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I have completed this mock and when checked the answers in 3 place I couldn't make it out how/why they were correct. I could do with a bit of help and explaining.
1.
Client trial balance fails to balance. Opened a suspense account with Cr balance of £1100.00
Client paid outstanding rates bill for £750.00. entry for this expense had been made correctly but the enrty in the bank acc. had not.
so i did Cr Bank 750.00
Dr Suspense 750.00
and then client had received an insurrance settlement of £350.00, which has been entered into the bank acc. but not into appropriate ledger acc.
so i did Cr Insurrance claim acc 350.00
Dr Suspense 350.00 with this clearing the suspense acc.
BUT on checking results it showed the correct answer was
Cr Insurrance claim 350.00
Cr Suspense 350.00 how/why could this be?
2. for a VAT return we have the following details
SDB SRDB PDB PRDB
net 20000 500 3000 200
vat 4000 100 600 40
gross 24000 600 3600 240
VAT accc
Dr Cr
PDB 600.00 SDB 4000.00
SRDB 100.00 PRDB 40.00
Overheads 300.00
Balance c/f 3040.00 Balance b/f 3040.00
Overheads at zero rate 200.00
Exempt business purchases 400.00
Wages and salaires 2500.00
The owner also whitdrew £1500.00 for their own personal expenses.
I have put in Box 6 : 19500 correct answer is 19800 where is that 300 come from??
Box 7 : 3400 4900 is it the 1500 they drew out for their personal expenses? I thought Box 7 doesnt include wages and drawings.
3. doing final acounts T,P&L and BS and in the trial balance the capital is 37500.
But when I put that in the opening capital section on the balance sheet its wrong and the right answer should have been 34500 ?! How is that possible?!
If anyone can explain any of this to me, I would really appreciate it.
Thanks
Viki
Edited at 01 Feb 2015 05:25 PM GMT
Edited at 01 Feb 2015 05:26 PM GMT
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