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©2022 Pearson Education Ltd.
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Resource for Question 1 – Parts (c) and (d).
On 31 March 2022 George’s trial balance did not balance. The difference was posted to
a suspense account.
He identified the following errors.
• No entries had been made for cash, $150, withdrawn from the bank for business use.
• An irrecoverable debt, $665, had not been recorded.
• Bank interest paid, $101, had been credited to the bank interest received account.
• Goods returned by credit customers, $1 340, had been entered correctly in the sales
returns account but had been debited to the trade receivables ledger control account.
• Receipts from credit customers, $8 180, had been entered correctly in the trade
receivables ledger control account but had been entered in the bank account
as $8 810
Data for part (d).
The balances in the draft statement of financial position at 31 March 2022 before the
correction of the errors were trade receivables, $27 282, and bank, $10 411
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Resource for Question 2 – Parts (b), (c), (d) and (e).
On 1 April 2021 Ben owned motor vehicles costing $154 600 with accumulated
depreciation of $30 900
During the year ended 31 March 2022, a motor vehicle valued at $18 000 was taken by
Ben for his own use. This was originally purchased on 1 May 2019 for $29 000
Motor vehicles are depreciated at 20% per annum using the reducing (diminishing)
balance. A full year’s depreciation is charged in the year of purchase and none in the year
of disposal.
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Resource for Question 3 – Parts (c), (d) and (e).
The Rainbow Sports Club provided the following information.
Receipts:
Subscriptions 51 520
Payments:
Rent 17 900
Wages
– shop 770
– other 4 200
General expenses paid included an invoice of $930 for the three months to 30 April 2022.
Non-current assets are depreciated using the revaluation method.
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Resource for Question 5 – Parts (b), (c) and (d).
Zipie Ltd provided the following information in addition to the incomplete statement of
financial position at 31 January 2022 on page 17 of the question paper.
At 1 February 2021 $
Inventory 15 000
Expenses 83 000
Days
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