Exam ID 321 ANSWER BOOKLET Qualifications Level 3 Certificate in Bookkeeping QCF (Accreditation number: 500/8479/3) Level 3 Certificate in Manual Bookkeeping QCF (Accreditation number: 500/9260/1) Level 3 Certificate in Applied Bookkeeping QCF (Accreditation number: 500/9262/5) JUNE 2013 Time Allowed: 3 hours Student Number: Candidate Number: Name of Exam Centre: FOR USE BY ASSESSOR ONLY: Suite 5, 20 Churchill Square, Kings Hill, West Malling, Kent, ME19 4YU Tel: 0844 330 3527, Fax: 0844 330 3514, Email: [email protected]IAB I/D Units covered Possible marks Actual marks Pass or Fail 309 Record transactions and make accounting adjustments – M601/0732 100 308 Prepare financial statements for a not for profit organisation – D601/0757 40
309 Record transactions and make accounting adjustments – M601/0732
100
308 Prepare financial statements for a not for profit organisation – D601/0757
40
IAB L3 Cert (QCF)/June 2013 Exam AB (P1)
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SECTION A INSTRUCTIONS There are THREE questions in this section of the paper. You must complete ALL TASKS within the questions QUESTION ONE Motor Factors Ltd For Use in Answering Question One (Part A) - Tasks A, B and C General Ledger (Extract) – Sales Ledger and Purchase Ledger Control Accounts
General Ledger (Extract)
DR Sales Ledger Control CR
2013 Details £ 2013 Details £
DR Purchase Ledger Control CR
2013 Details £ 2013 Details £
IAB L3 Cert (QCF)/June 2013 Exam AB (P1)
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Motor Factors Ltd For Use in Answering Question One (Part A) – Tasks D & E Reconciliation of Balance per the Sales Ledger and Purchase Ledger Control Accounts with the Total of Trade Debtor and Trade Creditor Balances per the Sales and Purchase Ledgers as at 31 May 2013 .
Schedule Reconciling Sales Ledger Control Account Balance to Total
Trade Debtor Balances per Sales Ledger at 31 May 2013
£ Balance per Sales Ledger Control at 31 May 2013 Total trade debtors per the Sales Ledger at 31May 2013
Difference
Schedule Reconciling Purchase Ledger Control Account Balance to Total
Trade Creditor Balances per Purchase Ledger at 31 May 2013
£ Balance per Purchase Ledger Control at 31 May 2013 Total trade creditors per the Purchase Ledger at 31 May 2013
Difference
IAB L3 Cert (QCF)/June 2013 Exam AB (P1)
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Motor Factors Ltd For Use in Answering Question One (Part B) - Task F Schedule Amending Trade Creditor Balances per the Purchase Ledger at 31 May 2013
Schedule Amending Trade Creditor Balances per the Purchase Ledger
at 31 May 2013
£ Trade creditors per the Purchase Ledger at 31 May 2013 Amendments: (i) Credit note received from a trade creditor not posted to
the trade creditor personal account in the Purchase Ledger
(ii) Transposition error, trade creditor personal account
balance transposed on the list of balances taken from the Purchase Ledger at 31 May 2013
Amended Purchase Ledger balances
Balance per Purchase Ledger Control Account
IAB L3 Cert (QCF)/June 2013 Exam AB (P1)
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IAB L3 Cert (QCF)/June 2013 Exam AB (P1)
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QUESTION TWO Quickfix General Ledger (Extract) – For Use in Answering Question Two Tasks A, B, C,F, H, and J
DR Workshop Equipment (Cost) CR
Date Details £ Date Details £
DR
Workshop Equipment (Provision for Depreciation)
CR
Date Details £ Date Details £
DR Depreciation Expense CR
Date Details £ Date Details £
DR Fixed Assets Disposal CR
Date Details £ Date Details £
Pa
ge
6
Item Description Date of Acquisition
Capitalised Cost
£
Annual Depreciation
£
Accumulated Depreciation
£
Net Book Value
£
Disposal Proceeds
£
Disposal Date
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Workshop Equipment
Four Post Vehicle Lift (WE 0001) 1/7/10 12,000
Depreciation – Year ended 31/5/11 - 2,400 2,400 9,600
Depreciation – Year ended 31/5/12 1,920 4,320 7,680
Brake Tester (WE 0005) 1/8/10 5,000
Depreciation – Year ended 31/5/11 - 1,000 1,000 4,000
Depreciation – Year ended 31/5/12 800 1,800 3,200
Headlamp Aligner (WE 0010) 1/8/09 2,500
Depreciation – Year ended 31/5/10 - 500 500 2,000
Depreciation – Year ended 31/5/11 400 900 1,600
Depreciation - Year ended 31/5/12 320 1,220 1,280
Emissions Analyser (WE 0015) 1/2/12 10,000
Depreciation – Year ended 31/5/12 - 2,000 2,000 8,000
IAB L3 Cert (QCF)/June 2013 Exam AB (P1)
Quickfix Journal – For Use in Answering Question Two Tasks E, G and I
Journal
2013 Details DR £
CR £
Journal Task E
Journal Task G
Journal Task I
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IAB L3 Cert (QCF)/June 2013 Exam AB (P1)
