中五 試卷 (F5 Accounting Past Paper)
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Secondary: 5
GENERAL INSTRUCTIONS:
Belilios Public School
Half-yearly Examination, 2015-2016
Business, Accounting and Financial Studies
(Accounting Module)
INSTRUCTIONS: SECTION A (MULTIPLE-CHOICE QUESTIONS)
All questions carry equal marks.
ANSWER ALL QUESTIONS. You are advised to use an HB pencil to mark all
answers on the Answer Sheet, so that wrong marks can be completely erased with a clean
rubber. You must mark the answers clearly; otherwise you will lose marks if the
answers cannot be captured.
Time Allowed: 2 hours
This paper must be answered in English.
All questions are compulsory.
There are THREE sections: A, B and C in this paper. Section A carries 40 marks,
Section B carries 40 marks and Section C carries 20 marks.
S5 BAFS (ACCT) HYE 2015-2016
Maximum Marks: 100
Section A consists of multiple-choice questions. Sections B and C consists of
conventional questions. Answers to Section A should be marked on the
Multiple-choice Answer Sheet while Answers of Sections B and C should be written in
the Answer Book. The Answer Sheet for Section A and the Answer Book for
Sections B and C should be handed in separately at the end of the examination.
You should mark only ONE answer for each question. If you mark more than one
answer, you will receive NO MARKS for that question.
No marks will be deducted for wrong answers.
(a) Prepare the revaluation account.
(b) Draw up the partners' capital accounts (in columnar form) to reflect Carl's withdrawal.
Ng, Yeung and Ho, who were in partnership sharing profits and losses equally, decided to
dissolve the partnership on 1 July 2015. The balances extracted on 30 June 2015 were as
Non-current assets, net
Current assets, except cash at bank
Cash at bank
Current liabilities
Non-current liabilities: Loan from Ho
Capital accounts:
Current accounts:
(a) Write up the realization account to ecord he bove.
(b) List two drcumstances hat a partnership will be dissolved.
S5 BAFS (ACCT) HYE 2015-2016
(ii) Ho accepted some non-current assets to settle her loan to the partnership.
(iii) The remaining non-current assets were taken over by Ng at $36,000.
(iv) Realization expenses paid amounted to $14,400.
(v) Current liabilities include trade payables only.
full settlement of accounts amounted to $187,920.
*** END OF PAPER ***
The partnership was dissolved on the following terms:
(i) Some of the non-current assets were sold to an external party at $926,164, before
deducting related transaction fees of $2,600. The sales proceeds were deposited into the
partnership's bank account.
Payments made to the trade creditors in
(Total: 20 marks)
Secondary: 5
SECTION A: MULTIPLE CHOICE QUESTIONS.
Belilios Public School
Half-yearly Examination, 2015-2016
Business, Accounting and Financial Studies
(Accounting Module)
Suggested Answers and Marking Scheme
1 C2 B 3 D 4 B5 D 6 B7 A8 C9 C 10 С
11 C 12 D 13 A 14 B 15 C 16 A 17 D 18 C 19 A 20 D
Inventory as at 31 December 2015
Add: Stock sheet omitted ($18,000 ÷ 1.8)
Less: Reduction to NRV ($4,250 - $2,690)
Customer's inventory
Free samples received
Inventory value as at 31 December 2015
Christmas gifts at cost ($280 x 45 ÷ 1.8)
Correct inventory value as at 31 December 2015
Time Allowed: 2 hours
Maximum Marks: 100
S5 BAFS (ACCT) HYE 2015-2016
Suggested Answers and Marking Scheme
After issuing the preference shares, Belgium Trading Ltd would have to pay $50,000
preference dividend each year. (=$200 x 5,000 x 5%)
After issuing the debentures, Belgium Trading Ltd would have to pay $40,000 debenture
interest each year. (=$1,000,000 x 4%)
(Total: 5 marks)
Therefore, option (ii) should be chosen as the annual debenture interest is lower than the
annual preference dividend. This implies that the cost of raising fund by means of
issuing debentures is lower.
