ACCA F1 with Answers 20041

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  11 C 281,250/3 – 53,050
  130,000 686,400 1,400
  Balance 744,960 4,160 2,000
  181,000
  874,960 874,960
  10 D Payables ledger total account
  302,800 60,000 2,960 2,000 Balance 331,760
  84,000
  391,760 391,760
  12 D
  8 A 386,400 minus loss on 1 3,800
  13 B G H
  I 20,000 10,000
  90,000 30,000 30,000 110,000 66,000 44,000
  200,000 116,000 84,000
  14 A
  15 C
  16 A
  17 A
  9 C Receivables ledger total account
  7 B
  Part 1 Examination – Paper 1.1 (INT) Preparing Financial Statements (International Stream) June 2004 Answers Section A
  ) + (50,000 x 20% x
  1 A 20,000 minus 16,000 x 20%/2
  2 B (7/12 x 8,400) + (5/12 x 12,000) = 9,900
  1,000 paid in advance in sundry payables
  3 D 28,500 + 42,000 – 38,000
  4 A (160,000 x 20%) + (40,000 x 20% x
  3
  /
  4
  1
  465,200 465,200
  /
  2
  )
  5 D
  6 C Receivables ledger control account
  308,600 147,200 154,200 1,400
  2,400 4,900 4,600
  307,100
  18 D
  19 A
  20 B
  21 C
  22 D
  
23 C 280,000 – (112,000 + 40,000 + 48,000) = 80,000; minus 20% = 64,000
  24 C 290,000 x 20%
  25 A
  Section B 1 (a)
  Minica Income statement for the year ended 31 December 2003
  $ $ Sales revenue (3,845,000 – 15,000) 3,830,000
  less:
  Cost of sales Opening inventory 360,000 Purchases (2,184,000 – 60,000) 2,124,000 Carriage inwards 119,000
–––––––––– 2,603,000–––––––––– –––––––––– Gross profit–––––––––– 768,300–––––––––– Net profit for the year–––––––––– (b) The proposed dividend of $240,000 would be disclosed by note in Minica’s published income statement.
–––––– 3 Depreciation (460,000 – 20,000) x 20 per cent 88,000 60,000 x 20 per cent x 6/12 6,000 94,000–––––– 4 Profit on sale of equipment
  less:
  Closing inventory 450,000 2,153,000
  1,677,000
  less:
  Expenses Sundry administrative expenses (W1) 430,300 Carriage outwards 227,000 Bad and doubtful debts (W2) 26,000 Depreciation (W3) 94,000 Profit on sale of office equipment (W4) (9,000)
  908,700
  Workings $ $
  1 Sundry administrative expenses 416,000 + 28,700 – 14,400 430,300
  2 Bad and doubtful debts Bad debts written off 15,000 Allowance (31,000 – 20,000) 11,000 26,000
  15,000 proceeds minus 6,000 net book value 9,000
  2
  $ $ Repairs to premises 8,700
  Premises asset 7,800
  Suspense 900
  Correction of error in posting cost of repairs to premises Suspense account 1,000
  Motor vehicle disposal 1,000 Entry for unposted item Accumulated depreciation 6,000
  Depreciation expense 6,000
  (or Income statement) Motor vehicle disposal 30,000
  Motor vehicles – cost 30,000 Transfer of cost of vehicle

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