104 Level 1 Certificate in Book-Keeping Jan 2009 Question Paper

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Exam I/D 104

QUESTION PAPER

Qualification:
Level 1 Certificate in Book-keeping
(Qualification Accreditation Number 500/3159/4)

Examination:
Single Unit – Keeping simple financial records

Examination Date: 27 January 2009

Time Allowed: 1 hour 30 minutes

Suite 30, 40 Churchill Square, Kings Hill, West Malling, Kent ME19 4YU Email: [email protected] website: www.iab.org.uk

INTERNATIONAL ASSOCIATION OF BOOK-KEEPERS QUALIFICATION TITLE: LEVEL 1 CERTIFICATE IN BOOK-KEEPING SINGLE UNIT TITLE: KEEPING SIMPLE FINANCIAL RECORDS IAB QUALIFICATION CODE: B1 General Information and Instructions This question paper contains FIVE questions within two Sections. You must answer FOUR questions as follows: SECTION A: Answer both questions in this section Question One carries 35 marks Question Two carries 15 marks SECTION B: Answer any two of the three questions in this Section All Questions carry 25 marks 1. You must enter your Student Number, Examination Entry Number (Candidate Number) and Name of Examination Centre in the boxes provided on the front cover of your Answer Booklet. Time allowed : 1 hour 30 minutes. All answers are to be written in ink. Cross out errors neatly, or use correcting fluid in moderation. The use of silent non-programmable calculators is permitted. If you answer or partly answer more than two questions from Section B, you must cross out the answer you do not want marking, otherwise we will take the marks of your first two answers. Nil figures often earn marks and should be shown by a dash, ‘nil’, 0 or £0.00 as appropriate; spaces simply left blank will not earn marks. NOTE – this Question Paper and the Answer Booklet have information and data printed on both sides of the pages contained within the booklets.

2. 3. 4. 5. 6.

7. 8.

IAB L1 Cert Jan 2009 QP (past paper)

Page 2

Scenario You work for IAB Book-keeping Services, which is a small book-keeping practice offering a range of basic book-keeping services to local clients. In this Question Paper you are presented with five different practical tasks based on the needs of those clients. The tasks take place between 19 January 2009 and 23 January 2009. You are required to complete the tasks in accordance with the examination instructions, i.e.: Section A − Section B − section Answer both questions in this section Answer any two of the three questions in this

IAB L1 Cert Jan 2009 QP (past paper)

Page 3

Section A – You must answer both questions in this section Question One
The date is 19 January 2009 and you are visiting the wholesaler Southern Catering Supplies to assist their accounts department complete their Day Books. Southern Catering Supplies is registered for VAT (Value Added Tax) and it should be noted that their stock includes zero rated as well as standard rated items. On arrival you are provided with extracts from Southern Catering Supplies’ Price List and Customer File (see page 5 of this question paper). For clarity, it is explained to you that goods are only sold in the pre-packed quantities shown on the Price List. You are also presented with the following items (see pages 6 and 7 of this question paper):

by a customer You are advised that the goods listed on the purchase orders are in stock and will be despatched today. It has also been agreed to give credit for the items listed on the goods returned note. REQUIRED: A B C D Prepare sales invoices from the information given on the two purchase orders received this morning. Prepare a credit note from the information given on the goods returned note issued this morning. Enter the two sales invoices and the credit note that you prepared in Tasks A and B into the appropriate Day Books. Total the Day Books. 35 marks The following are provided in your answer booklet (pages 2 to 5) for your use in completing the above tasks:   Two blank Sales Invoices Blank Credit Note Sales Day Book and Sales Returns Day Book

• •

two purchase orders received today from customers a goods returned note issued today detailing items returned



IAB L1 Cert Jan 2009 QP (past paper)

Page 4

Question One (continued)
Southern Catering Supplies – Extract from Price List VAT Standard Rated Items Details Product Code List Price (Standard-rated, excluding VAT) £ 2.50 8.80 2.80 13.20 24.00 22.80 3.80 3.60 6.40 6.80 32.00 33.00 32.20

Aluminium Foil (30 metres) Cleaning Cloths (100) Cling Film (30 metres) Disposable Gloves – medium (100 pairs) Lager (24 bottles) Liqueur Chocolates (10 boxes) Mineral Water – Sparkling (6 bottles) Mineral Water – Still (6 bottles) Thick Bleach (5 litre) Washing Up Liquid (6 bottles) Wine - Red (12 bottles) Wine – Rose (12 bottles) Wine - White (12 bottles)

