ACCA F1 with Answers 203

RP. 10,000

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  11 B A $181,600 x 40% = 72,640 – 67,600 = $5,040 B $114,000 x 10/6 = $190,000 – 181,600 = $8,400 (correct) C $181,600 – (114,000 + 40%)
  17 D
  16 C
  15 C
  14 D
  13 B
  Q 85,000
  D P 170,000 + 85,000
  Q 90,000
  C P 180,000 + 90,000
  Q 90,000
  B P 180,000 + 90,000 – 20,000 (Correct)
  Q 95,000
  12 B A P (340,000 – 20,000)/2 + 170,000/2
  10 D
  Part 1 Examination – Paper 1.1 (INT) Preparing Financial Statements (International Stream) December 2003 Answers Section A
  9 B
  8 C
  7 D A 483,700 – 38,400 + 14,800 + 400 – 1,800 B 483,700 + 38,400 – 14,800 + 400 – 1,800 C 483,700 + 38,400 – 14,800 – 400 + 1,800 D 483,700 – 38,400 + 14,800 – 400 + 1,800 (Correct)
  6 A
  D C + $1,600 (contras)
  473,800 473,800
  800 Balance 282,830
  4,920 179,790
  $ $ 284,680 3,660 189,120 1,800
  5 C A C + 2 x $3,660 discounts allowed B C + 2 x $1,800 bad debts written off C Sales ledger control account
  4 B B 16,690 – 9,160 – 3,860 C 16,690 + 3,860 – 9,160 D As B but overdrawn
  3 B
  2 B
  1 A A 16,000 + 14,600 – 18,000 B 18,000 + 14,600 – 16,000 C 18,000 + 14,600 + 16,000 D 16,000 + 14,600
  18 C
  19 C
  20 D
  21 B A All rights issue proceeds added to share capital
  Bonus issue 75,000
  B 125,000 + 62,500 + 37,500; 100,000 + 187,500 – 37,500 (correct) C As B, but bonus issue added to share premium D Bonus issue does not allow for previous issue.
  22 D
  
3 A $80,000 + 7% x $500,000 x /
  12
  6
  3 B As D but including 7% x $500,000 x / instead of /
  12
  12
  3 C As D but excluding 7% x $500,000 x /
  12
  3
  9
  3 D 8% x $1m x / + 8% x $750,000 x / + 7% x $500,000 x /
  12
  12
  12
  23 A
  24 A
  25 A
  Section B 1 (a)
  Abrador Balance sheet as at 31 December 2002
  Assets $ $
  Non-current assets Property, plant and equipment (W1) 3,000,000 Development costs 570,000 3,570,000
–––––––––– Current assets
  Inventory 3,900,000 Receivables (W2) 2,910,000
–––––––––– 6,810,000–––––––––– 10,380,000–––––––––– Equity and liabilities Capital and reserves
  Issued share capital 1,500,000
  Share premium account 700,000 Accumulated profits (W3) 5,780,000
–––––––––– 7,980,000
  Curent liabilities Trade payables 1,900,000 Bank overdraft 100,000 6% loan notes 400,000 2,400,000
–––––––––– ––––––––––
  10,380,000
–––––––––– Workings
  1 Property, plant and equipment per question 5,000,000
  less
  : depreciation at 31 December 2001 1,000,000
–––––––––– 4,000,000
  less
  : 25% x 4,000,000 1,000,000
–––––––––– 3,000,000–––––––––– 2 Receivables
  3,400,000
  less
  : Written off 400,000
–––––––––– 3,000,000
  less
  : Allowance 90,000
–––––––––– 2,910,000–––––––––– $
  3 Accumulated profit Per question
  7,170,000
  less
  : Depreciation 1,000,000 Bad debts 400,000 Allowance for doubtful debts (10,000) 1,390,000
––––––––– ––––––––––
  5,780,000
––––––––––
  (b)
  $ Movements on deferred development expenditure during year Balance at 31 December 2001
  550,000 New expenditure in 2002
  120,000
––––––––– 670,000
  Amortisation for year (100,000)
––––––––– Deferred development expenditure at 31 December 2002 570,000––––––––– Total expenditure on research and development charged in income statement Current expenditure
  85,000 Amortisation
  100,000
––––––––– 185,000––––––––– 2 (a) Office building – cost/valuation
  2002 $ $
  1 July Balance 1,600,0001 July Revaluation 400,000
–––––––––– 2,000,000
  Office building – accumulated depreciation 2002 $ 2002 $
  1 July Revaluation reserve 320,000
  1 July Balance 320,000 2003
  2003
  30 June Balance 50,000
  30 June Income statement (W1) 50,000
––––––––– ––––––––– 370,000
  370,000

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