IGCSE/GCSE/O & A Level/IB/University Student Forum
Qualification => Subject Doubts => GCE AS & A2 Level => Commerce => Topic started by: Tohru Kyo Sohma on May 27, 2011, 10:55:33 pm
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ok i have accounting p1 CIE doubts here (counting on u dasith again ;) )
1.m/j 2005 qns 4,14,15,25 and 28
2.m/j 2006 qns 4,14,16 and 22
3.o/n 2006 qns 817,21,22 and 30
4.m/j 2007 qns.12,14,16 and 29
5.o/n 2007 qns 4,11,17 and 23
6.m/j 2008 qns 27
7.m/j 2003 qns 3,9,15,26 and 29
8.o/n 2003 5,18,23 and 28
9.m/j 2004 qns 6,12,17,27,28,29 ans 30
10.o/n 2004 qns 14
that all......i need explanation on it!
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can someone explain bonus a right issue to me....i keep getting confused here?!!!
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ok i have accounting p1 CIE doubts here (counting on u dasith again ;) )
1.m/j 2005 qns 4,14,15,25 and 28
2.m/j 2006 qns 4,14,16 and 22
3.o/n 2006 qns 817,21,22 and 30
4.m/j 2007 qns.12,14,16 and 29
5.o/n 2007 qns 4,11,17 and 23
6.m/j 2008 qns 27
7.m/j 2003 qns 3,9,15,26 and 29
8.o/n 2003 5,18,23 and 28
9.m/j 2004 qns 6,12,17,27,28,29 ans 30
10.o/n 2004 qns 14
that all......i need explanation on it!
lol big list out there !!
k lets start with the first
1)m/j 2005:
4) Ans is b because , u see they say net debtors & balance sheet always shows the net debtors i.e after deducting both bad & doubtful debts. so it seems that 2003 balnce is with deducting PFDD (provision for doubtful debts) , so in order to obtain PFDD we can get it like this :
Debtors - 0.05 Of Debtors = Net Debtors
i.e
x- 0.05x=17100
0.95x=17100
x=18000
so now we knw that debtors before deducting PFDD was 18000 to get PFDD for 2003 we Deduct the Net debtors from Debtors, i .e 18000-17100
so we get 900 for 2003
& 2004 we take: 19000x5/100 =950 (this is because this is control a/c balance control a/c only includes bad debts not PFDD ! )
ok so u can see provision increased from 900 to 950
difference is 50 & thats your ans !
14) A because
wages of staff for takin goods into saleable condition shuld be in Trading account not P/L , but they hav debited in P/L not trading , so its overstating GP as its not deducted , but as u knw the same GP is taken to NP & deducted from it all other expences including the wages of staff taking goods into saleable condition. so it deducted from GP there , so no effect with NP !
15)HEre u gotta take the Cost / Net realisable value ( sales - other expences in bringing good to saleable condition) u take which ever is lower of the two !
so the lowest in item 1 is cost = 5260
'' '' '' item 2 is Net rali.= 2260
total = 7520
25)semi variable is part variable & part Fixed !
so if it was fully variable a decrese in activity would have no effect on unit cost as varable costs vary in same proportion to units produced.But here it has fixed costs so a reduction in activity Dosent reduce the costs because a part of it is fixed , not all the cost is Fixed so it will increse Unit cost by not 20% but less than that because the cost is not fully a fixed cost.! (ans is D)
28)
here u find cost of both items frst i.e sales(in value - profit)
this cost as u knw includes both fixed & variable !
to get the variable costs we get the increase in costs for the given output levels
cost increased from 650 (i.e 750-100 ) to 750 (100-250 )
increase in cost is 100, so now we get increase in sales its 250
Cost has increased by 100 for an sales increase of 250 ! this in crease shows the variable costs as its the only cost which varys with output/ sales.
Increase in cost/ increase in output x 100 % = varable costs as % of sales
i.e 100/250 x 100 % = 40 %
so 40% is varable & the rest is of course contribution(FC + profit as % of sales )
60% is contribution!
