ACCA F1 with Answers 2005 p2

RP. 10,000

0
0
9
3 months ago
Preview
Full text

  Answers
–––––––– –––––––––––––––– ––––––––
  9 D
  13,000 – (48,000 – 42,550) 7,550
  14 B 864,000 – 13,000 = 851,000 – 5% = 808,450
  480,700 480,700
  1,240 292,940
  318,650 181,140 161,770 1,390 280 3,990
  13 C
  12 C 400,000 – 210,000 – 100,000 + 48,000 = 138,000
  Prepayment 3/12 x 40,000 = 10,000
  11 A Income statement 12/18 x 60,000 = 40,000
  10 C
  8 B 80,000 + 60,000 – 1,000 = 139,000
  7 A 836,200 – 8,600 + 700 + (14,000 x 70%) = 838,100
  Revaluation 1,000,000 – 640,000
  6 B Depreciation 1/40 x 1,000,000
  5 A
  4 A
  3 B 39,800 + 44,200 – 64,100 = 19,900 overdrawn
  2 A 38,000 + 637,000 – 45,000 = 630,000 x 10/7 = 900,000
  361,500 361,500
  Balance 16,900 Balance 24,600 Income statement 316,200 Cash 318,600 Balance 28,400 Balance 18,300
  1 D Rent received
  Part 1 Examination – Paper 1.1(INT) Preparing Financial Statements (International Stream) June 2005 Answers Section A
–––––––– –––––––––––––––– ––––––––
  15 C
  16 D
  17 C 83,600 + 18,000 – 4,500 = 97,100
  18 B
  19 A
  20 B
  21 A
  22 D
  23 C 160,000 – 80% (50,000 + 30,000) – 24,000
  24 D 20% x 120,000
  
25 D 180,000 + 100,000 – 56,000 – 20,000 – 16,000 = 188,000
  Section B
  Balance sheet as at 31 December 2004 Cost or Accumulated Net book valuation depreciation value
  Assets $000 $000 $000 Non-current assets Land and buildings 12,000 12,000 – Plant and equipment 19,600 7,950 11,650
––––––– –––––– ––––––– 31,600 7,950 23,650
–––––– ––––––– Current assets
  Inventories (3,000 – 140) 2,860 Receivables (2,600 – 200 – 106) 2,294 Cash at bank
  1,900 7,054
––––––– ––––––
  30,704
––––––– Equity and liabilities
  Capital and reserves Called up share capital (6,000 + 2,000) 8,000 Share premium account 2,400 Revaluation reserve
  4,000 Retained earnings (working) 12,310 26,710
–––––– Non-current liabilities
  Loan notes 2,000
  Current liabilities Trade payables (2,100 – 106)
  1,994
––––––– 30,704––––––– Working Retained earnings balance
  $000 Per question 12,400 Bad debts written off (200) Loss on sale of plant (100) Depreciation adjustment 350 Inventory adjustment (140)
––––––– 12,310––––––– $ $
  2 (a) Income statement 8,000
  Accumulated depreciation of motor vehicles 8,000 Adjustment to depreciation from reducing balance basis to straight-line basis
  (b) Petty cash 1,200 Rent receivable
  1,200 Rent received omitted from records
  (c) Bad debts 8,400 Sundry receivables ledger accounts 8,400
  Bad debts written off (d) Suspense account 3,400
  Motor vehicle repairs 3,400
  Correction of error – opening balance not brought forward (e) Discounts allowed 380
  Discounts received 290
  Suspense account
  90 December 2004 discount totals not posted
–––––––– Adjusted profit 74,510–––––––– 3 Sioux Cash flow statement for the year ended 31 December 2004.
–––––– Operating profit before working ca

Dokumen baru