Practice exam answers

Hi
Does anyone have the answers to the Sarah Glass,David Nix, Fresh Produce?
Could you email it to me at [email protected]

Thank you would be a great help

Comments

  • definite.studies
    definite.studies Registered Posts: 88 ? ? ?
    Did you get the answers? I do have them but I would have to type them in as my scanner is not working at the moment.

    If you want the answers today, it would save me time if you sent me your answers then I could comment on only the bits you get wrong.
  • lv9783
    lv9783 Registered Posts: 65 ? ? ?
    question 2.1 (b) (c) and (d) for Sarah Glass Exam
    The journal entry for David Nix 2.1 (d)

    What is rent payable is that like the expense account and the double entry would be accruals?

    And the same for receivable with the double entry being prepayments?
  • definite.studies
    definite.studies Registered Posts: 88 ? ? ?
    Please provide your suggested answers and I will comment on them. I have not gone through the question recently, so I can only compare what you have done with the model answer.
  • lv9783
    lv9783 Registered Posts: 65 ? ? ?
    ok sarah glass question 2.1
    (b)
    rent payable is £3000 per month already in the tb is 33,000 so
    DR 3000 Rent
    CR 3000 Accruals

    (c)
    invoice relating to goods received been left out 2350 including VAT 17.5%
    goods already been included in stock calculation.

    DR purchases 2000
    DR vat 350
    CR plca 2350

    (d)
    stock valued at 30,040
    includes 625 which is the cost of the carpet that is dirty and needs cleaning
    cost of cleaning 50 and carpet sold for 300

    dont know where to start with this one

    David Nix Exam
    2.1

    (f)
    closing stock value in tb = 58,450
    the reduction of stock due to decrease in selling price in total is 220

    journal entries would be
    DR ?
    CR closing stock 220
  • definite.studies
    definite.studies Registered Posts: 88 ? ? ?
    sarah glass question 2.1
    (b)
    rent payable is £3000 per month already in the tb is 33,000 so
    DR 3000 Rent
    CR 3000 Accruals
    correct.

    (c)
    invoice relating to goods received been left out 2350 including VAT 17.5%
    goods already been included in stock calculation.

    DR purchases 2000 correct
    DR vat 350 correct
    CR plca 2350 correct


    (d)
    stock valued at 30,040
    includes 625 which is the cost of the carpet that is dirty and needs cleaning
    cost of cleaning 50 and carpet sold for 300

    dont know where to start with this one

    The stock should be valued at the lower of cost and net realisable value which is calculated as £300 - £50 = £250. The reduction in value is £625 - £250 = £375. The revised stock valuation is now £30,040 - £375 = £29,665.

    David Nix Exam
    2.1

    (f)
    closing stock value in tb = 58,450
    the reduction of stock due to decrease in selling price in total is 220

    journal entries would be
    DR ?
    CR closing stock 220

    DR Stock (Trading account) 220
    CR Stock (BS) 220

    I would assume these are the two Closing stock accounts at the bottom of the TB even if the wording is a bit different.
  • lv9783
    lv9783 Registered Posts: 65 ? ? ?
    Thank you so much that is a big help
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