International Association of Bookkeepers, Suite 5, 20 Churchill Square, Kings Hill, West Malling, Kent ME19 4YU Tel: 01732 897750, Fax: 01732 897751, email:[email protected]Website: www.iab.org.uk V1 MG 03/17 On Demand Examination RQF Question Paper Paper No: E0100 Sample Assessment 245 Exam ID Question Paper for the following Qualifications: 142: Level 2 Certificate in Computerised Bookkeeping: 60190528 Units 245: Use a computerised accounting system: R5086627 Time Allowed: 2 Hours 30 mins This paper remains the property of the IAB and must be returned to the IAB at the end of the examination. It is not permitted to make copies of this paper. General Instructions 1. Enter your IAB Student Number, Candidate Number, Name of Examination Centre and Software used in the spaces provided on the front cover of your Answer Booklet 2. Calculators are permitted 3. The Question Paper has information and data printed on both sides of the pages 4. The VAT rate for this paper is 20% and therefore computers should be set to 20% prior to starting the paper 5. If possible, you should generate your own printouts, check them and staple them into the Answer Booklet. However, if the examination centre is not set up for you to do that, you should save your reports in PDF format into a folder bearing your name and candidate number. The invigilator or technician will then print all the PDF reports in that folder and staple them into the Answer Booklet. 6. Mobile phones and i-watches are not permitted
Transcript
International Association of Bookkeepers, Suite 5, 20 Churchill Square, Kings Hill, West Malling, Kent ME19 4YU Tel: 01732 897750, Fax: 01732 897751, email:[email protected] Website: www.iab.org.uk V1 MG 03/17
On Demand Examination RQF
Question Paper
Paper No: E0100
Sample Assessment
245 Exam ID
Question Paper for the following Qualifications:
142: Level 2 Certificate in Computerised Bookkeeping: 60190528 Units 245: Use a computerised accounting system: R5086627
Time Allowed: 2 Hours 30 mins
This paper remains the property of the IAB and must be returned to the IAB at the
end of the examination. It is not permitted to make copies of this paper.
General Instructions 1. Enter your IAB Student Number, Candidate Number, Name of Examination Centre
and Software used in the spaces provided on the front cover of your Answer Booklet 2. Calculators are permitted 3. The Question Paper has information and data printed on both sides of the pages 4. The VAT rate for this paper is 20% and therefore computers should be set to 20%
prior to starting the paper 5. If possible, you should generate your own printouts, check them and staple them into
the Answer Booklet. However, if the examination centre is not set up for you to do that, you should save your reports in PDF format into a folder bearing your name and candidate number. The invigilator or technician will then print all the PDF reports in that folder and staple them into the Answer Booklet.
Time allowed to complete the assignment – 2.5 hours Computer Care is a business which has recently been set up by Adam McWilliams. The business sells computers and printers and also offers a repair service from a shop in Oxford. Adam operates as a sole trader basis and has registered the business for VAT using the standard scheme to account for VAT. All goods sold by Computer Care are subject to VAT at the standard rate of 20%. All goods purchased for resale by the business are purchased on credit. Adam has arranged credit accounts on behalf of the business with several suppliers. The business supplies goods to several trade customers on a credit basis and credit terms have been agreed with these customers. The business also trades with the general public for which sales are made by card. A computerised accounting package is to be used for the purpose of keeping the accounting records of Computer Care. Section A – Setting up the accounting system Adam has provided you with the following information in respect of his business:
Business trading name: Computer Care
Business address: 21 High Street
Brampton
Oxford
Post code: OX19 4NJ
Telephone number: 01865 232216
VAT registration number: 281 6591 78
Task 1
Set up the computerised accounting system using the information provided above and after the company name insert your IAB student number. The start of the financial year is June 2016.
2
Today’s date is 1 June 2016, which is the first day of the business’s financial year. You have discussed the opening financial position of the business with Adam and with his help you have drawn up the following list of opening account balances as at 1 June 2016:
Task 2
Using the date 1 June 2016, enter the information above on the accounting system by using a journal entry. Use reference JL1 for this transaction.
