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

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

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

Athithan business was started investing Rs. 100 000 on 01.01.2022. This business was registered for VAT.Purchases and sales include 8% VAT. The following transactions took place during the month ended31.01.2022.Grade - 12 (2023) – 2023 FWC - 3 - Accounting- I- Goods were purchased for Rs. 540 000 on credit basis.- All these goods were sold for Rs. 648 000 on credit basis.- Rs. 500 000 was received from debtors.- Cash was paid to creditors to settle Rs. 360 000 with discount Rs. 20 000.11. Gross profit for the month ended 31.01.2022 and cash balance on 31.01.2022 are,Gross profit Rs. ‘000’ Cash account balance Rs. ‘000’(1) 100 160(2) 100 240(3) 100 260(4) 108 160(5) 108 26012. Total liabilities and equity of the business on 31.01.2022 are,Total liabilities (Rs. ‘000’) Equity (Rs. “000”)(1) 180 120(2) 180 220(3) 188 220(4) 188 128(5) 200 228

Q-1: Journalise the following transactions:Jan-1 Ramesh started business with cash Rs. 50,000.Jan-4 Purchased goods for cash Rs. 7,000.Jan-5 Sold goods for cash Rs. 5,000.Jan-7 Purchased goods from Mohan on credit worth Rs. 4,500.Jan-12 Sold goods to Sohan on credit worth Rs. 2,000.Jan-16 Paid wages amounted to Rs. 4,000.Jan-17 Paid salaries to Rs. 2,500Jan-22 Received commission Rs. 2,000.Jan-25 Goods returned by Sohan worth Rs. 1,500.Jan-28 Returned goods to Mohan Rs. 1,000.Jan-30 Cash Received from Sohan Rs. 1,200.Jan-31 Purchased furniture from Deepak worth Rs. 5,000.

SA Attorneys purchased office cleaning materials of R1 300 from Africa Wholesalers and paid with the business debit card. At the time of the purchase SA Attorneys had a favourable bank balance.Prepare the BAE incorporating the information form the above transaction in the table below by indicating the net effect (amount) and the account debited and credited:Instructions for numeric responses:1. Use a full stop to indicate any decimals (eg: 1000.01)2.  Round off to the second decimal after the full stop (eg: 50.56)3.  When an element decreases, use a negative sign in front of the amount (eg: -1000.01) 4.  When an element increases, the amount will be without any sign (eg: 1000.01)5. Only show the amount, do not show the "R" (eg: 1000)6. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0") Assets=Equity+LiabilitiesAnswer Answer AnswerAnswer Answer Answer