+1 862 207 3288 1. Wilma Parker, who runs an outdoor centre, ordered the following items from Rockface plc. 4 Climbing Helmets @ £75 each 8 pairs of Anti-Ball Crampons @ £110 per pair 15% Trade Discount is allowed on all orders. Total VAT for the goods is £200·60 (a) Complete the Order Form below using the above information.
(b) Rockface plc gives Wilma a 15% Trade Discount. State 2 reasons why Trade Discount is given.(c) What type of business organisation is Rockface plc? 2 (d) (ii) State 2 reasons why Rockface plc would send this document. (i) Name the document Wilma would receive from Rockface plc at the end of the month. 2
2. (a) Using the Document Pack provided make the necessary entries in the ledger accounts of Modern Living, a furniture manufacturer. Ledger of Modern Living Account Name Date Bank Details £ 1/4/2013 Balance 500 Dr p 00 £ Number Cr p 1 Balance £ 500 p 00
Account Name Date Details £ Dr p £
Number Cr p
2 Balance £ p
Account Name Date Details £ Dr p £
Number Cr p
3 Balance £ p
Account Name Date Details £ Dr p £
Number Cr p
4 Balance £ p
Account Name Date Details £ Dr p £
Number Cr p
5 Balance £ p
Account Name Date Details £ Dr p £
Number Cr p
6 Balance £ p
2. (continued) (b) Modern Living is a Sole Trader organisation. Explain the meaning of the term “Sole Trader”.
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2 (c) A Sole Trader has “Unlimited Liability”. Explain the meaning of this term.
2 (d) Modern Living prepares a Trial Balance. Suggest 2 reasons for doing this.
4 (e) Unlike Sole Traders, both Partnerships and Plcs have an extra account added on after the Net Profit has been calculated. (ii) State the reason why this Account is necessary. (i) Name this Account. 2
(iii) Name one item which could appear in this Account. 2 2
3. The following Bank Statement for the month of April 2013 was received by BeeYou, a partnership, owned by Nancy Black and Mia Cheung.
Jed Bank plc
17 Elcho Place PEEBLES EH45 4TP
To: BeeYou 21 Glasgow Road PEEBLES EH45 7YU
Date 2013 1 Apr 7 Apr 10 Apr 14 Apr 19 Apr 22 Apr 26 Apr 28 Apr Details Balance SO – GI Insurance 017430 Deposit 017431 017429 BGC – B Simms Bank Charges Dr £
Account No: 417619 Sort Code: 14–19–12 Date: 30 April 20l3
Balance £ 460·00 CR 425·00 CR 315·00 CR 940·50 1,255·50 CR 985·25 CR 595·25 CR 260·00 855·25 CR 839·45 CR Cr £
35·00 110·00 270·25 390·00 15·80
The Bank Account of BeeYou is shown below. Bank Account Date 2013 1 Apr 3 Apr 4 Apr 5 Apr 13 Apr 14 Apr 29 Apr 30 Apr Details Balance JC Fashions Shop Fit plc Purchases Sales JC Fashions Cash Sales 650·25 940·50 390·00 110·00 300·00 270·25 100·00 Dr £ Cr £ Balance £ 460·00 DR 70·00 DR 40·00 CR 340·00 CR 600·50 DR 330·25 DR 230·25 DR 880·50 DR
Bank Account Date 2013 Details Dr £ Cr £ Balance £
(ii) Complete the Bank Reconciliation Statement below, for the month of April, to reconcile the Bank Account and Bank Statement Balances.
Bank Reconciliation Statement of BeeYou as at 30 April 2013
DO?NOT? WRITE IN?THIS MARGIN
3. (continued) (b) Give 2 possible reasons for the charges made by the bank on 28 April.
4 (c) Suggest a banking service which Nancy and Mia could use to pay their electricity bill which varies each month. 2 (d) Mia is retiring from the business and Nancy will continue as a Sole Trader. Suggest 2 advantages and 2 disadvantages that Nancy can expect to see from this change. Advantages
Disadvantages
8 (e) Name the document Nancy and Mia should have drawn up to ensure the smooth break up of the business. 2
4. The following balances were taken from the ledger of Zac Hogg, a Sole Trader, after completion of his Trading, Profit and Loss Account for the year ended 30 April 2013. Capital at 1 May 2012 Bank Overdraft Expenses prepaid Drawings Stock at 30 April 2013 Vehicles at Cost Depreciation of Vehicles Net Profit Creditors £35,000 £500 £180 £4,000 £12,500 £30,000 £5,000 £4,980 £1,200
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(a) Using the above information, prepare the Balance Sheet of Zac Hogg. Zac Hogg Balance Sheet as at 30 April 2013 £ £ £
4. (continued) (b) Name 2 accounting ratios that Zac Hogg could calculate from a Balance Sheet.
4 (c) Give 2 reasons why Zac Hogg uses accounting ratios.
4 (d) Explain the meaning of the following terms. Drawings
5. The Gala Hill Bowling Club wishes to refurbish its clubhouse. To obtain a loan the Bank Manager has asked it to prepare a Cash Budget. The following information is available. Bank balance 1 July 2013 £850 June Bar Sales Bar Purchases £4,700 £4,160 July £4,900 £4,600 August £4,800 £4,300
Subscriptions £300 per month Staff Wages £3,000 per annum paid monthly Honorarium £150 payable in July Heat and Light £120 per month
Notes • • Bar Purchases are paid for in the month following purchase. An Annual Donation of £3,000 is received in 2 equal instalments in January and July.
(a) Using the above information prepare, on the next page, the Club’s Cash Budget for July and August.
5. (a) (continued) Gala Hill Bowling Club Cash Budget for July and August 2013 Opening Balance Receipts Subscriptions Bar Sales Donations £ July £ August
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Payments Staff Wages Bar Purchases Honorarium Heat and Light
Closing Balance
5. (continued) (b) State who runs the Gala Hill Bowling Club.
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2 (c) Name the Office Bearer who would prepare the Cash Budget. 2 (d) Explain the organisation. following terms associated with a not-for-profit
Accumulated Fund
Honorarium 4 (e) State 2 differences between a Receipts and Payments Account and an Income and Expenditure Account.
2012 Sales Costs of Goods Sold Gross Profit Expenses Net Profit A £6,500 £8,500 B £4,000
2013 £20,000 C £10,600 £8,000 D
(a) Calculate the missing figures (A to D) in the space below. All working should be shown clearly. A
B
C
D 8 (b) Calculate Krupke & Segal Plumbing’s Gross Profit Percentage ratio for 2013.
6. (continued) (c) Krupke & Segal Plumbing’s Net Profit Percentage has decreased from 2012 to 2013. Suggest one reason for this.
2 (d) State 3 sources of finance which are available to a Partnership.
6 (e) Explain the following terms which may appear in the final accounts of Krupke & Segal Plumbing. Insurance prepaid
Depreciation
Bad Debts 6
“It is predicated that obesity rates could reach 40% by 2030.”
(a) Discuss how the Scottish dietary targets could contribute to a reduction in obesity levels. 10 (b) Critically discuss the role of parents in the prevention of childhood obesity. 15 (25) 2. Discuss the stages involved in the product development process of an organic vegetable soup. (25) 3. Discuss the contribution of antioxidants to the health of individuals. 4. Discuss the role of the media in influencing teenagers’ food choices. (25) (25)
5. Discuss the choice and function of the main ingredients used in the manufacture of baked goods. (25)
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