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2) m/j 2006
4) A because
stock bought 4 cash recorded @ (list price - Trade discount) in stock a/c
i.e 1600 as stock !
then cash is used to fund this cash of 1600 - 5% of 1600 = 1520 is used up for buying stock
Debtors of 400 written off so Debtors reduce by 400
Then total Current assets =28000+ 1600 - 1520 -400
14)stock valued @ lower of cost / Net realisable value !
so for each item u take the lowest out of the two
W= 15
x= 19
y= 15 *
z =23
Total = 72
* This is net realisable value , realisable value - selling expences
17-2 = 15
16)
Mark up is 25 % i.e profit is 25% of cost of sales
soooooo
if cost is 100 ,mark up is 25 & sales = 125
get wat i mean ! ? ?
so here sales is out of 125% to get cost of sales
we 200000/125 x 100 = 160000
& then we need purchases
Op stock - 15
+purchases x
cl stock (18)
cost of sal = 160
so u can find x now rite ? 160 = 15+ x -18
x=163 !!
22)
hmm its 80000 shres @ .50 par value
i.e 40000
+ rights issue 1:4 basis
i.e 80000x1/4 x 0.5 = 10000
so total capital is 50,000
(in share capital we only record @ par/nominal value/ price on share certificate not
market value.!!)
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3)oct / nov 2006
8)here 5400 because they ask the purchase price !!
not the stock valued in stock a/c !!
5400 = 6000 x 95/100
or 6000-5% of 6000
17)4400 because u allow intrest on loan of 5% if theres no agreement!! (read the partnership act :P )
profit = 8850 -50(loan interest)
profit to be shared= 8800 / 2 9since partnership act says to share profit equally in case of no agreement !! )
21)
Net assets= Fixed + Net current assets/ working capital
so 1:4 rights issue means we recieve cash of
500/4 x 2 =250 &
we repay 50% of debentures @ par
we loose cash of 300 x 50/100 = (150)
so our total increase in net current assets/ working capital is 250-150
i.e 100
Net assets + increse =
1200 + 100 = 1300
22) 60 becoz
They ask the cash recieved
100 was the balnce in share capital & it increased to 130
with a bonus issue of 10 i.e (100/10 x 1)
so bonus issue has no effect on cash i.e 100 + 10 increases capital but not cash!
& then rights issue increases capital from 110 to 130
so cash increses by 20 too
Then we chek the share premium, bonus issue cannot add to share premium but has to be financed by either a revenue or appropriate capital reserve here the only reserve is share premium so we deduct 10 from ot
so share premium balance before rights issue is 50-10 i.e 40
now after rights issue it incresed to 80 ! , that means they paid extra 40 , so this adds up with the cash
so 20 + 40 = 60 total cash recieved :D
30)
here we take the equivilant units . hope u knw about it , anyway it assumes that 400 50 % complete goods
is 200 complete units ? get it , i.e 400 x 50/100 ,
so total complete units are 800 (200 + 600)
unit cost is (60000 + 30000 + 10000)/800 = 125
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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!
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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 %
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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
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5400 = 6000 x 95/100
or 6000-5% of 6000
the answer is 5700 not 5400 according to 6000 *95/100
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the answer is 5700 not 5400 according to 6000 *95/100
: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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here the next ans:
8.o/n 2003
5,here u gotta make the a/c
FA (netbook value) account
Debit Credit:
balance b/d 28000 P&L(dep) 4000
Additions 10000 Disposal 9000
balance c/d 25000
18, k , here 2001 @ balance sheet value of stock is @ cost
so profit here would be
40000 x 20% = 8000
@ 31st december 2002 its the trading a/c which includes the 20% profit they've given
so if u wanna get profit its gonna be
54000 /120 x 20= 9000
factory transfer value is 240000 x 20/100 = 48,000
AS u can see profit of 1000 is unrealised as its not sold yet ! its in closing stock
so we deduct the nrealised profit from factory profit
48000-1000
=47000
23,
current ratio is 2:1
only liability here is creditiors 10,000
if liabilities are 1 current assets are 2(according to ratio)
10000/1 x 2 =20000(current assets )
so if total CA's are 20,000
10000 + 4000 + D- 2000 = 20000
D=8000 //
28,
150/9.5= 15.789(OAR)
9500 x 15.789 =150,000
Actual is 16,000 ;
Budjeted overheads are 150,000
10000 is under absorbed !
