Economics, Accounting & Business: Post your doubts here!

[Vinita Manek]

btw, i'm still worried about the depreciation and not 100% convinced that its right :S may god be with us :/

its gt to b ryt...think abt d consistency cncept...dey hdnt provided yet fr its deprn nor did dey sae it ws a new asset.....

 

[Saad Ghori]

are u sure about the buildings? no depreciation for it?

There are like a whole bunch of reasons as to why the depreciation wasn't to be provided for buildings
It was unclear whether the buildings were for office or factory. Logically they are required for both of them, but no basis of apportionment were provided.
Secondly straight line method is used for depreciating buildings, you just can't use the reducing balance method.
Last but not the least there was no provision for depreciation provided.

 

[redapple20]

AMEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEN!

 

[Mohammed Hassan]

its gt to b ryt...think abt d consistency cncept...dey hdnt provided yet fr its deprn nor did dey sae it ws a new asset.....

i made that too, when i was answering the question, i said that too... that was my only hope after god...

 

[Mohammed Hassan]

There are like a whole bunch of reasons as to why the depreciation wasn't to be provided for buildings
It was unclear whether the buildings were for office or factory. Logically they are required for both of them, but no basis of apportionment were provided.
Secondly straight line method is used for depreciating buildings, you just can't use the reducing balance method.
Last but not the least there was no provision for depreciation provided.

Nice (Y) but just to remind u, it was factory building, factory machinery and office equipment with provision of depreciation for the machinery and the equipment..

 

[Faadii]

don't get worry guys you'll get 27 out of 30 .. if not convinced.

 

[Mohammed Hassan]

don't get worry guys you'll get 27 out of 30 .. if not convinced.

helllllooooooooooooooo, we're talking about paper 2 here xD
just to remind u

 

[Faadii]

I know dude , I m talking about Q1 i.e Manufacturing account, not the whole paper

 

[Mohammed Hassan]

I know dude , I m talking about Q1 i.e Manufacturing account, not the whole paper

sry dude, just thought something else xP my bad

 

[Mohammed Hassan]

Nice (Y) but just to remind u, it was factory building, factory machinery and office equipment with provision of depreciation for the machinery and the equipment..

what do u think about the last two questions :S? any proper answers :S?

 

[Clauchelle]

Depr for buildings is to be provided, well i took that into account as it is just like having a zero on the provision, i got net loss 11000, number 2 balance 762000. And number 3 under then over well thats what i answered so happy that the paper was manageable!

 

[WaleedUQ]

GUYS I KNOW YOU WON'T BELIEVE ME
but i have done this question of manufacturing account.
It was in the past papers of OCR
OCR (Oxford, Cambridge and RSA Examinations[1]
i'll show you this question
Depreciation was to be charged on NON CURRENT ASSESTS!
on building as well, if the depreciation is not provided is doesnt mean that building was not supposed to be depreciated.
It could be bought in the year end, or in the start of the year
Their was no PROFIT
their was in fact NET LOSS 11000
depreciation of fact equip was 40k
depreciation for building was 120k
depreciation for office was 20.8 k
Goodwill was 85k
Bank balance was 196000
Aiden capital was 286 000
434 of Mahiria
balance sheet was balancing at 762000
PROFIT of 86K was supposed to be added minus drawings 44

One OAR was 6.7 something and assembly one was 4.53 something dont know the exact!
Indirect wages were apportioned on the basics of No. of employees
Repair and maintenance of machine on the basics of Cost of machinery
Machine was under absorbed and Assembly was over or vice versa. I dont remember much

 

[WaleedUQ]

There are like a whole bunch of reasons as to why the depreciation wasn't to be provided for buildings
It was unclear whether the buildings were for office or factory. Logically they are required for both of them, but no basis of apportionment were provided.
Secondly straight line method is used for depreciating buildings, you just can't use the reducing balance method.
Last but not the least there was no provision for depreciation provided.

hahahaha
dude depreciation depends on the nature of the asset.
it's not always we charge depreciation on building on straight line method.
it was FACTORY BUILDING AT COST

