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AS-LEVEL ACCOUNTING PAPER 2 (TOPICAL & YEARLY) All Variants (2019-20 edition)

Muhammad Nauman Malik FCMA, MS Accounting (Gold Medalist), MBA (Finance), PIPFA, DCMA, B.Com (Gold Medalist) Keynesian Institute of Management & Sciences (KIMS)

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the Author. Cambridge International has not provided these questions or answers and can take no responsibility whatsoever for their accuracy or suitability for the examinations.

Title

AS-Level Accounting Paper 2 (Topical/Yearly)

Author

Muhammad Nauman Malik Cell: 0321-8414262, 0300-8414262 E-mail: [email protected]

Published by

Read & Write Publications

Composed by

Sharjeel Khan, Salman Buksh, Hayat, Shahab, Waqas, M. Awais, Usama Farooq, Ahmar, Awais Ahmed

Title designed by

Rashid Mehmood, Khalid Khursheed

Legal Advisor

Mian Tariq Ahmad (Advocate Supreme Court) Room No. 10, 11, 12 Al-Majeed Centre 1-Mozang Road, Lahore. Tel: 042-37236145, Fax: 042-37241367

Edition:

2019-20

Price

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3

PREFACE The current edition has been completely updated to comply with revised CIE – 9706 (A level Accounting syllabus) 2016-18. Topics like ‘Manufacturing Accounts’ ‘Cash budgets’ and ‘Non Profit Organisations’ have been moved to Paper 3 (A2 level). On the other hand, topics of ‘Dissolution of partnerships’, ‘Issue of shares and debentures’ and ‘statements of cash flows’ have been included in this book as from 2016 onwards they may also be tested at AS level. The other book available in the market is based on Singaporean exams and does not include exams taken in Pakistan for November session. Moreover, the available book categorises Questions only on yearly basis whereas the book under review categorises them on topical as well as on yearly basis. In the book under review, the varying topics of last eleven years Cambridge International Examination (CIE) papers have been categorised in such a way that one can attain optimum skills in each of these. Not only this; but the yearly papers at the end of the book provide compact questions with given references. It is, however, advised that students must supplement their studies with the textbooks recommended by their teachers, since it is by no means a replacement for a good book. I am indeed grateful to the students and the teachers who motivated me to undertake this task. In particular I would like to thank Sajid Munir, Waseem Zia and Rizwan Ul Hassan for making many helpful suggestions. Any further suggestions for improvement and intimation of errors will be much appreciated and acknowledged. Muhammad Nauman Malik, Email: [email protected] Mob: 0300-8414262 0321-8414262

Table of Contents (Topical) CHAPTER 1 QUESTION 1 QUESTION 2

BANK RECONCILIATION STATEMENTS

MAY 2011 P23 Q2 (C & D) ................................................................................................ 17 NOVEMBER 2014 P21 Q1(C & D) ..................................................................................... 17

SOLUTION CHAPTER 1 QUESTION 1 QUESTION 2 CHAPTER 2 QUESTION 1 QUESTION 2 QUESTION 3 QUESTION 4 QUESTION 5 QUESTION 6

CHAPTER 3 QUESTION 1 QUESTION 2 QUESTION 3 QUESTION 4 QUESTION 5 QUESTION 6 QUESTION 7 QUESTION 8 QUESTION 9 QUESTION 10 QUESTION 11 QUESTION 12 QUESTION 13 QUESTION 14 QUESTION 15 QUESTION 16 QUESTION 17 QUESTION 18

BAD AND DOUBTFUL DEBTS

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NOVEMBER 2011 P21 Q2................................................................................................ 19 MAY 2015 P21 Q2(E TO G) ................................................................................................ 19 MAY 2015 P22 Q2(D TO F) ................................................................................................ 20 NOVEMBER 2015 P23 Q1 (C & D) ..................................................................................... 20 NOVEMBER 2017 P22 Q1 (C) ........................................................................................... 20 MAY 2019 P22 Q2 ........................................................................................................... 20 22

NOVEMBER 2011 P21 Q2................................................................................................ 22 MAY 2015 P21 Q2(E TO G) ................................................................................................ 23 MAY 2015 P22 Q2(D TO F) ................................................................................................ 23 NOVEMBER 2015 P23 Q1 (C & D) ..................................................................................... 23 NOVEMBER 2017 P22 Q1 (C) ........................................................................................... 24 MAY 2019 P22 Q2 ........................................................................................................... 24 ACCOUNTING FOR NON-CURRENT ASSETS