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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 !!
i think its like this;
they receive 1500 from issue of shares
when they issue debentures of 250000 6%
cash is received
there 1500 +250=1750
my theory....guess its right?makes sense to me....how about u?
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yea exactly thats hw i did it but its wrong according to mark scheme !!
marking scheme ans is C!!
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THANK U THANK U THANK U THANK U!! ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D
u actually took all this time to solve my doubts!!!
thank u soooooooooooooooooooooooooooo much!
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THANK U THANK U THANK U THANK U!! ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D
u actually took all this time to solve my doubts!!!
thank u soooooooooooooooooooooooooooo much!
lol , its revision for me i guesss lol ,
& u r welcome ;D
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hey listen up
P11 of oct/nov 2009 qns 18 is same as qns 17 of P12 oct/nov 2009....but markscheme shows different answers....can anyone pls tell me the right answer?
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yea llol , they've made a mistake there :o ,dosent happen usually thaugh ;)
By the way i think the ans is 12000 (b) wonder hw they managed to make a mistake like that , specially in published marking scheme :o ::)
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yea llol , they've made a mistake there :o ,dosent happen usually thaugh ;)
By the way i think the ans is 12000 (b) wonder hw they managed to make a mistake like that , specially in published marking scheme :o ::)
yeah i just did the paper and i was like what...y r the answers different and the qns same....even i think its 12000!
and again thank u alot dasith
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is it just me or is the variants in 2010 both m/j and o/n p1 accounts the same?
if it is then im not doing them again now!
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ok...these are my final doubts;
1.m/j 2009 qns 8,9,16,19 and 30.
2.o/n 2009 p11 qns 9,14,16,23 and 30.
3.2010 m/j p12 qns 10,29 and 27
4.o/n 2010 p11 qns 1 and 8
i dont get how to do suspense a/c?can u explain?
;D ;D ;D ;D ;D
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ok...these are my final doubts;
1.m/j 2009 qns 8,9,16,19 and 30.
2.o/n 2009 p11 qns 9,14,16,23 and 30.
3.2010 m/j p12 qns 10,29 and 27
4.o/n 2010 p11 qns 1 and 8
i dont get how to do suspense a/c?can u explain?
;D ;D ;D ;D ;D
previous doubts answeres lol
9.m/j 2004 qns
6, reducing balance is when u calculate on book value rather than original cost
so its depreciation @ 2001 march is 240000 x 30/100=72
& 2002 march its (240- 72 ) x 30 /100 = 50.4
12,hmm all revenue expenditure come to P/L or trading so when this error is corrected
expences in proft & loss increases causing profits to decrease & a capital expenditure
causes assets to increse , so correcting this would decrese the assets value which was wrongly
overstated !
17,
10th jan balance of stock 104,000
stock purchased incresed the stock so
deduct it (16,000)
sales (we hav to take cost)add
15000/125x 100 12,000
so @ 31st dece 100,000
27,
here they say there is over absorption of 1740 compaerd with the actual
so the , budjeted overheads for 8700 hors by them would have been
1740 + 102660 =104400
so for a direct labour hour it is
104400/8700 = 12
28,
u gotta calculate for every option theve given : only option b gives the right ans:
u calcualte like
Diffeence in sales volume 1500-1000(for x) x contribution (12)=6000
'' '' 3000-2000(for y) x contribution (4)=4000
total = 10000
29,
1200+800(only production costs) /10 (budjeted units)
= 200
30,
here its just budjeted overhead/ budjeted units to get OAR
354/118 = 3 per unit
Total budjeted costs for activity is underabsorbed by 3000 , which means
budjeted costs are
360-3=357
to get units 357/3
=119
10.o/n 2004
14.
