Vcta 2015 Exam Unit 3 4

ACCOUNTING UNITS 3 AND 4
Accounting Units 3 and 4 practice

exam 2015 and suggested solutions
Simon Phelan
Rosehill Secondary College
The following VCE Accounting Units 3 and 4 practice exam conforms to the
examination specifications provided by the Victorian Curriculum Assessment
Authority (VCAA) on its website. The examination covers Units 3 and 4 and
consists of seven questions. The total marks for the exam are 100. An
answer book and suggested solutions follow the question book.
The practice exam and solutions are based on the authors interpretation of
the VCE Accounting Study Design (20132016).
Please note that the following questions and solutions have no official
status.
Teachers should refer to the VCAA website http://www.vcaa.vic.edu.au for
further information.
Disclaimer: This resource has been written by the author (Simon Phelan) for use with students of VCE
Accounting. This does not imply that it has been endorsed by the Victorian Curriculum and Assessment Authority
(VCAA). While every care is taken, we accept no responsibility for the accuracy of information or advice
contained in Compak. Teachers are advised to preview and evaluate all Compak classroom resources before
using or distributing them to students.
VCTA
Published September 2015
page 1

Practice written examination 2015
Reading time: 15 minutes

Writing time: 2 hours
QUESTION BOOK
Structure of book
Number of questions
Number of questions to
be answered
Number of marks
100
Students are permitted to bring into the examination room: pens, pencils, highlighters, erasers,
sharpeners, rulers and one scientific calculator.
Students are NOT permitted to bring into the examination room: blank sheets of paper and/or
white-out liquid/tape.
Materials supplied
Question book
Answer book
Instructions
Write your name and your teachers name in the spaces provided on the front page of the answer
book.
Answer all questions in the answer book.
All written responses must be in English.
Students are NOT permitted to bring mobile phones and/or any other unauthorised electronic
devices into the examination room.
NOTE: This practice examination has no official status and represents an indication only of the
types of questions that VCAA examiners might set.
VCTA
page 2
Question 1 (20 marks)

Andrew Roberts commenced operating his own small business Roberts Rafts & Camping in April
2015. He decided to record all business transactions and prepare financial reports himself. At the end
of April 2015 he submitted his financial records and reports to Eleanor Hodgins, an accountant at
Hodgins & Associates.
Upon reviewing the reports the accountant noted an error in the Income Statement:
The reporting of the payment of your personal house insurance as an expense of the business is an
error and should be rectified.
a. With reference to an accounting principle, explain why the accountant is correct.
1 + 2 = 3 marks
The accountant also noted that the following documents had yet to be recorded:
Roberts Rafts & Camping

65 Tidal Crescent
Riverview
Invoice: A09
Date: 29/04/15
Charge: Dingley Aquatic Club

Item
Deluxe 2-man Tents
Kennison Kayak
Invoice Total
Qty
1
1
Unit Price
$200
$1 000
GST
$20
$100
Total
$220
$1 100
$1 320
Terms: 2/14, n30
Date
28 April 2015
Date
30 April 2015
From
Heidi Watt
From
Vicki Marcuzzi
For
2 Sleeping bags
For
Payment of account
Amount
$440 (including GST)
Amount
Rec. No.
11
$190 after $10 discount

allowed
Rec. No.
12
VCTA
page 3
KENJI KAYAKS
Keilor Village
Invoice:
P831
Charge to:
Date:
27/04/2015
65 Tidal Crescent
Riverview
Quantity
5
Unit
Total
Item
Price
Price
Kenji Kayaks
1 500
7 500
GST (10%)
750
8 250
Invoice total
Terms:
2/14, n30
Date: 24/04/15
Memo: 01
Withdrew 1 Kidz Sleeping bag for nephews birthday
Value $50
Signed: Andrew Roberts

b. Record the information from the documents into the appropriate journals.
Note: A narration is required in the General Journal.
Stock is sold at a mark-up of 100%.
You are not required to total the journals.
6 + 1 = 7 marks
c. With reference to a qualitative characteristic, explain the role of documents in the accounting
system.
1 + 2 = 3 marks
On 12 May 2015, the accountant sent an account for $330 (including GST), which Andrew promptly
paid (Cheque A24).
d. Record this transaction in the appropriate journal.
1 mark
e. With reference to appropriate accounting elements, explain how this transaction would affect the
financial reports that will be prepared on 31 May 2015.
6 marks
VCTA
page 4

