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Tự học FIA (Foundation in Accountancy)

[FA2] Maintaining Financial Records (Lưu trữ sổ sách)

[FIA/FA2: Tài liệu ôn thi] Session 2 (Phần 2)

Session 2 (Phần 2) sẽ ôn lại 5 dạng bài tập quan trọng môn Maintaining Financial Records (FA2) với chủ đề Reconciliations, Incomplete records và Partnership.

I. Tổng quan

Topic	Question types	Question index
		MCQ
Reconciliations	1. Control account reconciliations	33, 34
Reconciliations	2. Bank reconciliations	35 - 38
Incomplete records	1. Use of accounting & business equation to resolve incomplete records	39
Incomplete records	2. Use of profit ratios approach	40, 41
Partnerships	1. Partnership	42

II. Dạng bài tập chi tiết

1. Topic 5: Reconciliations

Ref: Tóm tắt kiến thức Topic 5: Reconciliations

1.1. Type 1: Control account reconciliations

Importance: Average

Question 33: The balance on the receivables’ ledger control account in the main ledger is $36,000. On investigation of the accounting records, the following errors were found.

(a) The sales day book total for the month was undercast by $1,000.

(b) The cash received day book total for the column ‘receivables’ ledger’ was recorded as $4,560 instead of $4,650.

What should the correct balance on the receivables’ ledger control account be?

A. $34,910

B. $35,090

C. $36,910

D. $37,090

Guidance:

Recalculate the correct balance using the model below:

ADJUSTED CONTROL ACCOUNT	$
Control account balance b/f	X
Add:
Adjustments that increase the account balance	X
Less:
Adjustments that decrease the account balance	(X)
	–––
Adjusted control account balance	X

Answer: C

The adjustments are:

To add $1,000 for the undercast total of credit sales in the sales day book.
To make a reduction of $90 because actual cash receipts from customers have been $90 more than originally recorded.

ADJUSTED RECEIVABLES CONTROL ACCOUNT	$
Receivables control account balance b/f	36,000
Add:
Undercast of sales	1,000
Less:
Errors in recording cash received	(90)
	–––
Adjusted control account balance	36,910

Question 34: The balance on the payables’ ledger control account in the general ledger is $55,000. Upon investigation of the accounting records, the following errors were found.

(a) The purchase day book total for the month was overcast by $100.

(b) The cheque payments day book total for the column ‘payables ledger’ was recorded as $6,980 instead of $6,890.

(c) A $50 purchase on credit from a supplier, Brown & Co, had not been recorded in the supplier’s account in the payables’ ledger.

What should the correct balance on the payables’ ledger control account be?

A. $54,990

B. $55,010

C. $55,040

D. $55,060

Guidance:

Recalculate the correct balance using the model below:

ADJUSTED CONTROL ACCOUNT	$
Control account balance b/f	X
Add:
Adjustments that increase the account balance	X
Less:
Adjustments that increase the account balance	(X)
	–––
Adjusted control account balance	X

Answer: A

The adjustments are:

To reduce the total of payables by $100 to correct the overcast amount in the purchases day book.
To increase the total of payables by $90 to adjust for the error in recording payments to suppliers by $90 more than originally recorded.

The error in the payables ledger does not affect the control account total in the main (general) ledger.

ADJUSTED PAYABLES CONTROL ACCOUNT	$
Receivables control account balance b/f	55,000
Add:
Errors in recording payments to suppliers	90
Less:
Overcast of purchases	(100)
	–––
Adjusted control account balance	54,990

1.2. Type 2: Bank reconciliations

Importance: High

Question 35: In preparing an entity’s bank reconciliation statement, the accountant finds that the following items are causing a difference between the cash book balance and bank statement balance:

1. Direct debit $160.

2. Lodgments not credited $1,870.

3. Outstanding cheques $433.

4. Cheque paid in by the entity and dishonored $278.

5. Error by bank $4,120 (cheque incorrectly credited to the account).

6. Bank charges $500.

Which of these items will require an entry in the cash book?

A. 2, 4 and 6

B. 1, 4 and 5

C. 2, 5 and 6

D. 1, 2 and 4

Guidance:

Refer to the diagram above.

Answer: B

Items 1, 3, 5 are the differences that arise from the business mismatching with the bank, which need adjustments in the cash book.
Item 2, 4, 6 are the differences that arise from the bank clearing process, which needs adjustments in the bank statement.

Question 36: Which of the following statements about bank reconciliations are correct?

1. If a cheque received from a customer is dishonored after the date, a credit entry in the cash book is required.

2. A difference between the cash book and the bank statement must be corrected by means of a journal entry.

3. Bank charges not yet entered in the cash book should be dealt with by an adjustment in the reconciliation statement.

4. In preparing a bank reconciliation, lodgements recorded before the date in the cash book but credited by the bank after the date should reduce an overdrawn balance in the bank statement.

A. 2 and 4

B. 1 and 4

C. 2 and 3

D. 1 and 3

Guidance:

Refer to the diagram above.