Capital a/c
Debit : A B z Credit: A B z
Godwill 4000 4000 4000 Balance b/d 6000 5000
Godwill 6000 6000
balancec/d 8000 7000 balance c/d 4000
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ok...these are my final doubts;
1.m/j 2009 qns 8,9,16,19 and 30.
2.o/n 2009 p11 qns 9,14,16,23 and 30.
3.2010 m/j p12 qns 10,29 and 27
4.o/n 2010 p11 qns 1 and 8
i dont get how to do suspense a/c?can u explain?
;D ;D ;D ;D ;D
hmm i'll explain about the suspence a/c , but the questions later , when i start doing past papers !! :D
suspence account is used when u have errors in the accounts of the business , which affects the trial balance , suspence & control accounts go againts the double entry principaly ! , but are perfectly logical,
its like this if total of your debit balences in accounts exceeds credit , u Credit the suspence(here u dont find a double entry)
& when u find errors later you correct em , the way they occur (thses entries have double entry thauhg )
& after all errors are corrected supence a/c balance becomes 0 & trial balance balances ! , then u close the suspence a/c.
got it ? read the book it explains most of it , & do some questions on them & u'll understand :D
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Rest of the answeres ;D
1.m/j 2009
8,
700 discounts recieved not recorded in creditors ledger only in discounts recieved
account , which means its credited in discounts recieved but not debited
in the creditors a/c. So credit side balances are higher by 700 !
& the next entry also causes the credit side to be higher by 1000
so our trial balance shows an increase in credit side by 1000 , we enter
the balancing figure on debit as suspence (i.e 1700 debit),since both errors increase credit balance.
9,
here the ans is C !! , lol @ least thats wat i get :S , hmm i got it like
this since the 63000 in control ac is correct & only amount taken to suspence is
wrong> so only suspence shuld be corrected not the control a/c :o
wat did u get ?? as the ans !
16,
Debtors control a/c
Dr: Cr:
Balance b/d 225000 Balance b/d 2800
Creditors control transfer 3200
Transfer to creditors contr.. 2800
balance c/d 228200
19,
many ways of doing the question , simplest way is , if u can take sales as x
& u knw that
Sales-cost of sales - expences = profit
X-(800-200) - 400 = 20% of(X) (i.e net profit %)
x-600-400=0.2X
x-0.2x=1000
0.8x=1000
x=1250 got it ?
or u could draw a prift & loss & work bakwards but takes time!! )
30)
OAR as per budjeted rate = 2.2
2.2 x actual machine hours worked=budjeted costs for the machine hours worked
2.2 x 116000 =255200
Reconsiliation:
budjeted = 255200
Add:under absorption = 5800
Actual cost incurred = 261000
2.o/n 2009 p11
9)
i.
causes the Debit side to be higher by 200 as the Bank o/d is shown as credit.
so suspence will be credited with 200 due to this
ii.
no effct to suspence or trial banlance , its an error of principal(errors not affecting
trial balance)
iii.
Debit entry of 160 enterd as 150 in purchases a/c, this causes the debit balance to be
lower & so this will require a debit entry of 10 in suspence a/c
credit 200
debit (10)
Final 190 (credit) Opening balance in suspence
14)
Add back all interest on capital & saleries & share of profit
Then deduct the intrest on drawings . This is the exact reverse of an appropriation a/c !!
3400-900+5000+20000 =27500
16)
share holders funds is reserves + share capital
here they ask ordinary share holders funds
so its Ordinary share capital + reserves
250+320+125=695
23)
Divident yeild here is 4% i.e dividents are 4% of the share price!