(Total: 5 marks)
Trade receivables - Jim Lee
Trade receivables - Coco Yu (3300-3000)
Trade receivables - Sam Yip (4,000+4,400)
Trade receivables - Issac Tong
Trade payables - Issac Wong
Difference in the
trial balance
Trec CoCo Yu
Bal b/d ($81,000 x 3)
Woodstock Ltd
Bank: carriage costs
Disposal of equipment
($81,000 x 2 x 0.2)
S5 BAFS (ACCT) HYE 2015-2016
Suggested Answers and Marking Scheme
7,500 Dec 31
Disposal of Equipment
Accumulated Depreciation - Equipment
32,400 Jan 1
Accumulated depreciation
P/L: Loss on disposal
Trec - Jim Lee
T rec - Sam Yip
Trec Issac Tong
T pay - Issac Wong
Disposal of equipment
($81,000 x 2)
Balance c/d
Balance b/d
($81,000 x 3 x 0.2)
Depreciation
($81,000 x 0.8 x 0.2 +
($168,000+$7,500) x 0.2
(Total: 9 marks)
(Total: 9 marks)
(a) The revised net profit for the year ended 31 December 2015:
Original net profit for the year
Add: Interest income
Discounts received
Rental income
Entertainment
Electricity
Revised net profit for the year
(b) Return on average capital employed:
{$52,000 = $[100,000+ (100,000 + 52,000 – 4,000) ÷ 2]} x100%
= {$52,000 ÷ $124,000} x 100%
Quick ratio:
[$(23,000 + 10,000) ÷ $37,000] : 1
S5 BAFS (ACCT) HYE 2015-2016
Suggested Answers and Marking Scheme
(c) The profitability of Go Go Shop is very good. Its ROCE is more than double of the
industry average (41.93% vs 20.00%). This shows that the firm is more efficient in
utilizing its net assets to earn a profit.
However, the liquidity is insufficient. The quick ratio is lower than the industry average
(0.89:1 vs 1:1). This indicates that Go Go Shop may have difficulty to meet its
short-term obligations.
(Total: 12 marks)
Fixtures and fittings ($316,000 - $200,000)
Motor vehicles ($230,000 - $167,000)
Inventory ($63,500 - $61,000)
Goodwill adj.
Revaluation:
Share of loss
Loan from Carl
Balances c/d
Yeung (1/3)
Non-current assets, net
Current assets
Bank: transaction fee
Bank: realization expenses
Profit on realization:
Revaluation
116,000 Machinery ($908,000 × 10%)
Allowance for doubtful accounts
($73,000-$72,000)
S5 BAFS (ACCT) HYE 2015-2016
Suggested Answers and Marking Scheme
840,000 620,000
Loss on revaluation
Capital: Alice (3)
Capital: Barry (²%)
Capital: Carl (¹)
Realization
Balances b/d
Goodwill adj.
(b) Circumstances for the dissolution of the partnership:
Substantial deterioration of profitability.
*** END OF PAPER ***
Loan from Ho
Bank: assets sold
Capital: Ng
Trade payables: discounts received
($191,556 - $187,920)
The partners decided to convert the partnership into a limited company.
(Any reasonable answer, 1 mark each, max 2 marks)
480,000 600,000
360,000 240,000
Conflicts between the partners.
Any partner gives notice to others of his intention to dissolve the partnership.
Death or bankruptcy of any partner.
The business is declared to be unlawful.
840,000 840,000
620,000 (7)
(Total: 20 marks)
SECTION A: MULTIPLE CHOICE QUESTIONS.
The opening inventory was $44,700, cost of goods sold was $376,500, and closing
inventory was $85,400. What would be the purchases for the year?
2 The following information is about a sole proprietorship:
Total assets as at 1 December 2015
Total liabilities as at 1 December 2015
Capital injected in December 2015
Drawings made in December 2015
Net profit for December 2015
Net assets as at 31 December 2015 were
Which of the following is not included in an accounting cycle?
Checking the arithmetical accuracy of the entries in the accounts
Collecting source documents for the transactions
4 Which of the following double entries is correct?
Transactions
Summarizing the financial performance and position in a business
D Evaluating the performance of employees
Transfer of total drawings to the owner's
capital account at the end of year
Trade payables settled by the owner
A computer bought from Dell Ltd on
credit for business use
D Goods returned from customers
A Purchase invoice
C Debit note
D Credit note
S5 BAFS (ACCT) HYE 2015-2016
Sales invoice
Trade payables
Returns outwards
be credited
Which of the following is the source document issued by a firm for returns inwards
Trade receivables
In an income statement,
be added to the cost of goods sold.
A returns inwards, closing inventory
returns inwards, carriage inwards
returns outwards, opening inventory
D returns outwards, carriage outwards
Refer to the following information and answer Questions 7 to 9.
