How many QCAA Accounting questions cover Managing resources for a sole trader business?

AusGrader has 7 QCAA Accounting questions on Managing resources for a sole trader business, all with instant AI grading and detailed marking feedback.

QCAA (QCE) Accounting — Managing resources for a sole trader business Questions & Answers | AusGrader

Q6

2020

QCAA

1 mark

Q6

1 mark

A motor vehicle was purchased on 1 July 2018 for ＄50 000 and sold on 31 October 2020 for ＄18 000. The depreciation method used is straight line. The useful life is five years, and there is no residual value. As at 30 June 2020, the accumulated depreciation for the motor vehicle was recorded as ＄20 000.

Based on this data, and rounding to the nearest whole number, the general journal entry to record the disposal would be

A

Loss on disposal of motor vehicle Dr ＄28 667
Disposal of motor vehicle Cr ＄28 667

B

Loss on disposal of motor vehicle Dr ＄12 000
Disposal of motor vehicle Cr ＄12 000

C

Loss on disposal of motor vehicle Dr ＄8 667
Disposal of motor vehicle Cr ＄8 667

Correct Answer

The loss is calculated by comparing the carrying amount at the date of sale to the proceeds. First, update depreciation for 4 months ( $＄10,000 \times \frac{4}{12} = ＄3,333$ ), making total accumulated depreciation ＄23,333. The carrying amount is $＄50,000 - ＄23,333 = ＄26,667$ . The loss is $＄26,667 - ＄18,000 = ＄8,667$ .

D

Loss on disposal of motor vehicle Dr ＄2 000
Disposal of motor vehicle Cr ＄2 000

Q4

2023

QCAA

1 mark

Q4

1 mark

A business purchased furniture for ＄16 500 (including GST) on 30 September 2020. The furniture was to be depreciated at 10% using the straight-line method over 10 years. The owner decided to sell the furniture on 30 June 2023 for ＄12 500 cash.

Calculate the accumulated depreciation balance to be transferred to the disposal account.

A

＄3 000

B

＄4 125

C

＄4 500

D

＄4 538

Q12

2021

QCAA

16 marks

Q12

Read Case study 2 (Stimulus 5–6) in the stimulus book.

Q12a

4 marks

Identify and explain the errors in Stimulus 6.

1/7/2019: Installation of machinery incorrectly recorded as revenue expenditure. Should be capitalised.

1/1/2020: Accounts payable should be Bank.

30/6/2020: Depreciation amount is incorrect due to incorrect recording of capital expenditure on 1/7/2019 (calculated on amount of ＄50 000, rather than ＄51 000).

1/4/2021: Accumulated depreciation is incorrect, due to previous years’ incorrect depreciation calculations.

1/4/2021:
• Straight line method of depreciation used instead of diminishing value.
• Depreciation was calculated for only 8 months, instead of 9 months.
• Depreciation was calculated on ＄50 000, rather than ＄51 000.

1/4/2021: Accumulated depreciation amount will need to change to reflect different depreciation figures in previous years.

1/4/2021: Not a gain on disposal; a loss on disposal.

Marking Criteria

Descriptor	Marks
Correctly identifies and explains the incorrectly recorded entries for at least 6 errors	4
Correctly identifies and explains the incorrectly recorded entries for at least 5 errors	3
Correctly identifies and explains the incorrectly recorded entries for at least 3 errors	2
Correctly identifies and explains the incorrectly recorded entries for at least 1 error	1
None of the above	0

Q12b

12 marks

Use your answer for Question 12a) to record the general ledger accounts as they should have been presented.

Business 2
General Ledger (extract)

Date	Particulars	Debit ＄	Credit ＄	Balance ＄	Dr/Cr

Machinery





Accumulated depreciation





Disposal of machinery

Business 2
General Ledger (extract)

Machinery

Date	Particulars	Debit	Credit	Balance
1/7/2019	Accounts payable — Machinery Retailer	50 000		50 000
	Accounts payable — Machinery Installer	1 000		51 000
1/4/2021	Disposal of machinery		51 000	0

Accumulated depreciation


30/6/2020	Depreciation of machinery		10 200	10 200
1/4/2020	Depreciation of machinery		6 120	16 320
1/4/2020	Disposal of machinery	16 320		0