& earnigs here is 0.32 out of that half are paid as dividends i.e for every 1 share
0.32/2 is paid as dividents, if we knw that the divident is 4% of total price of the
share we knw hw to find the share price right >
0.16 is 4% so wat is for 100%
0.16/0.04 x 1 = $ 4
30)
here u can see that stock increased by 3000 units.& u also knw the only thing that
causes the change in profit in marginal & absorption costing is the change
in stocks !.
In absorption costing All costs are taken when calculating closing stock , so if closing stock
is high then cost of production(as we deduct slosing stock from purchases/ cost of sales)
goes down !& so profits are high.This increase in profits in absorption costing
was caused by the increse in stocks.
Profit increased by 19500
Stock by 3000
19500/3000 = 6.50 (fixed overhead rate )
3.
2010 m/j p12
10,
invoive of 900 not recorded , recording it would increse debtors by 900
Total Debtors are 48500 + 3600 (before correction of error)
After correction its 48500+900+3600
=53000
29.
here A is out as x breaks even @ a lower output than y
B is out too as fixed costs of x is higher than Y , x has 20 + , while y has like 10!!
C is out too because the SP of X is > than SP of Y , (sales / ouput)
D seems to be correct because :
VC(total) of x is like 10
Average is 10/35 = 0.28
while:
VC of y is like 22
Average is 22/35 = 0.62
VC = Difference of total & FC
27.
Here we get the variable costs first:
Change in cost is 7000
change in quantity is 14000 units
so the Total varies by 7000 when output vaies by 14000
so varable costs are 7000/14000=0.5 per unit
Now substitute varable costs in the data already given to find FC!
i.e it takes 10000 x 0.5 =5000 variable costs for 10000 units
Take care there is 6000
Fc= 6000- 5000
Fc= 1000
Now u knw da FC
we can find the cost for 20000 units!
its 20000x .5 = 10000(VC)
+ FC = 1000
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THANK U SO MUCH DASITH!
ur a lifesaver! ;D
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no prob , :D :D
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oct nov 2010 var.2
question 5 please
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oct nov 2010 var.2
question 5 please
ok its like this
46000 is opening debtors yea ?
credit sales = 280000 (80% of total sales )
Cash to be recieved = 310,000(without discount* )
*303800/98 x 100 = 310000
so 28000 credit sales were made & we recieve cash of 310000
so debtors are increasd by 280000(credit sales ) & decreased by 310000(cash rec )
so we already had 46000 debtors
46000 + 280000 - 310000 = 16000!
got it ?
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or u can of course make a debtors control account to find the closing debtors !
hope u knw wat that is ;) ;D
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ya thanks got it
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Rest of the answers
9,
here the ans is C !! , lol @ least thats wat i get :S , hmm i got it like
this since the 63000 in control ac is correct & only amount taken to suspence is
wrong> so only suspence shuld be corrected not the control a/c :o
wat did u get ?? as the ans !
im doing it now hehe........i have no idea! :(
im flunking
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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 !
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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
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ok....i dont understand this qns in oct/nov 2002 qns19.
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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. :D
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. :D ; A.
Hope yuh understood. (:
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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. :D
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. :D ; A.
Hope yuh understood. (:
i got it......my mistake was that i didnt consider the price $0.5
thanx alot
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has anyone solved specimen ppr i m having
sm problems in that pls help me out ??? ???
Thanks in advance
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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.
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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!
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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
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http://www.cie.org.uk/qualifications/academic/uppersec/alevel/subject?assdef_id=953
which specimen paper and which qns
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Post yer q's and i'll try to help.
q9
q27
q28
Thanks
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which specimen paper and which qns
speciman ppr 1
q9
q27
q28
all others are quite bearable
bt these r above my mind offfff ???
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anyone there??????? ??? ???
or i shud lose hope :P :P
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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
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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. :D It's A By the way. :D
Hope yuh understood. (:
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anyone there??????? ??? ???
or i shud lose hope :P :P
dont lose hope....we're here...never fear ;D
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Good job, Mimi.