39990 30250 39995 30142 10456 20004 10510 10511 30300 30325 10460 10462 10461

VAT Zero Rated Items Details Baked Beans (24 tins) Coffee Bags (boxed 250) Frozen Fish Cakes (48) Fruit Cocktail (12 tins) Muesli (10 packets) Table Salt (1kg bag) Tea Bags (boxed 500) Product Code 20752 20693 20744 20750 20699 20818 20683 List Price (Zero-rated) £ 9.00 4.99 8.45 7.55 7.50 2.45 3.99

Southern Catering Supplies – Extract from Customer File Customer Hampton High School Highcliffe Hotel The Market Diner Trade Discount --5% --Terms 30 Days Net 30 Days Net 7 Days Net

IAB L1 Cert Jan 2009 QP (past paper)

Page 5

Question One (continued)
Southern Catering Supplies – Purchase Orders Received Purchase Order No: 0002256 Date: To: 16 January 2009 Southern Catering Supplies Unit 1, The Marriotts Foxhampton FX5 8HH From: Hampton High School Long Avenue Foxhampton FX8 6CC

Code 30250 30300 30325 20744 20699

Description Cleaning Cloths (100) Thick Bleach (5 litre) Washing Up Liquid (6 bottles) Frozen Fish Cakes (48) Muesli (10 packets)

Quantity 2 5 3 10 10

Purchase Order No: 2009/39 Date: To: 16 January 2009 Southern Catering Supplies Unit 1, The Marriotts Foxhampton FX5 8HH From: Highcliffe Hotel Scarborough Road Gorton FX1 7BV

Code 10456 10511 10460 10461

Description Lager (24 bottles) Mineral Water – Still (6 bottles) Wine - Red (12 bottles) Wine - White (12 bottles)

Quantity 5 12 6 6

IAB L1 Cert Jan 2009 QP (past paper)

Page 6

Question One (continued)
Southern Catering Supplies – Goods Returned Note

Southern Catering Supplies Unit 1, The Marriotts Foxhampton FX5 8HH GOODS RETURNED NOTE
Customer: The Market Diner 6-8 Market Place Foxhampton FX3 5SD Goods Returned Note No: 7031

Customer Order No: Product Code

66770

Date:

19 January 2009

Quantity

Description

Reason for return

20693

10

Coffee Bags (boxed 250)

Delivered in error, order was for 10 boxes Tea Bags (product code 20683)

IAB L1 Cert Jan 2009 QP (past paper)

Page 7

THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY

IAB L1 Cert Jan 2009 QP (past paper)

Page 8

Question Two
It is 23 January 2009 and you have been sent to the premises of Brooks Bicycles where the following Memo has been left for you: MEMO From: To: Subjec t: Date: Bill Brooks Accounts Assistant Bank reconciliation 23 January 2009

At Brooks Bicycles we keep a two-column Cash Book. Bank statements are issued every two weeks, on receipt of which the Cash Book is balanced off. Then the bank balance per the Cash Book is reconciled to the statement from the bank. You have been provided with a bank statement made up to 21 January 2009, and relevant pages from the Cash Book (bank columns only) which has been balanced off as at 21 January 2009 (see pages 10 and 11 of this question paper) You are required to complete the following task: REQUIRED A Complete the Bank Reconciliation Statement to reconcile the bank balance per the Cash Book as at 21 January 2009 to the balance per the bank statement as at that date.

Signed: Bill Brooks 15 marks The following is provided in your answer booklet (page 7) for your use in completing the above task: • Bank Reconciliation Statement

IAB L1 Cert Jan 2009 QP (past paper)

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Question Two (continued)
Brooks Bicycles – Bank Statement Established Bank Account Name: Brooks Bicycles Branch: Tynemouth Haven Sort code: 55-45-32 Account number: 07763435 Date: 21 January 2009 Statement of Account 8 January – 21 January 2009
Sheet 305 Date 2009 8 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 14 Jan 15 Jan 15 16 17 17 18 18 19 19 20 20 20 Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Description Balance brought forward Counter Credit DDR – Excell Credit Card Counter Credit Cheque 10928 Counter Credit Cheque 10930 Direct credit – Tynemouth Sports Cheque 10929 Counter Credit Cheque 10932 SO – Mutual Insurance Counter Credit HM Revenue & Customs Cheque 10931 Counter Credit Cheque 10934 Bank card – National Rail Bank charges Payments £ Receipts £ 1,204 1,480 2,611 6,501 2,011 740 3,050 4,020 1,960 62 148 3,920 992 3,066 7,042 5,119 75 22 Balance £ 6,530 7,734 6,254 8,865 2,364 4,375 3,635 6,685 2,665 4,625 4,563 4,415 8,335 7,343 4,277 11,319 6,200 6,125 6,103