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NOVEMBER 2011 P22 Q1 (C, D & E) ................................................................................. 25 NOVEMBER 2011 P23 Q2 (A) .......................................................................................... 25 MAY 2012 P23 Q2 (A TO D) ............................................................................................... 25 MAY 2013 P21 Q2 (A TO C) ............................................................................................... 26 NOVEMBER 2013 P21 Q3 (D)........................................................................................... 27 MAY 2014 P21 Q2(A & B) ................................................................................................. 27 MAY 2014 P22 Q2 ........................................................................................................... 28 MAY 2014 P23 Q2 ........................................................................................................... 28 MAY 2015 P23 Q1(C) ....................................................................................................... 29 NOVEMBER 2015 P23 Q2 (C TO E) .................................................................................... 29 SPECIMEN 2016 P2 Q2 .................................................................................................... 29 MAY 2016 P22 Q3 ........................................................................................................... 30 MAY 2017 P22 Q1 (C) ...................................................................................................... 30 NOVEMBER 2017 P21 Q2................................................................................................ 30 NOVEMBER 2017 P22 Q3................................................................................................ 31 MAY 2018 P21 Q2 ........................................................................................................... 31 MAY 2018 P22 Q3 ........................................................................................................... 32 NOVEMBER 2018 P21 Q2 ................................................................................................ 32

SOLUTION CHAPTER 3 QUESTION 1 QUESTION 2 QUESTION 3 QUESTION 4 QUESTION 5 QUESTION 6 QUESTION 7 QUESTION 8

18

MAY 2011 P23 Q2 (C & D) ................................................................................................ 18 NOVEMBER 2014 P21 Q1(C & D) ..................................................................................... 18

SOLUTION CHAPTER 2 QUESTION 1 QUESTION 2 QUESTION 3 QUESTION 4 QUESTION 5 QUESTION 6

17

34

NOVEMBER 2011 P22 Q1 (C, D & E) ................................................................................. 34 NOVEMBER 2011 P23 Q2 (A) .......................................................................................... 34 MAY 2012 P23 Q2 (A TO D) ............................................................................................... 35 MAY 2013 P21 Q2 (A TO C) ............................................................................................... 35 NOVEMBER 2013 P21 Q3 (D)........................................................................................... 36 MAY 2014 P21 Q2(A & B) ................................................................................................. 36 MAY 2014 P22 Q2 ........................................................................................................... 37 MAY 2014 P23 Q2 ........................................................................................................... 38

QUESTION 9 QUESTION 10 QUESTION 11 QUESTION 12 QUESTION 13 QUESTION 14 QUESTION 15 QUESTION 16 QUESTION 17 QUESTION 18 CHAPTER 4 QUESTION 1 QUESTION 2 QUESTION 3 QUESTION 4

MAY 2015 P23 Q1(C) ....................................................................................................... 38 NOVEMBER 2015 P23 Q2 (C TO E) .................................................................................... 39 SPECIMEN 2016 P2 Q2 .................................................................................................... 39 MAY 2016 P22:Q3 ........................................................................................................... 40 MAY 2017 P22 Q1 (C) , .................................................................................................... 41 NOVEMBER 2017 P21 Q2................................................................................................ 41 NOVEMBER 2017 P22 Q3................................................................................................ 42 MAY 2018 P21 Q2 ........................................................................................................... 42 MAY 2018 P22 Q3 ........................................................................................................... 43 NOVEMBER 2018 P21 Q2................................................................................................ 44 INVENTORY VALUATION

SOLUTION CHAPTER 4 QUESTION 1 QUESTION 2 QUESTION 3 QUESTION 4 CHAPTER 5 QUESTION 1 QUESTION 2 QUESTION 3 QUESTION 4 QUESTION 5

CHAPTER 6 QUESTION 1 QUESTION 2 QUESTION 3 QUESTION 4 QUESTION 5 QUESTION 6 QUESTION 7 QUESTION 8 QUESTION 9 QUESTION 10

FINANCIAL STATEMENTS OF SOLE TRADERS

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NOVEMBER 2011 P22 Q1 (A & B) ..................................................................................... 51 MAY 2012 P23 Q2 (E) ...................................................................................................... 52 NOVEMBER 2017 P21 Q1 (B) ........................................................................................... 52 MAY 2018 P23 Q2 ........................................................................................................... 53 MAY 2019 P22 Q1 ........................................................................................................... 53 55

NOVEMBER 2011 P22 Q1 (A & B) ..................................................................................... 55 MAY 2012 P23 Q2 (E) ...................................................................................................... 56 NOVEMBER 2017 P21 Q1 (B) ........................................................................................... 56 MAY 2018 P23 Q2 ........................................................................................................... 57 MAY 2019 P22 Q1 ........................................................................................................... 57 SUSPENSE ACCOUNT

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MAY 2011 P23 Q1 (A & B) ................................................................................................ 59 NOVEMBER 2012 P22 Q2 (D & E) ..................................................................................... 59 MAY 2013 P22 Q2 (A & B) ................................................................................................ 60 NOVEMBER 2014 P21 Q1(A & B)...................................................................................... 60 NOVEMBER 2015 P21 Q2 (E) ........................................................................................... 61 NOVEMBER 2015 P22 Q2 (A & B) ..................................................................................... 61 NOVEMBER 2016 P22 Q3................................................................................................ 62 MAY 2017 P21 Q1 (F) ...................................................................................................... 63 NOVEMBER 2017 P22 Q1 (A & B) ..................................................................................... 63 MAY 2018 P23 Q3 ........................................................................................................... 64