 

[Clauchelle]

O

GUYS I KNOW YOU WON'T BELIEVE ME
but i have done this question of manufacturing account.
It was in the past papers of OCR
OCR (Oxford, Cambridge and RSA Examinations[1]
i'll show you this question
Depreciation was to be charged on NON CURRENT ASSESTS!
on building as well, if the depreciation is not provided is doesnt mean that building was not supposed to be depreciated.
It could be bought in the year end, or in the start of the year
Their was no PROFIT
their was in fact NET LOSS
depreciation of fact equip was 40k
depreciation for building was 120k
depreciation for office was 20.8 k
Goodwill was 85k
Bank balance was 196000
Aiden capital was 286 000
434 of Mahiria
balance sheet was balancing at 762000
PROFIT of 86K was supposed to be added minus drawings 44

One OAR was 6.7 something and assembly one was 4.53 something dont know the exact!
Indirect wages were apportioned on the basics of No. of employees
Repair and maintenance of machine on the basics of Cost of machinery
Machine was under absorbed and Assembly was over or vice versa. I dont remember much

Omg mine was similar to yours except the exact number of oars mine was 6.7 and 4.2 or sumthin like that but i got under over too!

 

[Faadii]

guys any guess about Accounting P4 - ! ?>

 

[WaleedUQ]

guys any guess about Accounting P4 - ! ?>

lets see im expecting cashflows and dissolution
i wish cashflow ajaye, ilove solving them

 

[Faadii]

haha ! lol , I hate Costing - process , budgeting . and love all the topics except these

 

[saimaiftikhar92]

GUYS I KNOW YOU WON'T BELIEVE ME
but i have done this question of manufacturing account.
It was in the past papers of OCR
OCR (Oxford, Cambridge and RSA Examinations[1]
i'll show you this question
Depreciation was to be charged on NON CURRENT ASSESTS!
on building as well, if the depreciation is not provided is doesnt mean that building was not supposed to be depreciated.
It could be bought in the year end, or in the start of the year
Their was no PROFIT
their was in fact NET LOSS 11000
depreciation of fact equip was 40k
depreciation for building was 120k
depreciation for office was 20.8 k
Goodwill was 85k
Bank balance was 196000
Aiden capital was 286 000
434 of Mahiria
balance sheet was balancing at 762000
PROFIT of 86K was supposed to be added minus drawings 44

One OAR was 6.7 something and assembly one was 4.53 something dont know the exact!
Indirect wages were apportioned on the basics of No. of employees
Repair and maintenance of machine on the basics of Cost of machinery
Machine was under absorbed and Assembly was over or vice versa. I dont remember much

I GOT THE SAME ANSWERS AS YOURS.....

 

[saimaiftikhar92]

GUYS I KNOW YOU WON'T BELIEVE ME
but i have done this question of manufacturing account.
It was in the past papers of OCR
OCR (Oxford, Cambridge and RSA Examinations[1]
i'll show you this question
Depreciation was to be charged on NON CURRENT ASSESTS!
on building as well, if the depreciation is not provided is doesnt mean that building was not supposed to be depreciated.
It could be bought in the year end, or in the start of the year
Their was no PROFIT
their was in fact NET LOSS 11000
depreciation of fact equip was 40k
depreciation for building was 120k
depreciation for office was 20.8 k
Goodwill was 85k
Bank balance was 196000
Aiden capital was 286 000
434 of Mahiria
balance sheet was balancing at 762000
PROFIT of 86K was supposed to be added minus drawings 44

One OAR was 6.7 something and assembly one was 4.53 something dont know the exact!
Indirect wages were apportioned on the basics of No. of employees
Repair and maintenance of machine on the basics of Cost of machinery
Machine was under absorbed and Assembly was over or vice versa. I dont remember much

EVEN I GOT A NET LOSS IN THE INCOME STATEMENT!

 

[fahadzaidi96]

lets see im expecting cashflows and dissolution
i wish cashflow ajaye, ilove solving them

Yeap Can you please show that OCR paper