inventory method and had the following inventory information available: Units Unit Cost Unit Price 1 st January Beginning inventory 38 $3 20th February Sale 15 $5 25th July Purchase 20 $4 20th October Purchase 10 $5.5 20th December Sale 30 $8 Required: a. What is the value of ending inventory at 31 December if the company uses FIFO method? (4 marks) b. What is the value of ending inventory at 31 December if the company uses average cost method? (4 marks) C. Which of the inventory costing method above would give higher profit? Why? (2 marks) per bank of $7,000. The company's Cash account in the general ledger had a balance of $5,659 at 30 November. Other information is as follows: QUESTION 3 (10 marks) The Bendigo Boat Company's bank statement for the month of November showed a balanceCash receipts for 30 November recorded on the company's books were $5,200 but this amount does not appear on the bank statement. (2) The bank statement shows a debit memorandum for $40 for cheque printing charges. (3) Cheque No. 119 payable to Lynch Company was recorded in the cash payments journal and cleared the bank for $248. A review of the accounts payable subsidiary ledger shows a $36 credit balance in the account of Lynch Company and that the payment to them should have been for $284. (4) The total amount of cheques still outstanding at 30 November amounted to $5,800. (5) Cheque No. 138 was correctly written and paid by the bank for $409. The cash payment journal reflects an entry for Cheque No. 138 as a debit to Accounts Payable and a credit to Cash in Bank for $490. (6) The bank returned a dishonoured cheque from a customer for $560. (7) The bank included a credit memorandum for $1,260, which represents collection of a customer's note by the bank for the company; principal amount of the note was $1,200 and interest was $60. Interest has not been accrued. Instructions Prepare a bank reconciliation for the Bendigo Boat Company at 30 November. QUESTION 4 (10 marks) E7.6 Garcia Pty Ltd has accounts receivable of $92 500 at 31 March 2010. An analysis of the accounts shows these amounts: Balance, 31 March Month of sale 2010 2009 March $65 000 $75 000 February 12600 8000 December and January 8 500 2400 November and October 6400 1 100 $ 92 500 $86 500 Credit terms are 2/7, n/30. At 31 March 2010 there is a $1600 credit balance in Allowance for Doubtful Debts before adjustment. The entity uses the ageing of accounts receivable basis for estimating uncollectable accounts. Garcia Pty Ltd's estimates of bad debts are as follows: Estimated percentage Age of accounts uncollectable Current 2.0% 1-30 days past due 5.0 31-90 days past due 30.0 Required Over 90 days (a) Determine the total estimated uncollectables. 50.0 (h) Prepare the adjusting entry at 31 March 2010 to record bad debts expense. () Discuss the implications of the changes in the ageing schedule from 2009 to 2010.SET` Part B - Theory 10 marks Question ] Financial and Managerial Accounting are both concerned with the economic events of an enterprise . Similarities between financial and managerial accounting do exist , but they do have a different focus . Briefly distinguish between financial and managerial accounting . Question ? Clinix is a medical office management franchise . There are currently twenty- five medical offices managed by a Clinix franchisee . One of the services provided to franchisees is assistance in training various staff members . Clinix is preparing a manual for the front office staff to use as a reference guide . It will be used in training new employees as well . One of the reasons the manual is being prepared is to stress the importance of strong internal controls . Required :" Prepare a short paragraph , to be included in the training materials , describing the benefits of sound internal control , from the viewpoint of the employee . P 3 - 8 Req . 3 PREPARE INCOME STATEMENT , OWNERS EQUITY AND BALANCE SHEET Prepaid insurance Supplies ACCOUNT Building Accounts receivable Cash LAMINGTON INN as at 30 June 2016 Adjusted trial balance 60 0 $ 12 100 41 1 000 DEBIT 700 14 300 CREDIT