Bella Beeman owns and operates Bellas Baths, selling bathtubs and bathroom accessories. The
following information was provided at 31 March 2015.
Sales Journal
Date
2015
Mar. 31
Debtor
Inv.
No.
Cost of
Sales
Totals
Sales
9 860
Debtors
Control
GST
19 720
1 972
21 692
Purchases Journal
Date
2015
Mar. 31
Stock
Control
Inv.
No.
Creditor
Totals
GST
7 700
Creditors
Control
770
8 470
Cash Receipts Journal

Date
2015
Mar. 31
Details
Rec.
No.
Totals
Bank
Disc.
Exp.
52 505
Debtors
Control
360
Cost of
Sales
Sales
Sundries
5 800
11 600
21 745
18 360
GST
1 160
Note: Sundries includes a refund of $1 720 from the ATO on 4 March 2015, a capital contribution of
$20 000 on 11 March 2015 and $25 Interest Revenue on 31 March 2015.
Cash Payments Journal
Date
2015
Mar. 31
Details
Chq
No.
Totals
Bank
Disc.
Rev.
Creditors
Control
Stock
Control
350
7 200
9 600
Wages
2 700
Sundries
GST
25 450
Note: Sundries includes the following payments:

Drawings $2 600
Interest $150
Cartage Out $800
Equipment $18 000
Rent $900
Loan repayment $500

Customs Duty $700
Advertising $1 300
Equipment servicing $500
The following additional information was also available:

DepreciationEquipment $350
Accrued Customs Duty $180
Bad Debts $660
Stock Gain $560

Sales Returns $300
a. Calculate the amounts that are missing from the Cash Payments Journal.
1 + 1 = 2 marks
b. Prepare an extract of the Cash Flow Statement for the month ended 31 March 2015 to show
Net Cash Flows from Operations.
6 marks
VCTA
page 5
c. Prepare an extract of the Income Statement for the month ended 31 March 2015 to show all items
up to and including Other Revenue.
6 marks
d. Using the information above, post the relevant information to the GST Clearing General Ledger
account and complete the account.
8 marks
e. Explain what is meant by Adjusted Gross Profit, and with reference to two specific examples from
the reports above, explain how Adjusted Gross Profit can differ from Net Cash Flow from
Operations.
5 marks

Darcy Daher owns and operates Music World, a small business selling musical instruments and sheet
music. The business has undergone some changes in recent months and Darcy provided you with the
following information at 30 June 2015.
a. Explain what is meant by stability and how the trend in the graph has impacted on the stability of
the business.
4 marks
b. Explain one possible cause of the change shown in the Debt Ratio.
2 marks
c. Explain the likely negative impacts of the change in the Debt Ratio on the liquidity and profitability
of the business in future reporting periods.
4 marks
VCTA
page 6