Account name Amount
£
Office equipment 3,600
Furniture and fixtures 7,800
Stock 2,170
Bank current account 6,050
Petty cash 200
Loan 6,000
Capital 13,820
3
The following information is available from the supplier files kept by Computer Care: Supplier file (extract)
Supplier name, address and contact details
Supplier account codes
Agreed credit limits and payment terms
PC Partz Ltd Unit 12 Harding Lane Brampton Oxford OX21 2JU
Telephone: 01865 698889
Contact name: Sarah Western
PCP001 Credit limit: £3,000 Payment terms: Net 30 days
Computer Parts 66 Honeywell Lane Witney Oxford OX15 6TG
Computer Supplies Ltd Sandy Wood Lane Didcot Oxford OX13 7DA
Telephone: 01865 678894 Contact name: Paul Freeman
COM003
Credit limit: £2,000 Payment terms: Net 14 days
Task 3
Set up the supplier accounts on the accounting system. Ensure that the account references are changed to the account codes given on the supplier file (extract) above.
4
The following information is available from the customer files kept by Computer Care: Customer file (extract)
Customer name, address and contact details
Customer account codes
Agreed credit limits and payment terms
Premier Contracting Ltd Westdale Lane Clifton Industrial Estate Oxford OX12 4PL
Telephone: 01865 599777 Contact name: Ben Woodward
PRE002
Credit limit: £3,500 Payment terms: Net 30 days
IT To Go 2 Brookfield Trading Estate Brampton Oxford OX19 5PE Telephone: 01865 253435 Contact name: Ellie Knight
ITT006 Credit limit: £4,000 Payment terms: Net 14 days
Computer Serve Ltd Office 19 Dove House Witney Oxford OX15 7JJ Telephone: 01865 455582 Contact name: Simon Edwards
COM006
Credit limit: £3,000 Payment terms: Net 30 days
Task 4
Set up the customer accounts on the accounting system. Ensure that the account references are changed to the account codes given on the customer file (extract) above.
5
Separate nominal accounts are to be kept for the purpose of accounting for purchases and sales.
Task 5
Edit the pre-set account names given on the nominal record to the account names shown below: Nominal Account Nominal Account Code Name 4000 Sales - Computers 4001 Sales - Printers 4002 Sales - Repairs 5000 Purchases - Computers 5001 Purchases - Printers
Section B – Process business transactions using the computerised accounting system Processing invoices received from credit suppliers You are presented below with three invoices received by Computer Care from credit suppliers in June month 2016. The invoices have been checked against supporting documentation and for arithmetic accuracy and all details and calculations are correct:
Task 6
Using the invoice dates, record the purchase invoices received from credit suppliers on the computerised accounting system. Use the supplier invoice numbers as the reference on the invoice record and record the order number in the details field.
6
INVOICE COMPUTER PARTS Invoice No: CP2166
Date: 2 June 2016 To: Computer Care 21 High Street
Brampton Oxford OX19 4NJ
Order Number: CC/2133
Quantity
Description Unit Price
Goods Total
£ p
£ p
5 Computer Towers XA839 165 00 825 00
8 Inkjet Printers Model TA217 40 00 320 00
Terms: Net 30 days Goods sub total 1,145 00
VAT @ 20.0%
229
00
Carriage paid Total invoice 1,374 00
VAT Registration No. 371 5165 02
7
INVOICE
PC PARTZ LTD Invoice No: 11385
Date: 23 June 2016 To: Computer Care 21 High Street
Brampton Oxford OX19 4NJ
Order Number: CC/2142
Quantity
Description Unit Price
Goods Total
£ p
£ p
4 Computer Monitors 21" 68 00 272 00
8 Computer Towers JJ729 195 00 1,560 00
Terms: Net 30 days Goods sub total 1,832 00
VAT @ 20.0% 366 40
Carriage paid Total invoice 2,198 40
VAT Registration No. 516 5557 51
8
INVOICE
Computer Supplies Ltd Invoice No: 2269
Date: 5 June 2016 To: Computer Care 21 High Street
Brampton Oxford OX19 4NJ
Order Number: CC/2993
Quantity
Description Unit Price
Goods Total
£ p
£ p
6 Laserjet Printers K836 92 00 552 00
5 Deskjet Printers SJ829 46 00 230 00
3 Computer Monitors 19" 110 00 330 00
Terms: Net 14 days Goods sub total 1,112 00
VAT @ 20.0% 222 40
Carriage paid Total invoice 1,334 40
VAT Registration No. 826 5631 59
9
Processing invoices issued to credit customers You are presented below with three invoices issued by Computer Care to credit customers in June 2016:
Task 7
Using the invoice dates, record the invoices issued to credit customers on the computerised accounting system. Use sales invoice numbers as the reference on the invoice record, ensuring the invoices are posted to the correct sales account in the nominal record. The customer order number should be entered in the details field.
