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ACC201e Copyright © 2015 SIM University Page 1 of 9 Examination – July Semester 2015 ACC201e Examination – July Semester 2015 Financial Accounting Friday, 13 November 2015 10:00 am – 12:00 pm ____________________________________________________________________________________ Time allowed: 2 hours ____________________________________________________________________________________ INSTRUCTIONS TO STUDENTS: 1. This examination contains SIX (6) questions and comprises NINE (9) printed pages (including cover page). 2. You must answer ALL questions. 3. This is a closed book examination. 4. All answers must be written in the answer book. 5. Included as an Appendix on Pages 8 to 9 is the Formula Sheet. At the end of the examination Please ensure that you have written your examination number on each answer book used. Failure to do so will mean that your work cannot be identified. If you have used more than one answer book, please tie them together with the string provided. THE UNIVERSITY RESERVES THE RIGHT NOT TO MARK YOUR SCRIPT IF YOU FAIL TO FOLLOW THESE INSTRUCTIONS.
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ACC201e Copyright © 2015 SIM University Page 2 of 9 Examination – July Semester 2015 Question 1 The unadjusted trial balance of QP Pte Ltd for the financial year ending 31 December 20X1 is as follows: Account Title Debit Credit $ $ Cash 804,000 Accounts receivable 863,200 Prepaid advertising 30,000 Prepaid rental 124,000 Inventory 2,462,000 Purchases 1,090,000 PPE 3,000,000 Accumulated depreciation - PPE 900,000 Accounts payable 78,200 Bonds (Long term) 1,200,000 Unearned sales revenue 143,000 Share capital 2,000,000 Retained earnings 514,100 Sales 5,820,000 Utilities expense 103,940 Salaries expense 1,040,200 Transport expense 727,400 Depreciation expense 300,000 Interest expense 36,000 Income tax expense 31,560 Sales discount 43,000 10,655,300 10,655,300 The firm uses a periodic inventory system. A stock count was made and the inventory at 31 December 20X1 was $183,000. Additional information: (i) The prepaid advertising was for a series of 10 advertisements to appear on the English channel programme. As at 31 December 20X1, 7 of the advertisements have been screened. (ii) On 1 July, the company made a rental payment of $124,000 for 2 years' rent. (iii) The long term bonds, issued at par, carry an annual interest of 6%. Interest payments will be made every 1 January and 1 July. (iv) On 28 December 20X1, the company delivered half of the outstanding sales order for customers who have already paid up fully for their goods a month ago.
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