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Q.1 The opening TB for ABC Limited is shown below for the financial year ending 31 March 2013. ABC Limited owns the following motor vehicles:- COST ACC DEPN Car A 31,500 12,000 Car B 46,250 17,150 Car C 49,750 6,250 Q. Provide the journals for the following disposal. ABC Limited sold Car B for £18,000, paid by cheque into the bank, on 1st April 2012. Bal Sht MV COST Bal Sht MV ACC DEPN Bal Sht BANK B/fwd 127,500 B/fwd 35,400 B/fwd 62,400 P&L DISPOSAL P&L DEPN Q.2 The opening TB for ABC Limited is shown below for the financial year ending 31 March 2013. ABC Limited acquired motor vehicle D under a hire purchase contract on 1 April 2012:- Car D 50,000 Cost Due as:- 10,000 Deposit by cheque 1,300 x 36 monthly payments Q. Provide the journals for the acquisition only. Assume interest is charged on a straight line basis over the 36 monthly payments. Ignore any repayments and ignore depreciation. Bal Sht MV COST Bal Sht MV ACC DEPN Bal Sht BANK B/fwd 127,500 B/fwd 35,400 B/fwd 62,400 Bal Sht HP Gross < 1 year Bal Sht HP Gross > 1 < 2 year Bal Sht HP Gross > 2 < 3 year B/fwd B/fwd B/fwd Bal Sht HP Int < 1 year Bal Sht HP Int > 1 < 2 year Bal Sht HP Int > 2 < 3 year B/fwd B/fwd B/fwd Q.3 The opening TB for ABC Limited is shown below for the financial year ending 31 March 2013. As in Q.5 above ABC Limited acquired motor vehicle D under a hire purchase contract on 1 April 2012:- Car D 50,000 Cost Due as:- 10,000 Deposit by cheque 1,300 x 36 monthly payments Q. Provide the journals for the first three monthly payments, together with the interest journals. Assume interest is charged on a straight line basis over the 36 monthly payments. You can ignore your journals in Q.2 above, ignore the deposit and ignore depreciation. Bal Sht HP Gross < 1 year Bal Sht HP Gross > 1 < 2 year Bal Sht HP Gross > 2 < 3 year Bal Sht HP Int < 1 year Bal Sht HP Int > 1 < 2 year Bal Sht HP Int > 2 < 3 year Bal Sht BANK P&L HP Int B/fwd 62,400 Q.4 The closing TB for ABC Limited is shown below for the financial year ending 31 March 2012. Bal Sht TRADE DEBTORS Bal Sht BAD DEBT PROVISION P&L BAD DEBT PROVISION C/fwd 123 Ltd 25,681 C/fwd 5,681 123 Ltd 123 Ltd 5,681 C/fwd XYZ Ltd 12,800 C/fwd 12,800 XYZ Ltd XYZ Ltd 12,800 C/fwd CFC Ltd 31,200 C/fwd 1,200 CFC Ltd CFC Ltd 1,200 On 1 April 2012, XYZ Ltd paid in full their trade debt with ABC Ltd. Q. Please provide the journals for the payment by XYZ Ltd. Ignore VAT. Bal Sht TRADE DEBTORS Bal Sht BAD DEBT PROVISION P&L BAD DEBT PROVISION B/fwd 69,681 B/fwd 19,681 Bal Sht BANK B/fwd 62,400 Q.5 ABC Ltd has extracted the following incomplete figures after closing its manual cash book. Balance sheet Profit and loss account Closing figures as at 31 March 2012:- Dr Cr Dr Cr Bank charges 850 VAT liability 16,456 Motor vehicle accumulated depreciation 6,000 Bank interest received 162 Accountancy fees 12,000 Cash at bank 62,400 Trade debtors 69,681 Material costs 272,100 Rent and rates 17,775 PAYE and NIC liability 9,898 Motor vehicle at cost 12,000 Prepayments 11,795 Wages and salaries 895,400 Turnover 1,260,000 Profit and loss reserves 123,026 Motor vehicle depreciation charge 3,000 Trade creditors 24,250 Share capital 100 Accruals 2,500 Q. Please enter the figures onto the trial balance Q.6 The directors would like to know the profit or loss for the period. Q. Please calculate the profit or loss for the period.

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