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Inked June - July 2013
F1 Racing Magazine, June 2013
JUNE 2013 1. a) ConEct Income Statement for the year ended 31 January 2012 Income Sales commissions received
115 500
Add sales commissions outstanding
14 100 129 600
Less Expenses Rent
13 300
Add Rent owing
3 000
Insurance
7 100
Less insurance prepaid
(1 800 )
16 300 5300
Delivery expenses
11 500
Salesmen's wages
46 700
Loan interest
5 500
Depreciation (60 000-12 000 = 48 000 * 20%)
9600 (94 900)
Net Profit
34 700
1. b) ConEct Classified Balance Sheet as at 31 January 2012
Fixed Assets Delivery van at cost
60 000
Less accumulated depreciation (12 000 + 9600)
(21 600) 38 400
Current Assets Bank
121 400
Sales commissions outstanding
14 100
Insurance prepaid
1 800 137 300
Less Current Liabilities Rent owing
(3 000)
Working Capital
134 300 172 700
Financed By Capital
88 000
Add Net Profit
34 700 122 700
Long Term liabilities 5-year bank loan
50 000 172 700
2. (a)
2.
The table below shows sources of the Debtors' Control Accounts.
Source of Information
Book of Original Entry
Total refund to debtors
Cash Book
Total dishonored cheques
Cash Book
Total credit sales
Sales Journal
Total returns inwards
Returns Inwards Journal
Receipts from debtors
Cash Book
Total discounts allowed
Cash Book
Total bad debt
General Journal
(b) L. Somerset Purchases Ledger Control Account for for the month of October Balance b/d
1 450
Balance b/d
25 400
Returns Outwards
1 200
Purchases
123 900
Payments to creditors Discount received Set off
100 300 2 500 620
Balance c/d
Refund
1 180
Cheque returned
3 300
Received from creditor
284
47 994 154 064
154 064
2. (c) General Journal $ i
Equipment
$
2 100
Purchases
2 10
Correction of error where by Equipment was debited to Purchases Account ii
Bank Account Suspense Account Payment to creditors overstated by 270 in Bank Account
270 270
3. (a) i. current asset current liabilities
$12 000 x =
2 1
current assets as at June 2011 = $6 000
ii. current asset current liabilities
$60 000 x
4 1
current liabilities as at June 2012 = $15 000 (b)
i. Average stock = Opening Stock + Closing Stock 2
ii. Stock turn average stock =
= cost of good sold $5600 = 21.9 times
iii. Gross profit percentage
=
= 6 800 + 4 400 2 = $5600
$122 800
Gross Profit 100 $131 600 Sales X 1 = $250 000 = $0.5264 X 100 = 52.64%
(c) Balance sheet for Reisse Holding as at 30 June 2012. $ Fixed assets Current assets
125 000 60 000
$
$ Capital
71 600
Add Net Profit
69 900
Less Drawings
(23 900)
$
117 600 Total liabilities 185 000
67 400 185 000
(d)
return on capital employed = Net profit Capital employed (total assets – current liabilities) =
$69 900 $170 000 ($185 000 – $15 000) = (e)
100 X
1
41.12%
The rate of stock turnover for this company was 22 times this means that stock is used or sold out and replaced 22 times a year.
For Reisse Holding 41.12% of sales is left over after paying cost of goods sold
shows how effectively assets are performing while taking into consideration long-term financing.
4a Statement showing Cost of material consumed $ Inventory b/f (300 x 19) Purchases of raw material 4 500 metres at 19 - 85 500 2 150 metres at 24 – 51 600
$
$
5 700
137 100
Less:- Returns outwards of raw material 100 metres at $24 per metre
(2400)
Add:- Carriage on raw material
3 400
138 100 143 800
Less Inventory c/f (340 x 24)
(8160)
Cost of material consumed
4b
135640
Statement showing cost of direct material Direct labour(wages) Cutters (4 500 x15 ) Stitchers (4 120 x 12) Pressers(4 000 x 5 )
67 500 49 440 20 000 136 940
4c Manufacturing Account for the year ended 31 December 2012 $ $ Cost of material consumed
135 640
Cost of direct material
136 940
Direct Expenses
$
8 900
Prime Cost
281 480
Factory overhead Salary of factory manager
38 050
Factory power
8 400
General factory expenses
18 050
Annual depreciation on plant and machinery
1 600 66 100
Add Wip b/f
2 010
Less Wip c/f
(3 790) (1 780)
Cost of production
345 800
5a Gross Pay Mark
$30 x 27
Jones
$30 x 40 $30 x 1.5 x 6
8 10 1200 270
1470
5b A Employees Gross Pay B/f $
B
C
D
E
Social Security $
Taxable Pay $
Income Tax $
Net Pay $
Mark
8 10
40.50
769.50
76.95
692.55
John
1470
73.50
1396.50
139.65
1256.85
Working Social Security mark 810 x 5% = 40.50 John 1470 x 5% = 73.50
Income Tax Mark 769.50 x 10% = 76.95 John 1396.50 x 10% = 139.65
