BA3 Exam Dumps : Fundamentals of financial accounting

The petty cash imprest is restored to £500 at the end of each week. The following amounts are paid out of petty cash during week 23:

(a) Stationery - £70.50 (including VAT at 17.5%)

(b) Travelling costs - £127.50

(c) Office refreshments - £64.50

(d) Sundry payables - £120.00 plus VAT at 17.5%

The amount required to restore the imprest to £500.00 is:

Give your answer to 2 decimal places.

Refer to the exhibit.

The trial balance of Monchu Partnership, as at 30 June 2006, has a suspense account. Subsequent investigations revealed that:

(1) A payment of £352 to Mr. Tan was posted as £325.

(2) A remittance of £450 received from Arumugam was credited to Armits accounts.

(3) Salaries of £12000 have not been posted from the cash book.

Monchu suggested the following adjustments:

The appropriate journal entries are:

STU has an accounting period end of 31 December 20X8 During the year STU paid $4,800 for business insurance to cover the year to 30 June 20X9 The amount paid for business insurance for 30 June 20X8 was $4,500.

What is the insurance expense to be recognized in the statement of profit or loss of STU for the year ended 31 December 20X8? Give your answer to the nearest $