Yuh need to understand that we've got exams too, mate. So, never expect answers right. We try our best to help members, yeah. :D
And yes, never lose hope. =]
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Thanks alot @mimiswinft
and @ crooked
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Thanks alot @mimiswinft
and @ crooked
ur welcome!
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can u compare
these two mcq's they r similar
but ms has use different approach for them
MJ 09 q9
MJ 03 q10
By the way Thanks for makin me hopefull :P :P
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Good job, Mimi.
Yuh need to understand that we've got exams too, mate. So, never expect answers right. We try our best to help members, yeah. :D
And yes, never lose hope. =]
@crooked-thanx....@newbie-i have my exam too!
but dont worry!i ll try to help as much as possible
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can u compare
these two mcq's they r similar
but ms has use different approach for them
MJ 09 q9
MJ 03 q10
By the way Thanks for makin me hopefull :P :P
aww...i think im gonna cry...i dont get it either!
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tell me when the q states
find the total share of profit fro a partner
then do we need to add interest on loan provided
bi that partner???
n also is dividend yield included in AS
if so then wts its formulae??
Thanks in advance
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tell me when the q states
find the total share of profit fro a partner
then do we need to add interest on loan provided
bi that partner???
n also is dividend yield included in AS
if so then wts its formulae??
Thanks in advance
i dont think dividend yeild is in AS level......bt just check the sylabbus once.....u need to add interest on loan,cap and salary and deduct drawing and interest on drawings....just like a current a/c
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i dont think dividend yeild is in AS level......bt just check the sylabbus once.....u need to add interest on loan,cap and salary and deduct drawing and interest on drawings....just like a current a/c
bt it has came in nov 09, mj 10, nov 10 etc.....
any ways
when development cost in capitalised which principle is applied
ms states matching bt i didnt get that
nd wt is semi variable cost ?? MJ 05 25 mCQ
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bt it has came in nov 09, mj 10, nov 10 etc.....
any ways
when development cost in capitalised which principle is applied
ms states matching bt i didnt get that
nd wt is semi variable cost ?? MJ 05 25 mCQ
according to my teacher....she said its not in our portion...the syllbus changed at bit this year.......pls dont ask me accounting concepts...because i really have no idea either...semi variable means partially fixed and partially variable.
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bt it has came in nov 09, mj 10, nov 10 etc.....
any ways
when development cost in capitalised which principle is applied
ms states matching bt i didnt get that
nd wt is semi variable cost ?? MJ 05 25 mCQ
It's not really there in the syllabus but those jerks can ask whatever they want to. So yuh need to be prepared.
I'll give yuh and eg to clear yer misconception. I've spent $5000 on a building which will be built in 5 yrs. In the first yr, foundation is made. 2nd yr, the construction is being done and on and on. Now, i can't show in my financial statements of the 0 yr that i've incurred 5000 of cost. So i'll divide it into 5 yrs. 1000 per yr and include it in my Financial Statement. Understood ?
Semi variable cost is like yer telephone bill. Yuh'll have to pay a certain amount if yuh use it or not. The longer yer calls, the more yer bill. The cost of making a call is yer variable cost. So yeah, that's about it.
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according to my teacher....she said its not in our portion...the syllbus changed at bit this year.......pls dont ask me accounting concepts...because i really have no idea either...semi variable means partially fixed and partially variable.
hope ur teacher ix rite :P :P
Thanks alot for ur help
gud luck 4 tomorrow
The only problem i m having ix this
Speciman paper, even i hv completely solved it but still its too difficult
iff ppr gonna b of this difficulty then i'll be hell in exam hall :P :P
by da way where can we discuss the paper after 24 hrs
i mean is there any other forum or same one
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Try solving more papers. Don't give up yet. Yuh need to practise more.
Yuh can search fer threads with the name of the exam and can discuss it then. But yeah, right after 24 hrs.
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It's not really there in the syllabus but those jerks can ask whatever they want to. So yuh need to be prepared.
