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 |
- Post the above balances in the General Journal to the relevant ledger accounts and Analysed Cash Book.
(4)
- 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)
- 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)
- Balance the accounts on 31st January and extract a trial Balance as on that date. (8)
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