iab book-keeping qualifications (qcf) level 1 award in manual bookkeeping (qcf) ... g005 ¼ gd 3825...
TRANSCRIPT
EXAM ID 159
MODEL ANSWERS Qualifications: LEVEL 1 Award in Manual Bookkeeping (QCF) (Accreditation number: 500/9406/3)
LEVEL 1 Award in Bookkeeping (QCF) (Accreditation number: 500/9006/9)
JUNE 2013
FOR USE BY ASSESSOR ONLY:
Suite 5, 20 Churchill Square, Kings Hill, West Malling, Kent ME19 4YU
Telephone: 0844 330 3527 Fax Number: 0844 330 3514 email: [email protected].
IAB I/D
Units covered Possible marks
Actual marks
Pass or Fail
157 Preparing and processing bookkeeping documents - M/600/8740
158 Recording Credit transactions - A/600/8742
156 Making and receiving payments - J/600/8744
155 Maintaining petty cash records - R/600/8746
IAB (QCF)/L1 June 2013/Model Answers v2 1
SECTION A – PREPARING AND PROCESSING BUSINESS DOCUMENTS THERE ARE FOUR TASKS IN THIS SECTION OF THE PAPER YOU MUST COMPLETE ALL TASKS FOR USE IN ANSWERING SECTION A TASK 1 – PREPARE A SALES INVOICE
SALES INVOICE Invoice No: A 1524 ¼ Artistik Ltd 14 Regent Street Penzance
Cornwall
TR18 3JN VAT Reg No: 637 9243 19
To: Katie’s Art Store 5 Abbey Street Date/Tax Point: 30 June 2013 ¼
Penzance Cornwall
Your Order No:
KAS 278 ¼
TR18 3DW
Customer Account No: SL – KA07 ¼
Product
Code
Quantity
Description
Unit
Price
VAT
Rate
Goods
Total
£ p % £ p
WS 010 20 Watercolour Sets - Classic 14 99 20 299 80 1
WS 013 20 Watercolour Sets – Pan Set 15 99 20 319 80 1
Carriage Paid Goods Total 619 60 ¼ Terms: Net 14 days ¼ VAT 123 92 ½
VAT Analysis Total Due 743 52 ½ VAT Rate Total Net Total VAT £ p £ p
20% 619 60 ¼
123 92 ¼
0% 0 00 0 00
E & OE
Marks 5
IAB (QCF)/L1 June 2013/Model Answers v2 2
FOR USE IN ANSWERING SECTION A TASK 1 – PREPARE A SALES INVOICE
SALES INVOICE Invoice No: A 1525 ¼ Artistik Ltd 14 Regent Street Penzance
Cornwall
TR18 3JN VAT Reg No: 637 9243 19
To: Art Direct Date/Tax Point: 30 June 2013 ¼
10 Milbay Road Plymouth Devon
Your Order No:
AD 3866 ¼
PL1 8SP Customer Account No:
SL – AD14 ¼
Product
Code Quantity
Description
Unit Price
VAT Rate
Goods Total
£ p % £ p
WP 017 10 Watercolour Paper Rolls 89 99 20 899 90 1
WP 018 20 Watercolour Paper Sheets 10 99 20 219 80 1
Carriage Paid Goods Total 1,119 70 ¼ Terms: Net 30 days ¼ VAT 223 94 ½
VAT Analysis Total Due 1,343 64 ½ VAT Rate Total Net Total VAT £ p £ p
20% 1,119 70 ¼
223 94 ¼
0% 0 00 0 00
E & OE
Marks 5
IAB (QCF)/L1 June 2013/Model Answers v2 3
FOR USE IN ANSWERING SECTION A TASK 2 – PREPARE A CREDIT NOTE