SOLUTIONS CHAPTER 6 QUESTION 1 QUESTION 2 QUESTION 3 QUESTION 4 QUESTION 5 QUESTION 6

47

MAY 2011 P23 Q1 (C) ...................................................................................................... 47 MAY 2013 P23 Q3 (A TO D) ............................................................................................... 47 NOVEMBER 2013 P21 Q3 A TO C) ..................................................................................... 49 MAY 2019 P22 Q4 (A & B) ................................................................................................ 49

SOLUTIONS CHAPTER 5 QUESTION 1 QUESTION 2 QUESTION 3 QUESTION 4 QUESTION 5

45

MAY 2011 P23 Q1 (C) ...................................................................................................... 45 MAY 2013 P23 Q3 (A TO D) ............................................................................................... 45 NOVEMBER 2013 P21 Q3 (A TO C) .................................................................................... 45 MAY 2019 P22 Q4 (A & B) ................................................................................................ 46

65

MAY 2011 P23 Q1 (A & B) ................................................................................................ 65 NOVEMBER 2012 P22 Q2 (D & E) ..................................................................................... 65 MAY 2013 P22 Q2 (A & B) ................................................................................................ 66 NOVEMBER 2014 P21 Q1 (A & B) ..................................................................................... 66 NOVEMBER 2015 P21 Q2 (E) ........................................................................................... 67 NOVEMBER 2015 P22 Q2 (A & B) ..................................................................................... 67

QUESTION 7 QUESTION 8 QUESTION 9 QUESTION 10 CHAPTER 7 QUESTION 1 QUESTION 2 QUESTION 3 QUESTION 4 QUESTION 5 QUESTION 6 QUESTION 7 QUESTION 8 QUESTION 9 QUESTION 10

NOVEMBER 2016 P22 Q3................................................................................................ 68 MAY 2017 P21 Q1 (F) ...................................................................................................... 68 NOVEMBER 2017 P22 Q1 (A & B) ..................................................................................... 68 MAY 2018 P23 Q3 ........................................................................................................... 69 CONTROL ACCOUNTS

SOLUTIONS CHAPTER 7 QUESTION 1 QUESTION 2 QUESTION 3 QUESTION 4 QUESTION 5 QUESTION 6 QUESTION 7 QUESTION 8 QUESTION 9 QUESTION 10 CHAPTER 8 QUESTION 1 QUESTION 2 QUESTION 3 QUESTION 4 QUESTION 5 QUESTION 6 QUESTION 7 QUESTION 8 QUESTION 9 QUESTION 10 QUESTION 11 QUESTION 12 QUESTION 13 QUESTION 14 QUESTION 15 QUESTION 16 QUESTION 17 QUESTION 18 QUESTION 19 QUESTION 20

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NOVEMBER 2011 P22 Q2(A) ........................................................................................... 76 MAY 2014 P21 Q1(A & D) ................................................................................................. 76 SPECIMEN 2016 P2 Q1 (D & E) ......................................................................................... 76 NOVEMBER 2016 P21 Q2................................................................................................ 77 MAY 2017 P21 Q3 ........................................................................................................... 77 NOVEMBER 2017 P21 Q1 (C) ........................................................................................... 78 NOVEMBER 2017 P22 Q2................................................................................................ 78 MAY 2018 P21 Q1 (G) ...................................................................................................... 79 MAY 2019 P21 Q2 ........................................................................................................... 79 MAY 2019 P23 Q3 ........................................................................................................... 80 ACCOUNTS FROM INCOMPLETE RECORDS

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MAY 2011 P22 Q1 ........................................................................................................... 81 MAY 2011 P22 Q2 (A) ...................................................................................................... 81 NOVEMBER 2011 P21 Q1................................................................................................ 82 MAY 2012 P23 Q1 ........................................................................................................... 83 NOVEMBER 2012 P21 Q1................................................................................................ 83 NOVEMBER 2012 P22 Q1................................................................................................ 84 MAY 2013 P23 Q3 (E)....................................................................................................... 85 MAY 2014 P22 Q1 ........................................................................................................... 85 NOVEMBER 2014 P23 Q1 ................................................................................................ 86 MAY 2015 P21 Q1 ........................................................................................................... 87 MAY 2015 P22 Q1 ........................................................................................................... 88 NOVEMBER 2015 P23 Q1 (A & B) ..................................................................................... 89 MAY 2016 P22:Q1 (A TO D) ............................................................................................... 90 NOVEMBER 2016 P23 Q1 (A TO C) .................................................................................... 91 NOVEMBER 2017 P21 Q1 (A)........................................................................................... 92 NOVEMBER 2017 P23 Q2................................................................................................ 92 MA...