Answer: B

Items 1 and 4 are correct
Item 2 is incorrect because the difference between the bank statement and the cash book is resolved by means of the reconciliation.
Item 3 is incorrect because bank charges not entered in the cash book should be entered into the cash book.

Question 37: The following bank reconciliation statement has been prepared by a trainee accountant:

	$
Overdraft per bank statement	1,349
Less:
Unpresented cheques	405
Add:
Deposits credited after date	785
Cash at the bank as calculated above	1,729

What should be the correct balance per the cash book?

A. $1,729 balance at the bank as stated

B. $1,329 overdrawn

C. $969 overdrawn

D. $969 balance at the bank

Guidance:

Guidance: Adjustments to the bank statement balance should be computed as below:

ADJUSTED BANK STATEMENT	$
Balance per bank statement	X
Add:
Outstanding lodgements	X
…
Less:
Outstanding cheques	(X)
…
	–––
Adjusted bank statement balance	X

Note: Be cautious of the overdraft balance. It should be a negative amount when calculating balances.

Answer: C

ADJUSTED BANK STATEMENT	$
Balance per bank statement	(1,349)
Add:
Outstanding lodgements	785
…
Less:
Outstanding cheques	(405)
…
	–––
Adjusted bank statement balance (assumed to be equal to adjusted cash book balance after reconciliation)	(969)

Question 38: Sandra is reconciling her cash book to the bank statement. Her cash balance is $2,500 and the balance on her statement is $750 overdrawn. She finds the following differences:

1. Bank charges of $150 and direct debits totaling $300 have not been posted to the cash book

2. There are unpresented cheques of $370; she paid in a batch of cheques two days ago totaling $2,385 and these have not yet been credited to her account

3. A cheque she paid last week for $785 has been dishonored.

What will the reconciled balance be?

A. $1,565

B. $1,285

C. $2,050

D. $2,765

Guidance:

Adjustments to the cash book and bank statement balance should be computed as below:

After adjusting the balances as per the cash book and as per the bank statement, the adjusted amounts should be the same.

If they are still not equal, you will have to repeat the process of reconciliation again.

Answer: B

2. Topic 6: Incomplete records

Ref: Tóm tắt kiến thức Topic 6: Incomplete records

2.1. Type 1: Use of accounting & business equation to resolve incomplete records

Importance: Average

Question 39: The net assets of Amanda, a trader, at 1 January 20X0 amounted to $208,000. During the year to 31 December 20X0, Amanda introduced a further $75,000 of capital and made drawings of $36,000. On 31 December 20X3, Amanda's net assets totaled $184,000. What is Amanda's total profit/loss for the year ended 31 December 20X0?

A. $15,000 profit

B. $63,000 loss

C. $135,000 profit

D. $87,000 profit

Guidance:

Remind of the business equation:

The business equation:

Opening net assets + Capital introduced + Profit (- Loss) – Drawings = Closing net assets

Note: Net assets = Assets - Liabilities

Answer: B

Profit/Loss of the year = Closing net assets – Opening net assets – Capital introduced + Drawings

Profit/Loss of the year = $184,000 - $208,000 - $75,000 + $36,000

Profit/Loss of the year = ($63,000)

2.1. Type 2: Use of profit ratios approach

Importance: High

Question 40: Which of the following gives a gross profit mark‐up of 40%?

A. Sales are $120,000 and gross profit is $48,000

B. Sales are $120,000 and cost of sales is $72,000

C. Sales are $100,800 and cost of sales is $72,000

D. Sales are $100,800 and cost of sales is $60,480

Guidance:

Guidance:

You might need to answer this question by testing each answer.

Answer: C

Mark-up = 40%
	$	Ratio
Sales	100,800	140%
Cost of sales:
	(72,000)	100%
	––––––
Gross profit	28,800	40%

Question 41: The following information is available about the transactions of Reuzel, a sole trader who does not keep proper accounting records:

	$
Opening inventory	113,000
Closing inventory	78,000
Purchases	565,000
Gross profit margin	25%

Based on this information, what was Reuzel’s sales revenue for the year?

A. $982,800

B. $750,000

C. $706,666

D. $800,000

Guidance:

Answer: D

Margin = 25%
	$	$	Ratio
Sales (β)		800,000	100%
Cost of sales:
Opening inventory	113,000
Purchases	565,000
Less: Closing inventory	(78,000)
	––––––	(600,000)	75%
		––––––
Gross profit		200,000	25%

3. Topic 7: Partnerships

Question 42: A partnership has three partners, Hill, Jack, and Lim. The balances on their accounts as of 1 January were as follows:

	Hill	Jack	Lim
	$	$	$
Capital account	20,000	40,000	20,000
Current account	10,000	10,000	20,000

Hill takes a salary of $6,000 per annum. Interest on capital is paid at 10% per annum.

Residual profits are shared between Hill, Jack, and Lim in the proportion 30%: 40%: 30%.

The partnership profit for the year 31 December was $56,000.

What is Hill’s share of the partnership profit for the year?

A. $14,400

B. $14,600

C. $20,400

D. $20,600

Guidance:

Answer: A