CREDIT NOTE No: CN 103 ¼ Artistik Ltd 14 Regent Street Penzance
Cornwall
TR18 3JN VAT Reg No: 637 9243 19
To: P.K’s Art Works 3 Bank Street Date/Tax Point: 30 June 2013 ¼
Truro Cornwall Customer Account No: SL – PK09 ¼
TR12 2LH
Product
Code Quantity
Description
Unit Price
VAT Rate
Goods Total
£ p % £ p
WD 026 1 Workstation Drawing Board 139 99 20 139 99 1
VAT Analysis Goods Total 139 99 ¼ VAT Rate Total Net Total VAT £ p £ p VAT 27 99 ½
20% 139 99 ¼
27 99 ¼
Total Due 167 98 ½
0% 0 00 0 00
Reason for Credit: Damaged ½
Marks 4
IAB (QCF)/L1 June 2013/Model Answers v2 4
FOR USE IN ANSWERING SECTION A TASK 3 – CHECK A SUPPLIER INVOICE
SALES INVOICE Invoice No: 4286 Peacock & Son 17 South Street Plymouth
Devon
PL1 6NV
To: Artistik Ltd 14 Regent Street Date/Tax Point: 10 June 2013
Penzance Cornwall
TR18 3JN Your Order No: PO 1165
Product
Code Quantity
Description
Unit Price
VAT Rate
Goods Total
£ p % £ p
W 10175 10 Workstation Desktop Starter 55 99 20 559 90 W 10176 10 Workstation Desktop Professional 65 99 20 659 90
W 10182 10 Workstation Drawing Board 85 99 20 859 90
Carriage Paid Goods Total 2,079 70 Terms: Net 60 days Less Trade Discount 5% 103 99
VAT Analysis Net Goods 1,975 71 VAT Rate Total Net Total VAT £ p £ p VAT 395 14
20% 2,079 70 395 14 Total Due 2,370 85
0% - - - -
E & OE VAT Reg No: 946 2435 18
Complete this slip and attach to invoice
Action Required:
Contains errors – return to supplier ½
Incorrect VAT Analysis + incorrect terms ½ + ½
Purchase Invoice No: Supplier Account Code:
Marks 1.5
IAB (QCF)/L1 June 2013/Model Answers v2 5
FOR USE IN ANSWERING SECTION A TASK 3 – CHECK A SUPPLIER INVOICE
SALES INVOICE Invoice No: 2021 Walkers Art Shop Ltd 5 Main Street Penzance
VAT Reg No: 734 2637 07
Cornwall TR1 2AW
To: Artistik Ltd 14 Regent Street Date/Tax Point: 18 June 2013
Penzance Cornwall
TR18 3JN Your Order No: PO 1166
Product
Code Quantity
Description
Unit Price
VAT Rate
Goods Total
£ p % £ p
B2875 15 Brush Set – size 8 3 90 20 58 50 B2876 10 Brush Set – size 10 4 90 20 49 00
B2879 10 Brush Set – size 12 7 90 20 79 00
Carriage Paid Goods Total 186 50 Terms: Net 30 days Less Trade Discount 10% 18 65
VAT Analysis Net Goods 167 85 VAT Rate Total Net Total VAT £ p £ p VAT 33 57
20% 167 85 33 57 Total Due 201 42
0% - - - -
E & OE
Complete this slip and attach to invoice
Action Required:
Passed for payment ½
Purchase Invoice No: P 1013 ½ Supplier Account Code: PL – WA067 ½
Marks 1.5
IAB (QCF)/L1 June 2013/Model Answers v2 6
