ACCA F1 with Answers2003

RP. 10,000

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  Preparing Financial Statements (International Stream) June 2003 Answers Section A
  12 A 3,000 + 9,000 – 3,460 – 5,600 – 500 = 2,440
  24 D
  23 D 210 + 160 – 72 – 32 – 21 = 245
  22 A 20% x 260 = 52
  21 C 180 – 152 – 21 = 7
  20 D 980 – 40 – 130 + 100 + 80 = 990
  19 A
  18 B Share capital 50 + 25 + 30 Share premium 180 – 25 + 18
  17 B 12,000 + 240 + 6,000 + 4,000 = 22,240
  16 C
  15 A
  14 A
  13 C
  11 D
  1 B 8 months at 90,000 per year, 4 months at 120,000 per year; accrual 1 month
  10 D
  9 A 300 @ 230 + 500 @ 220 + 50 @ 190 = 188,500
  8 A 284,700 – (32,000 – 28,500) = 281,200
  7 B
  12
x 51,000) x 20% = 82,150
  9 /
  12 x 30,000 +
  9 /
  6 A (350,000 +
  5 D 38,000 – (50,000 – 36,200) = 24,200
  4 D 8,200 + 34,600 + 3,200 – 3,600 – 9,300 = 33,100
  3 B 180 + 190 + 3·3 – 228 – 8 – 4·2 – 1·5 – 2·4 = 129·2
  2 C (8,950 – 4,080 – 380) – (4,140 + 40) = 310
  25 A 22/500 = 4·4%
  1 (a) Alamute and Brador
  Income statement for the year ended 31 March 2003 $ $
  Sales Revenue 448,700
  Cost of sales: Opening inventory 15,600 Purchases 184,600
  ———— 200,200
  Less
  : Closing inventory 21,400 ———— (178,800)
  ———— Gross profit
  269,900
  Less
  : Expenses: Salaries 88,000 Rent (30,000 + 11,000) 41,000 Insurance (4,000 – 1,500) 2,500 Sundry expenses 39,400
  7,100 Depreciation (35,500 × 20%) Bad and doubtful debts
  (2,400 – 500) 1,900 ———— (179,900)
  ———— Net profit
  90,000 ————
  Division of profit Alamute Brador Total $ $ $
  Net profit 90,000
  Interest on capital 2,500 2,500 (5,000) ————
  85,000 Balance of profit 60:40 51,000 34,000 (85,000)
  ———— ———— ————
– 53,500 36,500 ———— ———— ————
  (b) Current Accounts
  Alamute Brador Alamute Brador $ $ $ $
  Balance 2,600 Balance 3,800 Drawings 48,400 36,900 Share of profit 53,500 36,500 Balance 8,900 Balance 3,000––––––– ––––––– ––––––– ––––––– 57,300 39,500 57,300 39,500 ––––––– ––––––– ––––––– ––––––– Cash flow statement for the year ended 31 March 2003 $ $
  Net cash inflow from operating activities 746,000 Interest paid
  (72,000) ———— 674,000
  Cash flows from investing activities Purchase of non-current assets (W1) (1,400,000) Proceeds from sale of non-current assets 280,000
  ————— Net cash used in investing activities (1,120,000) Cash flows from financing activities
  Proceeds from issuance of share capital 200,000 Proceeds from long-term borrowings 400,000 Dividends paid (260,000 – 110,000) (150,000)
  ————— Net cash from financing activities 450,000
  ———— Increase in cash
  4,000 Cash at 31 March 2002
  14,000 ————
  Cash at 31 March 2003 18,000
  ———— Workings
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