Qualification > Commerce
Accounts p1 doubts here!
Dasith:
4) m/j 2007 -
12) justlike i explained before u take the lowest of net realisable or cost & then total it up got it ???
ans is A
14)
profit to be shared=netprofit - salery - interest on capital
60 - 9 - 0.9 = profit to beshared
=50.1
50.1 is to be shared in ratio 2:1
Mansoor = 1/3 x 50.1 =16.7
= 0.5(interest on capital)
so he gets a total of 17.2 out of profits
16)
in trading a/c stock is with profit & adjested in p/L ,balance sheet its only cost !
93500 includes 10% profit( this is Mark up )
& so does the amount of closing stock in trading a/c
so stock val @ trading = 93500 x 20/100(they say 20% of years production was Closin Stock)
= 18,700
val @ balance sheet(without profit)
18700 includes 10% profit so cost is 18700/110 x 100 =17000
29)
OAR is based on Patients per day basis.
out of 25000 patiens each stays @ average of 10 days in hoispital
soooo
total number of days spent by patients = 10 x 25000
=250,000
OH = 11,500,000
base = 250,000
11500000/250000= 46$ per patient day!
Dasith:
5) o/n 2007 -
4.
Many ways of solving this , it all depends on your thinking & hw well u knw
double entry !
Hers hw u do with accounts & stuff !
Fixed assets a/c
Debit : Credit:
Balance b/d 460 Disposal 47
Purchases 92
balance c/d 505
Disposal a/c
Debit : Credit:
Fixed asset 47 Cash 16
Depreciation 31
Depreciation a/c
Debit : Credit:
Depreciation 31 Balance b/d 215 000
profit/loss 53 000
balance c/d 237 000
this is a very detailed meathod once u get the hang of it , u'll knw hw to calculate
with out accounts ;D
11)
Did a similar sum like this before !
you can do a small appropriation a/c & fnd hw much profit is shared amoung the partners
in this case its equal as partnership agreement dosent provide a sharing ratio/meathod!
so each partner gets 30000 profits
i.e 75 - (10% of 150)
profit to be shred is 60
each gets 30 + intrest on capital they are entitled for
x gets 30 + 6(10% of 60)
y gets 30 + 9(10% of 90)
hope u get it !
17)
we recieve cash of 1500 (500 x 3 ) + 250 from debentures
total is 1750 (increse in cash)
net assets = FA + Working capital
working capital includes cash so its incresed by 1750 my ans is (D)
but marking scheme says 1500 ( thats impossible :o )
because no liabilities increse , debenture is a long term liability so it has no
effect to working capital or the FA(fixed assets ) :o
i really dont get it , sorry !!
23)
shareholders funds means, share capital + all the reserves including retained profits !
so return here means net profit after tax,
so no tax here but there is interest of 15% of 400 = 60
so 260- 60
=200 (profit after interest)
200/600 x 100%
=33.3333 %
Dasith:
6) m/j 2008
27)
518400 is actaul overhead , but their predicted or preditermined overheads
were 32400 less than the actaul (underabsorption)
Thir budjeted overhead is therefore 518400-32400
i.e 486 000 , this was calculated using an absorption rate of (4x 5.40 ) per
unit. (4 here is direct labour hours per unit )
so to get the units :
486000/ (4x5.40) = 22500
7)m/j 2003
3.
PFDD a/c
Debit: Credit:
balance b/d(provision) = 580
profit & loss 240
balance c/d(17800 - 800) x 2/100 =340
as u can see PFDD this month is a credit on Profit & loss i.e an income
not an expence (because we reduce provision not increse)
& they ask the total of both PFDD & Bad debts:
so 800 is bad debts we recover 200
so bad debts are 600 now , but still its an expence shuld be on debit of p/l
so total expence charged to p & L is 600-240
i.e 360 !
9.
bank reconsiliations u gotta think wat happens to our comany cash balance compared
with bank statement.:
it goes like this ;
Bank statement is overdrawn by 10136 O/D
Cheques drawn not presented-
(it means we draw cheques to pay creditiors, but creditors
didnt present em to bank )This causes business cash balance
to be lower than statement balance, so we add it since its an
o/d. 4998
cheques paid in, not credited-
Business puts cah in bank but they havent recorded it in
banks a/c yet as it takes time to update thier a/c .
This causes cash balance in business to be higher than statement
since this is an overdraft we deduct it , it reduces o/d (5896)
bank interest not recorded in cash book causes cash book
balance to be higher than bank statement so we deduct it (181)
& wat do we get cash balnce which was originally there 9057(still over drawn)
but as u knw its not that simple they ask the balance @ balnce seet,
so u knw that when the business gets a bank statement they update cash
balance rite ? so the bank intrest is added to original cash balance since its an overdraft
9057+181 = 9238
15) i assume that u can value stock using FIFO !
closing stock is $500(2 units) valued using FIFO
Purchases are $1350(6 units)
Sales are $1600(4 units)
i think now u could calculate profit !!;D
its 750 ( 1600 - (1350-500) )
26)
Get difference of two totals of costs i.e
19600-15600 = 4000
get difference of two unit changes for the same costs i.e
90-65= 25
so now we knw that an increse in 25 units cased an increse in costs of 4000
so thats the variable costs for 25 units:
for 1 unit: 4000/25 =160
now get total variable costs for any production level ,(65/90/100)
u can get it by multiplying units with calculated variable costs per unit
i.e 160 x 65 =10400
FC= Take care -VC
5200=15600-10400
29)
hmm all u need to knw here is that @ break even VC + FC = Sales
sales=15000
Fc= 6000
VC= 9000 (15000-6000)
they ask variable cost per unit so:
units are 15000/10 = 1500 units
9000/1500 = $6 per unit
Tohru Kyo Sohma:
--- Quote from: Dasith on February 21, 1974, 05:00:48 am ---5400 = 6000 x 95/100
or 6000-5% of 6000
--- End quote ---
the answer is 5700 not 5400 according to 6000 *95/100
Dasith:
--- Quote from: mimiswift on May 28, 2011, 01:51:42 pm ---the answer is 5700 not 5400 according to 6000 *95/100
--- End quote ---
:o so sorry it shuld be
90/100**
&
the other one
6000 - 10% of 6000 ! ok ?
not 95 or 5% of 6000 lol ;D
i've taken the cash discount , its trade discount which shuld be taken , purchase price is
taken as the price quoted by trader - trade discount because trade discounts are not supposed to be recorded
in accounts , only cash discounts.
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