ACCA F1 with Answers 20006

RP. 10,000

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  17 D 20% x (1,000,000 + 400,000 + 5,600,000)
  /
  25 A Workings for computational MCQs
  1 A 0/inventory 380
  Purchases 480
  COGS 650 – 195 455
  1 + 500 2 + 500 3 no change
  6 D 180 + (40% x 500) – 30
  7 B 838,000 – 72,000 = 766,000; allowance 60,000
  14 A
  3
  4
  23 D
  x 10,800 +
  1
  /
  4
  x 12,000 = 11,100; prepayment
  
3
  /
  
4
  x 12,000
  24 A
  22 B
  
Preparing Financial Statements (International Stream) December 2006 Answers
  9 C
  Section A
  1 A
  2 A
  3 B
  4 A
  5 D
  6 D
  7 B
  8 C
  10 D
  21 C
  11 D
  12 D
  13 A
  14 A
  15 C
  16 B
  17 D
  18 B
  19 A
  20 A
–––– 860–––– Inventory 405 Remaining inventory 220–––– Inventory lost 185–––– 2 A
––––– 1,000––––– 3 B 500 – (75% x 450)
  22 B 1: (40,000 + 60,000 – 50,000) x 2 = 100,000 – 95,000 = 5,000 cash lost
  3: (40,000 + 60,000 – 50,000 – 2,500 inventory loss) x 2 = 95,000
  23 D 834,600 + 134,600 – 4,800 + 8,700 – 144,400
  25 A Payables ledger control account
  Opening balance 318,600 Cash paid to suppliers 1,364,300 Purchases 1,268,600 Purchase returns 41,200 Refunds received from Contras against debit suppliers 2,700 balances in receivables ledger 48,000 Discounts 8,200 Closing balance 128,200–––––––––– –––––––––– 1,589,900 1,589,900 –––––––––– ––––––––––1 Golding
  $000 $000 $000 Non-current assets Land and buildings 9,000 200 8,800 Plant and equipment 6,000 4,400 1,600
  Balance sheet as at 30 June 2006 Cost or Accumulated Net book valuation depreciation value
––––––– –––––– –––––––––––––– –––––– Current assets
–––––– 9,220––––––– 19,620––––––– Capital and reserves
  15,000 4,600 10,400
––––––– 15,370––––––– ––––––––––––– Working $000 $000 $000 Retained earnings balance––––––– –––––– ––––––––––––––
  Accruals (500 + 250) 750 3,250
  5,570
  irrecoverable debts 280 bonuses 250 depreciation 1,400 1,930 970
  less:
  Draft profit 2,900
  1 July 2005 4,600
  19,620
  1,000 Current liabilities
  Payables 2,500
  Inventories 4,700
  Non-current liabilities 8% Loan notes
  Revaluation reserve (5,000 + 4,000 – 4,000 – 2,400) 2,600 Retained earnings (see working)
  Share premium account 2,200
  Called up share capital 5,000
  1,200
  Receivables (3,600 – 280) 3,320 Cash
  5,570
  $ $ (1) Sales 70,000
  Share capital 50,000 Share premium 20,000
  (2) Suspense 16,000 Interest payable 8,000 Interest receivable 8,000
  (3) Sales 16,000 Purchases 16,000
  Suspense 32,000 OR Suspense 48,000
  Sales 48,000
  Purchases 64,000 Suspense 64,000
  Sales 64,000 Suspense 64,000
  Suspense 48,000 Purchases 48,000
  (4) Suspense 36,000 Rent
  36,000
– + (b)
  $ $ Profit per draft accounts 830,000 Adjustments (1) Sales 70,000 (2) Interest
  16,000 (3) Sales/Purchases 32,000 (4) Rent
  36,000
–––––––– ––––––––
  102,000 882,000 102,000
–––––––– Revised profit
  780,000
–––––––– Cash flow statement for the year ende

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