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hi5 =P
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how to do the first one?hi5 =P
Q12 - Like i said i cant seem to get the right words to explain this, but here goes..View attachment 40123
may/june 2009 paper 3 > how to do this :/
And this ??? please help ....
View attachment 40124
i ddint understand but np ill ask my sir (Y)Q12 - Like i said i cant seem to get the right words to explain this, but here goes..
Notice that in this question there is no opening stock.
So the purchased quantity should be equal to Sale quantity + C/Stock quantity (Agree on tht before you go ahead, else stop and ask)
Following this principle, the cost of purchasing, which is 450000 would be 550000 (Sales + C/Stock) with the profit.
Therefore the markup would be 550000-450000=100000
Use this to find the markup % = 100000/450000*100 = 22.22%
Now that you have the markup, find the cost price of the stock. Which would be = 50000/122.22 * 100 = 40909.83
Now all the hard work is done. Simply use the normal formula to find the GP now. i.e. Sales - COS
Then itll be like: 500000 - (450000-40909.83) = $90909 Hence C
Phew.
its not 1600, its 56320http://papers.xtremepapers.com/CIE/Cambridge International A and AS Level/Accounting (9706)/9706_w03_ms.pdf
How to get the depreciation of FA as 1600? Really confused
Its Q1 part b the workings
its not 1600, its 56320
make a net book value T a/c
bal b/d 85600 grass cutter 1600
equipment 66000 depreciation 56320
equipment 26000
bal c/d 119680
177600 177600
grass cutter net book value is its cost minu its depreciation charged
therefore
4000-(20%*4000*3)=1600
it has been used for 3 years, 4th year no need to charge deprecation because thts the policy
hope u uderstood
why are you doing so old past papers? :/
do the latest ones, and its variants
dont follow mark scheme methodi understood the grasscutter part but fr the FA u are correct abt that bt they have minused 85600 from 1600 ryt? wat is that 1600? and hw did they get that?
dont follow mark scheme method
like i said make a t a/c for fixed assets net books value
b/d bal is 85600 (debit side)
on debit side equpiment and fixtures 92000
grass cutter (credit side) 1600
bal c/d (credit side) 119680
balancing figure will give you 56320 which is depreciation
grass cutter net book value is its cost minu its depreciation charged
therefore
4000-(20%*4000*3)=1600
it has been used for 3 years, 4th year no need to charge deprecation because thts the policy
the 1600 is the net book value of the grasscutter which has to be taken out of the net book value a/c, (which actually goes to the disposal a/c)
ill do that by evening In sha Allah!i ddint understand but np ill ask my sir (Y)
http://papers.xtremepapers.com/CIE/Cambridge International A and AS Level/Accounting (9706)/9706_w10_qp_43.pdf
q2)c)i
the formula is interest expense/profit before interst and tax * 100 right?
so answer should be 6000/130500 *100=4.6%
mark scheme says 1305% wth?
q)18c
14-c
14-c
revaluation and goodwill is not realised gain
21-c
a cost is being capitalized, so expense is going down, profit increases
remember amortisation means (writing off)-its a term used for intangible assets like goodwill,
q)18c
because bonus issue does not affect cash, net assets remains the same
reserves will decrease and ord, share captial increases, so reserves go down
15)i dont understand the question
13)for the new partner's account, gw will be debited, so it should be actually low, but ignoring this transaction would make it over stated
as for the conitnuing partners (which means old partners), their accounts should have been created if goodwill transaction had been taken place, but since it hasnt, their capital account is understated
q5- c make a T a/c like i said earlier everything will be on the credit side except for the bal b/d of 28000, so diff will be 10000
Realisation account is prepared when we dissolve the partnership or convert it into a limited company. It is a part of A2 accounting and I guess you're giving AS?http://papers.xtremepapers.com/CIE/Cambridge International A and AS Level/Accounting (9706)/9706_w03_ms.pdf Q2
What is that 16130 in the bank account and the realisation account?
The link for QP for convenience:http://papers.xtremepapers.com/CIE/Cambridge International A and AS Level/Accounting (9706)/9706_w03_qp_2.pdf
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