Mock exam paper D P2 Higher Level Marking Scheme

PRE - JUNIOR CERTIFICATE EXAMINATION, 2014

_____________________

BUSINESS STUDIES

HIGHER LEVEL

MARKING SCHEME

Paper 2

Paper 2

Q1.

This is a Book of First Entry, Ledger and Trial Balance Question.

Answer all parts of this question:

Custom Cutz Ltd, a sporting apparel manufacture, had the following balances in its General Journal on 1st Jan‘14:

General Journal

Date

Details

F

Dr

Cr

01/01/14

Premises

GL

195,000

Creditor : Hewitt Ltd

DL

51,250

Bank

ACB

3,750

Ordinary Share Capital

GL

140,000

Assets & Liabilities & Share Capital of Custom Cutz Ltd on this date:

195,000

195,000

  1. Post the above balances in the General Journal to the relevant ledger accounts and Analysed Cash Book.

(4)

  1. Record the following Credit Transactions in the Sales & Purchases Day Book of Custom Cutz Ltd for the month of January 2013. Post relevant figures from the books to the Ledger Accounts.

07/01/2014

Purchased goods on credit from Hewitt Ltd

Invoice No.31

€21,000 + VAT 23%

16/01/2014

Sold goods on credit to Brown Ltd

Invoice No.77

€31,000 + VAT 23%

21/01/2014

Sold goods on credit to Barker Ltd

Invoice No. 78

€15,500 + VAT 23%

(11)

  1. Record the following Bank Transactions for the month of January in the Analysed Cash Book of Custom Cutz Ltd. Post relevant figures to the Ledger Accounts.

Dr (Receipts) Side:

Bank

Sales

VAT

Share Capital

Cr (Payments) Side:

Bank

Purchases

VAT

Insurance

Creditors

05/01/14

Shareholder investment -lodged

Receipt No. 15

€75,000

07/01/14

Cash Sales Lodged

€99,000 (€76,115 + Vat €22,885)

11/01/14

Purchased for resale

(Cheque No 11)

€37,000 + VAT 23%

17/01/14

Paid Hewitt Ltd.

(Cheque No 12)

€21,500

22/01/14

Paid insurance

(Cheque No 13)

€4,600

29/01/14

Paid Hewitt Ltd.

(Cheque No 14)

In full settlement of his account

(17)

  1. Balance the accounts on 31st January and extract a trial Balance as on that date. (8)

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