Accounts p1 doubts here!

[Dasith]

im doing it now hehe........i have no idea!
im flunking

ok puttting it simply , (as i get it ) Purchases ledger is correct ! , error when transferring 63000 to trial balance
63000 entered as 36000, so only the trial balance value & suspense should be corrected(with 27 000 as difference ) according to me ! , but mark scheme gives the ans as D i think :O , & i'm not sure y they give it like that , sorry !

[Tohru Kyo Sohma]

ok puttting it simply , (as i get it ) Purchases ledger is correct ! , error when transferring 63000 to trial balance
63000 entered as 36000, so only the trial balance value & suspense should be corrected(with 27 000 as difference ) according to me ! , but mark scheme gives the ans as D i think :O , & i'm not sure y they give it like that , sorry !

its ok.....i just hope these type of qns doesnt come....anyway..im going to sleep now!
byebye

[Tohru Kyo Sohma]

ok....i dont understand this qns in oct/nov 2002 qns19.

[Crooked]

ok....i dont understand this qns in oct/nov 2002 qns19.

I believe the answer is A.

19 At the beginning of the year a company has authorised share capital of 200 000 $0.50 ordinary
shares and issued share capital of 100 000 $0.50 ordinary shares. During the year the company
makes a further issue of 50 000 $0.50 ordinary shares at a price of $1.20 each.
What is the balance on the Share Capital account at the end of the year?
A $75 000 B $110 000 C $125 000 D $160 000

100000 * 0.50 = 50000 were issued at first. Which means that the share capital at the start was $50000.
Later, the company issues 50000 shares at the market value of 1.20. Remember, they are asking yuh the value in the share capital account. Not the premium. Therefore, 50000 * 0.50 = $25000

Therefore, the total value in the end was $75000. ; A.

Hope yuh understood. (:

[Tohru Kyo Sohma]

I believe the answer is A.

19 At the beginning of the year a company has authorised share capital of 200 000 $0.50 ordinary
shares and issued share capital of 100 000 $0.50 ordinary shares. During the year the company
makes a further issue of 50 000 $0.50 ordinary shares at a price of $1.20 each.
What is the balance on the Share Capital account at the end of the year?
A $75 000 B $110 000 C $125 000 D $160 000

100000 * 0.50 = 50000 were issued at first. Which means that the share capital at the start was $50000.
Later, the company issues 50000 shares at the market value of 1.20. Remember, they are asking yuh the value in the share capital account. Not the premium. Therefore, 50000 * 0.50 = $25000

Therefore, the total value in the end was $75000. ; A.

Hope yuh understood. (:

i got it......my mistake was that i didnt consider the price $0.5
thanx alot

[aaakhtar19]

has anyone solved specimen ppr i m having
sm problems in that pls help me out

Thanks in advance

[Crooked]

has anyone solved specimen ppr i m having
sm problems in that pls help me out

Thanks in advance

Post yer q's and i'll try to help.

[Tohru Kyo Sohma]

has anyone solved specimen ppr i m having
sm problems in that pls help me out

Thanks in advance

can u give the link.....havent solved it but i can try!

[aaakhtar19]

can u give the link.....havent solved it but i can try!

http://www.cie.org.uk/qualifications/academic/uppersec/alevel/subject?assdef_id=953

[Tohru Kyo Sohma]

http://www.cie.org.uk/qualifications/academic/uppersec/alevel/subject?assdef_id=953

which specimen paper and which qns

[aaakhtar19]

Post yer q's and i'll try to help.

q9
q27
q28

Thanks

[aaakhtar19]

which specimen paper and which qns

speciman ppr 1

q9
q27
q28
all others are quite bearable
bt these r above my mind offfff

[aaakhtar19]

anyone there?
or i shud lose hope 

[Tohru Kyo Sohma]

speciman ppr 1

q9
q27
q28
all others are quite bearable
bt these r above my mind offfff

ok...qns 9 say that closing stock was over-valued by $6000.....what is the effect of this error...cost of goods sold will decrease and profit will increase....to correct this u must reduce Gross profit by 6000
the second error says that uninsered of theft of goods not taken into account....so purchases was high...cost of goods sold increased and gross profit reduced...to correct this u must add $9000 to gross profit
therefore (6000)+9000=3000
so u addup $3000 to gross profit
and ur answer is C (this is my theory) hope u understand
i ll do the rest in a few minutes

[Crooked]

q9
q27
q28

Thanks

Okkay, so fer q9 the only logical explanation could be this. Yer closing stocks were overvalued so reduce yer gp by 6000. But then yer goods were stolen worth 9000. Therefore, these will be deducted from the purchases which will increase the GP by 3000. (9000-6000) - Yuh need to assume that the sales are fixed. Therefore yer ans is C.

Fer q27, it's A because this will effect the GP fer both the ratios. B and C are incorrect because a change in one variable will inc the GP of one product and reduce the other. D will effect Net profit, not Gross profit.

Fer q28, It's basic. Read yer book. If the price is more than yer marginal cost of production, then yuh should make the products. However, if the price being offered is lower than yer cost of producing one product, it's better to buy the products than making it. It's A By the way.

Hope yuh understood.  (: