查看更多:FECT考题

Question 3 (Total: 10 marks) The following are the accounting balances of a manufacturing business as at 31 December 2001: $000 Stocks at 1 Jan 01: Raw materials 20 Work in progress 10 Finished goods 25 Wages paid to production workers 60 Raw materials bought in year 150 Factory administration expenses 12 Depreciation of production machinery 15 Further information: Closing stocks at 31 Dec 01: Raw materials 18 Work in progress 3 Finished goods 30 Required: Prepare a manufacturing account in good form for the business.

Question 4 (Total: 10 marks) The following are the account balances of a limited company as at 31 December 2001: $,000 $,000 Ordinary share capital 600 10% Preferential share capital 400 share premium on Ordinary shares 300 Retained profits 500 Debentures (due 30 June 2002 ) 1,300 Plant and machinery 1,700 Provision for depreciation of plant and machinery 600 Dividends declared: Preferential 40 Ordinary 10 Trade creditors 700 Trade debtors 1,200 Provision for doubtful debts 80 Office expenses due but unpaid 20 Investments income receivable 30 Investments in associated companies 920 Trading stock 700 _____ 4,500 4,500 Net profit for the year, after deducting profits tax $30,000 and interest payments $23,000, was $220,000. Required: Calculate the following accounting ratios for the company:
(a) Current ratio (2 marks)
(b) Quick ratio (2 marks)
(c) Return on investment (or assets) (3 marks)
(d) Return on equity (3 marks)

Question 5 (Total: 10 marks) X and Y were trading in partnership sharing profits and losses in the ratio of 1:1. They agreed to accept Z as a new partner. The new profit and loss sharing ratio among X, Y and Z would be 2:2:1. The capital account balances of X and Y were $100,000 (Cr) respectively. Z was to contribute $50,000 cash as his capital and also contribute $200,000 cash to the business as consideration for his share of the goodwill of the partnership. Required:
(a) Prepare a statement showing the sharing of the goodwill between the old partners and among the new partners. (5 marks)
(b) Make journal entries for Z’s contributions assuming that no goodwill account is to be raised. (5 marks)

Question 6 (Total: 10 marks) On 1 May 2002 the cash book of a business showed a bank balance of $7,712 (Dr) but the bank statement of the same date showed a credit balance of $10,912. After checking the records, the following information was found: 1. Cheque received in the amount of $1,000 has been recorded in the cash book but has not been banked. 2. Cheque in the sum $4,360 has been drawn and sent out but it has not been presented to the bank for payment. 3. A cheque for $960 was banked but was subsequently returned by the bank marked “Insufficient fund”. No entry has been made for this in the cash book. 4. Interest $200 has been charged by the bank but no entry has been made in the cash book. 5. A cheque for $3,700 from a customer has been incorrectly entered in the cash book as $2,700. It was correctly recorded by the bank. Required:
(a) Make adjusting entries in the cash book to show the correct balance.
(b) Prepare a bank reconciliation statement from the correct cash book balance to the balance in the bank statement. SECTION TWO Answer any two questions in this section.

Question 7 (Total: 20 marks) The book of Delta Ltd as at 31 December 2001 showed the following balances: $ Ordinary share capital ($1 per share) 3,000,000 8% Preferential Share capital ($1 per share) 300,000 Retained earnings at 1 Jan 2001 62,000 Plant and machinery at cost 6,000,000 Provision for depreciation of plant and machinery 2,400,000 Sales 8,000,000 Purchases 4,500,000 Discounts received from suppliers 200,000 Trading stock at 1 Jan 2001 500,000 Trade debtors 600,000 Bad debts written off 40,000 Provision for doubtful debts at 1 Jan 2001 30,000 Trade creditors 200,000 Auditors’ fees 90,000 Salaries and wages 700,000 Rents and rates 1,200,000 General expenses 500,000 Interim Preferential dividend paid 12,000 Cash 50,000 Additional informations
(a) Trading stock at 31 December 2001 was $700,000
(b) A dividend of 2 cents per share on the Ordinary Shares and a final dividend of 4% on the Preferential Shares had been declared but had not been accounted for.
(c) 20% depreciation using the straight line method should be provided for the plant and machinery.
(d) Provision for doubtful debts at 3% of the trade debtors should be made. (e) Corporate tax rate at 16% should be provided for in the accounts. Required: Prepare a Trading and Profit and Loss Account for the company for the year ended 31 December 2001 and a Balance Sheet of the company as at that date.

