Grade - 12 (2023) – 2023 FWC - 2 - Accounting- I04. Select the answer which contains the correct order of source documents used to be recorded the abovetransactions in the accounting books of Akilan business.(1) purchase invoice, credit note, sales invoice, receipt, journal voucher(2) purchase invoice, debit note, sales invoice, voucher, journal voucher(3) purchase invoice, credit note, receipt, journal voucher, sales invoice(4) sales invoice, debit note, purchase invoice, receipt, journal voucher(5) purchase invoice, debit note, sales invoice, receipt, journal voucher05. What is balance of VAT account after the above transactions?(1) Rs. 800 credit (2) Rs. 800 debit (3) Rs. 1 000 credit(4) Rs. 1 000 debit (5) Rs. 900 debit06. What is increase or decrease in net assets due to the above transactions?(1) Rs. 11 000 (2) Rs. 9 000 (3) Rs. 10 100(4) Rs. 5 000 (5) Rs. 12 10007. A business carries out all business transactions through bank account. Monthly bank statement of thisbusiness showed Rs. 270 000 credit balance on 30.06.2022. The values of cheques deposited but notrealized and issued but not presented on this date were Rs. 85 000 and Rs. 45 000 respectively. The cashbalance on 30.06.2022 is,(1) Rs. 225 000 debit (2) Rs. 23 000 debit (3) Rs. 270 000 debit(4) Rs. 310 000 debit (5) Rs. 355 000 debit

Akilan business purchased goods for Rs. 44 000 on credit basis from Aathi business including 10% VAT. Out of these goods, goods at value Rs. 22 000 including 10% VAT were returned to Aathi business. 50% of remaining goods were sold for Rs. 33 000 to Athira business, including VAT 10%. Rs. 31 000 was received in cash from Athira business from the receivables and the remaining receivable amount was written off as bad debt. Select the answer which contains the correct order of source documents used to be recorded the above transactions in the accounting books of Akilan business. (1) purchase invoice, credit note, sales invoice, receipt, journal voucher (2) purchase invoice, debit note, sales invoice, voucher, journal voucher (3) purchase invoice, credit note, receipt, journal voucher, sales invoice (4) sales invoice, debit note, purchase invoice, receipt, journal voucher (5) purchase invoice, debit note, sales invoice, receipt, journal voucher 05. What is balance of VAT account after the above transactions? (1) Rs. 800 credit (2) Rs. 800 debit (3) Rs. 1 000 credit (4) Rs. 1 000 debit (5) Rs. 900 debit 06. What is increase or decrease in net assets due to the above transactions? (1) Rs. 11 000 (2) Rs. 9 000 (3) Rs. 10 100 (4) Rs. 5 000 (5) Rs. 12 100 07. A business carries out all business transactions through bank account. Monthly bank statement of this business showed Rs. 270 000 credit balance on 30.06.2022. The values of cheques deposited but not realized and issued but not presented on this date were Rs. 85 000 and Rs. 45 000 respectively. The cash balance on 30.06.2022 is, (1) Rs. 225 000 debit (2) Rs. 23 000 debit (3) Rs. 270 000 debit (4) Rs. 310 000 debit (5) Rs. 355 000 debit ⚫ Use the following information to answer the questions 8 – 9. Debtor list balance of Tharaki business was Rs. 58 000. This balance was not equal to debtor control account balance. The reasons for the difference were as follows. - Discount allowed Rs. 3 500 was recorded in cash receipt journal as Rs. 3 000. - Interest levied on debtor Rs. 4 400 was recorded in debtor ledger as Rs. 400 and in interest levied account as Rs. 4 000. - Set off Rs. 3 000 was recorded in debit side of both accounts in general ledger. - Bad debt Rs. 2 400 was recorded as Rs. 400 in debtor ledger and as Rs. 2 000 in bad debt account. 08. The balance of adjusted debtor control account and the balance of debtor control account before rectifying errors are, (1) Rs. 66 500, Rs. 59 500 (2) Rs. 61 000, Rs. 55 500 (3) Rs. 59 500, Rs. 58 500 (4) Rs. 59 500, Rs. 66 000 (5) Rs. 59 500, Rs. 55 500 09. The balance of suspense account generated in trial balance due to the above errors is, (1) Rs. 6 000 credit (2) Rs. 6 000 debit (3) Rs. 64 000 debit (4) Rs. 5 600 credit (5) Rs. 5 600 debit 10. The accounting concepts which provide the base for recognition of the lower of either cost or net realizable value of inventory as the value of inventory are, (1) materiality and matching concepts (2) matching and tim

Akilan business purchased goods for Rs. 44 000 on credit basis from Aathi business including 10% VAT.Out of these goods, goods at value Rs. 22 000 including 10% VAT were returned to Aathi business. 50%of remaining goods were sold for Rs. 33 000 to Athira business, including VAT 10%. Rs. 31 000 wasreceived in cash from Athira business from the receivables and the remaining receivable amount waswritten off as bad debt.For Examiner’s Use onlyFor paper IQ.Nos. Marks01 – 1516 - 25Totalnjhz;ilkhdhW ntspf;fs epiyak; elhj;Jk;,uz;lhk; jtizg; guPl;ir - 2022Conducted by Field Work Centre, Thondaimanaru2st Term Examination - 2022FWCTime: 3 Hours & 10 MinutesAccounting - IGrade :- 12 (2023)Index Number: .....................................Grade - 12 (2023) – 2023 FWC - 2 - Accounting- I04. Select the answer which contains the correct order of source documents used to be recorded the abovetransactions in the accounting books of Akilan business.(1) purchase invoice, credit note, sales invoice, receipt, journal voucher(2) purchase invoice, debit note, sales invoice, voucher, journal voucher(3) purchase invoice, credit note, receipt, journal voucher, sales invoice(4) sales invoice, debit note, purchase invoice, receipt, journal voucher(5) purchase invoice, debit note, sales invoice, receipt, journal voucher05. What is balance of VAT account after the above transactions?(1) Rs. 800 credit (2) Rs. 800 debit (3) Rs. 1 000 credit(4) Rs. 1 000 debit (5) Rs. 900 debit06. What is increase or decrease in net assets due to the above transactions?(1) Rs. 11 000 (2) Rs. 9 000 (3) Rs. 10 100(4) Rs. 5 000 (5) Rs. 12 100

The first step in the accounting cycle is to Blank______.Multiple choice question.analyze source documentsrecord transactions in journalsperform an internal audittake a trial balance

Select the function in the acquisitions and payment cycle, where the goods received note (GRN) is cross-referenced to the supplier delivery note (SDN).a.The ordering of goods function.b.The recording of purchases function.c.The payment preparation function.d.The receiving of goods function

Which of the following transactions would LEAST likely be recorded in the special journals? Group of answer choicesCash received from customers for returned goods.Sales made on account with terms 2/10, n/30.Cash payments for purchases previously purchased on account.Purchase of equipment through issuance of a promissory note.