The following are some account balances of Steffi Ltd as at 31 December 2015:
Trade receivables
Bank (credit balance)
Bank loan repayable in two equal instalments in 2016 and 2017
Capital as at 1 Jan 2015
Returns inwards
Calculate the net profit ratio of Steffi Ltd in 2015.
8 Calculate the current ratio of Steffi Ltd in 2015.
should be deducted from sales, while
Calculate the return on average capital employed of Steffi Ltd in 2015.
S5 BAFS (ACCT) HYE 2015-2016
Refer to the following information and answer Questions 10 and 11.
Suppose a firm sold 100 units of a product for $200 each on credit to a customer on 1 May
2015. The customer was given a trade discount of 5% and a credit period of 30 days. A
further 5% cash discount would be allowed if the account was settled within 14 days.
Payment was received in cash on 10 May 2015.
10 What is the amount that should be credited to the sales account?
The amount of cash discount should be recorded in the
account with the amount of
A credit, discounts allowed, $950
credit, discounts received, $950
debit, discounts allowed, $950
debit, discounts received, $950
12 Which of the following transactions would be recorded in the General Journal?
Goods sold on credit
B Goods returned from customers
C Cash drawings for personal use by the proprietor
D Purchase of a photocopier for the business use on credit
Which of the following is not a stakeholder of a company?
A Owner's family
B Employees
Government bodies
14 On 1 January 2015, Lucky Company signed a tenancy contract to rent an office for two
years from 1 February 2015 to 31 January 2016. On the same day, it made a payment of
$160,000 to the landlord for the rent from February to March 2015 and a deposit equaled
to two months' rent. The rent expense shown in the income statement for the year ended
31 December 2015 was
Which of the following is a difference between bookkeeping and accounting?
A Bookkeeping is concerned with keeping records in books, while accounting is
concerned with keeping records in the computers.
Bookkeeping is concerned with keeping records while accounting is not.
C Accounting is concerned with communicating information to users while
bookkeeping is not.
D Accounting provides information for decision-makers while bookkeeping does not.
side of the
S5 BAFS (ACCT) HYE 2015-2016
16 Which of the following transactions should be recorded in the purchases account?
Computers bought by a computer dealer.
Computers bought by a café to provide free internet access.
Computers bought for the owner's personal use.
D Computers bought as prizes for an annual dinner lucky draw.
17 Which of the following is NOT a limitation of financial statements?
A Report past results only
B Lack qualitative information
C Involve judgements which may be subjective
D Not understandable by users
18 On 1 January 2015, Money started her business by depositing her own cash $600,000 into
the firm's bank account and introducing her motor van costing $160,000 into the firm.
In addition, the firm borrowed $80,000 from Money's friends to buy goods for the
business. Total revenues and total expenditures of the firm for the year ended 31
December 2015 amounted to $240,000 and $90,000 respectively.
What is the amount of Money's capital as at 31 December 2015?
19 Which of the following descriptions of cash discounts offered to customers are correct?
(i) They are expenses.
(ii) They must be recorded in the books.
(iii) They are used to encourage customers to purchase in bulk.
(iv) They are used to encourage customers to purchase in cash.
(ii), (iii) and (iv) only
(i), (ii) and (iv) only
20 Which of the following is not a nominal account?
Salaries account
B Purchases account
C Returns inwards account
Cash at bank account
(i) and (ii) only
(i), (ii) and (iii) only
S5 BAFS (ACCT) HYE 2015-2016
*** END OF SECTION A ***
A physical inventory count by Better Beauty Shop showed that inventory valued at cost
amounted to $270,000 on 31 December 2015. The mark-up was 80% on cost.
During the inventory-taking, some defective beauty products were found. Also, the
accountant discovered some financial errors. It was decided to re-calculate the inventory
value as at 31 December 2015. The following items must be taken into account:
(i) The net realizable value of an item costing $4,250 was estimated to be $2,690.
(ii) Products with a selling price of $18,000 had been omitted from the stock sheet.
(iii) Products kept in the shop for a customer were included in the inventory sheet at a cost of
(iv) Free samples (not for resale) received from the manufacturer valued at $450 were
included in the stock sheet.
The inventory count included forty-five boxes of products at a normal selling price of
$280 each. They were to be distributed to customers as free Christmas gifts.