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IAB L3 Cert (QCF)/June 2013 Exam AB (P1)
QUESTION THREE Asian Imports General Ledger (Extract) – Ledger Accounts for Use in Answering Question Three Tasks B, D, F, I, K and L
General Ledger (Extract)
DR Provision for Doubtful Debts CR
Date Details £ Date Details £ 31/5/12 Balance b/f 1,840
DR Sales Ledger Control CR
Date Details £ Date Details £ 31/5/13 Balance b/f 109,100
DR Rates CR
Date Details £ Date Details £ 31/5/13 Balance b/f 19,200
DR Heat and Light CR
Date Details £ Date Details £ 31/5/13 Balance b/f 3,400
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DR Rent CR
Date Details £ Date Details £ 31/5/13 Balance b/f 14,000
IAB L3 Cert (QCF)/June 2013 Exam AB (P1)
Asian Imports
General Ledger (Extract) Continued
DR Stock CR
Date Details £ Date Details £ 1/6/12 Balance b/f 122,320
DR Bad Debts CR
Date Details £ Date Details £
DR Prepayments CR
Date Details £ Date Details £
DR Accruals CR
Date Details £ Date Details £
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IAB L3 Cert (QCF)/June 2013 Exam AB (P1)
Asian imports Schedule Amending Closing Stock Valuation – For Use in Answering Question Three Task G Schedule Amending Closing Stock Valuation at 31 May 2013
Details
£
Original closing stock valuation 128,450 Amendments:
Stock damaged whilst in stock room and unsellable Stock line value to be reduced from retail selling price to cost price
Amended Closing Stock Valuation at 31 May 2013
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IAB L3 Cert (QCF)/June 2013 Exam AB (P1)
Asian Imports For Use in Answering Question Three Tasks A, C, E, H and J
Journal
2013 Details DR £
CR £
Journal Task A 31 May Bad Debts Sales Ledger Control Balance on debtor account written off as bad
debt
Journal Task C 31 May Profit and Loss Provision for Doubtful Debts Adjustment to increase the provision for
doubtful debts at the year end
Journal Task E 31 May Prepayments Rates
Heat and Light Accruals
Prepayments Rent Adjustments to account for expenses prepaid and accrued at the year end
Journal Task H 31 May Trading Stock (opening)
Stock (closing) Trading Transfer of opening and closing stock to the
Trading Account at the year end
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IAB L3 Cert (QCF)/June 2013 Exam AB (P1)
Asian Imports Journal (continued)
Journal
2013 Details DR £
CR £
Journal Task J 31 May Profit and Loss Bad Debts
Profit and Loss Rates
Profit and Loss Heat and Light
Profit and Loss Rent
Transfer of expenses to the Profit and Loss
Account at the year end 31 May 2013
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IAB L3 Cert (QCF)/June 2013 Exam AB (P1)
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IAB L3 Cert (QCF)/June 2013 Exam AB (P1)
SECTION B INSTRUCTIONS There is ONE question in this section of the paper. You must complete ALL TASKS within the question. QUESTION ONE For Use in Answering Question One Task A Workings Bodyblitz - Calculation of Members Accumulated Fund at 1 June 2012 £ Assets of Club:
Total Assets
Liabilities of Club:
Total Liabilities
Members Accumulated Fund
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IAB L3 Cert (QCF)/June 2013 Exam AB (P1)
Bodyblitz For Use in Answering Question One Task B Members Subscriptions (Income) Account, Clubhouse Rent Account, Clubhouse Rates Account and Clubhouse Heat and Light Account DR Members Subscriptions (Income) CR
Details £ Details £
DR Clubhouse Rent CR
Details £ Details £ DR Clubhouse Rates CR
Details £ Details £ DR Clubhouse Heat and Light CR
Details £ Details £
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IAB L3 Cert (QCF)/June 2013 Exam AB (P1)
Bodyblitz For Use in Answering Question One Task C Income and Expenditure Account
Bodyblitz
Income and Expenditure Account for the Year Ended 31 May 2013
Income Members subscriptions
Donation – Arctic Engineering Ltd
£ £
________
Expenditure
Clubhouse rent
Maintenance of gym equipment
Clubhouse rates
Clubhouse heat and light
Wages - fitness instructors
General operating expenses
Depreciation
Surplus of income over expenditure
IAB L3 Cert (QCF)/June 2013 Exam AB (P1)
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Bodyblitz For Use in Answering Question One Task D Bodyblitz Balance Sheet at 31 May 2013
£ £ £
Fixed Assets
Gym equipment (net book value)
Current Assets
Clubhouse rent and rates prepaid
Cash at bank
_______
Less Current Liabilities
Members subscriptions received in advance
Clubhouse heat and light accrued
_______
_______
Represented by:
Members opening accumulated fund
Surplus in year
_______
Members closing accumulated fund
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IAB L3 Cert (QCF)/June 2013 Exam AB (P1)
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