21 Jan

Balance carried forward

6,103 SO – Standing order transaction BACS – Banks automated clearing service

OD – Overdrawn balance DDR – Direct debit transaction

IAB L1 Cert Jan 2009 QP (past paper)

Page 10

Question Two (continued) Brooks Bicycles – Cash Book (extract, bank columns only)
Brooks Bicycles Cash Book (extract, bank columns only) DR
Date 2009 Details Bank £ Date 2009 Details Cheque No.

CR
Bank £

8 Jan 9 Jan 11 Jan 13 Jan 15 Jan 17 Jan 18 Jan 20 Jan 21 Jan

Balance b/f Sales Sales Sales Sales Sales Sales Sales Sales

6,530 1,204 2,611 2,011 1,960 3,920 7,042 4,822 1,006

9 Jan 9 Jan 12 Jan 12 Jan 14 Jan 15 Jan 16 Jan 16 Jan 19 Jan 20 Jan 20 Jan

Beta Bikes Ltd GB Bike Supplies Electropower J & K Components Voking Stationery J Barnard HM Revenue & Customs GB Bike Supplies Hilfords Ltd Rick Courier Service Charity donation

10928 10929 10930 10931 10932 10933 online 10934 10935 10936 10937

6,501 4,020 740 3,066 62 21 992 5,119 3,743 217 50

21 Jan 31,106 21 Jan Balance b/d 6,575

Balance c/d

6,575 31,106

IAB L1 Cert Jan 2009 QP (past paper)

Page 11

Section B – You must answer any two of the questions in this section Question Three
It is the morning of 21 January 2009 and you are visiting San Marco, a restaurant in the town centre which will open as usual at 6pm. You are there to prepare the previous day’s takings for banking. The proprietor explains that they use a single till into which all sales are entered. Customers may settle their bills by cash (notes and coins) or cheques, or use debit cards or credit cards – these card sales are processed using the EFTPOS system (Electronic Funds Transfer at Point of Sale) and are therefore transferred to San Marcos’ bank account automatically. He explains that a float of £60 is kept in the till which is restored each morning out of the previous day’s till contents, made up as follows: San Marco Daily Cash Float £60 Denominations Number of Notes and Coins Notes and Coins £5 notes 6 £1 coins 15 50p coins 15 20p coins 20 10p coins 20 5p coins 20 2p coins 20 1p coins 10 You are presented with the till report taken at the close of business the previous day:

SAN MARCO DAILY TILL REPORT CASH/CHEQUES DEBIT/CREDIT CARDS REFUNDS TOTAL £ 1,007.00 1,943.00 0.00 2,950.00

DATE: 20 January 2009 TIME: 11.43pm

IAB L1 Cert Jan 2009 QP (past paper)

Page 12

Question Three (continued)
You are then presented with the till contents. These have not been altered since the close of business the previous day. You start work by counting the notes, coins and cheques which you list as follows: San Marco – Till Contents at close of business on 20 January 2009 Notes/coin s £20 notes £10 notes £5 notes £2 coins £1 coins 50p coins 20p coins 10p coins 5p coins 2p coins 1p coins Cheques Drawer S Bolam L Astal E Barber T Woods REQUIRED A Restore the till float and prepare all remaining cash (notes and coins) and cheques for banking by completing the Daily Takings and Cash for Banking Form. Date the form 20 January 2009. Complete the Bank Paying-in Slip ready for the proprietor to complete the banking on 21 January 2009. 25 marks The following are provided in your answer booklet (pages 8 and 9) for your use in completing the above tasks:   Daily Takings and Cash for Banking Form Bank Paying-in Slip Number 17 32 26 10 46 34 40 90 42 30 30 Amount £ 69.00 48.60 24.60 31.80

B

IAB L1 Cert Jan 2009 QP (past paper)