FOR USE IN ANSWERING SECTION A TASK 3 – CHECK A SUPPLIER INVOICE
SALES INVOICE Invoice No: 1029 Truro Arts VAT Reg No: 526 4729 25 1 Maybank Close Truro Cornwall TR1 3GT
To: Artistik Ltd 14 Regent Street Date/Tax Point: 25 June 2013
Penzance Cornwall
TR18 3JN Customer Account No: PO 1167
Product
Code Quantity
Description
Unit Price
VAT Rate
Goods Total
£ p % £ p
P1075 10 Watercolour Paper Rolls 59 00 20 590 00 P1078 10 Watercolour Paper Sheets 6 95 20 69 50
P1082 10 Oil Painting Paper 6 95 20 69 50
Carriage Paid Goods Total 729 00 Terms: Net 30 days Less Trade Discount 5% 36 45
VAT Analysis Net Goods 692 55 VAT Rate Total Net Total VAT £ p £ p VAT 138 51
20% 692 55 138 51 Invoice Total 831 06
0% - - - -
E & OE
Complete this slip and attach to invoice
Action Required:
Contains errors – return to supplier 1
Incorrect quantity ½
Purchase Invoice No: Supplier Account Code:
Marks 1.5
IAB (QCF)/L1 June 2013/Model Answers v2 7
FOR USE IN ANSWERING SECTION A TASK 4 – CHECK A SUPPLIER CREDIT NOTE
CREDIT NOTE No: CN 472 Peacock & Son Ltd VAT Reg No: 946 2435 18 17 South Street Plymouth Devon
PL1 6NV
To: Artistik Ltd 14 Regent Street
Penzance Date/Tax Point: 13 June 2013
Cornwall TR18 3JN
Product
Code
Quantity
Description
Unit
Price
VAT
Rate
Goods
Total
£ p % £ p
W 10182 2 Workstation Drawing Board 85 99 20 171 98
VAT Analysis Goods Total 171 98 VAT Rate Total Net Total VAT £ p £ p Less Trade Discount 5% 8 59
20% 180 57 36 11 Net Goods 180 57
0% - - - - VAT 36 11 Total Credit 216 68
Reason for Credit: Damaged goods
Complete this slip and attach to credit note
Action Required: Contains errors – return to supplier 1
Net Goods incorrect (discount added in error) ½
Supplier Account Code:
Marks 1.5
IAB (QCF)/L1 June 2013/Model Answers v2 8
SECTION B – RECORDING CREDIT TRANSACTIONS THERE ARE FOUR TASKS IN THIS SECTION OF THE PAPER YOU MUST COMPLETE ALL TASKS FOR USE IN ANSWERING SECTION B TASK 1 – COMPLETE THE SALES DAY BOOK
Sales Day Book
Date 2013 Customer Customer Account Code
Invoice Number
Total Invoice £
VAT £
Net Goods £
30 June Windows Direct SL – W021 P 0950 1,200.00 200.00 1,000.00
30 June Lacey & Son SL – L018 P 0951 960.00 160.00 800.00
30 June Carters Ltd SL – C006 P 0952 1,680.00 280.00 1,400.00
30 June Lacey & Son SL – L018 ¼ P 0953 ¼ 2,736.00 ¼ 456.00 ¼ 2,280.00 ¼
30 June Windows Direct SL – W021 ¼ P 0954 ¼ 3,240.00 ¼ 540.00 ¼ 2,700.00 ¼
Totals 9,816.00 1 1,636.00 1 8,180.00 1
