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Question 10) The following account appeared in the ledger of T. Allen. DR Bank Account CR Date Details Date Details May 5 Sales S.B.2 690 May 1 Balance b/d 370 May 7 Rent C.L.9 500 Present the information given in the above account in continuous balance format in the Bank Account below. Bank Account Date Details F Debit Credit Balance May 1 Balance (370) May 5 Sales S.B.2 May 7 Rent C.L.9 Question 11) Balance Sheet as at 31 May 2002 E Fixed Assets......... 250,000 Current Assets..... ........ 64,000 Current Liabilities...... 74.000 (10,000) 240,000 Financed by: Long term Liabilities.................................." 60,000 Capital Authorised Issued Ordinary Shares El cach...... 200,000 130,000 130,000 Reserves........ 50.000 180,000 240.000 6Question 8) The following account appeared in the ledger of T. Hannon. DR Sales Account CR Date Details F Date Details F May 29 Bank C.B.6 9,500 May 30 Sundry Debtors S.B.3 860 Complete the sentences below to explain the entries in the account. On May 29, T. Hannon On May 30, T. Hannon Question 9) U The following entry appeared in the General Journal of a grocer. Complete it by writing an appropriate narration/explanation. General Journal F DRE CRE May 20 Equipment a/c DR 5.000 Smith Ltd. 5,000 BeingQuestion 7) The following is a line graph of a firm's Total Sales Revenue and Total Expenses for the years 1996 -2001. 400.000 350,000 Total Sales Revenue 300,000 250,000 200,000 Total Expenses 150,000 100,000 50,000 1996 1997 1998 1999 2000 2001 Tick () the correct answer below. In the past 6 years the firm's Net Margin (Net Profit Percentage) has Improved 0 Disimproved Remained UnchangedQuestion 5) Complete the Rent Account below for the year ending 31 December 2000, showing the amount transferred to the Final Accounts on that date. Note There is no rent due or prepaid at the end of the year. Dr Rent Account Cr Date Details Fol IRE Date Details Fol IRE 1/3/00 Bank CB 1,100 1/1/00 Balance b/d 200 1/10/00 Cash CB 300 Question 6) Tick ( ) the correct box to show which of the following is the correct formula for calculating Stock Turnover. (a) Turnover ( b ) Gross Sales Average Stock Average Stock (c) Cost of Sales (d) Cost of Sales Opening + Closing Stock Average Stock2015 Q1 Answer all parts of this question: (A) On page 9 of Section A is a partially completed summary of the Dwyer household budget for the months July to October 2015. You are required to complete this budget by entering the appropriate figures into the 'Total' column and the missing figures for 'Total Outgoings, Net Cash, Opening Cash and Closing Cash'. On 1 July 2015 the Dwyer household expects to have cash in hand of 6596. (11) (B) Answer the following questions in the spaces provided on pages 9 & 10 of Section A. (i) What is a budget? (ii) Outline two reasons for preparing a budget. (iii) Name any month the Dwyer household plan to have a deficit and the amount of the deficit. (iv) Suggest one way of overcoming this deficit. (V) Did the Dwyer household plan to live within its income for the period July to October 2015? Give one reason for your answer. (vi) Answer the following question in the space provided on page 10 of Section A. The Dwyer household owns a five year old car. Show, by ticking () the correct box, whether the following expenses would be classified as Fixed, Irregular or Discretionary in its household budget: NCT Fee Diesel New Alloy Wheels Car Service (21) (C) On 16 June 2015 Sinead Dwyer paid the car insurance premium E545 to Dingle Insurance Lid by cheque. As the cheque was sent by post she decided to make it as safe as possible. Complete the Cheque and Counterfoil on page 1 1 of Section A. (8) (40 marks)(A) Using the Budget Comparison Statement on page 9 of Section A, enter the appropriate figures into the 'Actual' column. Show the differences between the 'Actual' and 'Budget' figures by completing the column marked 'Difference'. Use a plus or minus sign in front of each figure in that column. Note: Use 'plus' sign if 'Actual' is GREATER than the 'Budget' figure. Use 'minus' sign if 'Actual' is LESS than the 'Budget' figure. Example: Budget Actual Difference 100 180 + 80 600 550 - 50 Total 700 730 + 30 (22) Answer the following parts (B) and (C) in the spaces provided on page 10 of Section A. (B) (i) What was the budgeted closing cash at the end of 2015? (ii) How much had the Walters household budgeted to save during 2015? (iii) State by how much the Walters household exceeded their Budgeted Total Expenditure. (iv) What was the actual closing cash at the end of 2015? (v) Explain one reason why the mortgage payments decreased in August. (10) (C) (i) Outline two pieces of financial advice you would give the Walters household in light of the 'Actual' 2015 Budget. (ii) Explain the term 'no claim bonus'. (8) (40 marks)
