Accounting Framework International Stream December 2000 2411723

Accounting Framework (International Stream) December 2000 paper 1(Y) Question Paper Time allowed 3 hours This paper is divided into two sections Section A BOTH questions are compulsory and MUST be answered Section B THREE questions ONLY to be answered 2 Section A – BOTH questions are compulsory and MUST be attempted 1 Moorfoot, a limited liability company, operates a chain of wholesale grocery outlets. Its list of account balances at 30 June 2000 was as follows: $000 $000 Sales revenue 13,600 Purchases 8,100 Inventory 1 July 1999 1,530 Distribution costs 1,460 Administrative expenses 1,590 Interest on loan notes 50 Dividends paid: Final for year ended 30 June 1999 480 Interim for year ended 30 June 2000 360 Land at cost 1,510 Buildings – Cost 8,300 – Accumulated depre Document Preview:

Module A – Foundation StageAccountingFramework(International Stream)December 2000Question PaperTime allowed 3 hoursThis paper is divided into two sectionsSection A BOTH questions are compulsory andMUST be answeredSection B THREE questions ONLY to be answeredpaper 1(Y)Section A – BOTH questions are compulsory and MUST be attempted1 Moorfoot, a limited liability company, operates a chain of wholesale grocery outlets. Its list of account balances at 30 June 2000was as follows:$000 $000Sales revenue 13,600Purchases 8,100Inventory 1 July 1999 1,530Distribution costs 1,460Administrative expenses 1,590Interest on loan notes 50Dividends paid: Final for year ended 30 June 1999 480Interim for year ended 30 June 2000 360Land at cost 1,510Buildings– Cost 8,300– Accumulated depreciation at 30 June 1999 1,020Warehouse and office equipment– Cost 1,800– Accumulated depreciation at 30 June 1999 290Motor vehicles– Cost 1,680– Accumulated depreciation at 30 June 1999 620Trade receivables 810Allowance for doubtful debts 18Cash at bank 140Trade payables 82010% loan notes (issued 1995 and to be redeemed 2010) 1,000Called up share capital – ordinary shares of 25c each 1,200Share premium account 2,470Accumulated profits 30 June 1999 6,77227,810 27,810The following additional information is available:(1) Closing inventory was $1,660,000.(2) Trade balances totalling $6,000 are to be written off and the allowance for doubtful debts increased to $30,000. It is thecompany’s practice to include the charge for bad and doubtful debts in administrative expenses in the income statement.(3) Accruals and prepayments:Prepayments Accruals$000 $000Distribution costs 60 120Administrative expenses 70 190Interest on loan notes 50(4) In early July 2000 the company received invoices for credit purchases totalling $18,000 for goods delivered before30 June. These invoices have not been included in the accounts payable ledger at 30 June 2000.It was also…

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