IAB BOOK-KEEPING QUALIFICATIONS (QCF) (QCF)/L1 June 2013/Model Answers v2 2 FOR USE IN ANSWERING...

EXAM ID 159

MODEL ANSWERS Qualifications: LEVEL 1 Award in Manual Bookkeeping (QCF) (Accreditation number: 500/9406/3)

LEVEL 1 Award in Bookkeeping (QCF) (Accreditation number: 500/9006/9)

JUNE 2013

FOR USE BY ASSESSOR ONLY:

Suite 5, 20 Churchill Square, Kings Hill, West Malling, Kent ME19 4YU

Telephone: 0844 330 3527 Fax Number: 0844 330 3514 email: [email protected].

IAB I/D

Units covered Possible marks

Actual marks

Pass or Fail

157 Preparing and processing bookkeeping documents - M/600/8740

158 Recording Credit transactions - A/600/8742

156 Making and receiving payments - J/600/8744

155 Maintaining petty cash records - R/600/8746

http://www.accreditedqualifications.org.uk/unit/M6008740.seo.aspx?OwnerRef=

http://www.accreditedqualifications.org.uk/unit/A6008742.seo.aspx?OwnerRef=

http://www.accreditedqualifications.org.uk/unit/J6008744.seo.aspx?OwnerRef=

http://www.accreditedqualifications.org.uk/unit/R6008746.seo.aspx?OwnerRef=

IAB (QCF)/L1 June 2013/Model Answers v2 1

SECTION A – PREPARING AND PROCESSING BUSINESS DOCUMENTS THERE ARE FOUR TASKS IN THIS SECTION OF THE PAPER YOU MUST COMPLETE ALL TASKS FOR USE IN ANSWERING SECTION A TASK 1 – PREPARE A SALES INVOICE

SALES INVOICE Invoice No: A 1524 ¼ Artistik Ltd 14 Regent Street Penzance

Cornwall

TR18 3JN VAT Reg No: 637 9243 19

To: Katie’s Art Store 5 Abbey Street Date/Tax Point: 30 June 2013 ¼

Penzance Cornwall

Your Order No:

KAS 278 ¼

TR18 3DW

Customer Account No: SL – KA07 ¼

Product

Code

Quantity

Description

Unit

Price

VAT

Rate

Goods

Total

£ p % £ p

WS 010 20 Watercolour Sets - Classic 14 99 20 299 80 1

WS 013 20 Watercolour Sets – Pan Set 15 99 20 319 80 1

Carriage Paid Goods Total 619 60 ¼ Terms: Net 14 days ¼ VAT 123 92 ½

VAT Analysis Total Due 743 52 ½ VAT Rate Total Net Total VAT £ p £ p

20% 619 60 ¼

123 92 ¼

0% 0 00 0 00

E & OE

Marks 5


FOR USE IN ANSWERING SECTION A TASK 1 – PREPARE A SALES INVOICE

SALES INVOICE Invoice No: A 1525 ¼ Artistik Ltd 14 Regent Street Penzance

Cornwall

TR18 3JN VAT Reg No: 637 9243 19

To: Art Direct Date/Tax Point: 30 June 2013 ¼

10 Milbay Road Plymouth Devon

Your Order No:

AD 3866 ¼

PL1 8SP Customer Account No:

SL – AD14 ¼

Product

Code Quantity

Description

Unit Price

VAT Rate

Goods Total

£ p % £ p

WP 017 10 Watercolour Paper Rolls 89 99 20 899 90 1

WP 018 20 Watercolour Paper Sheets 10 99 20 219 80 1

Carriage Paid Goods Total 1,119 70 ¼ Terms: Net 30 days ¼ VAT 223 94 ½

VAT Analysis Total Due 1,343 64 ½ VAT Rate Total Net Total VAT £ p £ p

20% 1,119 70 ¼

223 94 ¼

0% 0 00 0 00

E & OE

Marks 5


FOR USE IN ANSWERING SECTION A TASK 2 – PREPARE A CREDIT NOTE

CREDIT NOTE No: CN 103 ¼ Artistik Ltd 14 Regent Street Penzance

Cornwall

TR18 3JN VAT Reg No: 637 9243 19

To: P.K’s Art Works 3 Bank Street Date/Tax Point: 30 June 2013 ¼

Truro Cornwall Customer Account No: SL – PK09 ¼

TR12 2LH

Product

Code Quantity

Description

Unit Price

VAT Rate

Goods Total

£ p % £ p

WD 026 1 Workstation Drawing Board 139 99 20 139 99 1

VAT Analysis Goods Total 139 99 ¼ VAT Rate Total Net Total VAT £ p £ p VAT 27 99 ½

