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
  Bad Debts 32,000 Balance 561,550
  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

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