INVOICE COMPUTER CARE Invoice No: 0001
Date: 4 June 2016 To: Computer Serve Ltd Office 19 Dove House Order Number: CS/226 Witney
Oxford
OX15 7JJ
Quantity
Description Unit Price
Goods Total
£ p
£ p
2 Desktop computers AJ382 650 00 1,300 00
3 Laserjet printers K836 146 00 438 00
Terms: Net 30 days Goods sub total 1,738 00
VAT @ 20.0% 347 60
Carriage paid Total invoice 2,085 60
VAT Registration No. 281 6591 78
10
INVOICE COMPUTER CARE Invoice No: 0002
Date: 4 June 2016 To: Premier Contracting Ltd Premier House Order Number: PC1226 Westland Industrial Estate
Oxford
OX8 7PL
Quantity
Description Unit Price
Goods Total
£ p
£ p
3 Engineer on site repairs (days) 250 00 750 00
2 Tower PCs 780 00 1,560 00
Terms: Net 30 days Goods sub total 2,310 00
VAT @ 20.0% 462 00
Carriage paid Total invoice 2,772 00
VAT Registration No. 281 6591 78
11
INVOICE COMPUTER CARE Invoice No: 0003
Date: 14 June 2016 To: IT To Go 2 Brookfield Trading Estate Order Number: ITTG253 Brampton
Oxford
OX19 5PE
Quantity
Description Unit Price
Goods Total
£ p
£ p
2 days Repairs to laptop 150 00 300 00
3 Laptop computers 620 00 1,860 00
5 Inkjet printers 120 00 600 00
Terms: Net 14 days Goods sub total 2,760 00
VAT @ 20.0% 552 00
Carriage paid Total invoice 3,312 00
VAT Registration No. 281 6591 78
12
Processing a credit note issued to a credit customer
You are presented below with a credit note issued by Computer Care to a credit customer in June 2016.
Task 8
Using the credit note date, record the credit note issued to the credit customer on the computerised accounting system. Use the credit note number with the prefix CN (e.g. CN001) as the reference on the credit note record and enter the reason for the credit note in the details field.
COMPUTER CARE CREDIT NOTE
No: 001
Date: 18 June 2016 To: IT To Go 2 Brookfield Trading Estate Brampton
Oxford OX19 5PE
Quantity
Description Unit Price
Goods Total
£ p
£ p
2 Inkjet printers 120 00 240 00
Credit against our invoice 0003
Goods sub total 240 00 Reason for credit – Faulty
VAT @ 20.0% 48 00 Total credit 288 00
VAT Registration No. 281 6591 78
13
Processing a credit note received from a credit supplier
You are presented below with a credit note received by Computer Care from a credit supplier in June 2016.
Task 9
Using the credit note date, record the credit note issued by the supplier on the computerised accounting system. Use the credit note number with the as the reference on the credit note record and enter the reason for the credit note in the details field.