20% 139 99 ¼

27 99 ¼

Total Due 167 98 ½

0% 0 00 0 00

Reason for Credit: Damaged ½

Marks 4


FOR USE IN ANSWERING SECTION A TASK 3 – CHECK A SUPPLIER INVOICE

SALES INVOICE Invoice No: 4286 Peacock & Son 17 South Street Plymouth

Devon

PL1 6NV

To: Artistik Ltd 14 Regent Street Date/Tax Point: 10 June 2013

Penzance Cornwall

TR18 3JN Your Order No: PO 1165

Product

Code Quantity

Description

Unit Price

VAT Rate

Goods Total

£ p % £ p

W 10175 10 Workstation Desktop Starter 55 99 20 559 90 W 10176 10 Workstation Desktop Professional 65 99 20 659 90

W 10182 10 Workstation Drawing Board 85 99 20 859 90

Carriage Paid Goods Total 2,079 70 Terms: Net 60 days Less Trade Discount 5% 103 99

VAT Analysis Net Goods 1,975 71 VAT Rate Total Net Total VAT £ p £ p VAT 395 14

20% 2,079 70 395 14 Total Due 2,370 85

0% - - - -

E & OE VAT Reg No: 946 2435 18

Complete this slip and attach to invoice

Action Required:

Contains errors – return to supplier ½

Incorrect VAT Analysis + incorrect terms ½ + ½

Purchase Invoice No: Supplier Account Code:

Marks 1.5



SALES INVOICE Invoice No: 2021 Walkers Art Shop Ltd 5 Main Street Penzance

VAT Reg No: 734 2637 07

Cornwall TR1 2AW


Penzance Cornwall

TR18 3JN Your Order No: PO 1166

Product

Code Quantity

Description

Unit Price

VAT Rate

Goods Total

£ p % £ p

B2875 15 Brush Set – size 8 3 90 20 58 50 B2876 10 Brush Set – size 10 4 90 20 49 00

B2879 10 Brush Set – size 12 7 90 20 79 00

Carriage Paid Goods Total 186 50 Terms: Net 30 days Less Trade Discount 10% 18 65

VAT Analysis Net Goods 167 85 VAT Rate Total Net Total VAT £ p £ p VAT 33 57

20% 167 85 33 57 Total Due 201 42

0% - - - -

E & OE


Action Required:

Passed for payment ½

Purchase Invoice No: P 1013 ½ Supplier Account Code: PL – WA067 ½

Marks 1.5



SALES INVOICE Invoice No: 1029 Truro Arts VAT Reg No: 526 4729 25 1 Maybank Close Truro Cornwall TR1 3GT


Penzance Cornwall

TR18 3JN Customer Account No: PO 1167

Product

Code Quantity

Description

Unit Price

VAT Rate

Goods Total

£ p % £ p

P1075 10 Watercolour Paper Rolls 59 00 20 590 00 P1078 10 Watercolour Paper Sheets 6 95 20 69 50

P1082 10 Oil Painting Paper 6 95 20 69 50

Carriage Paid Goods Total 729 00 Terms: Net 30 days Less Trade Discount 5% 36 45

VAT Analysis Net Goods 692 55 VAT Rate Total Net Total VAT £ p £ p VAT 138 51

20% 692 55 138 51 Invoice Total 831 06

0% - - - -

E & OE


Action Required:

Contains errors – return to supplier 1

Incorrect quantity ½

Purchase Invoice No: Supplier Account Code:

Marks 1.5


FOR USE IN ANSWERING SECTION A TASK 4 – CHECK A SUPPLIER CREDIT NOTE

CREDIT NOTE No: CN 472 Peacock & Son Ltd VAT Reg No: 946 2435 18 17 South Street Plymouth Devon

PL1 6NV

To: Artistik Ltd 14 Regent Street

Penzance Date/Tax Point: 13 June 2013

Cornwall TR18 3JN

Product

Code

Quantity

Description

Unit

Price

VAT

Rate

Goods

Total

£ p % £ p

W 10182 2 Workstation Drawing Board 85 99 20 171 98

VAT Analysis Goods Total 171 98 VAT Rate Total Net Total VAT £ p £ p Less Trade Discount 5% 8 59

