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CIMA Exam Practice Kit: Financial Accounting Fundamentals by Dak Patel

By Dak Patel

CIMA examination perform Kits consolidate studying by means of delivering an intensive financial institution of perform questions. every one resolution presents a close research of the proper solution and highlights why the choices are improper. CIMA examination perform Kits are perfect for scholars learning independently or attending a tutored revision path. It supplementations the professional CIMA research platforms and CIMA Revision playing cards with a wealth of extra questions and fabric concentrated simply on utilising what has been learnt to passing the examination. CIMA examination perform Kits support scholars organize with self belief for examination day, and to cross the hot syllabus first time. * comprises two hundred examination typical a number of selection questions * arrange to go with wide extra query perform * presents labored solutions to completely clarify the proper solution, and research of fallacious solutions - supporting CIMA scholars keep away from universal pitfalls

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Further Aspects of Ledger Accounts 41 5 Cost of transportation of goods and services Cost is an expense hence it is always a DEBIT in accounts Types of carriage costs Carriage outwards Carriage inwards Extra cost a company incurs on purchases Cost incurred by company to deliver the goods or services to the customer Hence it is an expense in the Trading account Debit Debit Thus, Purchases Add: Carriage inwards Total cost of purchase X X X Hence it is an expense in the Profit and loss account expenses are always debit Thus which ever carriage cost they are, both are DEBITs one is in the Trading account (carriage inwards) and the other is in the Profit and loss account (carriage outwards) 42 Exam Practice Kit: Financial Accounting Fundamentals Carriage cost Discount Cash discount Trade discount Discounts on prompt payment of invoices or early settlement discount Discount given on bulk purchases to the customer, however this will only affect the selling price Discount received Discount allowed From supplier Hence, there is no double entry for trade discounts £ XX (XX) XX It is an expense to the seller, hence Credit Debit In the Profit and loss account Therefore, trade discount are in the Trading account It is an income to the purchaser, hence Dr Discount allowed Cr Debtor In the Profit and loss account Dr Supplier Cr Discount received Further Aspects of Ledger Accounts 43 Sales Less: Trade discount Net sales To customer 44 Exam Practice Kit: Financial Accounting Fundamentals Accounting for VAT When an organisation within the EU States including United Kingdom reaches a certain level of turnover then they are obliged to register (in the UK) with Her Majesty’s, Customs & Excise (HMC&E) There are three rates of VAT: • Standard rate of 171⁄2% • Zero rate • Exempt rate VAT on sales is classified as input tax.

During the period, the owner introduced capital of £8,000 and withdrew £16,000 for her own use. Calculate her profit or loss during the period? 10 The profit of a business may be calculated by using which one of the following formula? 8 500 (800) (2,400) (2,700) A £ Assets Less: Liabilities 14,000 (6,250) 7,750 So a profit of £3,500 increases this to £11,250. The purchase of a fixed asset by cheque and the payment to creditors by cheque affects assets and liabilities, but neither affects capital.

2 Complete the table showing which accounts are to be credited and which are to be debited. Consider all items below as STOCK. 3 Sport stars Please prepare T accounts for the transactions below. 2 Which one of the following statements is correct? 3 On 1 January, a business had a customer, Junior, who owed £1,200. During January, Junior bought goods for £2,100 and returned goods valued at £750. He also paid £960 in cash towards the outstanding balance. 5 Which one of the following statements regarding the balance on a ledger account is not correct?

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