Section a – all 35 questions are compulsory and must be attempted


What amount should be charged to the statement of profit or loss in the year ended 30 June 20X9 for electricity?


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1-mock exam f3 13

What amount should be charged to the statement of profit or loss in the year ended 30 June 20X9 for electricity?

    1. $6,600 B $5,400 C $5,500

D $5,300

  1. At 30 June 20X5 a company’s allowance for receivables was $39,000. At 30 June 20X6 trade receivables totalled $517,000. It was decided to write off debts totalling $37,000 and to adjust the allowance for receivables to the equivalent of 5% of the trade receivables based on past events.

What figure should appear in the statement of profit or loss for the year ended 30 June 20X6 for receivables expense?

    1. $61,000

    2. $52,000

    3. $22,000

    4. $37,000

  1. The total of the list of balances in Valley’s payables ledger was $438,900 at 30 June 20X6. This balance did not agree with Valley’s payables ledger control account balance. The following errors were discovered:

    1. A contra entry of $980 was recorded in the payables ledger control account, but not in the payables ledger.

    2. The total of the purchase returns daybook was undercast by $1,000.

    3. An invoice for $4,344 was posted to the supplier’s account as $4,434.

What amount should Valley report in its statement of financial position for accounts payable at 30 June 20X6?

    1. $436,830

    2. $438,010

    3. $439,790

    4. $437,830

  1. According to IAS 2 Inventories, which TWO of the following costs should be included in valuing the inventories of a manufacturing company?

    1. Carriage inwards

    2. Carriage outwards

    3. Depreciation of factory plant

    4. General administrative overheads

    1. 1 and 4

    2. 1 and 3

    3. 3 and 4

    4. 2 and 3

  1. Prisha has not kept accurate accounting records during the financial year. She had opening inventory of $6,700 and purchased goods costing $84,000 during the year. At the year end she had $5,400 left in inventory. All sales are made at a mark up on cost of 20%.


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