Tiana Kropman owns and operates Painted Lady, a small business selling make-up and perfumes.
During June 2015 the following incomplete Stock Card was provided.
Stock Item:
Supplier:
Chunnel No.6
IN
Date
Details
June 1
12
15
Qty
Unit
Cost
Nix Factor
OUT
Value
$
Qty
Unit
Cost
BALANCE
Value
$
Balance
Recs J47J61
Inv. C214
15
50
110
105
1 575
5 500
10
105
Qty
Unit
Cost
Value
$
25
105
2 625
10
105
1 050
10
105
50
110
6 550
21
Inv. D97
110
1 600
45
110
4 950
26
Recs J89J96
110
880
37
110
4 070
27
CN H08
44
110
4 840
29
CN NF11
10
110
1 100
34
110
3 740
30
Memo 9
110
220
32
110
3 520
32
20
640
32
110
3 520
110
770
30
Note: The business uses the First In First Out (FIFO) cost assignment method and sells stock at a
mark-up of 100%
The transaction on 21 June was a sale to C. Jenkins.
a. Identify the document that would be used and the transaction that occurred for the last entry in the
Stock Card.
1 + 1 = 2 marks
b. Identify the accounting principle that required the entry in part a. above.
1 mark
c. Record the transactions on 27 June and 29 June 2015 in the General Journal.
Narrations are not required.
4 + 2 = 6 marks
d. Explain why the number of units was different between the transactions on 27 June and 29 June
2015.
2 marks
VCTA
page 7

On 31 December 2014, the following extract of the Balance Sheet for A1 Furniture was available.
A1 FURNITURE
Balance Sheet (extract) as at 31 December 2014
$
Owners Equity
Capital
87 450
+ Net Profit
32 920
- Drawings
(27 840)
92 530
92 530
During the quarter ended 31 March 2015 the following transactions occurred:
On 4 January 2015, the owner transferred ownership of his personal vehicle to the business.
The Vehicle had been bought for $42 000 in 2012 and now had an agreed value of $30 000.
The owner still owed $12 000 to King Motors for the purchase of the Vehicle and the business
took over this creditor.
On 5 March 2015, the owner transferred $15 000 cash to the business to fund the purchase of
additional equipment.
Cash Drawings were $8 000 per month except February when the owner withdrew $9 500.
Drawings of stock valued at $2 500 occurred on 13 March 2015.
During the quarter ended 31 March 2015 cash and credit sales totalled $110 700, Sales
Returns were $5 600, Cost of Sales were $52 550, Stock Loss was $2 000 and Expenses
totalled $24 930.
Show how the Drawings and Capital General Ledger accounts would appear after all of the
information above had been posted.
Note: You are required to complete each account.
VCTA
page 8

The following information for Sirps Suits was provided:
Account balances at 1 January 2015 were: Stock Control $56 700 and Creditors Control
$43 850.
Stock is sold at a mark-up of 50%.
Sales for the year ended 31 December 2015 are expected to be $360 000 plus GST with 40%
of sales being on a cash basis.
Sales Returns for the year ended 31 December 2015 are expected to be 1% of credit sales. All
stock returned by customers is returned to the supplier for a full credit.
Based on past information, the owner expects to withdraw stock to the value of $5 000, use
stock valued at $2 000 for advertising purposes and write down some stock by $7 000.
No stock losses or gains are expected.
All stock is purchased on credit and the owner hopes to purchase stock worth $252 000 plus
GST.
The owner hopes to receive discounts valued at $5 000 and repay Creditors $270 000
Reconstruct the Stock Control and Creditors Control General Ledger accounts to find the expected
closing balances of each account at 31 December 2015.

On 1 July 2015, Adams Antiques had the following item in its Balance Sheet.
$
Non-current Assets
Vehicle
44 000
Accumulated Depreciation
(28 908)
15 092
The Vehicle was purchased on 1 July 2012 and is depreciated at a rate of 30% per annum using the
reducing-balance method.
On 30 April 2016, the business decided to trade in the Vehicle on a new Vehicle. The business
purchased the new Vehicle from Ajax Motors for $50 000 plus GST (Invoice B84). The business also
paid $1 000 plus GST to insure the Vehicle (Cheque T66) and $1 500 plus GST to modify the Vehicle
for use (Cheque T67).
The Vehicle was traded in for $10 000.
Record the information above in the appropriate journals at 30 April 2016.
END OF QUESTION BOOK
VCTA
page 9
Name: ______________________________
Teacher: ______________________________

