# ACCA F1 with Answers 2004

RP. 10,000

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19 D
3
x
1/
2
x (540,000 + 30,000)] – 20,000 + (50% x 285,000)
16 A
17 D
18 B
20 A
14 C
21 B
22 B
23 C
24 B
25 C
A
7 B
8 C
5 D
15 B [ 2/
13 C (2 x 5,000) + ( 10 x 6,000)
5
4 B
Part 1 Examination – Paper 1.1 (INT) Preparing Financial Statements (International Stream) December 2004 Answers Section A
1 B
2 C 146,000 + 218,000 – 83,000
3 D (240,000 x 20%) + (160,000 x 20% x 6/
12
) – (60,000 x 20% x
9/
12
)
5 A
12 A
Balance 614,000 Cash 311,000 Sales 301,000 Discounts 3,400 Interest 1,600 Contras 8,650
916,600 916,600
6 A
7 A
8 A
9 D
10 D
11 B––– 25 –––
Section B 1 (a)
Bob Income statement for the year ended 30 September 2004
Reference \$ \$ to workings Sales 1 604,200
Less
: Cost of sales
Less : Opening inventory 1 38,000
Less : Purchases
2 410,800
–––––––– 448,800
Less less : : Closing inventory 1 46,000 402,800
–––––––– –––––––– Gross profit
201,400 Expenses
3
1 94,000
–––––––– Net profit
107,400
–––––––– (b) Calculation of goods taken by Bob:
Purchases as above 410,800
Purchases per information in question: 408,100 – 68,100 + 77,100 + 14,200 431,300
–––––––– Goods taken by Bob therefore total 20,500–––––––– Workings
1 Sales \$
Credit sales \$519,400 – \$119,200 + \$125,000 525,200 Cash sales
79,000
–––––––– Sales for income statement
604,200
–––––––– 2 Purchases and cost of sales
2/
Cost of sales \$604,200 x 402,8003 Details
Opening inventory 38,000 Purchases (balancing figure) 410,800
–––––––– 448,800
less
: closing stock 46,000 402,800
–––––––– ––––––––
3 Expenses \$89,400 + \$4,100 – \$3,900 + \$4,600 + \$2,400 – \$2,600 94,000
–––––––– Alternative workings for (b) Purchases and cost of sales (before deducting goods taken by Bob) Purchases \$408,100 – \$68,100 + \$77,100 + \$14,200 431,300
Cost of sales \$431,300 + \$38,000 – \$46,000
423,300 Calculation of goods taken by Bob
Cost of sales allowing for 50% mark-up \$604,200 x 402,800
2/3
Cost of sales as above 423,300
–––––––– Goods taken by Bob therefore total
20,500–––––––– Purchases total becomes \$431,300 – \$20,500 410,800 ––––––––
2 (a)
Cougar Statement of changes in equity
Year ended 30 June 2004 Share Share premium Revaluation Accumulated Total capital account reserve profits
\$m \$m \$m \$m \$m At 1 July 2003 100 140 60 120 420 Prior year adjustment
11 1( (6) 1 (6)
––– ––– ––– ––– ––– 100 140
60 114 414 Arising on issue of shares 100 180 280 Surplus on land
1
60 – revaluation, now realised (60) Net profit for year (40 + 6)
1
1
46
1
46 Dividends paid
1( (8) 1( (8)
––– ––– –––
–––– –––
– 200 320 212 732–––– ––– ––– ––– –––3 Leo Group
Consolidated balance sheet as at 30 June 2004 \$
Sundry net assets 3,100,000
–––––&ndas

## Tags

Acca F1 F2 F Acca Financial Management Acca Paper F