Question 8 (Total: 20 marks) Mr Lee is a sole trader. He does not know accounting and he only keeps records of cash receipts and payments. The following is a statement of a receipts and payments of his business for the year ended 31.12 .01: $ $ Cash in hand 1.1.01 50,400 Payments for goods 1,131,000 Sales receipts 1,569,000 Transport expenses 87,000 Cash put in by Mr Lee 26,000 Rents and rates 38,100 Loan from Mr Wong 200,000 Wages paid to office assistants 60,000 Drawings by Mr Lee 120,000 Purchase of equipment 400,000 ________ Balance at 31.12.01 9,300 1,845,400 1,845,400 Further information:
(a) The loan from Mr Wong was received on 1.1.01 . Interest payable is 10% p.a.
(b) The equipment was purchased on 1.1.01. Estimated life is 5 years with no residue value. Depreciation should be provided for it on the straight line mrthod.
(c) The assets and liabilities of Mr Lee were as follows: 1.1.01 31.12.01 $ $ Stock in trade at cost 150,000 240,000 Trade debtors 138,000 200,000 Trade creditors 100,000 120,000 Equipment at cost __ 400,000 Cash balance 50,400 9,300 Required: Prepare a Trading and Profit and Loss Account for Mr Lee for the year ended 31.1.01 and a Balance Sheet as at that date.

Question 9 (Total: 20 marks) X and Y are in partnership sharing profits and losses in the ratio 3:2. They agree to draw interest on their capital at 8% p.a.; an annual salary to Y of $50,000; and interest on drawings at 10% p.a.; and to allow interest on loans from partners at p.a. The capitals of the partners are to be kept intact. The financial information of the partnership as at 31 january 2001 disclosed the following: $ $ Capital : X 1,000,000 Y 600,000 1600,000 Current Accounts : X 52,600 Cr Y 10,420 Cr 63,020 Loan from X 300,000 Net capital employed 1,963,020 The partners took drawings on 1 July 01: X $60,000; Y $ 30,000 Net trading profit for the year ended 31 December 2001 before interest and salaries to partners was $ 250,000. Required: Prepare an Appropriation Account or Statement and the partners’ Current Accounts for the year.

上一页 1 2 下一页

下载此内容:2002金融英语证书中级会计真题2.docx(Word 文档

相关信息:

2002金融英语证书中级会计真题1

ACCOUNTING June 2002 SECTION ONE (Compulsory) Answer all six questions in this section. Each question carries 10 marks. Question 1 (Total: 10 marks) Read and state whether the following statement are ...(查看全文

金融专业英语证书考试大纲

金融专业英语证书考试大纲目录1、 《银行综合类》考试大纲2、中级:《经济学》考试大纲  《会计学》考试大纲 《银行业务》考试大纲 《法律》考试大纲金融专业英语证书(银行综合类)考试大纲...(查看全文

2006年MPAcc备考之经验(两届老生之感)

05年备考之经验(两届老生之感)小的不才,考了两届,总算挤进去了,摸出一点门道,拿出来和大家探讨。会计硕士考试关键在于什么?一言以蔽之:成也会计,败也会计,摸摸英语,综合放弃。(最后一句不对,自己斟酌吧...(查看全文

MPAcc毕业证书、学费、报考和就业问题解答

自20世纪90年代初,工商管理硕士(MBA)作为首个硕士专业学位在我国开展试点至今,我国的硕士专业学位教育一直迅猛发展。从1990年起,经国务院学位委员会批准设置的专业学位有工商管理硕士(MBA)、法律硕士、教育硕...(查看全文

北京金融专业(专科)课程设置

(01A0205)金融(专科)  课程代码  课程名称  学分  非笔试课程代码  非笔试课程名称  非笔试课程学分  选考条件  00001  马克思主义哲学原理  3  00002  邓小平理论概论  3  00003  法律基础与思想...(查看全文