Practice written examination 2015
Reading time: 15 minutes

Writing time: 2 hours
ANSWER BOOK
Instructions
A question book is provided with this answer book.
Answer all questions in the spaces provided in this book.
Write your name and your teachers name in the spaces provided above on this page.
Refer to Instructions on the front cover of the question book.
Students are NOT permitted to bring mobile phones and/or any other unauthorised electronic
devices into the examination room.
VCTA
page 10

a.
1 + 2 = 3 marks
Accounting principle
Explanation
6 + 1 = 7 marks
b.
Sales Journal
Date
2015
Apr. 30
Debtor
Inv.
No.
Totals to date
Cost of
Sales
Sales
4 500
GST
9 000
Debtors
Control
900
9 900

Date
2015
Apr. 30
Details
Totals to date
Rec.
No.
Bank
35 080
Disc.
Exp.
Debtors
Control
200
Cost of
Sales
Sales
Sundries
1 400
2 800
25 000
7 200
Purchases Journal
Date
2015
Apr. 30
VCTA
Creditor
Totals to date
Inv.
No.
Stock
Control
5 600
GST
560
Creditors
Control
6 160
page 11
GST
280

Date
2015
Apr. 30
Details
Chq
No.
Totals to date
Bank
31 050
Disc.
Rev.
Creditors
Control
Stock
Control
250
4 500
2 000
Wages
1 100
Sundries
21 500
GST
2 200
General Journal
Date
2015
Details
General Ledger
Debit
$
Credit
$
c.
Subsidiary Ledger
Debit
$
Credit
$
1 + 2 = 3 marks
Qualitative characteristic
Explanation
d.
1 mark

Date
2015
VCTA
Details
Chq
No.
Bank
Disc.
Rev.
Creditors
Control
Stock
Control
Wages
Sundries
page 12
GST
e.
6 marks
Explanation
VCTA
page 13

a.
1 + 1 = 2 marks

Date
2015
Mar. 31
Details
Chq
No.
Bank
Totals to date
Disc.
Rev.
Creditors
Control
Stock
Control
350
7 200
9 600
Wages
Sundries
2 700
25 450
b.
6 marks
BELLAS BATHS
Cash Flow Statement (extract) for the month ending 31 March 2015
$
Cash Flow from Operating Activities
NET CASH FLOW FROM OPERATIONS
VCTA
page 14
GST
c.
6 marks
BELLAS BATHS
Income Statement (extract) for the month ending 31 March 2015
$
Revenue
VCTA
page 15
d.
8 marks
GST Clearing
Date
2015
Cross-reference
Amount
Date
2015
e.
Cross-reference
Amount
5 marks
Explanation
VCTA
page 16

a.
4 marks
Explanation
VCTA
page 17
b.
2 marks
Explanation
c.
4 marks
Explanation
VCTA
page 18

1 + 1 = 2 marks
a.
Document
Transaction
1 mark
b.
Accounting principle
4 + 2 = 6 marks
c.
General Journal
Date
2015
VCTA
Details
General Ledger
Debit
$
Credit
$
Subsidiary Ledger
Debit
$
Credit
$
page 19
2 marks
d.
Explanation

Drawings
Date
2015
Cross-reference
Amount
Date
2015
Cross-reference
Amount
Date
2015
Cross-reference
Amount
Capital
Date
2015
Cross-reference
Amount
Jan. 1
VCTA
Balance
92 530
page 20

Stock Control
Date
2015
Jan. 1
Cross-reference
Balance
Amount
Date
2015
Cross-reference
Amount
Cross-reference
Amount
56 700
Creditors Control
Date
2015
Cross-reference
Amount
Date
2015
Jan. 1
VCTA
Balance
43 850
page 21

General Journal
Date
2015
Details
General Ledger
Debit
$
Credit
$
Subsidiary Ledger
Debit
$
Credit
$

