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Accounting Test 02 2021

Accounting Test 02 2021

Note
There is no time limit.
The test will remain available until midnight 30 May 2021.
The test total is 100 marks.
The test covers Ch 3 and 4 of AQA AS Accounting.

1. Explain the difference(12)
   1. carriage inward and carriage outward
   2. cash and credit transactions
   3. purchase and sales
   4. current and non-current assets
   5. personal and impersonal accounts
   6. trade discount and cash discount
2. What is the difference between an invoice, a credit note and a delivery note? (6)
3. Draw a diagram to show the flow of documents in the purchase of goods on credit. (10)
4. What does the phrase 'terms of trade' mean? (2)
5. Prepare the double entry accounts for the following transactions for Teapuc Ltd. (70)
   Teapuc Ltd offers its credit customers 30 days to pay.
   Teapuc Ltd gives credit customers a 5% discount for invoices paid within 5 days.
   • 1 March Started im business with capital of £12,000 paid into the bank.
   • 2 March Bought goods to sell for £4,000 paying by bank transfer.
   • 3 March Sold goods for £2,000 receiving a cheque as payment.
   • 5 March Bought a computer for the business for £950 paying by bank transfer.
   • 5 March Bought goods from BUSI Ltd on credit for £450 with payment to be made in 30 days time.
   • 7 March Bought goods for sale by the business for £1,200 paying by bank transfer.
   • 7 March Sold goods on credit to Happy Stores for £500, payment to be made in 30 days time.
   • 8 March Sold goods for £1,800 receiving payment by bank transfer.
   • 8 March Happy Stores returned £150 worth of goods.
   • 9 March Paid rent of £650.
   • 10 March Paid BUSI Ltd in full by bank transfer.
   • 12 March Bought shelving for £75 paying by bank transfer.
   • 12 March bought goods on credit for £850 from GRS Ltd.
   • 12 March Received a bank transfer from Happy Stores for the balance owed after cash discount is applied.
   • 15 March Paid wages of £800.
   • 16 March returned goods to GRS Ltd valued at £400.
   • 17 March paid GRS Ltd in full claiming their 4% cash discount.
   • 20 March received £250 of commission.

End of Accounting Test 02 2021.