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Course: | Foundation Studies |
Subject Code: | LFS00AC1 |
Subject Name: | Accounting 1 |
Assessment: | Test 4 - Trimester 2_2020 |
Percentage: | 20% of final mark |
Due:
|
3pm AEST
Wednesday 9th September 2020 Week 11 |
Name: | |
ID Number: | |
General information and requirements: |
· This is an individual assessment and must be completed by you. · You must complete the test on this Word document and submit it as a Word document in the link on Moodle. The link is just below where you downloaded this test paper. · In submitting this test electronically, you are agreeing to the policy relating to academic integrity at LTCA. · All students have access to download Microsoft Office for free. This information was provided during the orientation. · You have 4 hours in which to complete and submit the test. Do not wait until the last minute to submit your test paper. · Please enter your name and ID number in the space provided above. |
Question | Possible marks |
1 | 30 |
2 | 28 |
3 | 17 |
Total | 75 |
Question 1 (30 marks)
Simply Scrumptious sells speciality boxes of chocolates. The chocolates sell for $44 (incl. GST). They have provided you with the following information:
At 1 July 2020 stock records for the chocolate baskets revealed:
Chocolate baskets |
Quantity | Cost $ |
12 | 20 | |
10 | 21 |
The following transactions occurred during the month:
Date
July |
Transaction | Document |
2 | Sold 8 baskets for $44 each (incl. GST) | Rec 222 |
5 | Purchased 15 baskets for $22 each plus GST $2.20 | Inv 65 |
12 | Sold 10 baskets for $44 each (incl. GST) | Rec 223 |
18 | Sold 8 baskets | Rec 224 |
25 | Purchased 20 baskets for $21 each plus GST $2.10 | Inv 82 |
28 | Returned 5 faulty baskets to supplier | Credit note 5 |
A stocktake was completed at 31 July which showed 21 baskets on hand.
Required
Question 2 (28 marks)
Sally’s Boutique has provided you with the following extract of their accounting information at 30 June 2020:
$ | |
Cash at Bank | 12,000 |
Accounts Receivable | 3,900 |
Inventory | 8,900 |
Equipment | 18,000 |
Accumulated Depreciation— Equipment | 400 |
Accounts Payable | 3,000 |
Loan - CBA (due 2025) | 8,000 |
Capital | 86,000 |
Drawings | 155,000 |
Cash sales | 139,200 |
Credit sales | 162,800 |
Sales returns | 13,000 |
Wages Expense | 52,600 |
Electricity Expense | 5,100 |
Rent Expense | 21,100 |
Cartage inwards | 400 |
Depreciation Expense | 200 |
Cost of sales | 50,500 |
Cartage outwards | 700 |
Buying expenses | 550 |
Additional information – the stocktake at 30 June revealed $9,800 worth of stock.
Required
Note - You must include headings and all relevant sub-total and totals in your reports.
Question 3 (17 marks)
Eddy’s Electrical Repairs purchased new equipment at a cost of $75,000 for the business on 1 May 2019. He expects that it will have a life of 5 years at which time he will be able to sell it for $15,000.
Required
Note – you must show full workings to gain full marks and formula where relevant.
The cost of goods sold for 5 items (26-21) will be adjusted for at $20.68/unit rate
Debit Cost of Goods Sold 103.4
Credit Inventory 103.4
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