ACCA F1 with Answers

RP. 10,000

0
0
8
2 weeks ago
Preview
Full text

  Answers
  Part 1 Examination – Paper 1.1(INT) Preparing Financial Statements (International Stream) December 2002 Answers Section A 1 B $400 debit which should have been credited – correction will bring trial balance into agreement.
  11 C
  612,000 Opening inventory 318,000 Purchases
  412,000 730,000
  less:
  Inventory held 214,000 516,000
  Shortfall 57,000 459,000
  Gross profit 25% 153,000
  10 C
  12 A
  $952,500 × 100/60 = $1,587,500 $ $
  13 C
  14 A
  15 D
  5c × 10,000,000 + 8% × $500,000
  16 A
  17 D
  18 A
  19 B
  9 D Sales
  8 B
  2 D
  /
  Rent Receivable $ $
  O/Balance 21,200 O/Balance 28,700 Income Statement 475,900 Cash 481,200 C/Balance 31,200 C/Balance 18,400
  528,300 528,300
  3. C $2,500 + $7,500 + $9,000 + $9,000 + $6,000 One month in advance = $3,000 Cr.
  $
  4 D
  20% × $345,200 69,040
  10
  12
  7 A
  × 20% × $18,000 3,000
  8
  /
  12
  × 20% × $36,000 4,800
  76,840
  5 D –$36,840 + $51,240 – $43,620 = $29,220 overdrawn
  6 A
  20 C
  21 D
  22 B
  23 B
  24 A
  25 C Section B
  1 Cronos Limited
  Income statement for the year ended 30 September 2002 $ $
  Sales 3,210,000
  Cost of sales (W1) (1,823,100)
  Gross profit 1,386,900
  Distribution costs (W1) (188,500) Administrative expenses (W1) (944,680)
  (1,133,180) Profit from operations
  253,720 Interest payable (30,000 + 30,000)
  (60,000) Net profit for the year
  193,720 Working 1
  Cost of Distribution Administrative Sales Costs Expenses
  $ $ $ Opening inventory 186,400 Purchases 1,748,200 Carriage inwards 38,100 Carriage outwards (47,250 + 1,250) 48,500 Wages and salaries 694,200
  5,800 700,000 70,000 140,000 490,000
  Sundry administrative expenses (381,000 + 13,600 – 4,900)
  389,700 Bad and doubtful debts
  (14,680 + 8,000 – 2,700) 19,980
  Depreciation of office equipment 44,400
  20% × (214,000 – 40,000 + 48,000) Loss on sale
  600 Closing inventory (219,600)
  1,823,100 188,500 944,680
  2 (a) Journal entries
  Consolidated balance sheet as at 30 June 2002 Non-current assets
  1,228,800
  Minority interest 150,000
  128,800 1,078,800
  350,000 Accumulated profit
  600,000 Share premium account
  1,228,800 Share capital
  Net current assets 390,000
  770,000 838,800
  68,800 Tangible assets
  $ Goodwill
  Balance 396,140 522,800 522,800
  (1) Trial balance (no ledger entry) 48,900 Suspense account
  Difference 386,400 Trial balance (carriage outwards) 48,900 Discount accounts 136,400 Discount accounts 77,760
  $ $
  (b)
  300,000 Correction of error in recording issue of shares – $300,000 wrongly credited to ordinary share capital account. Suspense Account
  (3) Ordinary share capital account 300,000 Share premium account
  68,200 Correction of discount totals Wrong discount amount posted to the wrong side
  68,200 Discount allowed
  Suspense account 136,400 Discount received
  Suspense account 77,760
  (2) Discount received 38,880 Discount allowed 38,880
  48,900 Correction for carriage outwards balance omitted from trial balance3 Helios
  Cost of control $
  $ Investment in Luna 700,000 Share Capital 80% 320,000
  Share Premium 80% 160,000 Accumulated profits 80% pre-acq 48,000 Balance – goodwill 172,000
  700,000 700,000 Balance 172,000 103,200
  Amortisation 20% × 3 years Balance 68,800
  172,000 172,000 Minority interest
  $ $
  Balance fo

Dokumen baru