20% 180 57 36 11 Net Goods 180 57

0% - - - - VAT 36 11 Total Credit 216 68

Reason for Credit: Damaged goods

Complete this slip and attach to credit note

Action Required: Contains errors – return to supplier 1

Net Goods incorrect (discount added in error) ½

Supplier Account Code:

Marks 1.5


SECTION B – RECORDING CREDIT TRANSACTIONS THERE ARE FOUR TASKS IN THIS SECTION OF THE PAPER YOU MUST COMPLETE ALL TASKS FOR USE IN ANSWERING SECTION B TASK 1 – COMPLETE THE SALES DAY BOOK

Sales Day Book

Date 2013 Customer Customer Account Code

Invoice Number

Total Invoice £

VAT £

Net Goods £

30 June Windows Direct SL – W021 P 0950 1,200.00 200.00 1,000.00

30 June Lacey & Son SL – L018 P 0951 960.00 160.00 800.00

30 June Carters Ltd SL – C006 P 0952 1,680.00 280.00 1,400.00

30 June Lacey & Son SL – L018 ¼ P 0953 ¼ 2,736.00 ¼ 456.00 ¼ 2,280.00 ¼

30 June Windows Direct SL – W021 ¼ P 0954 ¼ 3,240.00 ¼ 540.00 ¼ 2,700.00 ¼

Totals 9,816.00 1 1,636.00 1 8,180.00 1

FOR USE IN ANSWERING SECTION B TASK 2 – COMPLETE THE SALES RETURNS DAY BOOK

Sales Returns Day Book

Date 2013 Customer Customer Account Code

Credit Note Number

Total Credit Note £

VAT £

Net Goods £

30 June Lacey & Son SL – L018 CN 054 600.00 100.00 500.00

30 June Carters Ltd SL – C006 CN 055 336.00 56.00 280.00

30 June Wainwright & Co. SL – W009 ¼ CN 056 ¼ 648.00 ¼ 108.00 ¼ 540.00 ¼

Totals 1,584.00 1 264.00 1 1,320.00 1

Marks 9.75


FOR USE IN ANSWERING SECTION B TASK 3 – COMPLETE THE PURCHASE DAY BOOK

Purchase Day Book

Date 2013 Supplier Supplier Account

Code

Supplier Invoice Number

Our Invoice Number

Invoice Total

£

VAT

£

Net Goods

£

30 June The Window Co. PL – W018 WC 1054 P 1003 3,600.00 600.00 3,000.00

30 June Jessop Glazing Ltd PL – J002 JG 0087 P 1004 1,080.00 180.00 900.00

30 June The Window Co. PL – W018 ¼ WC 1065 ¼ P 1005 ¼ 5,700.00 ¼ 950.00 ¼ 4,750.00 ¼

30 June Glazing Direct Ltd PL – G005 ¼ GD 3825 ¼ P 1006 ¼ 2,700.00 ¼ 450.00 ¼ 2,250.00 ¼

Totals 13,080.00 1 2,180.00 1 10,900.00 1

FOR USE IN ANSWERING SECTION B TASK 4 – COMPLETE THE PURCHASE RETURNS DAY BOOK

Purchase Returns Day Book

Date 2013 Supplier Supplier Account Code

Supplier Credit Note

Number

Total Credit Note

£

VAT

£

Net Goods

£

30 June Jessop Glazing Ltd PL – J002 CN 009 396.00 66.00 330.00

30 June The Window Co. PL – W018 ¼ CN 264 ¼ 1,140.00 ¼ 190.00 ¼ 950.00 ¼

Totals 1,536.00 1 256.00 1 1,280.00 1

Marks 10.25

Page 9


Acc

ou

nt

Pay

ee

Acc

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Pay

ee

SECTION C – MAKING AND RECEIVING PAYMENTS (MARKS 4.5)

