Accounting Paper 21!

[0Louis0]

Boy wasn't that paper hard, especially after Paper 11 wasn't easy?

 

[mak kings]

i dont think so.... vell for me it was the reverse for wat u said!!

 

[uzair shahid]

it was fine.
overall accounting threshold gonna be low.

 

[0Louis0]

I did fine as well but I thought it was pretty tricky!
Oh well, maybe its because I only solved 1 exam as a practice

 

[Hussain Murtaza]

sucked..A* gone most probably :/

 

[itsme2012]

GUYSSS how did u do the motor insurance account???

 

[lisaann]

You'll probably divide the number by 2 to get the insurance related to his business so bank would be 360
then income statement 180 and balance c/d 180
not sure though...

 

[Meraj Memon]

it was fine.
overall accounting threshold gonna be low.

Achaa jeee.. Well I Hope so

 

[Meraj Memon]

Well guys what about the last question.. they said that salary increased to 14000 from 10000 in mid of the financial year now
Now in the appropriation account are we supposed to show (6/12*10000)+(6/12*14000)= 12000 or 14000???? I am completely confused

 

[Barcelanawy]

Well guys what about the last question.. they said that salary increased to 14000 from 10000 in mid of the financial year now
Now in the appropriation account are we supposed to show (6/12*10000)+(6/12*14000)= 12000 or 14000???? I am completely confused

$12000

 

[lisaann]

Actually 14,000 since the salary is paid at the end of the year....
How did you do the adjustments for the net profit thing ?

 

[itsme2012]

You'll probably divide the number by 2 to get the insurance related to his business so bank would be 360
then income statement 180 and balance c/d 180
not sure though...

even i got the same answer as urs... but some r saying 270 to the P and L AND 90 prepayment... idk which one's right

 

[itsme2012]

Well guys what about the last question.. they said that salary increased to 14000 from 10000 in mid of the financial year now
Now in the appropriation account are we supposed to show (6/12*10000)+(6/12*14000)= 12000 or 14000???? I am completely confused

NO... salary was 14000 only..

 

[itsme2012]

the partnership's salary was increased to 14000 so v have to take that amount only....??

 

[Abdul Basit Arif]

even i got the same answer as urs... but some r saying 270 to the P and L AND 90 prepayment... idk which one's right

It was 90 because just 3 months was prepaid so 360x3÷12=90

 

[Mitch Planko]

even i got the same answer as urs... but some r saying 270 to the P and L AND 90 prepayment... idk which one's right

I did it 270 as well and the prepayment is 90

 

[lisaann]

How did you the statement of corrected net profit thing ?

 

[Abdul Basit Arif]

How did you the statement of corrected net profit thing ?

See first of all advertising campaign $600 were prepaid and $1000 drawings so 1600 will be added to the net profit and the stationary was not recorded and accrued expenses too so 260 and 320 will be deducted from the profit so 22500+1000+600＝24100-(320+260)＝23520

 

[lisaann]

the expenses in the last adjustments were accrued at year beginning
so i guess you were supposed to add that 260 ?

 

[Eman Tasneem]

How was the total value of product A,B and C supposed to be done?