Accounting doubts & Queries

[TheZodiac]

Hahha actually showing some respect and appreciati0n!

Thank you!

 

[zainabkhann]

It is my advice, as you're new to Accounting that you must study from a good teacher in your area otherwise understanding the principles of Accounting would be very difficult for you specially Alevel accounting. I am sorry but I have failed to understand your question however when ever you purchase a Motor Vehicle or Purchase stock then their respective accounts will always be debited because Asset increases. However it's better that you join accounting tuitions, you may join my batch if you live in Karachi DHA or try some one else in you're area.
Thankyou!

Hi sorry for replying late, i came on the website late, and i am studying from a tutor and i do understand some bits, i am doing direct alevel accounting, not doing olevel principle of accounts, not that i dont want to, it turns out that i cannot give principle of accounts olevel with alevel accounting, the system told me straight away so i am giving alevel accounting, if i have some doubts, may i be able to contact you here? Please let me know, right now i want to ask you whether its okay for me to memorize the trading and profit and loss account since i dont have much time left, Please let me know, Will cie questions have problems regarding this topic without trial balance? I find the problems which have already given me a trial balance easier, i dont like doing the ledger and journal entries as i am confused about it

Looking towards your reply

Have a great day

Kind Regards

 

[Rishabh195]

I am an Accounts teacher and open to your queries. I will try my best to answer each one of you.

Mam I have doubt in the following question so can you explain it with workings.

The table shows details extracted from the Balance Sheet of a company.

6 % preference shares of $0.50 50 000
Share Premium Account 80 000
Profit and Loss Account 100 000

The preference shares were issued at par.
The company now wishes to purchase all of the shares from the present holders at $0.65 per
share.

Which items will appear in the Balance Sheet following the purchase of the shares?



Share Premium Account Capital Redemption Reserve Profit and Loss Account
A. 65 000 50 000 50 000
B. 65 000 50 000 100 000
C. 80 000 65 000 65 000
D. 80 000 50 000 35 000

 

[Rai NoMan]

the following information has been extracted from the trial balance of a business:
sales 100000, purchases 60,000, wages 21000.

closing stock was 3000 more than opening stock.
1/3 of the wages was charged to cost of sales in the trading section of the income statement.
what was the gross profit?

the book says that the answer is 36000 but how ?

(000)
Sales 100
CGS
add opening stock 0
add purchases 60
add wages 1/3*(21)=7
less closing stock (3)
CGS is 64
Sales-CGS=Gross Profit
100-64=36

Gross profit=36

 

[panoramafolks]

Mam I have doubt in the following question so can you explain it with workings.

The table shows details extracted from the Balance Sheet of a company.

6 % preference shares of $0.50 50 000
Share Premium Account 80 000
Profit and Loss Account 100 000

The preference shares were issued at par.
The company now wishes to purchase all of the shares from the present holders at $0.65 per
share.

Which items will appear in the Balance Sheet following the purchase of the shares?



Share Premium Account Capital Redemption Reserve Profit and Loss Account
A. 65 000 50 000 50 000
B. 65 000 50 000 100 000
C. 80 000 65 000 65 000
D. 80 000 50 000 35 000

Ans.

As shares not issued at premium previously, nor is there a new issue of shares sharepremium will remain $80000.

The premium will be charged to Retained earning of (0.15*(50000/0.5)) = $15000

Because redemption is not covered by issue of new shares, CRR will created of the nominal value of shares redeemed ie , $50000

RE closing balance = 100000 - 15000 - 50000 = $35000.

so the ans is D.

 

[Jabbar ali]

hitler575 Sir, can I get AS and A2 important multiple choice questions . My e-mail address is: [email protected]. Thanks.

 

[:: A^]

me too: [email protected]

 

[Sarah Paul]

me too [email protected]

 

[Nini X]

Hello thread owner please help me Out!
There are some questions on past papers where i can't do them as i don't know how to account for some transactions.For example,Jan 2013 unit 1Question 3... Please help me to do them.If you have any solutions for those sums please post them on my page. Hope you will help me and Waiting for a quick reply .....

 

[Sarah Paul]

Hello thread owner please help me Out!
There are some questions on past papers where i can't do them as i don't know how to account for some transactions.For example,Jan 2013 unit 1Question 3... Please help me to do them.If you have any solutions for those sums please post them on my page. Hope you will help me and Waiting for a quick reply .....

Are You doing edexcel?

 

[hitler575]

Hello thread owner please help me Out!
There are some questions on past papers where i can't do them as i don't know how to account for some transactions.For example,Jan 2013 unit 1Question 3... Please help me to do them.If you have any solutions for those sums please post them on my page. Hope you will help me and Waiting for a quick reply .....

AS or A2? Variant?

 

[Nini X]

Shara Nafaz - ypie...
hitler575 - AS

 

[Rishabh195]

Ans.

As shares not issued at premium previously, nor is there a new issue of shares sharepremium will remain $80000.

The premium will be charged to Retained earning of (0.15*(50000/0.5)) = $15000

Because redemption is not covered by issue of new shares, CRR will created of the nominal value of shares redeemed ie , $50000

RE closing balance = 100000 - 15000 - 50000 = $35000.

so the ans is D.

thnx

 

[Sarah Paul]

http://papers.xtremepapers.com/CIE/... AS Level/Accounting (9706)/9706_s04_qp_2.pdf
CAN anyone help me hw to find good will in this question pls. URGENT

 

[wohooo]

http://papers.xtremepapers.com/CIE/...AS Level/Accounting (9706)/9706_w12_qp_41.pdf can anyone teach me how to comment the ratio? What to consider or look at? For example in question 2 f) in this paper.tq

 

[Rishabh195]

Can any1 please explain me how to calculate d value of godwill in capital account (q 2)

 

[:: A^]

http://papers.xtremepapers.com/CIE/... AS Level/Accounting (9706)/9706_w06_qp_4.pdf

Question 3, how to find the opening balance for retained earnings?

 

[zara97]

hey how do we treat fixed overheads in process accounts when a work in progress arises, i mean do we allocate it over all units entering the process (normal activity) or just the completed units. urgent help needed on this!!!!!

 

[hitler575]

hey how do we treat fixed overheads in process accounts when a work in progress arises, i mean do we allocate it over all units entering the process (normal activity) or just the completed units. urgent help needed on this!!!!!

If Fixed overheads is absorbed on the basis of Labour hours then include it in W.I.P also otherwise no change.

 

[Nini X]

http://papers.xtremepapers.com/CIE/Cambridge International A and AS Level/Accounting (9706)/9706_s04_qp_2.pdf
CAN anyone help me hw to find good will in this question pls. URGENT

they haven't specifically mentioned goodwill ry8? so as it an intangible non current asset perhaps it might be added to the Non current asset value given in the balance sheet.