Calculate the correct inventory value as at 31 December 2015. All workings must be shown.
(Total: 5 marks)
Belgium Trading Ltd was expanding and required extra fund of $1,000,000. Its board of
directors was considering choosing either one of the following options:
(i) 5,000 5% preference shares of $200 each to be issued at par.
(ii) $1,000,000 4% debentures to be issued at par, redeemable five years later.
Which of the above options would you recommend to Belgium Trading Ltd? Why?
S5 BAFS (ACCT) HYE 2015-2016
(Total: 5 marks)
Mulberry operated a shop in Tung Chung. He adopted manual accounting system. His
trial balance as at 31 December 2015 failed to agree and the difference was entered into a
suspense account.
After investigation, Mulberry identified the following errors in the sales journal which fully
accounted for the imbalance of the trial balance:
(i) Monthly total of the sales journal for December was overcast by $1,000.
(ii) A sale to Jim Lee of $2,000 was omitted in his personal account.
(iii) A sale to CoCo Yu of $3,000 was posted to her account as $3,300.
(iv) A sale to Sam Yip of $4,000 was posted as $4,400 to the wrong side of his account.
A sale to Issac Tong of $5,000 was credited to a supplier account, Issac Wong as $5,500.
(a) Prepare journal entries to correct the above errors. Narrations are not equired.
(b) Write up the suspense account (showing the original difference in trial balance).
Purchase of new equipment on credit from Woodstock:
Paid carriage costs by cheque
Paid annual maintenance fee for 2015 by cheque
Mr Ying commenced his retail business on 1 January 2014 and bought three pieces of
equipment costing $81,000 each on that date. No other addition and disposal were made
during 2015. Information relating to the equipment for the year ended 31 December 2015 is
as follows:
(5.5 marks)
(a) Equipment account
(b) Accumulated depreciation account - Equipment
(c) Disposal of equipment
Proceeds from sale of two pieces of equipment bought in 2014:
Depreciation on equipment is to be provided at a rate of 20% per annum using the reducing
balance method. Full year depreciation is calculated in the year of purchase but none in the
year of sale.
S5 BAFS (ACCT) HYE 2015-2016
(3.5 marks)
(Total: 9 marks)
For the retail business of Mr Ying, prepare the following accounts for the year ended 31
December 2015:
(Total: 9 marks)
Christy Yeung is an accounts clerk of Go Go Shop. She has prepared the statement of
financial position as shown below. After examination, the chief accountant discovers some
Non-current assets
Fixtures and fittings
Current assets
Entertainment
Trade receivables
Electricity
Total Assets
Statement of Financial Position as at 31 December 2015
CAPITAL AND LIABILITIES
Balance as at 1 January 2015
Add: Net profit for the year
Less: Drawings
Current Liabilities
Trade payables
Interest income
Discounts received
Rental income
Total Capital and Liabilities
S5 BAFS (ACCT) HYE 2015-2016
(a) Calculate the revised net profit for the year ended 31 December 2015.
(b) Calculate (two decimal places) the return on average capital employed and quick ratio
based on the corrected figures.
(c) Comment briefly on the profitability and liquidity of Go Go Shop when compared to the
industry average of ROCE - 20% and quick ratio - 1:1.
(Total: 12 marks)
Alice, Barry and Carl were partners, sharing profits and losses in the ratio of 3: 2: 1. The
following statement of financial position was prepared on 30 June 2015:
Non-current assets
Machinery, net book value
Fixtures and fittings, net book value
Motor vehicles, net book value
Current assets
Trade receivables
Cash and bank
Allowance for doubtful accounts
Net current assets
Alice, Barry and Carl
Statement of Financial Position as at 30 June 2015
Current liabilities:
Trade payables
Financed by:
Capital accounts:
Current accounts:
(i) Machinery at 10% above its net book value
(ii) Fixtures and fittings to $200,000
(iii) Motor vehicles to $167,000
(iv) Inventory to $61,000
On 1 July 2015, Carl withdrew from the partnership. The profit and loss sharing ratio of
Alice and Barry was maintained at 3:2. The following assets were revalued as follows:
The recoverable amount of the trade receivables was estimated to be $73,000. Goodwill was
revalued to $720,000. It was agreed that the amount of goodwill would not be shown in the
books of the new partnership. Carl agreed to leave all of his capital as a loan to the
partnership for three years.
S5 BAFS (ACCT) HYE 2015-2016