CREDIT NOTE
Computer Supplies Ltd No: 2269
Date: 26 June 2016 To: Computer Care 21 High Street
Brampton Oxford OX19 4NJ
Order Number: CC/2993
Quantity
Description Unit Price
Goods Total
£ p
£ p
5 Deskjet Printers SJ829 46 00 230 00
Credit against our invoice 2269 Reason for credit - Wrong items delivered
Goods sub total 230 00
VAT @ 20.0% 46 00
Carriage paid Total invoice 276 00
VAT Registration No. 826 5631 59
14
Processing cash sales
All of the business’s sales which take place in the shop are paid for via plastic card. The business does not accept payment by cheque or cash.
Process cash sales – payment received by plastic card
Below is a summary of the weekly cash sales for the four weeks ended 30 June 2016, showing amounts received from customers paying by plastic card. Plastic card transaction are processed through a terminal using the EFTPOS system (electronic funds transfer at point of sale), and therefore reach the bank current account of the business automatically. Card receipts will appear with the reference “merchant trans”.
Task 10
Using the week ended date, record each week’s plastic card cash sales on the computerised accounting system. As the amounts received reach the business’s bank current account automatically you should enter the amounts as receipts in the bank account record and insert the text "cash sales" in the details field and the transaction reference in the ref field when posting each weeks cash sales.
Week ended
Total cash sales in week payment received by plastic card
Notes
7 June 2016 Transaction ref C/S001:
Computers £1,183.20 Printers £205.20
All sales are inclusive of VAT at standard rate
(20.0%)
Week ended
Total cash sales in week payment received by plastic card
Notes
14 June 2016
Transaction ref C/S002: Computers £834.00
Printers £122.40 Repairs £316.80
All sales are inclusive of VAT at standard rate
(20.0%)
Week ended
Total cash sales in week payment received by plastic card
Notes
21 June 2016 Transaction ref C/S003:
Computers £2,196.00 Repairs £511.20
All sales are inclusive of VAT at standard rate
(20.0%)
Week ended
Total cash sales in week payment received by plastic card
Notes
28 June 2016 Transaction ref C/S004:
Printers £156.00 Computers £1860.00
All sales are inclusive of VAT at standard rate
(20.0%)
Process cheque, direct debit and standing order payments made from the bank current account
15
You are provided below with details of the payments made by cheque, direct debit or standing order from the business bank current account in June month 2016.
Task 11
Using the transaction dates for each transaction, record the payments from the bank current account on the computerised accounting system. For each payment record the payment method and the reference provided in the payment method column below (i.e. direct debit, standing order or cheque number) in the reference field on the bank payment record and enter a brief description in the details field. Where amounts are given including VAT, use the computerised accounting system to calculate the VAT element of the transaction. To record a payment to a supplier, use the supplier payment option on the bank record.
Transaction Date 2016
Details and amount Payment method
1 June Paid Oxford District Council general rates £496.00 (exempt from VAT). Payment reference DD1.
Direct debit
2 June Paid for office stationery £223.20 (inclusive of VAT @ 20%).
Cheque 210101
4 June Paid telephone bill £224.16 (inclusive of VAT @ 20%).
Cheque 210102
6 June Paid Clover Insurance £430.00 for premises insurance (exempt from VAT).
Standing order
9 June Paid Oxford Estates rent on shop £1,910.00 (exempt from VAT).
Direct debit
10 June Paid for advertising £1,504.00 (inclusive of VAT @ 20%).
Cheque 210103
12 June Paid for repairs and renewals £2,395.20 (inclusive of VAT @ 20%).
Cheque 210105
18 June Paid a bank loan repayment of £400.00 (outside the scope of VAT).
Standing order
22 June Adam took £1,800.00 from the business bank account as personal drawings.
Cheque 210107
28 June Paid Computer Supplies Ltd in full settlement of their account.
Cheque 210106
30 June Paid Oxfordshire Power £462.00 for electricity (inclusive of VAT @ 20%).
Direct debit
16
Adam has left the following note on your desk.