Page 13

Question Four
It is 22 January 2009 and you have been asked to visit the offices of Staplehill Ltd in order to update their Petty Cash Book. While you are there, you will answer some questions from one of their junior accounts staff, Teri Raffan, who is keen to learn more about Value Added Tax (VAT) and general book-keeping principles. Staplehill Ltd operates a petty cash imprest system, with an imprest amount of £150. The Petty Cash Book is balanced off weekly, and the imprest is restored by means of a cheque to withdraw cash from the bank. Staplehill Ltd is registered for VAT and can claim VAT where applicable at the standard rate of 17.5%. You are provided with five Petty Cash Vouchers (see page 15 of this question paper). REQUIRED: A B C D E Enter the details from the five Petty Cash Vouchers into the Petty Cash Book. Balance off the Petty Cash Book as at 22 January 2009. Restore the imprest with a cheque dated 22 January 2009, payable to ‘Petty Cash’, by completing the Cheque Requisition provided. Enter the receipt into the Petty Cash Book, and show the new balance. Refer to the questions set out in your answer booklet and provide answers using the spaces provided. All five parts of this task should be attempted. 25 marks The following are provided in your answer booklet (pages 11 to 13) for your use in completing the above tasks:    Petty Cash Book Cheque Requisition Questions and space for answers (Task E)

IAB L1 Cert Jan 2009 QP (past paper)

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Question Four (continued)
Staplehill Ltd – Petty Cash Vouchers No: 611 Petty Cash Voucher Date: 15 Jan 2009 AMOUNT £ p Rail Fare (VAT zero rated) 25 08 25 08 Claimant: Authorised by: T Wood T Raffan No: 613 Petty Cash Voucher Date: 19 Jan 2009 AMOUNT £ p Bus fares (VAT zero rated) 7 50 7 50 Claimant: Authorised by: J Oliver T Raffan Claimant: Authorised by: Z Mehta T Raffan Stationery (VAT inclusive) Claimant: Authorised by: D House T Raffan No: 614 Petty Cash Voucher Date: 20 Jan 2009 AMOUNT £ p 39 95 39 95 Postage (VAT exempt) No: 612 Petty Cash Voucher Date: 16 Jan 2009 AMOUNT £ p 18 70

18 70

No: 615 Petty Cash Voucher Date: 21 Jan 2009 AMOUNT £ p Sundries: cleaning products (VAT inclusive) 19 27

19 27 Claimant: Authorised by: D House T Raffan

IAB L1 Cert Jan 2009 QP (past paper)

Page 15

Question Five
It is 23 January 2009 and you receive the following email: From: To: Subject: Attachment : ‘Senior Accounts Assistant’ Sent: 20 January 2009 [email protected] ABC Auto Repairs – Cash Book ABC Auto Repairs – list of receipts and payments

We provide a book-keeping service for our client ABC Auto Repairs, who do business on both a cash and a credit basis. The business is registered for Value Added Tax (VAT) and all sales and purchases are subject to VAT at the standard rate. I have placed their Cash Book on your desk. As you will see, it is an analysed Cash Book with separate pages for receipts and payments. Payments are analysed into three columns: Purchases, Wages, and all other Expenses. I attach a list of the receipts and payments which took place during the week ended 16 January 2009 and which have not yet been entered into the Cash Book (see page 17 of this question paper). REQUIRED A B Enter into the Cash Book the transactions which took place during the week ended 16 January 2009. Balance off the Cash Book as at 16 January 2009, bringing down the balances as at 17 January 2009. 25 marks The following are provided in your answer booklet (pages 14 and 15) for your use in completing the above tasks: •



Cash Book – Receipts Cash Book – Payments

IAB L1 Cert Jan 2009 QP (past paper)

Page 16

Question Five (continued) – Attachment to Email
ABC Auto Repairs – Receipts and Payments, week ended 16 January 2009 2009 9 Jan Paid £47 cash (VAT inclusive) at local garage for fuel for breakdown truck. Paid cheque for £141 (inclusive of VAT) to plumber to repair leak. Paid cheque for £2,969 to credit supplier Auto Parts Ltd. Received and banked immediately a cheque for £422 from credit customer D.G.Matthews. Received and bank immediately a cheque for £197 from credit customer P.Goss. Purchased stock of parts by cheque, £840 plus VAT. Paid £27 cash (no VAT) for window cleaning. Received and banked immediately a cheque for £2,100 from credit customer Super Hire Cars Ltd. Paid cheque for £47 inclusive of VAT to a courier company. Paid £643 in cash for mechanics’ weekly wages. Cash sales for the week totalled £2,820 (VAT inclusive). None of this has yet been banked. Paid £2,570 of the cash held into the bank.

10 Jan 12 Jan 13 Jan

13 Jan

14 Jan 15 Jan 15 Jan

15 Jan 16 Jan 16 Jan

16 Jan

IAB L1 Cert Jan 2009 QP (past paper)

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IAB L1 Cert Jan 2009 QP (past paper)

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