Date
2015
Details
Chq
No.
Bank
Disc.
Rev.
Creditors
Control
Stock
Control
Wages
Sundries
END OF ANSWER BOOK
VCTA
page 22
GST
Solutions to Accounting Units 3 and 4 practice exam 2015

a.
1 + 2 = 3 marks
Accounting principle Entity (1)

Explanation The owner and the business are separate legal entities and therefore the records of the
two entities should be kept separate (1). In light of this, the owner is able to make better business decisions
as he will base decisions on information relevant to the business only. (1)
6 + 1 = 7 marks
b.
Sales Journal
Date
2015
Debtor
Inv.
No.
Apr. 30
Totals to date
Apr. 29
Dingley Aquatic Club
Cost of
Sales
Sales
GST
Debtors
Control
4 500
9 000
900
9 900
600
1 200
120
1 320

Date
2015
Details
Rec.
No.
Bank
Apr. 30
Totals to date
35 080
Apr. 28
Sales
11
440
Apr. 30
Vicki Marcuzzi
12
190
Disc.
Exp.
Debtors
Control
200
Cost of
Sales
Sales
Sundries
1 400
2 800
25 000
200
400
7 200
10
Creditor
Apr. 30
Totals to date
Apr. 27
Kenji Kayaks
VCTA
Inv.
No.
200
P831
Stock
Control
GST
Creditors
Control
5 600
560
6 160
7 500
750
8 250
280
40
Purchases Journal
Date
2015
GST
page 23
General Journal
Date
2015
Apr. 24
Details
General Ledger
Debit
$
Drawings
Subsidiary Ledger
Credit
$
Debit
$
Credit
$
50
Stock Control
50
Withdrew 1 Kidz sleeping bag

Memo 01
1 mark for each full entry in each special journal (4 marks)
1 mark for each line of the General Journal (2 marks)
1 mark for narrationmust include number and name of unit and document number
c.
1 + 2 = 3 marks
Qualitative characteristic Reliability (1)

Explanation Documents provide evidence that a transaction has occurred (1), which means that
the information contained in the records and reports can be relied upon for its accuracy. (1)
d.
1 mark

Date
2015
May 12
VCTA
Details
Accounting
Fees
Chq
No.
A24
Bank
Disc.
Rev.
Creditors
Control
330
Stock
Control
Wages
Sundries
300
page 24
GST
30
6 marks
e.
Explanation The payment of the accounting fees is an expense for the business. It is an outflow of
economic benefit in the form of a decrease in Assets (Bank) and a decrease in Owners Equity, that is,
not Drawings by the owner. As Bank has decreased it will be reported as an Operating Activity outflow
as it is an outflow of cash resulting from the day-to-day activities of the business.
The payment of the accounting fees will therefore decrease profit in the Income Statement and decrease
the Net Cash Flow from Operations in the Cash Flow Statement.
The payment of the accounting fees will also reduce the amount of cash in the Bank, thus decreasing the
Assets of the business in the Balance Sheet. As the profit in the Income Statement has also decreased,
the amount in the Owners Equity section of the Balance Sheet will also decrease.
The payment of the accounting fees also involved a payment for GST. In addition, the payment will reduce
the amount in the Bank and is also an Operating Activity outflow. The GST Liability will also decrease as
The debt to the ATO is also reduced, thus decreasing Liabilities. As GST is not a revenue item, it will have
no impact on the profit of the business.
Mark globally. Assess students responses in terms of their understanding of the concepts involved
and their reference to accounting elements and the accounting reports.
VCTA
page 25

a.
1 + 1 = 2 marks

Date
2015
Mar. 31
Details
Totals to date
Chq
No.
Bank
47 780
Disc.
Rev.
Creditors
Control
Stock
Control
Wages
350
7 200
9 600
Sundries
2 700
25 450
1 mark for each amount correctmark consequentially

b.
6 marks
BELLAS BATHS
Cash Flow Statement (extract) for the month ending 31 March 2015
$
Cash Flow from Operating Activities

