FSTP - LRP Assessment - Answers

AAT

Level 3

Prepare Final Accounts for Sole Traders and Partnerships

FSTP

LRP Assessment

Answers

AAT - LEVEL 3 : PREPARE F I NA L ACCOUN TS FOR SOLE TRADERS AN D PARTNERS HIPS (FSTP)

2 KAPLAN PUB LISHING

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LRP ASSESS MENT ANSWERS

KAPLAN PUBL ISHI NG 3

1.1 I.T. SOLUTIONS

(a) Sales ledger control account

£ £ Credit sales 55,900 Bank 49,600 Balance c/d 6,300 –––––– –––––– Total 55,900 Total 55,900 –––––– ––––––

(b) Purchase ledger control account

£ £ Bank 18,160 Purchases 22,000 Discounts received 1,340 Balance c/d 2,500 –––––– –––––– Total 22,000 Total 22,000 –––––– ––––––

(c) Capital account

£ £ Bank 16,000 Motor vehicle – cost 4,000 Balance c/d 20,000 –––––– –––––– Total 20,000 Total 20,000 –––––– ––––––

1.2 LUKE

(a) If a 40% mark-up was applied, the selling price, excluding sales tax, would be £1,260

(£900 + 40%). (b) If the sales margin was 40%, the selling price, excluding sales tax, would be £1,500

(£900 x 100/60).



1.3 CHURCHILL TRADING

Churchill Trading Statement of profit or loss for the year ended 31 August 20X5

£ £

Revenue 95,000

Opening inventory 11,725

Purchases 42,300

Closing inventory (10,000)

Cost of goods sold (44,025)

Gross profit 50,975

Plus:

Profit on disposal 1,800

Less:

Depreciation charge 1,250

General expenses 14,495

Rent 6,200

Wages 11,000

Total expenses (32,945)

Net profit 19,830

1.4 JOHN, JACKIE AND TEGAN Current accounts

John £

Jackie£

Tegan £

John £

Jackie £

Tegan £

Balance b/d 750 0 0 Balance b/d 0 1,900 600 Salaries 11,000 16,500 0 Interest on

capital

1,900

2,240

2,240 Profit share 26,250 33,750 15,000 Drawings 18,000 35,000 12,750 Balance c/d 20,400 19,390 5,090 –––––– –––––– –––––– –––––– –––––– –––––– 39,150 54,390 17,840 39,150 54,390 17,840 –––––– –––––– –––––– –––––– –––––– –––––– Balance b/d 20,400 19,390 5,090

1.5 OSMOND PARTNERSHIP (a) (i) Current account balance: Aimee £8,500 (ii) Current account balance: Heather £7,100

LRP ASSESS MENT ANSWERS

KAPLAN PUBL ISHI NG 5

(b) Statement of financial position as at 31 March 20X1

£ £ £

Cost Depreciation Carrying Value

Non-current assets

Machinery 39,000 18,500 20,500

–––––– ––––––

Current assets:

Inventory 20,000

Trade receivables (W1) 77,720

Bank 4,100

Cash 670

––––––

102,490

Current liabilities

Trade payables 28,500

Sales tax (VAT) 4,000

Accruals 2,500

––––––

(35,000)

––––––

Net current assets 67,490

––––––

Net assets 87,990

––––––

Financed by:

Aimee Heather Total

Capital account 29,500 42,890 72,390

Current account 8,500 7,100 15,600

–––––– –––––– ––––––

38,000 49,990 87,990

–––––– –––––– ––––––



Working (W1) Trade receivables £78,920 less allowance for doubtful debts £1,200 = £77,720

FSTP - LRP Assessment - Answers

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