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The following data relates to questions 1 and 2 The following information relates to a bank reconciliation. (1) The bank balance in the cashbook before taking the items below into account was $9,000 overdrawn. (2) Bank charges of $600 on the bank statement have not been entered in the cashbook. (3) The bank has credited the account in error with $ 450 which belongs to another customer. (4) Cheque payments totalling $ 3, 300 have been entered in the cashbook but have not been presented for payment, (5) Cheques totalling $ 5, 480 have been correctly entered on the debit side of the cashbook but have not been paid in at the bank. Question 1 What was the balance as shown by the bank statement before taking the items above into account? Question 2 Was this a favourable or an overdrawn balance? Question 3 W bought a new printing machine from abroad. The cost of the machine was $ 80,000. The installation costs were $5,000 and the employees received specific training on how to use this particular machine, at a cost of $3,000. Before using the machine to print customers orders, a test was undertaken and the paper and ink cost $2,000. An additional maintenance cost of $10,000 per year has also been signed. What should be the cost of the machine in the company's statement of financial position? The following data relates to questions 4 and 5 The electricity account for the year ended 30 June 20X1 was as follows. $ Opening balance for electricity accrued at 1 July 20X0 300 Payments made during the year: 1 May 20X0 for three months to 31 July 20X0 600 1 August 20X0 for three months to 31 October 20X0 770 1 November 20X1 for three months to 31 January 20X1 800 1 Feburary 20X1 for three months to 30 April 20X1 890 1 May 20X1 for three months to 30 July 20X1 900 Question 4 What is the amount to be accrued as at 30 June 20X1? Question 5 What is the amount charged to Income Statement for the year ended 30 June 20X1? Question 6 S& Co. sell three products-Basic, Super and Luxury. The following information was available at the year end. Basic Super Luxury $ per unit $ per unit $ per unit Original cost 6 9 18 Estimated selling price 10 12 15 Selling and distribution costs 2 6 5 units units units Units of inventory 200 250 250 The value of inventory at the year end should be The following data relates to questions 7 and 8 A car was purchased by a newsagent business in May 2017 for: $ Cost 15, 000 Road tax 150 Total 15,150 The business adopts a date of 31 December as its year end. The car was traded in for a replacement vehicle in August 2020 at an agreed value of $5,000. It has been depreciated at 25% per annum on the reducing-balance method, charging a full year's depreciation in the year of purchase and none in the year of sale. Question 7 What was the profit or loss on disposal of the vehicle during the year ended December 2020? Round off the answer to two decimal places. Question 8 Was this amount a profit or loss? Question 9 A inventory record card shows the following details. February 1 70 units in inventory at a cost of $ 100 per unit 7 80 units purchased at a cost of $ 45 per unit 14 90 units sold 21 50 units purchased at a cost of $ 70 per unit 28 50 units sold What is the value of inventory at 28 February using the FIFO method? Question 10 The cashier is reconciling his company's cash book with the bank statement at 31 March 20X3. $ 12,350 The firm's cash book shows a debit balance of The following information is available: Bank charges not entered in the cash book 170 Unpresented cheques 4, 600 Direct debit payment on the bank statement not entered in the cash book 230 Sales receipts banked, but not credited by the bank 9,400 A cheque from a customer which had previously been entered in the cash book when received, has been returned by the bank as dishonoured, and this has not been recorded in the cash book 110 What is the WRONG bank balance in the company's statement of financial position at 31 March 20X3
