hsc paper 2

7/27/2019 HSc paper 2

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Dr Regis Chaperon State secondary schoolMock Exams

9706/22

ACCOUNTING

July 2013

Time: 1 hour 30 minutesCalculators may be used

Index number:

INSTRUCTIONS TO CANDIDATES

• Write your name in capital letters, your index number on the question paper.

• Read each question carefully and make sure you know what you have to do before starting your answer.

• Answer all the questions.

• You must show the calculations leading to your answers.

INFORMATION FOR CANDIDATES

• The number of marks for each question is given in brackets [ ] at the end of each question or partquestion.

• The total number of marks for this paper is 90.

• The quality of your written communication will be taken into account when marking your answers to questions.

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Required:(a) Income statement for the year ended 31 May 2013

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(b) A Balance sheet as at that date for internal use

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2. Fred owns a general trading business. The following balances were extracted from his books at30 April 2013.

$Revenue (sales) 300 000Opening inventory (stock) 18 000General expenses 36 000Trade payables (creditors) 64 000Trade receivables (debtors) 60 000Cash and cash equivalents (bank) 3 000Closing capital 500 000

Additional information

1 The gross profit margin is 20%

2 There were no other current assets and current liabilities at the year end.

3 Closing inventory (stock) was valued at $22 000.

REQUIRED

(a) Calculate the following ratios for Fred. Give your answer to two decimal places.

Show all workings.

(i) Inventory (stock) turnover

..................................................................................................................................

............................................................................................................................. [4]

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(ii) Return on capital employed

..................................................................................................................................

............................................................................................................................. [4]

(iii) Liquid ratio (acid test)

..................................................................................................................................

............................................................................................................................. [4]

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2 Paula Bride, a retailer, supplied the following information on purchases and sales for the month of February 2013.

At 1 February 2013 Paula Bride had an opening inventory (stock) of 500 units valued at $14 each.

Date Purchase of goods for resale Revenue

(purchases) (sales)Quantity(units)

Cost price per unit ($)

Quantity(units)

Selling price per unit ($)

February 2 2 000 15

3 2 300 30

10 1 500 18

14 1 300 32

18 2 000 20

19 2 100 34

REQUIRED

(a) Calculate the closing inventory (stock) valuation at 28 February 2013 using the FIFOmethod of inventory (stock) valuation (perpetual).

..........................................................................................................................................

..................................................................................................................................... [6]

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(b) Prepare the income statement (trading account) for the month of February 2013 using theFIFO method of inventory (stock) valuation (perpetual).

..........................................................................................................................................

..................................................................................................................................... [8]

(c) Advise Paula Bride how the inventory (stock) should be valued in the final accounts.Give reasons for your advice.

..........................................................................................................................................

..................................................................................................................................... [4]

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Question 3

Fernandel manufactures 3 types of refrigerator for Mini, Midi and Maxi use.The following data apply to the year ended 30 April 2007.

Mini Midi Maxi Total

Sales (units)

Total sales value

2 400$

240 000

108 000

2 250$

360 000

5 550$

708 000

Total costsDirect material 96 000 45 000 112 500 253 500Direct labour 72 000 28 800 94 500 195 300Variable overheads 24 000 13 500 45 000 82 500Fixed overheads 57 600 27 000 67 500 152 100

249 600 114 300 319 500 683 400 Profit (loss) (9 600) (6 300) 40 500 24 600

REQUIRED

(a) For the year ended 30 April 2007 calculate for each type of refrigerator:

(i) the contribution per unit;

(ii) the contribution as a percentage of sales.

Give answers to a maximum of two decimal places. Workings must be shown.

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(b) Calculate the break-even point for each type of refrigerator in both units and dollars .Give your answers to the nearest whole number. Workings must be shown.

(c) The table at the beginning of the question shows that both the Mini and theMidis models appear to be making a loss. Explain why Fernando should notcease production of these two types of refrigerator.

[6 Marks] [Total: 30]

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hsc paper 2

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