Cash Sales
11 600
Receipts from Debtors
18 000
GST Collected
1 160
GST Refund
1 720
Interest Revenue
25
Payments to Creditors
(6 850)
Purchases of Stock
(9 600)
Wages
(2 700)
GST Paid
(3 180)
Interest
(150)
Cartage Out
(800)
Rent
(900)
Customs Duty
(700)
Advertising
32 505
(1 300)
Equipment Servicing
(500)
NET CASH FLOW FROM OPERATIONS
(26 680)
5 825
1 mark for Sales, Receipts from Debtors and Interest Revenue

1 mark for all three GST entries (GST Paid is consequential)
1 mark for every three cash outflows (3 marks)
1 mark for finishing section of report
VCTA
page 26
GST
3 180
6 marks
c.
BELLAS BATHS
Income Statement (extract) for the month ending 31 March 2015
$
Revenue
Cash Sales
11 600
Credit Sales
19 720
Less Sales Returns
(300)
31 020
Less Cost of Goods Sold

Cost of Sales
15 510
Customs Duty
880
Gross Profit
16 390
14 630
Add Stock Gain
560
Adjusted Gross Profit
15 190
Add Other Revenue

Interest Revenue
25
Discount Revenue
350
375
15 565
1 mark for Cash Sales and Credit Sales

1 mark for Sales Returns
1 mark for Cost of Sales
1 mark for Customs Duty
1 mark for Stock Gain
1 mark for Other Revenue items
VCTA
page 27
d.
8 marks
GST Clearing
Date
2014
Mar. 1
Cross-reference
Balance
Creditors Control
Bank
Debtors Control
Amount
1 720
Date
2014
Mar. 31
770
3 180
30
Cross-reference
Bank
1 720
Debtors Control
1 972
Bank
1 160
Balance
5 700
Apr. 1
Balance
Amount
848
5 700
848
1 mark for each entry

1 mark for balancing entry
e.
5 marks
Explanation Adjusted Gross Profit is the profit earned by a business derived from the buying and selling
of Stockthe day-to-day activities of the business. For this business it is the profit made from buying and
selling baths and bathroom accessories. On the other hand, Net Cash Flow from Operations is the
difference between the cash inflows and cash outflows from the day-to-day activities of the business, that
is, the cash flow derived from the buying and selling of baths and bathroom accessories.
The figures differ because not all revenue items are cash receipts and not all of the expenses are cash
outflows. At the same time, not all cash outflows are expenses and not all inflows are revenue. GST is an
example. GST is both an inflow and an outflow but these flows are not related to profit and so have no
effect on cash. At the same time, Credit Sales increase revenue but do not affect cash inflows by the same
amount, as Receipts from Debtors may be different due to discounts, bad debts or debtors just paying in a
future reporting period.
Mark globally. Assess students responses in terms of their understanding of the concepts involved
and their reference to the specific requirements of the reports and the question.
VCTA
page 28