I'll give yuh and eg to clear yer misconception. I've spent $5000 on a building which will be built in 5 yrs. In the first yr, foundation is made. 2nd yr, the construction is being done and on and on. Now, i can't show in my financial statements of the 0 yr that i've incurred 5000 of cost. So i'll divide it into 5 yrs. 1000 per yr and include it in my Financial Statement. Understood ?
Semi variable cost is like yer telephone bill. Yuh'll have to pay a certain amount if yuh use it or not. The longer yer calls, the more yer bill. The cost of making a call is yer variable cost. So yeah, that's about it.
hey Thanks that was helpful
can v use ths formulae for dividend yield:
(rate of dividend * face val)/market price of share * 100
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to make it easier for u here's the link
https://studentforums.biz/gce-as-a2-level-(cie-edexcel)/2011-mayjune-examination-discussion-here-!!!!/990/
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hey Thanks that was helpful
can v use ths formulae for dividend yield:
(rate of dividend * face val)/market price of share * 100
about the formula, follow the formula they've given with the syllabus. There can be a lot of different formulas to calculate dividend yield, yuh know.
I am not sure about the formula so just check it on the paper where all the formulas are written. But remember, yer formula may not always lead yuh to the correct answer. Use yer common sense at times, yeah ?
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hey Thanks that was helpful
can v use ths formulae for dividend yield:
(rate of dividend * face val)/market price of share * 100
the formula is
(dividend per share/market value of one share) *100
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about the formula, follow the formula they've given with the syllabus. There can be a lot of different formulas to calculate dividend yield, yuh know.
I am not sure about the formula so just check it on the paper where all the formulas are written. But remember, yer formula may not always lead yuh to the correct answer. Use yer common sense at times, yeah ?
okeh
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leaving tha forum
gud luck to all of US
hope it wud b ezy
atleast for US :P :P
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leaving tha forum
gud luck to all of US
hope it wud b ezy
atleast for US :P :P
Best of luck. Not just easy. Yuh should be able to do it. So pray no matter how difficult the paper is, yuh are capable of completing it with ease. :D
All of yuh will ace it, IA. (:
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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.
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
Do u deduct stolen stock from purchases , or the Closing stock.
Since the closing stock is on physical count basis , the closing stock will be less in trading(it will incude the stolen amount ) so in order to correct that :
Double entry is : credit stock a/c
Debit P/L
rite?
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Do u deduct stolen stock from purchases , or the Closing stock.
Since the closing stock is on physical count basis , the closing stock will be less in trading(it will incude the stolen amount ) so in order to correct that :
Double entry is : credit stock a/c
Debit P/L
rite?
i added the stolen stock of 9000.......since they were nt accounted for the profit was less....so i justed added it(my theory)
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i added the stolen stock of 9000.......since they were nt accounted for the profit was less....so i justed added it(my theory)
yea i knw we add it to profit , i knw , but y do we add it , because purchases figure was overstated or because the stock(closing ) figure shuld be corrected ! ?
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yea i knw we add it to profit , i knw , but y do we add it , because purchases figure was overstated or because the stock(closing ) figure shuld be corrected ! ?
because purchase is over stated.....cost increases thus reducing profit.....and we have to add back!
well u didnt need this anymore...! :o
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i was thinking hw purchases are gonna be overstated :O , because usually u take only the purchases made by customers into purchases , it shuldent include stock stolen i suppose ,
By the way i'm gonna need it because i'm doing A2 this month 2 :D
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Do u deduct stolen stock from purchases , or the Closing stock.
Since the closing stock is on physical count basis , the closing stock will be less in trading(it will incude the stolen amount ) so in order to correct that :
Double entry is : credit stock a/c
Debit P/L
rite?
When yuh draw goods yuh deduct it from yer purchases, yeah ? Yuh've to apply the same concept here as well. We've to assume sometimes, yeah.
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When yuh draw goods yuh deduct it from yer purchases, yeah ? Yuh've to apply the same concept here as well. We've to assume sometimes, yeah.
ok , thanx pal :D
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http://www.xtremepapers.com/CIE/International%20A%20And%20AS%20Level/9706%20-%20Accounts/9706_w09_qp_12.pdf
No 17.
