O-LevelAccountingSources and recording of data7707/21 · Oct/Nov 2019 · Q120 Marks

Filton is a retailer of electrical goods. His financial year ends on 30 September. The following information was available from his books. Balances on 1 October 2018 Stationery account $350 Debit Rent receivable account $200 Debit (for one month's rent receivable accrued) Stationery purchases on credit from Walker 23 December 2018 $1200 14 June 2019 $600 Information from the bank account for the year ended 30 September 2019 Receipts 3 October 2018 Four months' rent receivable $800 5 February 2019 Four months' rent receivable $800 6 July 2019 Three months' rent receivable $600 Additional information On 30 September 2019 Filton's stationery was valued at $450. Two months' rent was owed to him. REQUIRED

(a)Prepare the following ledger accounts for the year ended 30 September 2019. Make the appropriate transfers to the income statement. Balance the accounts and bring down the balances on 1 October 2019.
(a)(i)Stationery account[4]
(a)(ii)Rent receivable account[4]
(b)Name the subdivision of the ledger that would contain the rent receivable account.[1]
(c)State the section of the statement of financial position on 30 September 2019 in which the balance of the rent receivable account will appear.[1]
(d)Complete the following table by naming the business document and the book of prime (original) entry used by Filton for each transaction. The first item has been completed as an example. | Transaction | Business document | Book of prime (original) entry | | :-------------------------------- | :---------------- | :----------------------------- | | Sold goods on credit to Yan. | Sales invoice | Sales journal | | Paid wages by cheque. | | | | Goods sold on credit to Yan were returned. | | | | Purchased goods by cash. | | | | Sold a motor vehicle on credit. | | | | Purchased goods on credit from Mary. | | |[10]

Mark scheme

Marking points from the official mark scheme (Oct/Nov 2019). The mark or mark type is shown in brackets.

[1] Oct 1 Balance b/d 350
[1] Dec23 Walker 1200
[1] June14 Walker 600} (1)both
[1] Sep 30 Income statement 1700 (1)OF
[1] Sep 30 Balance c/d 450
[1] Oct 1 Balance b/d 450 (1)
[1] Dates (1)
[1] Oct 1 Balance b/d 200
[1] Oct 3 Bank 800}
[1] Feb 5 Bank 800}
[1] July 6 Bank 600} (1)all three
[1] Sep 30 Income statement 2400 (1)OF
[1] Sep 30 Balance c/d 400
[1] Oct 1 Balance b/d 400 (1)OF
[1] Dates (1)
[1] General/nominal ledger (1)
[1] Current assets (1)
[1] Paid wages by cheque: Wages sheet / payroll register (1), Cash book (1)
[1] Goods sold on credit to Chow were returned: Credit note (1), Sales returns journal (1)
[1] Purchased goods by cash: Receipt (1), Cash book (1)
[1] Sold motor vehicle on credit: Sales invoice (1), General journal (1)
[1] Purchase goods on credit from Mary: Purchase invoice (1), Purchases journal (1)

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