Disposal of machinery


1/4/2021	Machinery	51 000		51 000
	Accumulated depreciation of machinery		16 320	34 680
	Accounts receivable — Machinery Retailer		25 000	9 680
	Loss on disposal		9 680	0

Marking Criteria

Machinery Ledger

Marking Bands

Descriptor	Marks
Correctly records particulars and amounts in the machinery ledger account for 3 entries, including balance	2
Correctly records particulars and amounts in the machinery ledger account for 2 entries	1
None of the above	0

Depreciation Calculation

Descriptor	Marks
Correctly calculates and records the depreciation of machinery amount using correct method of depreciation	1
Correctly calculates and records the depreciation of machinery amount using 9 months: $6 120	1

Accumulated Depreciation Ledger

Marking Bands

Descriptor	Marks
Correctly records particulars and amounts in the accumulated depreciation ledger account for 3 entries, including balance	3
Correctly records particulars and amounts in the accumulated depreciation ledger account for 2 entries	2
Correctly records particulars and amounts in the accumulated depreciation ledger account for 1 entry	1
None of the above	0

Loss on Disposal

Descriptor	Marks
Calculates the loss on disposal	1

Disposal Ledger

Marking Bands

Descriptor	Marks
Correctly records particulars and amounts in the disposal of machinery ledger account for 4 entries, including balance	4
Correctly records particulars and amounts in the disposal of machinery ledger account for 3 entries	3
Correctly records particulars and amounts in the disposal of machinery ledger account for 2 entries	2
Correctly records particulars and amounts in the disposal of machinery ledger account for 1 entry	1
None of the above	0

Q11

2024

QCAA

9 marks

Q11

9 marks

Read Case study 1 (Stimulus 1) in the stimulus book.
Prepare general journal entries to record all outstanding transactions as at 30 June 2024. Narrations are not required.

Garden Supplies — General journal (extract)

Date	Particulars	DR $	CR $

Garden Supplies — General journal (extract)

Date	Particulars	DR ＄	CR ＄
30 June 2024	Machinery/bobcat	30 000
	GST clearing	3 000
	Bobcat Sellers		33 000
	(Bought machinery/bobcat from Bobcat Sellers)

	Machinery/bobcat	4 000
	GST clearing	400
	Cash at bank		4 400
	(Paid for installation of air-conditioning)

	Bobcat Sellers	1 650
	Cash at bank		1 650
	(Paid 5% deposit)

	Cash at bank	31 350
	Loan		31 350
	(Obtained a loan)

	Bobcat Sellers	31 350
	Cash at bank		31 350
	(Paid Bobcat Sellers amount owing)

	Depreciation of machinery/bobcat	3 450
	Accumulated depreciation of machinery/bobcat		3 450
	(Depreciation for nine months)

Working:
$(30\,000 + 4\,000) - 11\,000 / 5 = 4\,600 \times 9/12 = 3\,450$

Marking Criteria

Recording Entries

Marking Bands

Descriptor	Marks
Correctly records 6 general journal entries	6
Correctly records 5 general journal entries	5
Correctly records 4 general journal entries	4
Correctly records 3 general journal entries	3
Correctly records 2 general journal entries	2
Correctly records 1 general journal entry	1
None of the above	0

Recording Amounts

Marking Bands

Descriptor	Marks
Correctly records amounts in 6 general journal entries	3
Correctly records amounts in 3–5 general journal entries	2
Correctly records amounts in 1–2 general journal entries	1
None of the above	0

Q2

2025

QCAA

1 mark

Q2

1 mark

A business owner purchased a television for ＄3 960 (including GST) on 30 December 2023. The television was expected to have a useful life of six years and a residual value of ＄300. It was to be depreciated at 20% using the diminishing balance method. The owner sold the television on 30 June 2025 for ＄660 (including GST).

The loss on disposal of the television was

A

＄1 704

B

＄1 932

C

＄1 992

D

＄2 175

QCAA Accounting Managing resources for a sole trader business

Machinery Ledger

Depreciation Calculation

Accumulated Depreciation Ledger

Loss on Disposal

Disposal Ledger

Recording Entries

Recording Amounts

Frequently Asked Questions

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