F4 HW PEtty Cash book , bank reconciliation statement and suspense account

Jacky0509

1. B Seller is a sole trader. The following were the petty cash transactions during the month of March 2006:

                                                                              $
May 1                                   Petty Cash in hand       204.0
      1 Petty Cash restored to imprest amount                ?
      3                                      Postage stamps         69.6
      5                                     Postage on parcel       60.0
      7                                             Stationery         276.0
      12                                                  Fares         148.8
      15                                                  Fares         122.4
      19                                               Postage        163.2
      24                                           Stationery         26.4

Required:

    Draw up the petty cash book using analysis columns for postage, stationery and fares. Restore the petty cash balance to the imprest amount of $960 on 1 April 2006.

2. Mr Lam is a sole trader. He received his bank statement dated 30 April 2006, but the balance shown did not agree with the credit balance in the bank column of the cash book which was $2670.

   The following items were then discovered:

    (i)        A gas bill for $500 for the month of April had not been entered in the cash book.

    (ii)       A Credit transfer from Mr Lee for $5500 on 20 April 2006 had not been recorded in the cash book.

    (iii)       Mr Lam had taken out cash of $590 from the bank account for his private use. This was not recorded in the cash book but appeared on the bank statement.

    (iv)      A cheque for $1500 was received from Ho Limited on 24 April 2006. Mr Lam had duly recorded the amount in the cash book and presented the cheque to th bank. On 29 April 2006, Mr Lam's bank had returned the cheque marked 'Refer to the Drawer' . This had not yet been entered in the cash book.

    (v)       Cheques drwan by Mr Lam amounting to $3800 had not been presented to the bank for payment.

    (vi)      A payment of $200 for donation to the Charity Association had been paid by the bank on 22 April 2006, but no entry had been made in the cash book.

    (vii)      A cheque for $2050 was received from Mr Chan on 30 April 2006. This was recorded i  the cash book but did not appear in the bank statement until 2 May 2006.

Required:

    (a) Update the cash book.
    (b) Prepare a bank reconciliation statement as at 30 April 2006.

3. Johnny Chan, the accountant at Marco Computer Softwr=are Company, prepared a draft financial report for the year ended 31 March 2004. After the trial balance had been prepared, he discovered that there was an imbalance and a debit shortfall of $54499. The draft net loss for the year amounted to $6530.

    The following errors were found during the investigation:

(i)  Five new computers amounbting to $50000 had been recorded in the purchases account. These computers were used to replace the company's old computers. The computers were depreciated at a rate of 30% per annum. An entire year of depreciation will be charged for the assets in the first year.

(ii) A trade debtor settled his outstanding balance of $4870 by cheque. However, it had been recorded in the cash book at $4800.

(iii) Closing stock had been under-counted by 500 units. Each unit costs $5.

(iv)  Credit sales of $28000 had been credited to both the sales account and the trade creditor's account.

(v)  The owner issued a company cheque to pay his son's annuual insurance fee of $1230. This amount had been debited to the insurance account and credited to the cash book.

(vi) Salary of a freelancer amounting to $8000, which was paid by cheque, was omitted from the books.

(vii) A trade debtor had an outstanding amount of $8750 which had existed for more than six months. After an Investigation, this amount was cancelled as no job has been done for his trade debtor. No record had been made for the job cancellation.

(viii) A discount allowed of $540 was debited to the returns inwards account.

(ix)  Goods returned by a trade debtor amounting to $870 had been recorded only in the returns inwards account.

(x)   Cash of $38000 deposited into the bank had been recorded in the cash book as $38800.

Required:

(a) Prepare the journal entries to correct the above errors. (Narrationsa are not required.)

(b) Prepare a statement to correct the draft net loss for the year ended 31 March 2004.

(c) Draw up a suspense account.

4. Kean Ltd started business on 1 January 2006. The following transactions are related to subsequent years:

Purchase of fixed assets:

                             Machienry        Motor Vehicles
                                         $                     $
2006 Jan 1  (No. 1 )      15000    (No. 1 )      20000
2007 Mar 1  (No. 2 )      46000                     -
2008 Sep 1                    -           (No. 2 )      25000
                           ___________                ____________
                               61000                           45000
                           =======             ===========   

It is the company's policy to depreciate its machinery at 10% per annum on a reducing balance basis and motor vehicles at 25% per annum on cost.

On 31 December 2008, machinery (No.1) was sold for $9500. A full year's depreciation is charged in the year of acquisition and none in the year of disposal.

Required:

  Prepare the following accounts for the year ended 31 December 2008:
  (a)    Machinery.
  (b)    Motor vehicles.
  (c)    Provision for depreciation of machinery.
  (d)    Provision for depreciation of motor vehicles.
  (e)    Machinery disposal.

  Can Anyone help me to solve the above questions??? Please!!

p.s. How can I improve my P.A ??  In the final exam of F4, I get 43/100 in my exam paper. The average mark is 48/100.

[ 本帖最後由 Jacky0509 於 14-8-2008 16:58 編輯 ]