a.
4 marks
Explanation Stability refers to the level of risk associated with a business as measured by the percentage
of the assets of a business financed by Liabilities. (1) If the Debt Ratio increases (as it has done in the
graph shown), the level of risk increases as more of the assets are financed by Liabilities. (1) It assesses
the ability of the business to meet its long-term financial obligations. (1) As the ratio has increased from
40% at its lowest level to 67% as it currently stands, the ability of the business to repay its long-term
financial commitments has deteriorated. (1)
b.
2 marks
Explanation The Debt Ratio shows the percentage of assets financed by Liabilities. The trend is due to
either a decrease in Assets or an increase in Liabilities, or both. (1) A possible cause is additional
expenditure on expenses, which has resulted in the move from a debit bank balance to an overdraft. (1)
Alternatively, the business has taken out a Loan as it plans to use this money to finance the purchase of
a Non-current Asset in the future.
VCTA
page 29
4 marks
c.
Explanation If the Debt Ratio increases from 40% to 67%, this means there is an increased level of debt
for the business. This increase will require the business to repay a greater amount of debt in the future. (1)
If the increase in Debt Ratio was due to an increased Loan, then the business will be required to make
regular repayments, tying up future cash flows for a number of reporting periods. This will affect
Liquidity in a negative way. (1) The increased Debt Ratio may also impact negatively on profitability. If the
business has increased its Debt Ratio through an increase in Loan and/or Overdraft, then the business
will be required to repay the debts with interest. (1) The interest payments are an expense that will
decrease the profit of the business, which could worsen the profitability of the business. (1)
VCTA
page 30

1 + 1 = 2 marks
a.
Document Memo
Transaction Stock writedown
1 mark
b.
Accounting principle Conservatism
4 + 2 = 6 marks
c.
General Journal
Date
2015
June 27
Details
General Ledger
Debit
$
Sales Returns
1 540
GST Clearing
154
Debtors Control
Subsidiary Ledger
Credit
$
Debit
$
1 694
DrC. Jenkins
Stock Control
1 694
770
Cost of Sales
June 29
Credit
$
Creditors Control
770
1 210
CrNix Factor
1 210
Stock Control
1 100
GST Clearing
110
27 June:
1 mark for Sales Returns/GST Clearing
1 mark for Debtors Control/DrC. Jenkins
1 mark for Stock Control
1 mark for Cost of Sales
29 June:
1 mark for Creditors Control/CrNix Factor
1 mark for Stock Control/GST Clearing
VCTA
page 31
d.
2 marks
Explanation When the original stock was returned by the customer on 27 June the owner would have
been concerned about the large number of returned items. (1) The owner would most likely have checked
additional items of stock to see if other units were faulty. The information in the Stock Card suggests
three other units were found to be defective. (1)

Drawings
Date
2015
Cross-reference
Amount
Jan. 31
Bank
8 000
Feb. 28
Bank
9 500
Mar. 31
Bank
8 000
Stock Control
2 500
Date
2015
Mar. 31
Cross-reference
Capital
28 000
Amount
28 000
28 000
1 mark for both $8 000 Bank entries in the Drawings account

1 mark for $9 500 Bank entry in the Drawings account
1 mark for Stock Control entry in the Drawings account
1 mark for transferring balance of Drawings account to Capital
Capital
Date
2015
Cross-reference
Amount
Date
2015
Cross-reference
Amount
Jan. 31
Sundry CreditorKing
Motors
12 000
Jan. 1
Balance
92 530
Mar. 31
Drawings
28 000
Jan. 31
Vehicle
30 000
Mar. 31
Profit & Loss Summary
25 620
Bank
15 000
Balance
123 150
163 150
163 150
Apr. 1
Balance
123 150
1 mark for each entry in the Capital accountclosing balance and balance carried forward count as
1 entry
VCTA
page 32

Stock Control
Date
2015
Jan. 1
Dec. 31
Cross-reference
Balance
Creditors Control
Cost of Sales
Amount
56 700
Date
2015
Dec. 31
252 000
1 440
Cross-reference
Cost of Sales
Amount
240 000
Creditors Control
1 440
Drawings
5 000
Advertising
2 000
Stock Writedown
7 000
Balance
310 140
54 700
310 140
1 mark in total for Drawings/Advertising/Stock Writedown entries

1 mark each for remaining entries, including balance (5 marks)
Creditors Control
Date
2015
Dec. 31
Cross-reference
Bank
Amount
Date
2015
270 000
Jan. 1
Discount Revenue
5 000
Dec. 31
Stock Control
1 440
GST Clearing
144
Balance
Cross-reference
Balance
Amount
43 850
Stock Control
252 000
GST Clearing
25 200
44 466
321 050
321 050
1 mark for both entries on the credit side of account