I get 12 000. :\
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http://www.xtremepapers.com/CIE/International%20A%20And%20AS%20Level/9706%20-%20Accounts/9706_w09_qp_12.pdf
No 17.
I get 12 000. :\
its supposed to be 12000 , (another amazing mistake by CIE ) :P
check same year qustion paper 11, question 18
http://www.xtremepapers.com/CIE/International%20A%20And%20AS%20Level/9706%20-%20Accounts/9706_w09_qp_11.pdf (http://www.xtremepapers.com/CIE/International%20A%20And%20AS%20Level/9706%20-%20Accounts/9706_w09_qp_11.pdf)
& the answer in marking scheme for the same year question 18
http://www.xtremepapers.com/CIE/International%20A%20And%20AS%20Level/9706%20-%20Accounts/9706_w09_ms_11.pdf (http://www.xtremepapers.com/CIE/International%20A%20And%20AS%20Level/9706%20-%20Accounts/9706_w09_ms_11.pdf)
same question 2 answers , definetely an error made by em
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Thanks a lot Dasith. :)
Yup, I just wanted to check with someone else in case it was me who made the mistake.
I'm compiling all CIE's legendary mistakes, gonna put them in a museum. :P
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Thanks a lot Dasith. :)
Yup, I just wanted to check with someone else in case it was me who made the mistake.
I'm compiling all CIE's legendary mistakes, gonna put them in a museum. :P
Np , collecting CIE mistakes ::) how jobless can u get ? :P . But this CIE they make mistakes like this & never bother to correct em , & da worst part is they never accept that they hav made a mistake .. i mean its fine if they make a mistake & be fair by accepting it , instead of saying that the students answerd it wrong !
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Sarcasm Dasith, sarcasm. :P
Yes, you right there. They commit mistakes, we lose.
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Can someone please help me with accounting mcq questions 9706
M/j 2010 v12 q 6 and 13??? ???
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hello there,
Qns6. they are asking the total sales for 30 april 2010
we have to take the first item...that is the credit sales....the second item is also sold but invoiced later...still its a sale....so we consider it too...the third item is not taken because its on sale or return basis .....so according to the accounting concept of realization...its not considered a sale until the customer actually pays for it!so its B
Qns13.so they are asking for the factory profit at COST OF PRODUCTION.---->we have opening stock of finished goods...we have costs of goods produced.....but closing stock of finished goods is at profit......so we have to take the profit out from it.
this is how we do it---> cost*120%(we add 100+20 ask we need the total amount not just profit)=54000
cost=54000/120%
cost=$45000
so now we have the closing stock of finished goods as $45000
there 240000+40000-45000=235000*20%(to find profit)
factory profit=$47000 and its C
hope you understand it!:D
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Thank u soooo very much tohru ;D
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your welcome<3
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Could someone help me with my accounts doubts? I would be really grateful if someone did so
M/J/10 v12 P1
Q16
Q26
O/n/10 v11 P1
Q6
Q27
O/n/11 v11 P1
Q6
Q7
Q21
O/n/11 v12 P1
Q3
Q5
Q13
O/n/12 v11 P1
Q17
Q24- i chose D as the GP% had also increased
O/n/12 v12 P1
Q8
O/n/12 v13 P1
Q1
Q5- what are the rules for limited liability companies I dint find them anywhere?? ???
Q15
Q19
Q21 - how do we calculate this
Thanks alot! ::)
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Here you go, please do some working and give me some explanation:
october/november 2004 - 14, 16, 19, 26, 29
may/june 2004 - 6, 10, 17, 18, 19, 27, 28, 29, 3o
may/june 2003 - 3, 14, 15, 17, 21,28
october/ november 2003 - 28, 18,22, 14
oct/nov 2002 - 29, 30
I have got some of doubts solved from otthers doubts here.. Please help mr for the ones I dont know :)
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No one? :(