Accounting初级考试题目及答案.doc

Question 1 You are the assistant accountant with IDS plc. Your boss has asked you to prepare the draft Trading and Profit and Loss Account for the year ended 31 December 2003, based on the following Trial Balance (extracted from the computerised record keeping system) and the additional information shown below. In undertaking this task you may refer to the attached pro forma layout. Please note — a Balance Sheet is not required ￡000 ￡000 Trade Debtors 1,500 Trade Creditors 1,050 Administration Expenses 220 10% Debentures (2009) 1,600 Stock at 1 January 2003 600 Distribution Costs 340 Purchases 2,000 Sales 3,550 Profit and Loss Account at 1 January 2003 1,090 Land and Buildings (NBV @ 31/12/02) 2,500 Plant and Machinery (NBV @ 31/12/02) 650 Fixture and Fittings (NBV @ 31/12/02) 150 Motor Vehicles (NBV @ 31/12/02) 150 Discount Received 220 Ordinary Shares of ￡1 each 900 Preference Shares 5% 200 Bank 500 8,610 8,610 Additional Information Clerical and management staff were awarded a bonus amounting to ￡25,000 in mid December 2003. This bonus has not been paid yet and it should be classified as an administrative expense. Distribution costs include ￡15,000 for a maintenance contract for motor vehicles which relates to the coming year. Closing stock at 31 December 2003 was valued at ￡290,000. It is estimated that corporation tax of ￡190,000 will be payable on the profits for the year. Interest on the debentures for the full year should be provided. The directors propose that a dividend should be paid on ordinary shares of 3p per share, and that the preference dividend be paid in full. The directors propose to provide for the depreciation of fixed assets for the year as follows: Land and Buildings ￡50,000 Plant and Machinery ￡40,000 Fixtures and Fittings ￡30,000 Motor Vehicles ￡60,000  Question 2 IDS plc, who are a major sports equipment manufacturer, have recently developed and teste