Index

Number:

MINISTRY OF EDUCATION, HERITAGE & ARTS

FIJI YEAR 12 CERTIFICATE EXAMINATION 2020

ACCOUNTING

ANSWER BOOKLET

HAND IN THIS ANSWER BOOKLET TO THE SUPERVISOR

BEFORE YOU LEAVE THE EXAMINATION ROOM.

For official use only

PIN:

Mark
Gained:

COPYRIGHT: MINISTRY OF EDUCATION, HERITAGE & ARTS, FIJI, 2020.

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QUESTION 1 PERSONAL FINANCE [10 marks]

PART A PERSONAL INCOME TAX [5 marks]

1 A B C D (1 mark)

2. (i)
_____________________________________________________________________________

_____________________________________________________________________________

(ii)
_____________________________________________________________________________

_____________________________________________________________________________

(2 marks)
3. _____________________________________________________________________________

_____________________________________________________________________________

_____________________________________________________________________________
(1 mark)

4. _____________________________________________________________________________
(1 mark)

PART B STATEMENT OF AFFAIRS [5 marks]

1. _____________________________________________________________________________

_____________________________________________________________________________
(1 mark)

© MEHA, FY12CE 2020: ACCOUNTING.

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2.
STATEMENT OF AFFAIRS [4 marks]

Statement of Affairs for Samu as at 31st October, 2020

$ $
Assets

Net worth
(4 marks)

10

QUESTION 2 NATURE OF ACCOUNTING [5 marks]

PART A NATURE AND ENVIRONMENT OF ACCOUNTING [2 marks]

1 A B C D
(1 mark)

2. _____________________________________________________________________________

_____________________________________________________________________________

(1 mark)

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© MEHA, FY12CE 2020: ACCOUNTING.
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PART B CONCEPTUAL BASIS OF ACCOUNTING [3 marks]

1. _____________________________________________________________________________

_____________________________________________________________________________

(1 mark)

2. (i)
_____________________________________________________________________________

(1 mark)

(ii)
_____________________________________________________________________________

(1 mark)

QUESTION 3 FINANCIAL ACCOUNTING AND [23 marks]

THE ACCOUNTING PROCESS

PART A JOURNALS [13 marks]

1. _____________________________________________________________________________

_____________________________________________________________________________

(1 mark)

2.
_____________________________________________________________________________

_____________________________________________________________________________

(1 mark)

3. (i)

_____________________________________________________________________________

_____________________________________________________________________________

(1 mark)

© MEHA, FY12CE 2020: ACCOUNTING.

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(ii)
_____________________________________________________________________________
_____________________________________________________________________________
(1 mark)
4.(a)

Columnar Cash Payments Journal

Discount Detail Bank Computer Accounts Other

Date Particulars Received Repairs Payables payments
$ $ $ $ $ $

July

(7 marks)

(b). _____________________________________________________________________________

_____________________________________________________________________________

_____________________________________________________________________________
(2 marks)

PART B LEDGER ACCOUNTS AND TRIAL BALANCE [10 marks]

1. _____________________________________________________________________________

(1 mark)

2. _____________________________________________________________________________

_____________________________________________________________________________

_____________________________________________________________________________

_____________________________________________________________________________
(2 marks)
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© MEHA, FY12CE 2020: ACCOUNTING.
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3
(i)
Vincent’s Account
Date Particulars $ Date Particulars $
May May

(2 marks)
(ii)
Ropate’s Account
Date Particulars $ Date Particulars $
May May

(2 ½ marks)
(iii)
Sales Account
Date Particulars $ Date Particulars $
May May

(2 marks)
(iv)
Capital Account
Date Particulars $ Date Particulars $
May May

(1/2 mark)

23

QUESTION 4 ACCOUNTING REPORTS [20 marks]

PART A FINAL ACCOUNTS [11 mark]

1 A B C D (1 mark)

2.
(i)____________________________________________________________________________
(ii)___________________________________________________________________________
(2 marks)
© MEHA, FY12CE 2020: ACCOUNTING.
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3.
Rohini Builders
Statement of Financial Performance as at 31st July, 2020
$ $ $
Net Sales

Gross Profit

Selling and Distributive Expenses

General and Administrative Expenses

Financial Expenses

Net Profit/Loss
(8 marks)
Turn Over

© MEHA, FY12CE 2020: ACCOUNTING.

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PART B Non-Profit Organisation [9 marks]

1 A B C D
(1 mark)

2. ____________________________________________________________ (1 mark)

3.(i) Statement of Financial Position of Friends Sports Club as at 30th June, 2020
Assets ($) ($) ($)
Current Assets

Non-Current Assets

Total Assets

Less Liabilities
Current Liabilities

Net assets

© MEHA, FY12CE 2020: ACCOUNTING.

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This is represented by:

Accumulated Funds

(7 marks)

20

QUESTION 5 ANALYSIS AND INTERPRETATION [20 marks]

OF PERIODIC FINANCIAL STATEMENTS

PART A ANALYSING ACCOUNTING REPORTS

1 A B C D

2 A B C D
(2 marks)

3. _____________________________________________________________________________

_____________________________________________________________________________
(2 marks)
4. _____________________________________________________________________________

_____________________________________________________________________________
(2 marks)

© MEHA, FY12CE 2020: ACCOUNTING.

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5.
Ratios / Percentage Formula Working Answer (two decimal
places)
(i) Gross Profit percentage
(2020)

__________%
(ii) Mark up Percentage
(2020)

__________%
(iii) Proprietorship Ratio
(2019)

__________:1
(iv) Debt to Equity
percentage (2020)

__________%
(v) Working Capital ratio
(2019)

__________:1
(vi) Inventory Turnover
times (2020)

_______ times
(vii) Accounts Receivable
Turnover in days (2019)

_____days
(14 marks)

20

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© MEHA, FY12CE 2020: ACCOUNTING.
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QUESTION 6 SYSTEMS FOR IMPLEMENTING [22 marks]

ACCOUNTING PROCESS
PART A ACCOUNTING FOR CREDIT TRANSACTIONS [6 marks]

1. (i)
___________________________________________________________________________

___________________________________________________________________________
(1 mark)
(ii)
___________________________________________________________________________

___________________________________________________________________________
(1 mark)

2.
Accounts Receivables Control Account

Date Particulars $ Date Particulars $

(8 marks)

PART B ACCOUNTING FOR PAYROLL [6 marks]

1. _____________________________________________________________________________
_____________________________________________________________________________
(1 mark)
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© MEHA, FY12CE 2020: ACCOUNTING.
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2. (i) _________________________________________________________________________
(1 mark)

(ii) ___________________________________________________________________________

___________________________________________________________________________
(2 marks)

(iii) ___________________________________________________________________________
(1 mark)

(iv) ___________________________________________________________________________
___________________________________________________________________________
(1 mark)

PART C ACCOUNTING FOR INCOMPLETE RECORDS [6 marks]

1. Statement to show profit or loss for Asinate.

$ $

Net profit
(3 marks)

© MEHA, FY12CE 2020: ACCOUNTING.

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2. Statement to show Cost of Inventory damaged during fire.

$ $

22

THE END

___________________________________________________
COPYRIGHT: MINISTRY OF EDUCATION, HERITAGE & ARTS, FIJI, 2020.

© MEHA, FY12CE 2020: ACCOUNTING.

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INDEX NUMBER

ACCOUNTING

FOR MARKER’S USE

Ques. Mark Check
No. Gained Mark

Total

© MEHA, FY12CE 2020: ACCOUNTING.