FOR USE IN ANSWERING SECTION B TASK 2 – COMPLETE THE SALES RETURNS DAY BOOK
Sales Returns Day Book
Date 2013 Customer Customer Account Code
Credit Note Number
Total Credit Note £
VAT £
Net Goods £
30 June Lacey & Son SL – L018 CN 054 600.00 100.00 500.00
30 June Carters Ltd SL – C006 CN 055 336.00 56.00 280.00
30 June Wainwright & Co. SL – W009 ¼ CN 056 ¼ 648.00 ¼ 108.00 ¼ 540.00 ¼
Totals 1,584.00 1 264.00 1 1,320.00 1
Marks 9.75
IAB (QCF)/L1 June 2013/Model Answers v2 9
FOR USE IN ANSWERING SECTION B TASK 3 – COMPLETE THE PURCHASE DAY BOOK
Purchase Day Book
Date 2013 Supplier Supplier Account
Code
Supplier Invoice Number
Our Invoice Number
Invoice Total
£
VAT
£
Net Goods
£
30 June The Window Co. PL – W018 WC 1054 P 1003 3,600.00 600.00 3,000.00
30 June Jessop Glazing Ltd PL – J002 JG 0087 P 1004 1,080.00 180.00 900.00
30 June The Window Co. PL – W018 ¼ WC 1065 ¼ P 1005 ¼ 5,700.00 ¼ 950.00 ¼ 4,750.00 ¼
30 June Glazing Direct Ltd PL – G005 ¼ GD 3825 ¼ P 1006 ¼ 2,700.00 ¼ 450.00 ¼ 2,250.00 ¼
Totals 13,080.00 1 2,180.00 1 10,900.00 1
FOR USE IN ANSWERING SECTION B TASK 4 – COMPLETE THE PURCHASE RETURNS DAY BOOK
Purchase Returns Day Book
Date 2013 Supplier Supplier Account Code
Supplier Credit Note
Number
Total Credit Note
£
VAT
£
Net Goods
£
30 June Jessop Glazing Ltd PL – J002 CN 009 396.00 66.00 330.00
30 June The Window Co. PL – W018 ¼ CN 264 ¼ 1,140.00 ¼ 190.00 ¼ 950.00 ¼
Totals 1,536.00 1 256.00 1 1,280.00 1
Marks 10.25
Page 9
IAB (QCF)/L1 June 2013/Model Answers v2 10
Acc
ou
nt
Pay
ee
Acc
ou
nt
Pay
ee
SECTION C – MAKING AND RECEIVING PAYMENTS (MARKS 4.5)
THERE ARE FIVE TASKS IN THIS SECTION YOU MUST COMPLETE ALL TASKS
FOR USE IN ANSWERING SECTION C TASK 1 – COMPLETE REMITTANCE ADVICE
REMITTANCE ADVICE REMITTANCE ADVICE
From: Torbay Gifts From: Torbay Gifts 25 Queen Street 25 Queen Street
Torbay Devon
TQ1 9HT
Torbay Devon
TQ1 9HT
To: Carter & Co. To: Katie’s Bazaar Ltd
3 Elm Street 9 Victoria Street Torbay Torquay
Devon TQ1 5GE
Devon TQ1 5SD
Date: 30 June 2013 ¼ Date: 30 June 2013 ¼
Amount Amount
Details £ p Details £ p
Invoice CC 1056 ¼ 600 00 Invoice 00843 ¼ 192 00
Less Credit Note CN 104 ¼ (48 00) Invoice 00857 ¼ 180 00
Cheque No: 100395 ¼ Enclosed 552 00
¼
Cheque No: 100396 ¼ Enclosed 372 00
¼
FOR USE IN ANSWERING SECTION C TASK 2 – COMPLETE CHEQUES
South Bank Plc 10-20-30 1 High Street, Torquay TQ1 2KT 30 June 20 13 ¼
Pay: Carter & Co. ¼
Five hundred and fifty
£552.00 ¼
two pounds only ¼
100395 10-20-30 06382547
South Bank Plc 10-20-30 1 High Street, Torquay TQ1 2KT 30 June 20 13 ¼