THERE ARE FIVE TASKS IN THIS SECTION YOU MUST COMPLETE ALL TASKS

FOR USE IN ANSWERING SECTION C TASK 1 – COMPLETE REMITTANCE ADVICE

REMITTANCE ADVICE REMITTANCE ADVICE

From: Torbay Gifts From: Torbay Gifts 25 Queen Street 25 Queen Street

Torbay Devon

TQ1 9HT

Torbay Devon

TQ1 9HT

To: Carter & Co. To: Katie’s Bazaar Ltd

3 Elm Street 9 Victoria Street Torbay Torquay

Devon TQ1 5GE

Devon TQ1 5SD

Date: 30 June 2013 ¼ Date: 30 June 2013 ¼

Amount Amount

Details £ p Details £ p

Invoice CC 1056 ¼ 600 00 Invoice 00843 ¼ 192 00

Less Credit Note CN 104 ¼ (48 00) Invoice 00857 ¼ 180 00

Cheque No: 100395 ¼ Enclosed 552 00

¼

Cheque No: 100396 ¼ Enclosed 372 00

¼

FOR USE IN ANSWERING SECTION C TASK 2 – COMPLETE CHEQUES

South Bank Plc 10-20-30 1 High Street, Torquay TQ1 2KT 30 June 20 13 ¼

Pay: Carter & Co. ¼

Five hundred and fifty

£552.00 ¼

two pounds only ¼

100395 10-20-30 06382547

South Bank Plc 10-20-30 1 High Street, Torquay TQ1 2KT 30 June 20 13 ¼

Pay: Katie’s Bazaar Ltd ¼

Three hundred and seventy

£372.00 ¼

two pounds only ¼

100396 10-20-30 06382547


FOR USE IN ANSWERING SECTION C TASK 3 – COMPLETE A DAILY TAKING AND CASH FOR BANKING FORM

Torbay Gifts – Daily Takings and Cash for Banking Date: 30 June 2013 ¼

Till Contents

Less Cash

Float

Daily Takings and Cash for

Banking

Notes and Coins £ p £ p £ p

£50 Notes 0 00 0 00 0 00

£20 Notes 200 00 0 00 200 00

£10 Notes 140 00 50 00 90 00

£5 Notes 25 00 25 00 0 00

£2 Coins 10 00 0 00 10 00

£1 Coins 18 00 ¼ 13 00 ¼ 5 00 ¼

50p Coins 9 00 ¼ 7 00 ¼ 2 00 ¼

20p Coins 3 20 ¼ 2 20 ¼ 1 00 ¼

10p Coins 2 00 ¼ 1 80 ¼ 0 20 ¼

5p Coins 0 90 ¼ 0 50 ¼ 0 40 ¼

2p Coins 0 40 ¼ 0 30 ¼ 0 10 ¼

1p Coins 0 20 ¼ 0 20 ¼ 0 00 ¼

Cash (Total) 408 70 ½ 100 00 ½ 308 70 ½

Cheques (Total) 210 00 ½ 210 00 ¼

TOTAL 618 70 ½ 100 00 ¼ 518 70 ½

£ p

Daily Till Reading Total 518 70 ½

£ p

Difference 0 00 ¼

Marks 9.75


FOR USE IN ANSWERING SECTION C TASK 4 – COMPLETE A PAYING-IN SLIP

Paying-in Slip: Front

Date: 30 June 2013 ¼

Date:30 Jun 2013 ¼

bank giro credit

Credit: 06382547 ¼

Cashier’s stamp Code No 10-20-30

£50 notes 0 00 and initials £50 notes 0 00

£20 notes 200 00 £20 notes 200 00

£10 notes 90 00 Bank: Southern Bank Plc £10 notes 90 00

£5 notes 0 00 Branch: Torquay £5 notes 0 00

£2/£1 15 00 £2/£1 15 00

50p 2 00 Credit: Torbay Gifts 50p 2 00

20p 1 00 Account No: 06382547 20p 1 00

10p, 5p 0 60 10p, 5p 0 60

Bronze 0 10 Bronze 0 10

Total Cash 308 70 Number of Total Cash 308 70

Total Cheques

210

00

Cheques 7 ¼

Total Cheques etc

210

00

etc

518 70 £ ½ Paid in by: A. Student ¼ £ 518 70

¼

Paying-in Slip: Reverse

Cheques etc

counte

rfoil c

arrie

d o

ver

counte

rfoil c

arrie

d o

ver £

£ p £ p £ p Brought forward 210 00 T. Simon ¼ 40 00 T. Simon 40 00 K. Moorcroft ¼ 25 00 K. Moorcroft 25 00 B. Price ¼ 25 00 B. Price 25 00 H. Degg ¼ 25 00 H. Degg 25 00 K. Taylor ¼ 30 00 K. Taylor 30 00 A. Felton ¼ 40 00 A. Felton 40 00 W. Appleby ¼ 25 00 W. Appleby 25 00 ¼

