ACCA F1 with Answers 2005

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  Answers
  Part 1 Examination – Paper 1.1(INT) Preparing Financial Statements (International Stream) December 2005 Answers Section A
  14 D
  24 A
  23 C
  22 C
  21 B
  20 D
  19 B
  18 C
  17 A
  16 D
  15 A
  13 C
  1 A
  12 C
  11 D
  10 D
  9 D
  8 A
  7 B
  6 D
  5 C
  4 D
  3 B
  2 A
  25 B
  SECTION B1 Airn
  Income statement for the year ended 30 June 2005 $ $
  Sales revenue (Working 1) 517,200
  Opening inventories 58,900
  Purchases (Working 2) 334,600
–––––––– 393,500
  less: Closing inventories
  63,200 330,300
–––––––– –––––––– Gross profit
  186,900 Wages
  74,000 Rent and general expenses (49,200 + 7,400 – 12,500 + 13,000) 57,100 Depreciation: shop fittings (45,000 x 10%) 4,500 motor van (22,000 x 20%) 4,400 Profit on sale of van (4,500 – 4,000) (500) 139,500
–––––––– –––––––– Net profit
  $47,400
–––––––– Workings (1) Calculation of sales
  Receivables ledger total account $
  $ Opening balance 44,700 Cash banked 418,200
  Payments out of takings 95,100 Sales 517,200
  Closing balance 48,600
–––––––– ––––––––
  561,900 561,900
–––––––– –––––––– (2) Calculation of purchases
  Payables ledger total account $
  $ Opening balance 19,600
  Cash paid for purchases 316,300 Purchases 320,900 Closing balance 24,200
–––––––– –––––––– 340,500 340,500 –––––––– –––––––– Credit purchases 320,900 Cash purchases 13,700>–––––––– Total purchases 334,600 ––––––––
––––– –––––––––– –––––
––––– –––––––––– –––––––––– –––––––––– –––––––––– –––––––––– –––––
–––––––– –––––––––––––––– –––––––––––––––– –––––––––––––––– –––––––––––––––– ––––––––
  31 Dec Revaluation reserve 204 2% x 1,200
  24
  224 224
  Land and Buildings – disposal 2004 $000 2004 $000
  30 Sept Land 100
  30 Sept Depreciation
  20 Buildings 100 Cash 500 Income statement – profit 320
  520 520
  $ $
  3 Goodwill
  Investment in Rye 260,000 Share capital 80% 80,000 Retained earnings 80% 144,000 Goodwill-retained earnings 36,000
  260,000 260,000
  Minority interest $
  $ Balance to CBS 72,000 Share capital 20% 20,000
  Retained earnings 20% 52,000
  72,000 72,000
  Retained earnings $
  $ Cost of co

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