1 mark for Bank/Discount Revenue
1 mark for Stock Control/GST Clearing on the debit side of account
1 mark for Balance
VCTA
page 33

General Journal
Date
2015
Apr. 30
Details
General Ledger
Debit
$
DepreciationVehicle
Credit
$
Subsidiary Ledger
Debit
$
Credit
$
3 773
Vehicle
Disposal of Vehicle
3 773
44 000
Vehicle
Vehicle
44 000
32 681
Disposal of Vehicle
Vehicle
32 681
50 000
GST Clearing
5 000
Sundry CreditorAjax Motors

Sundry CreditorAjax Motors
55 000
10 000
Disposal of Vehicle
10 000
Loss on Disposal of Vehicle
1 319
Disposal of Vehicle
1 319

Date
2015
Details
Chq
No.
Bank
Disc.
Rev.
Creditors
Control
Stock
Control
Wages
Sundries
GST
Apr. 30
Prepaid
Insurance
T66
1 100
1 000
100
Apr. 30
Vehicle
T67
1 650
1 500
150
1 mark for Depreciation

1 mark for Accumulated Depreciation
1 mark for Disposal of Vehicle
1 mark for Vehicle
1 mark for Accumulated Depreciation/Disposal of Vehicle (amount is consequential)
1 mark for Vehicle/GST Clearing
1 mark for Sundry Creditor
1 mark for Sundry Creditor/Disposal of Vehicle
1 mark for Loss on Disposal of Vehicle
1 mark for Disposal of Vehicle
1 mark for each entry in CPJ (2 marks)
VCTA
page 34

Vcta 2015 Exam Unit 3 4

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Vcta 2015 Exam Unit 3 4

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ACCOUNTING UNITS 3 AND 4

Accounting Units 3 and 4 practice

Published September 2015

ACCOUNTING UNITS 3 AND 4

ACCOUNTING UNITS 3 AND 4

Reading time: 15 minutes

Published September 2015

ACCOUNTING UNITS 3 AND 4

Question 1 (20 marks)

Roberts Rafts & Camping

Charge: Dingley Aquatic Club

Terms: 2/14, n30

Roberts Rafts & Camping

Roberts Rafts & Camping

$440 (including GST)

$190 after $10 discount

Published September 2015

ACCOUNTING UNITS 3 AND 4

Roberts Rafts & Camping

Roberts Rafts & Camping

Signed: Andrew Roberts

Published September 2015

ACCOUNTING UNITS 3 AND 4

Question 2 (27 marks)

Cash Receipts Journal

Note: Sundries includes the following payments:

Loan repayment $500

The following additional information was also available:

Stock Gain $560

Published September 2015

ACCOUNTING UNITS 3 AND 4

Question 3 (10 marks)

Published September 2015

ACCOUNTING UNITS 3 AND 4

Question 4 (11 marks)

Published September 2015

ACCOUNTING UNITS 3 AND 4

Question 5 (10 marks)

Published September 2015

ACCOUNTING UNITS 3 AND 4

Question 6 (10 marks)

Question 7 (12 marks)

END OF QUESTION BOOK

Published September 2015

ACCOUNTING UNITS 3 AND 4

ACCOUNTING UNITS 3 AND 4

Reading time: 15 minutes

Published September 2015

ACCOUNTING UNITS 3 AND 4

Question 1 (20 marks)

Cash Receipts Journal

Published September 2015

ACCOUNTING UNITS 3 AND 4

Cash Payments Journal

Cash Payments Journal

Published September 2015

ACCOUNTING UNITS 3 AND 4

Published September 2015

ACCOUNTING UNITS 3 AND 4

Question 2 (27 marks)

Cash Payments Journal

Cash Flow from Operating Activities

NET CASH FLOW FROM OPERATIONS