快速查题-ACCA英国注册会计师试题

Your payables control account has a balance at 1 October 20X8 of $34,500 credit. During October, credit purchases were

$78,400, cash purchases were $2,400 and payments made to suppliers, excluding cash purchases, and after deducting

settlement discounts of $1,200, were $68,900. Purchase returns were $4,700.

What was the closing balance?

A receivables ledger control account had a closing balance of $8,500. It contained a contra to the payables ledger of $400, but this had been entered on the wrong side of the control account.

What should be the correct balance on the control account?

Which of the following items could appear on the credit side of a receivables ledger control account?

1 Cash received from customers

2 Irrecoverable debts written off

3 Increase in allowance for receivables

4 Discounts allowed5 Sales6 Credits for goods returned by customers7 Cash refunds to customers

An inexperienced bookkeeper has drawn up the following receivables ledger control account：

RECEIVABLES       LEDGER          CONTROL ACCOUNT

                                                         $                                                                                  $ 

Opening balance                             180,000                  Credit sales                                190,000

Cash from credit customers             228,000             Irrecoverable debts written off          1,500

Sales returns                                     8,000                 Contras against payables               2,400

Cash refunds to credit customers     3,300               Closing balance (balancing figure)   229,60

0Discount allowed                             4,200              

                                                         423,500                                                                    423,500

What should the closing balance be after correcting the errors made in preparing the account?

The payables ledger control account below contains a number of errors:

                           PAYABLES LEDGER CONTROL ACCOUNT

                                                                                     $                                                                            $

Opening balance (amounts owed to suppliers)         318,600               Purchases                                 1,268,600

Cash paid to suppliers                                               1,364,300           Contras against debit                  48,000

Purchases returns                                                      41,200                balances in                                 8,200

Refunds received from suppliers                                 2,700                receivables ledger                       402,000

                                                                                  $1,726,800         Discounts received                      $1,726,800

                                                                                                              Closing balance

All items relate to credit purchases.

What should the closing balance be when all the errors are corrected?

 X Co sells goods with a one year warranty and had a provision for warranty claims of $64,000 at 31 December 20X0. During

the year ended 31 December 20X1, $25,000 in claims were paid to customers. On 31 December 20X1, X Co estimated that

the following claims will be paid in the following year：

Scenario                                            Probability                 Anticipated cost

Worst case                                          5%                                  $150,000

Best case                                            20%                                $25,000

Most likely                                           75%                                $60,00

 What amount should X Co record in the statement of profit or loss for the year ended 31 December 20X1 in respect of the

provision?

W is registered for sales tax. The managing director has asked four staff in the accounts department why the output tax for the last quarter does not equal 20% of sales (20% is the rate of tax). Which one of the following four replies she received was not correct?

The following information relates to Eva Co's sales tax for the month of March 20X3:

                                                          $

Sales (including sales tax)            109,250

Purchases (net of sales tax)          64,000

Sales tax is charged at a flat rate of 15%. Eva Co's sales tax account showed an opening credit balance of $4,540 at the

beginning of the month and a closing debit balance of $2,720 at the end of the month.

What was the total sales tax paid to regulatory authorities during the month of March 20X3?

Alana is not registered for sales tax purposes. She has recently received an invoice for goods for resale which cost $500

before sales tax, which is levied at 15%. The total value was therefore $575.

What is the correct entry to be made in Alana’s general ledger in respect of the invoice?

Information relating to Lauren Co's transactions for the month of May 20X4 is shown below：

                                                    $

Sales (including sales tax)       140,000*

Purchases (net of sales tax)     65,000

Sales tax is charged at a flat rate of 20%. Lauren Co's sales tax account had a zero balance at the beginning of the month and at the end of the month.

* Lauren Co's sales for the month of $140,000 included $20,000 of sales exempt from sales tax. What was the total sales tax paid to regulatory authorities at the end of May 20X4 (to the nearest $)?