ANSWER ALL QUESTIONS
QUESTION 1:
Una Macken has provided you with a trial balance and has asked you to prepare the year-end financial statements.
You have been provided with the following trial balance.
REQUIREMENT
Prepare the VAT account for P Lappin for the year ended 31 December 2018 and state if P Lappin owes VAT or is due a VAT refund at 31 December 2018.
Part (b)
Write a brief note on TWO of the following:
• Going concerned
• Consistency
• Matching/Accruals 10 marks Total 30 marks
QUESTION 3
The information provided below has been extracted from the books of account of Parsnip and Carrot Limited for the year ended 31 December 2018.
Other Information: A cheque to the amount of €4,000 received from a customer and included in the figure above of receipts from customers was returned by the bank as there were insufficient funds.
REQUIREMENT You are required to prepare: Part (a)
(1) The Sales Ledger (Receivables) Control Account for the year ended 31 December 2018 for Parsnip and Carrot Limited. The opening balance brought down at 1 January 2018 should be clearly shown.
(2) The Purchases (Payables) Control Account for the year ended 31 December 2018 for Parsnip and Carrot Limited. The opening balance brought down at 1 January 2018 should be clearly shown.
Part (b)
Briefly discuss ALL of the qualitative characteristics below of financial statements.
Relevance
Reliability
Comparability
Understandability
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