Re: Missing cheque
I received your message regarding the fact that I had failed to
complete the cheque stub cheque number 210104. I am sorry I
didn't write the payment details on the cheque stub this was my
mistake. This cheque was for £600 and was my personal car
insurance.
Please can you record this transaction on your system for me as
drawings? It should be posted as outside the scope of VAT.
Many thanks
Adam
Task 12
Using the date 30 June 2016, record the above transaction on the
computerised accounting system using the cheque number as the
transaction reference.
17
Correcting transaction errors
It has now been identified that a payment for office equipment has been posted to repairs and renewals in error for the amount of £1,720 (ignore VAT)
Task 13
Using the week ended date of 28 June 2016, prepare a journal to correct the above error. In the details field, insert the text "correction of error". When posting this transaction use the transaction reference JL2 in the reference field
Process customer receipts and refunds
The following cheques were received from credit customers and paid into the business bank current account in June 2016. You should note that cheques paid into the bank account appear as ‘counter credits’ on the statement of account received from the bank.
Task 14
Using the date the cheques were received, record the cheques in the bank current account on the computerised accounting system. When posting these transactions use the customer cheque number as the receipt details reference.
Date Cheques received
2016
Details and amount
22 June Computer Serve Ltd – received cheque (number 380250) for £1,000.00 as a payment on account.
29 June Premier Contracting Ltd - received cheque (number 133550) for £2772.00 in full settlement of the account.
18
The following remittance advice has been received from IT To Go. REMITTANCE ADVICE Date: 25 June 2016
IT To Go 2 Brookfield Trading Estate Brampton Oxford OX19 5PE
To: Computer Care 21 High Street Brampton Oxford OX19 4NJ
Details Amount
£
Invoice 0003
3,312.00
Payment made via BACS direct to your account 3,312.00
Task 15
Using the above remittance advice, record the receipt from IT To Go Ltd on the computerised accounting system using reference CR1 using the date shown on the remittance advice.
Following the above receipt from IT To Go, Adam has requested the balance on the account be refunded to the customer.
Task 16 Enter the customer refund on the computerised accounting system using the date 30 June 2016. A cheque (number 210108) has been issued for the refund amount due. The cheque number should be used as the transaction reference.
19
Adam has received the following email from Premier Contracting Ltd and he has
forwarded it to you.
To: Adam McWilliams
From: Ben Woodward @ Premier Contracting
Subject: Change of address
Hi Adam
As previously discussed, the office of Premier Contracting Ltd has now been
relocated to the following address:
Premier House
Westlane Industrial Estate
Oxford
OX8 7PL
Please can you arrange for the information you hold to be updated?
Please note the telephone number will remain the same.
Kind regards
Ben
Premier Contracting Ltd
Task 17
Update the address on the customer account record on the computerised
accounting system to reflect the email received above.
20
Process petty cash payments Provided below are four petty cash vouchers issued in June month 2016.
Task 18
Using the payment dates per the petty cash vouchers, record the petty cash payments on the computerised accounting system. Record the petty cash voucher number in the reference column on the payment record.
Petty Cash Voucher Date: 4 June 2016 No PC001 Details £
Taxi fare to meeting at bank VAT @ 20% Total
24.00 4.80 28.80
Authorised by: A McWilliams
Petty Cash Voucher Date: 11 June 2016 No PC002 Details £
Postage on parcel Exempt from VAT Total
37.36 0.00 37.36
Authorised by: A McWilliams
Petty Cash Voucher Date: 18 June 2016 No PC003 Details £
Office stationery VAT @ 20% Total
14.20 2.84 17.04
Authorised by: A McWilliams
21
Petty Cash Voucher Date: 26 June 2016 No PC004 Details £
Stamps Exempt from VAT Total
6.80 0.00 6.80
Authorised by: A McWilliams
Process a transfer from the bank account to the petty cash account
On 30 June 2016 an amount was withdrawn in cash from the business bank current account and put into the petty cash tin to top up the petty cash float.
