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Accounting Test 03 2021

Accounting Test 03 2021

Note
There is no time limit.
The test will remain available until midnight 30 May 2021.
The test total is 150 marks.
The test covers Ch 5 and 6 of AQA AS Accounting.

1. Explain the following using examples (10)
   1. compensating error
   2. reversal of entries
   3. error of principle
   4. error of commission
   5. error of transcription
2. Name the account(s) and ledger where the following transactions are recorded (10)
   1. Sale of goods for cash.
   2. Purchase of goods on credit.
   3. Purchase of goods paying by cheque.
   4. Return of goods sold for cash.
   5. Purchase of a non-current assest on credit.
3. In 2018 Belik sets up a store called Please Come Inside Ltd, PCI Ltd for short.
   PIC Ltd offers its credit customers 30 days to pay.
   PIC Ltd gives credit customers a 5% discount for invoices paid within 5 days.
   • 1 September 2018 Belik invests £10,000 into the business paying by cheque.
   • 2 September 2018 PCI Ltd purchases a laptop on credit for £905 from Blue Gnome.
   • 3 September 2018 The business receives a loan for £5000 from Lloyds Bank.
   • 3 September 2018 Goods for sale are ordered from TAG Plc on credit for a value of £1020
   • 7 September 2018 £100 was paid for electricity
   • 8 September 2018 Goods worth £240 are sold with payment by credit card.
   • 9 September 2018 Goods worht £180 are sold to Egreg on credit.
   • 9 September 2018 The owner withdraws £200 from the business for birthday cards and presents for his partner.
   • 15 September 2018 The electricity bill of £154 is paid by cheque.
   • 21 September 2018 Bought stationary for £310 paying by cheque
   • 23 September 2018 Receive payment in full from Egreg claiming cash discount.
   • 26 September 2018 Sold £125 on credit to Egreg.
   • 27 September 2018 Paid £800 to TAG Plc.
   • 28 September 2018 Egreg returns £36 of damaged goods.
   
   
   1. Prepare the accounts for PCI Ltd. (50)
   2. Name the ledger where each account can be found. (10)
   3. Balance each account of PCI Ltd at 30 September 2018. (10)
   4. Draw up the trial balance for PCI Ltd at 30 September 2018. (30)


4. OMG has the following transactions.
   • 1 March 2020 £95 of goods on credit to Mr I C Stars.
   • 2 March 2020 £120 of goods on credit to Mr M Ad.
   • 4 March 2020 £62 of goods on credit to Mr I P Nightly.
   • 4 March 2020 £20 of goods returned by Mr I P Nightly.
   • 5 March 2020 £112 of goods on credit to Mr R U Small.
   • 7 March 2020 £15 of goods returned Mr I C Stars.
   1. Write up the journals for the sales at OMG. (20)
   2. Record the transactions in the accounts. (10)

End of Accounting Test 03 2021.