KhanRevenue Composition

Subject no . 50A Certificate in Offshore Fund and Government

Accounting Basics

Sample queries and answers

This practice material includes three sample Section W and three sample Section C concerns, together with their particular suggested answers. These test questions and answers are offered as practice material for young students taking exams on the revised COFA syllabus and are based on the recommended ICSA Creating text. You should be aware: The examination format to get the License in Offshore Finance and Administration assessments is not really changing and can retain the three section framework of: Section A – answer each of the parts of Question 1 . Section B – answer most five inquiries. Section C – solution two concerns only.

В© ICSA, 2012

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Section N

Sample concerns 1 . Determine and describe the two ratios that are used to assess the solvency of a business. (6 marks) Complete the missing product labels denoted A – Farrenheit.

2 .

Only Trader "balance sheet" Fixed Assets Current Financial obligations Long Term Financial obligations Sole Trader's Funds

Limited Company "balance sheet" Fixed Property C G F

General public Listed Organization A N Current Liabilities E Total equity and liabilities (6 marks)

three or more.

Jennie Green started a new arts and craft organization last month. The following business transactions were discovered recorded in her record: 4th sixth 8th ninth Received ВЈ2, 750 by Dad Decided to purchase second-hand van to get ВЈ950 from Just Vans Purchased stock from Build House intended for ВЈ898. Paid out ВЈ800, harmony owing ВЈ98 Bank arranged ВЈ3, 000 overdraft

twentieth Paid Photocopied Toolz ВЈ347 for equipment Prepare Jennie's cashbook pertaining to the month ended 40 June 2012. (6 marks)

В© ICSA, 2012

Webpage 2 of 18

Section C

Test questions some. (a) Make clear each of the following terms: (i) (ii) (iii) (iv) (v) (vi) Carriage inwards Buggy outwards Discount rates allowed Special discounts received Buy returns Revenue returns (12 marks) (b) How ought to each of the above items become accounted for in a set of economical statements? (13 marks) (Total: 25 marks) The following trial balance has been prepared from Kirsty Jennings' ledger balances for the company Jennings THIS Services, for the year ended 30 Summer 2012. Trial balance intended for Jennings THIS Services as at 40 June 2012 ВЈ 126, 320 five, 855 23, 945 seventy four, 800 13, 960 you, 390 almost 8, 525 thirty eight, 800 13, 248 19, 580 sixteen, 420 13, 964 15, 998 397, 640 twenty six, 987 seventy nine, 586 14, 630 9, 270 several, 368 470, 084 ВЈ 28, 882


Purchases Capital bf Sales results Drawings Discount received Gear at expense Accumulated devaluation at 31 June 2011 Provision pertaining to doubtful debt Discounts allowed Motor vehicle by cost Built up depreciation by 30 June 2011 Stock Trade borrowers Trade lenders Bank Product sales Motor expenditures Salaries Rent & prices Light & heat Stamping & letter head

470, 084

В© ICSA, 2012

Web page 3 of 18

Remarks to the trial balance: (i) A payment for Kirsty's personal lease for ВЈ1, 500 was included in the hire & prices expenses. An unpaid electrical energy bill intended for ВЈ1, 986 was still outstanding as at 30 06 2012. 1 month's advance salary payment of ВЈ2, 500 was paid to Kirsty's relation Stella to assist her with holiday arrangements. Depreciation coverage is as uses: Equipment by 10% with the original cost Motor vehicle at 20% lowering balance Dotacion for dubious debt can be expected to become 5% with the debtors balance. An outstanding account to Good Tyme Enjoyment for ВЈ3, 760 needs to be written off.

(ii) (iii)


(v) (vi)

(vii) Stock held at 40 June 2012 was ВЈ17, 322. Necessary (a) Make a trading, earnings and damage account for the entire year ended 30 June 2012. (15 marks) Prepare a balance sheet as at 30 06 2012. (10 marks) (Total: 25 marks)



The treasurer of Perry Vale Rugby Football Club provides prepared this receipts and payments to get the year concluded 30 06 2012: Invoices Subscriptions Room hire Fundraising Bar revenue ВЈ 33, 750 20, 000 53, 250 121, 750 222, 750 ВЈ 99, two hundred fifty 16, 1000 49, five-hundred 41, 500 206, two hundred and fifty

Payments Tavern stocks purchased Overheads Personnel wages Argument hire

Funds and lender...



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