Carried forward 210 00 Carried over 210 00 Carried over 210 00 ¼

Marks 4.25


Acc

ou

nt

Pay

ee

FOR USE IN ANSWERING SECTION C TASK 5 – CONFIRM A CHEQUE RECEIVED IS CORRECT USING THE RECEIPT ISSUED

High Bank Plc 20-30-40 Bank Street, Exeter EX2 8GR 30 June 20 13

Pay: Torbay Gifts Ltd only

Thirty seven pounds only

£37.50

100475 20-30-40 01935412

Receipt No: 127

Torbay Gifts

25 Queen Street

Torquay Devon

TQ1 9HT

Date: 30 June 2013

AMOUNT

Details £ p

Gifts 37 50

37 50

State any errors below: The cheque isn’t signed, the payee name and amount in words are incorrect

Marks ½ + ½ + ½ = 1.5


FOR USE IN ANSWERING SECTION D TASKS 1, 2 AND 3 – COMPLETE A PETTY CASH BOOK

Cery’s Toy Shop Petty Cash Book

Page 1

4

Receipts Date

2013

Details Voucher

No

Total

Payment

Expenditure Analysis

TH

ERE A

RE S

IX T

ASKS IN

TH

IS S

ECTIO

N Y

OU

MU

ST C

OM

PLETE A

LL T

ASKS

SE

CT

ION

D –

MA

INT

AIN

ING

PE

TT

Y C

AS

H R

EC

OR

DS

VAT Window

Cleaning

Postage Advertising Sundries

£ 350.00

01 June

Balance b/f

£ £ £ £ £ £

4 June Window Cleaning ¼ 055 ¼ 15.00 ¼ 15.00 ¼

6 June Promotional Gifts ¼ 056 ¼ 60.00 ¼ 10.00 ¼ 50.00 ¼

7 June Printing of Leaflets ¼ 057 ¼ 30.00 ¼ 5.00 ¼ 25.00 ¼

17 June Postage ¼ 058 ¼ 12.40 ¼ 12.40 ¼

21 June Refreshments ¼ 059 ¼ 8.60 ¼ 8.60 ¼

21 June Shop Door Repair ¼ 060 ¼ 72.00 ¼ 12.00 ¼ 60.00 ¼

26 June Window Cleaning ¼ 061 ¼ 15.00 ¼ 15.00 ¼

28 June Shop Paint ¼ 062 ¼ 42.00 ¼ 7.00 ¼ 35.00 ¼

- Sub Totals 255.00 ¼ 34.00 ¼ 30.00 ¼ 12.40 ¼ 75.00 ¼ 103.60 ¼

- 28 June Balance c/d 95.00 ¼

350.00 ¼ Totals 350.00 ¼

95.00 ¼ 28 June Balance b/d -

255.00 ¼ 1 July Bank -

350.00 ¼ 1 July Balance c/f -

Marks 12


FOR USE IN ANSWERING SECTION D TASK 4 – RECONCILE PETTY CASH

Reconciliation of Petty Cash Book Balance

with Contents of Petty Cash Box Date: 1 July 2013

Denomination (notes and coins) Quantity Amount in Box £ P

Contents of Petty Cash Box

£20 Notes - -

£10 Notes 6 ¼ 60 00 ¼

£5 Notes 4 ¼ 20 00 ¼

£2 Coins 5 ¼ 10 00 ¼

£1 Coins 3 ¼ 3 00 ¼

50p Coins 1 ¼ 0 50 ¼

20p Coins 2 ¼ 0 40 ¼

10p Coins 5 ¼ 0 50 ¼

5p Coins 5 ¼ 0 25 ¼

2p Coins 10 ¼ 0 20 ¼

1p Coins 15 ¼ 0 15 ¼

Total per Petty Cash Box 95 00 ¼

Balance per Petty Cash Book 95 00 ¼

Difference 0 00 ¼

FOR USE IN ANSWERING SECTION D TASK 5 – COMPLETE A CHEQUE REQUISITION

CHEQUE REQUISITION

DATE: 1 July 2013

CHEQUE PAYABLE TO: Cash ¼

AMOUNT: £255.00 ¼

DETAILS: Restore petty cash imprest amount ¼

SIGNED: A. Student ¼

Marks 6.75


FOR USE IN ANSWERING SECTION D TASK 6 – COMPLETE A PETTY CASH VOUCHER

No: 063 ¼

Petty Cash Voucher

Date: 1 July 13

AMOUNT

Details £ p

Till Rolls 14 00 ¼

VAT @ 20% 2 80 ¼

16 80 ¼

Claimant:

Authorised by: A. Student ¼

Marks 1.25


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IAB BOOK-KEEPING QUALIFICATIONS (QCF) (QCF)/L1 June 2013/Model Answers v2 2 FOR USE IN ANSWERING...

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