Qualification > Commerce

ACCOUNTING PAPER 1

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***exam***:
help plz


Pap12 nov 09 (variant 2 )
Q7
Q8
Q9
Q10
Q12

plavelil:
question 7 is A

as the sale is debited instead of being credited whereas the other errors will affect the trial balance

q9

is D

as the opening capital - drawings = 15000-3000=12000
and reduce this amount from the net assets 20000-12000=8000

plavelil:
q 10 is c

the formula u have to remeber is closing stock*(factory cost plus/ 100+factory cost plus)
i.e. 3000*(20/ 100+20)= 500

coco pops:
q8) ans is A
error 1 is reversal entry so 200 needs to be added on credit side
error 2 dsnt make a diff ..as telephone wil be debit n its entrd in insurance so its debit..so no changes made
error 3 u need to add 10 more to the debit side

so 200 credit 10 debit =190 credit balance

q12) ans is D
opening capital+profit-drawings=closing capital
so that means profit=closing capital+drawings-opening capital
Openin capital= 10000 <year 1s net asset>
drawings=3000
closing capital= 14000 <year 2s net asset>

hence profit = 14000+3000-10000
=7000

***exam***:
oh Thanks sooooooooooooo much both of u'll  :D:D:D

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