VidyaBharathi Group of Institutions

ACCA Progressive Test 1

F3 FINANCIAL ACCOUNTING
Time Allowed: 1 Hour
Date: 19 July, 2016

Question 1

G-Smart Est. is the agent of LG Smart TVs and has 2 retail showrooms in Kochi. The establishment has
commenced its operations 2 months ago and it has an agreement with LG Electronics Ltd.
3/1/2016 Opening balances:
Cash in Hand
SBI Current account
Capital Account
Land & Buildings
Furniture and Fittings

5,000
46,000
91,240
35,680
4,560

The transactions for the 1st week of March 2016 is are as follows:

3/1/2016 Bought 200 Nos. of 32" Smart TVs @ $150/TV on credit from LG Electronics Ltd. on 60 day
credit basis
3/1/2016 Bought 120 Nos. of 42" Smart TVs @ $300/TV on credit from LG Electronics Ltd. on 60 day
credit basis
3/1/2016 Bought 80 Nos. of 50" Smart TVs @ $450/TV on credit from LG Electronics Ltd. on 60 days
credit basis
3/2/2016 Bought 100Nos. of 32" Smart TVs @ $145/TV on credit from LG Electronics Ltd. on 60 day
credit basis
3/2/2016 Bought 80 Nos. of 42" Smart TVs @ $290/TV on credit from LG Electronics Ltd. on 60 days
credit basis
3/2/2016 Bought 90 Nos. of 50" Smart TVs @ $430/TV on credit from LG Electronics Ltd. on 60 days
credit basis
3/2/2016 Sales of the day:
Cash sales 8 Nos. of 32' TV @$275/TV
Cash sales 4 Nos. of 42' TV @$450/TV
Cash sales 2 Nos. of 50' TV @$600/TV
Credit sales 6 Nos. of 42' TV @$425/TV to John Bros. on 30 days credit basis
3/2/2016 Purchased Stationery items for cash $300
3/3/2016 Deposited cash sales collections of 02/03/2016 into the bank
3/3/2016 Sales of the day:
Cash sales 5 Nos. of 32' TV @$275/TV
Cash sales 3 Nos. of 42' TV @$450/TV
Cash sales 4 Nos. of 50' TV @$600/TV
Credit sales 5 Nos. of 50' TV @$575/TV to John Bros. on 30 days credit basis
3/4/2016 Deposited cash sales collections of 03/03/2016 into the bank
3/4/2016 Paid rent of the month cash $800 by cheque
3/4/2016 Purchased 40 Stabilzers for $25 per unit from V.Guard Stabilizers Ltd. on 90 days credit
3/4/2016 Sales of the day:
Page 1

Cash sales 3 Nos. of 32' TV @$275/TV

Cash sales 2 Nos. of 42' TV @$450/TV
Cash sales 2 Nos. of 50' TV @$600/TV
Credit sales 10 Nos. of 32' TV @$250/TV to Sundaram & Sons on 30 days credit basis
3/5/2016 Deposited cash sales collections of 04/03/2016 into the bank
3/5/2016 Received from John Bros. $1,500 on account by cheque
3/5/2016 Sales of the day:
Cash sales 9 Nos. of 32' TV @$270/TV
Cash sales 4 Nos. of 42' TV @$440/TV
Cash sales 7 Nos. of 50' TV @$580/TV
Cash Sales 25 Stabilizers@$40 per unit
3/6/2016 Deposited cash sales collections of 05/03/2016 into the bank
3/6/2016 Received from Sundaram & Sons $1,000 on account by cash
9/6/2016 Purchased 50 Stabilzers for $23 per unit from V.Guard Stabilizers Ltd. on 90 days credit
3/6/2016 Sales of the day:
Cash sales 1 Nos. of 32' TV @$280/TV
Cash sales 2 Nos. of 42' TV @$445/TV
Cash sales 2 Nos. of 50' TV @$600/TV
3/7/2016 Deposited cash sales collections of 06/03/2016 into the bank
3/7/2016 Paid salary of the showroom staff $200
3/7/2016 Paid to LG Electronics Ltd. $3,000 on account
3/7/2016 Paid to V Guard Stabilizers $500 on account
Requirements
Record
1. the above transactions in apprpriate day books
Post them
2.
into ledger accounts
Extract
3. trial balance
Value4.the cl;osing stock using FIFO method
Prepare
5. Statement of Profit or Loss for the period
Prepare
6. Statement of Financial Position on 31/03/2016

6
4
2
2
3
3

Marks
Marks
Marks
Marks
Marks
Marks

Page 2

utions

blishment has

Ltd. on 60 days'

Ltd. on 60 days'

td. on 60 days'

Ltd. on 60 days'

td. on 60 days'

td. on 60 days'

days credit
Page 3

edit basis

days credit

Page 4