ACCA F1 with Answers 2006

RP. 10,000

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  Answers
  25 A 20% x (400,000 + 800,000)
  10
  6 D 3,980 – 270 – 180 – 3,200 = 330 : difference 100
  7 C
  8 B
  9 B
  10 D 630,000 – 4,320 – 440
  11 A
  12 B
  13 B 430,000 x 5% = 21,500 – 18,000 + 28,000
  14 A Payables ledger control account
  Cash paid to suppliers 988,400 Opening balance 384,600 Discounts received 12,600 Purchases 963,200 Contras with amounts receivable in receivables ledger 4,200 Purchases returns 17,400 Closing balance 325,200
  1,347,800 1,347,800
  15 A
  16 D 756,000 x
  /
  1,028,800 1,028,800
  7
  17 C
  18 A
  19 C
  20 B 38,640 + 14,260 – 19,270 = 33,630
  21 D
  22 C 48,000 + 400 + 2,200
  23 B
  24 C 1,100,000 –
  4
  /
  5
  (400,000 + 500,000)
  5 D
  Irrecoverable debts written off 1,500 Returns from customers 38,700 Closing receivables 153,100
  
Preparing Financial Statements (International Stream) June 2006 Answers Section A
  2 D
  1 C (280,000 x 20%) + (48,000 x 20% x
  9
  /
  12
  ) + (36,000 x 20% x
  4
  /
  12
  ) – (14,000 x 20% x
  6
  /
  12
  )
  3 D
  Opening receivables 148,200 Cash received from customers 819,300 Sales 880,600 Discounts allowed 16,200
  5
  /
  12
  x 24,000 +
  7
  /
  12
  x 30,000 = 27,500;
  2
  /
  3
  x 7,500 = 5,000
  4 D Receivables ledger control account
–––––––––– –––––––––––––––––––– –––––––––––––––––––– –––––––––––––––––––– ––––––––––1 Leon and Mark
  70,000
  Statement of division of profit for the year ended 31 December 2005 Six months ended 30 June 2005
  $ $ Leon: (90,000 – 20,000) (see working)
–––––––– Six months ended 31 December 2005–––––––– ––––––––
  Profit 180,000
–––––––– 155,000–––––––– –––––––––––––––– Working–––––––– Profit for division–––––––– Six months ended 30 June 2005 90,000–––––––– Six months ended 31 December 2005–––––––– 250,000–––––––– Current accounts ––––––– ––––––– Six months ended 31 December 2005
  : irrecoverable debt 20,000 70,000
  250,000
  Add
  : irrecoverable debt 20,000
  270,000
  less
  180,000
  62,000 155,000
  Leon Mark Leon Mark
  $ $ $ $
  Drawings 160,000 80,000
  30 June Profit 70,000 Balance 13,000
  31 Dec Interest on capital 10,000 5,000 Salary 10,000 Share of balance 60:40 93,000 62,000 Balance 3,000
  173,000 80,000 173,000 80,000
  $ Profit for year
  93,000 Mark 40%
  Interest on capital Leon 5% x 400,000 x
  Balance of profit Leon 60%
  (10,000)
  /
  6
  Mark 20,000 x
  165,000 Salary
  5,000 (15,000)
  12
  /
  6
  10,000 Mark 5% x 200,000 x
  12
  /
  6
  12
––––––– ––––––– ––––––– 103,000 77,000 180,000 ––––––– ––––––– ––––––– Current accounts
  $687,100
  $ Profit per draft financial statements
  684,000 (1) Inventory movement
  Adjustment for sales $36,000 x 60% 21,600
  (2) Goods on sale or return Elimination of profit
  (4,000) (3) Reduction in inventory:
  $18,000 – ($13,500 – $500) (5,000)
  (4) Debts written off (8,000)
  (5) Increase in allowance for receivables ($11,500 – $10,000)
  (1,500)
  $ Inventories per draft financial statements
  173,000 80,000 173,000 80,000
  116,800 (1) Inventory movement – as (a) above
  21,600 (2) Goods on sale or return cost introduced into inventory
  6,000 (3) Reduction in inventory (a) above
  (5,000)
  $139,400
  (ii) Receivables
  per draft financial statements 248,000
  (2) Deduction of goods on sale or return (10,000)
  (4) Debts written off (8,000)
  2 (a) Net profit adjustments
  31 Dec Share of profit 103,000 77,000 Balance 3,000
  (5) less: allowance for receivables (11,500)
  /
  Leon and Mark Statement of division of profit for the year ended 31 December 2006
  Leon Mark Total $ $ $
  Six months ended 30 June 2005 Leon: (90,000 – 20,000)(see working) 70,000 70,000
  Interest on capital Leon 5% x 400,000 x
  6
  /
  12
  10,000 Mark 5% x 200,000 x
  6
  12
  30 June Profit 70,000 Balance 13,000
  5,000 15,000 Salary
  Mark 20,000 x
  6
  /
  12
  10,000 10,000 Balance of profit 60:40
  93,000 62,000 155,000
  Leon Mark Leon Mark $ $ 2005 $ $
  Drawings 160,000 80,000
––––––––– Revised net profit––––––––– (b) Adjustments to inventory and receivables (i) Inventory––––––––– Revised closing inventory––––––––– $––––––––– 230,000>––––––&nd

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