TS1307 Financial reports

Created: 31/05/2017 | Review date: 01/07/2018 | Version: 2017

TS1307 Financial reports

Test 2 – Question book
Chinese name:
PINYIN:
English:
Class:
Student Number:
Time allowed for this Assessment:
Time allowed: 1 hour
Total marks
This assessment will contribute up to 30% of your final mark for this unit
Test conditions
Closed book
You are required to hand up both the question and answer booklets at the end of the test
Assessment conditions:
This test will be conducted under exam conditions and students are not permitted to speak to or
copy from other students.
Misconduct as stipulated in NMIT Student Discipline Rule (NMIT/IR/11) includes “Cheating, attempting
to cheat or knowingly assisting any other student to Cheat or attempt to cheat.”
You are required to answer the questions in the answer book.
Do not remove any staples or pages from either the question or answer books.
Electronic translation dictionaries, graphics calculators and mobile phones are not permitted.
For teacher use:
Question Competent / Not yet competent Mark or NYC
1
2
3

A student will not receive a pass unless they are competent in every question in this Assessment

MELBOURNE POLYTECHNIC INTERNATIONAL PROGRAMS

TS1307 Financial reports Test 1 Question book.doc Page 1 of 2

31/05/2017 © Melbourne Polytechnic 2017

TS1307 Financial reports
Using the following Trial Balance and additional information provided by a business owned
and operated by Rui Tan you are required to:
a) Prepare the general journal entries to close the ledger on 30/6/12
b) Prepare the following ledger accounts:
- Trading account
- Profit and loss account
- Capital account
c) Prepare the general journal entries necessary for reversals on 1/7/12.
Rui Tan - Trial Balance as at 30 June 2012
Account Debit Credit
Capital 50,000
Drawings 2,500
Sales 67,000
Investments 59,000
Accumulated depreciation – motor vehicles 3,500
Accumulated depreciation – equipment 1,200
Purchases 24,000
Vehicle expenses 300
Customs duty 500
Wages & salaries 3,200
Stock (1/7/11) 3,000
Electricity 2,200
Sales returns 100
Purchase returns 100
Interest revenue 200
Interest expense 100
Commission Revenue 500
Rent 20,000
Stationery expense 1,000
Equipment 4,900
Trade debtors 3,000
Trade creditors 7,200
Allowance for doubtful debts 200
Insurance (on Buildings) 500
Sundry debtors 600
Sundry creditors 500
Goodwill 2,000
Bank 2,600
Loan from BQ Finance Ltd. 22,000
Motor vehicles 20,000
Depreciation – motor vehicles 2,000
Depreciation – equipment 300
Stock of stationery 200
Doubtful debts 100
Prepaid revenue (commission) 200
Accrued expenses (wages) 100
Prepaid expenses (rent) 100
Accrued revenue (interest) 500
152,700 152,700
Additional Information:
Stock on hand at 30/6/12 is valued at $6,000.

TS1307 Financial reports Test 1 Question book.doc Page 2 of 2

31/05/2017 © Melbourne Polytechnic 2017