Pay: Katie’s Bazaar Ltd ¼
Three hundred and seventy
£372.00 ¼
two pounds only ¼
100396 10-20-30 06382547
IAB (QCF)/L1 June 2013/Model Answers v2 11
FOR USE IN ANSWERING SECTION C TASK 3 – COMPLETE A DAILY TAKING AND CASH FOR BANKING FORM
Torbay Gifts – Daily Takings and Cash for Banking Date: 30 June 2013 ¼
Till Contents
Less Cash
Float
Daily Takings and Cash for
Banking
Notes and Coins £ p £ p £ p
£50 Notes 0 00 0 00 0 00
£20 Notes 200 00 0 00 200 00
£10 Notes 140 00 50 00 90 00
£5 Notes 25 00 25 00 0 00
£2 Coins 10 00 0 00 10 00
£1 Coins 18 00 ¼ 13 00 ¼ 5 00 ¼
50p Coins 9 00 ¼ 7 00 ¼ 2 00 ¼
20p Coins 3 20 ¼ 2 20 ¼ 1 00 ¼
10p Coins 2 00 ¼ 1 80 ¼ 0 20 ¼
5p Coins 0 90 ¼ 0 50 ¼ 0 40 ¼
2p Coins 0 40 ¼ 0 30 ¼ 0 10 ¼
1p Coins 0 20 ¼ 0 20 ¼ 0 00 ¼
Cash (Total) 408 70 ½ 100 00 ½ 308 70 ½
Cheques (Total) 210 00 ½ 210 00 ¼
TOTAL 618 70 ½ 100 00 ¼ 518 70 ½
£ p
Daily Till Reading Total 518 70 ½
£ p
Difference 0 00 ¼
Marks 9.75
IAB (QCF)/L1 June 2013/Model Answers v2 12
FOR USE IN ANSWERING SECTION C TASK 4 – COMPLETE A PAYING-IN SLIP
Paying-in Slip: Front
Date: 30 June 2013 ¼
Date:30 Jun 2013 ¼
bank giro credit
Credit: 06382547 ¼
Cashier’s stamp Code No 10-20-30
£50 notes 0 00 and initials £50 notes 0 00
£20 notes 200 00 £20 notes 200 00
£10 notes 90 00 Bank: Southern Bank Plc £10 notes 90 00
£5 notes 0 00 Branch: Torquay £5 notes 0 00
£2/£1 15 00 £2/£1 15 00
50p 2 00 Credit: Torbay Gifts 50p 2 00
20p 1 00 Account No: 06382547 20p 1 00
10p, 5p 0 60 10p, 5p 0 60
Bronze 0 10 Bronze 0 10
Total Cash 308 70 Number of Total Cash 308 70
Total Cheques
210
00
Cheques 7 ¼
Total Cheques etc
210
00
etc
518 70 £ ½ Paid in by: A. Student ¼ £ 518 70
¼
Paying-in Slip: Reverse
Cheques etc
counte
rfoil c
arrie
d o
ver
counte
rfoil c
arrie
d o
ver £
£ p £ p £ p Brought forward 210 00 T. Simon ¼ 40 00 T. Simon 40 00 K. Moorcroft ¼ 25 00 K. Moorcroft 25 00 B. Price ¼ 25 00 B. Price 25 00 H. Degg ¼ 25 00 H. Degg 25 00 K. Taylor ¼ 30 00 K. Taylor 30 00 A. Felton ¼ 40 00 A. Felton 40 00 W. Appleby ¼ 25 00 W. Appleby 25 00 ¼
Carried forward 210 00 Carried over 210 00 Carried over 210 00 ¼
Marks 4.25
IAB (QCF)/L1 June 2013/Model Answers v2 13
Acc
ou
nt
Pay
ee
FOR USE IN ANSWERING SECTION C TASK 5 – CONFIRM A CHEQUE RECEIVED IS CORRECT USING THE RECEIPT ISSUED
High Bank Plc 20-30-40 Bank Street, Exeter EX2 8GR 30 June 20 13
Pay: Torbay Gifts Ltd only
Thirty seven pounds only
£37.50
100475 20-30-40 01935412
Receipt No: 127
Torbay Gifts
