Bookkeeping transactions ADDITIONAL QUESTION BANK ANSWERS

118 Pages·2016·0.35 MB·English

aat
AQ2016
Bookkeeping transactions
ADDITIONAL QUESTION BANK
ANSWERS
AAT BTRN : BOOKKEEPING TRANSACTIONS

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assessment materials. The solutions have been prepared by Kaplan Publishing.
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SUPPORT ANSWERS
AAT BTRN : BOOKKEEPING TRANSACTIONS
CHAPTER 1
BUSINESS DOCUMENTS
1 LITTLE MISS MUFFINS CAKE SHOP
The product code on the invoice does not match the purchase order.
The VAT amount is incorrect, which gives an incorrect total.
There is no VAT registration number.
There is no customer address.
No purchase order or delivery reference
The purchase order shows no sign of authorisation

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ANSWERS
2 BALOTELLI
Ferguson Training
Unit 1 Old Trafford Road
Champion Park
Manchester
M11 3HU
VAT reg no: 618 2201 63

To: Balotelli Supplies
11 Main Road
Manchester
M1 2PW
Purchase order no. 40

Invoice Number 123
10 July 2012

1,000 footballs product code MC2012 £1,000.00

VAT £200.00
–––––––

Gross £1,200.00
Terms: 30 days net
Workings:
VAT = £1,000 × 20%
= £200

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3 MULTI CHOICE
C
D
All these codes might be used in a computerised accounting system.
D

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ANSWERS
4 DOCUMENTS
(a) Order confirmation
(b) Price quotation
(c) Returns inwards note

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5 MEANING OF TERMS
(a) Errors and omissions excepted. The seller is trying to escape liability for any errors that
might accidentally be on the invoice.
(b) The quoted price does not include delivery to the customer’s premises. The customer
must either collect the goods from the seller’s premises, or must arrange and pay for
delivery from the seller to the customer.
(c) Cash on delivery. The customer must pay for the goods immediately that they are
delivered. No credit is available after this point.

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ANSWERS
6 PHIL INN
A general ledger code is used to identify the account in which the purchases of goods are
recorded
A supplier code is used to identify the organisation in which the goods were purchased from
A product code is used to identify the types of products purchased

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7 DOCUMENT FILES
Bank statements – Date order
Insurance documents – By class of asset
Sales Invoices – By customer and then by invoice number

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