Mock exam paper D P2 Higher Level Marking Scheme

PRE - JUNIOR CERTIFICATE EXAMINATION, 2014

_____________________

BUSINESS STUDIES

HIGHER LEVEL

MARKING SCHEME

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

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