25 Queen Street
Torquay Devon
TQ1 9HT
Date: 30 June 2013
AMOUNT
Details £ p
Gifts 37 50
37 50
State any errors below: The cheque isn’t signed, the payee name and amount in words are incorrect
Marks ½ + ½ + ½ = 1.5
IAB (QCF)/L1 June 2013/Model Answers v2 14
FOR USE IN ANSWERING SECTION D TASKS 1, 2 AND 3 – COMPLETE A PETTY CASH BOOK
Cery’s Toy Shop Petty Cash Book
Page 1
4
Receipts Date
2013
Details Voucher
No
Total
Payment
Expenditure Analysis
TH
ERE A
RE S
IX T
ASKS IN
TH
IS S
ECTIO
N Y
OU
MU
ST C
OM
PLETE A
LL T
ASKS
SE
CT
ION
D –
MA
INT
AIN
ING
PE
TT
Y C
AS
H R
EC
OR
DS
VAT Window
Cleaning
Postage Advertising Sundries
£ 350.00
01 June
Balance b/f
£ £ £ £ £ £
4 June Window Cleaning ¼ 055 ¼ 15.00 ¼ 15.00 ¼
6 June Promotional Gifts ¼ 056 ¼ 60.00 ¼ 10.00 ¼ 50.00 ¼
7 June Printing of Leaflets ¼ 057 ¼ 30.00 ¼ 5.00 ¼ 25.00 ¼
17 June Postage ¼ 058 ¼ 12.40 ¼ 12.40 ¼
21 June Refreshments ¼ 059 ¼ 8.60 ¼ 8.60 ¼
21 June Shop Door Repair ¼ 060 ¼ 72.00 ¼ 12.00 ¼ 60.00 ¼
26 June Window Cleaning ¼ 061 ¼ 15.00 ¼ 15.00 ¼
28 June Shop Paint ¼ 062 ¼ 42.00 ¼ 7.00 ¼ 35.00 ¼
- Sub Totals 255.00 ¼ 34.00 ¼ 30.00 ¼ 12.40 ¼ 75.00 ¼ 103.60 ¼
- 28 June Balance c/d 95.00 ¼
350.00 ¼ Totals 350.00 ¼
95.00 ¼ 28 June Balance b/d -
255.00 ¼ 1 July Bank -
350.00 ¼ 1 July Balance c/f -
Marks 12
IAB (QCF)/L1 June 2013/Model Answers v2 15
FOR USE IN ANSWERING SECTION D TASK 4 – RECONCILE PETTY CASH
Reconciliation of Petty Cash Book Balance
with Contents of Petty Cash Box Date: 1 July 2013
Denomination (notes and coins) Quantity Amount in Box £ P
Contents of Petty Cash Box
£20 Notes - -
£10 Notes 6 ¼ 60 00 ¼
£5 Notes 4 ¼ 20 00 ¼
£2 Coins 5 ¼ 10 00 ¼
£1 Coins 3 ¼ 3 00 ¼
50p Coins 1 ¼ 0 50 ¼
20p Coins 2 ¼ 0 40 ¼
10p Coins 5 ¼ 0 50 ¼
5p Coins 5 ¼ 0 25 ¼
2p Coins 10 ¼ 0 20 ¼
1p Coins 15 ¼ 0 15 ¼
Total per Petty Cash Box 95 00 ¼
Balance per Petty Cash Book 95 00 ¼
Difference 0 00 ¼
FOR USE IN ANSWERING SECTION D TASK 5 – COMPLETE A CHEQUE REQUISITION
CHEQUE REQUISITION
DATE: 1 July 2013
CHEQUE PAYABLE TO: Cash ¼
AMOUNT: £255.00 ¼
DETAILS: Restore petty cash imprest amount ¼
SIGNED: A. Student ¼
Marks 6.75
IAB (QCF)/L1 June 2013/Model Answers v2 16
FOR USE IN ANSWERING SECTION D TASK 6 – COMPLETE A PETTY CASH VOUCHER
No: 063 ¼
Petty Cash Voucher
Date: 1 July 13
AMOUNT
Details £ p
Till Rolls 14 00 ¼
VAT @ 20% 2 80 ¼
16 80 ¼
Claimant:
Authorised by: A. Student ¼
Marks 1.25
IAB (QCF)/L1 June 2013/Model Answers v2 17
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