Task 19
Using the date 30 June 2016, record the transfer of the amount required to reimburse petty cash to the balance of £200 from bank to petty cash using a bank transfer. When posting this transaction insert TR001 in the reference field.
22
Prepare and post journal entries for wages and salaries Adam has prepared the wages and salaries for the month ending 30 June 2016.
Task 20 Using the information from the email from Adam below, enter the wages and salaries into the computerised accounting system. You should use reference "W&S Mth 6" as the reference for the journal and bank payment.
Email From: A McWilliams Subject: Wages and salaries - June 2016 Here is the information you need for entering the journal for wages. 30 June - Paid net wages of £2,938.00 from the bank account via BACS. I also took a further £750.00 drawings. Statutory deductions:
Income tax = £524.22
Employee's NIC = £218.60
Employer's NIC was £246.90 The statutory deductions will not be paid until 22nd July 2016. Can you process my drawings and the net wages as bank payments and enter the journal for the deductions above please? Any problems just let me know. Thanks Adam
23
Reconcile the balance on the business bank current account with the balance on the statement of account received from the bank The bank statement below was received from the bank on 1 July 2016. The statement shows the balance on the bank current account of Computer Care as at 30 June 2016 per the records of the bank. One payment item appearing on the bank statement, bank charges on 30 June 2016 of £14.00 (exempt from VAT), does not appear as a payment in the bank current account in the computerised accounting system of Computer Care.
Task 21
Using the date 30 June 2016, record the payment of the bank charges on the computerised accounting system using transaction reference B/S001. Use sage code 7901 for this posting.
Task 22
As at 30 June 2016 reconcile the balance on the bank current account on the computerised accounting system with the balance on the bank statement of account as at that date. Record the statement date as the reference.
24
OXFORDSHIRE BANK PLC 5 & 6 Kings Parade
Oxford OX1 3NT STATEMENT OF ACCOUNT Name of Account: Computer Care Account Number: 25630588 Date: 30 June 2016
Date 2016
Details Payments £
Receipts £
Balance £
1 June Balance b/f 6,050.00 1 June DD - Oxford District Council 496.00 5,554.00 2 June Cheque - 210101 223.20 5,330.80 4 June Cheque - 210102 224.16 5,106.64 6 June SO - Clover Insurance 430.00 4,676.64 7 June Merchant Trans 1388.40 6,065.04 9 June DD - Oxford Estates 1,910.00 4,155.04
10 June Cheque - 210103 1,504.00 2,651.04 12 June Cheque - 210105 2,395.20 255.84 14 June Merchant Trans 1273.20 1,529.04 18 June SO - Loan repayment 400.00 1,129.04 21 June Merchant Trans 2,707.20 3,836.24 22 June Cheque - 210107 1,800.00 2,036.24 22 June Counter credit 1,000.00 3,036.24 25 June BACS - IT To Go 3,312.00 6,348.24 28 June Merchant Trans 2,016.00 8,364.24 28 June Cheque – 210106 1,058.40 7,305.84 30 June DD - Oxfordshire Power 462.00 6,843.84 30 June Bank charges 14.00 6,829.84 30 June ATM Withdrawal 90.00 6,739.84 30 June BACS - Wages 2,938.00 3,801.84 30 June BACS - Drawings 750.00 3,051.84
DD – Direct Debit SO – Standing Order ** Indicates Overdrawn Balance
25
Generate reports
Task 23
As at 30 June 2016 produce the following reports:
A) Supplier address list B) Customer address list C) Summary audit trail D) Final trial balance E) Detailed supplier activity F) Detailed customer activity G) Bank statement reconciled and unreconciled transactions
PLEASE ENSURE REPORTS ARE COLLATED IN THE CORRECT ORDER. FAILURE TO DO SO WILL RESULT IN A DEDUCTION OF MARKS. THIS IS THE END OF THE QUESTION PAPER.
