accounting difficult question

[hamza87]

PLEASE............ASAP

 

[hamza87]

ANSWER TO MAY JUNE 2006 Q14
STOCK SHOULD BE VALUED AT LOWER OF COST OR NET REALISABLE VALUE
NET REALISABLLE VALUE= SELLING PRICE - MODIFICATION COSTS
WHICHEVER COMES LOWER EITHER COST OR NRV ......STOCK SHOULD NE VALUED ON THAT

 

[hamza87]

PLEASE IF ANYONE CAN SOLVE QUESTION 4 AND 18 OF SPECIMEN PAPER.......................PLEASE

 

[Sijan92]

3 The following information is taken from the stationery account of a business.

stock of stationery at beginning of the year 600
cash paid for stationery during the year 7000
invoice not yet received for stationery 480
stock of stationery at end of year 800
How much should be debited to the Profit and Loss Account for stationery?

A $6680 B $6800 C $7280 D $8080

The answer is C. Can anybody explain why invoice not yet recieved is added??

 

[fahima313]

PLEASE IF ANYONE CAN SOLVE QUESTION 4 AND 18 OF SPECIMEN PAPER.......................PLEASE

Q 18 : cost = purchase price + prod. cost
net realsable value = sales value - selling cost

metal : cost => 60+10 =70
NRS => 65 -11 =54

plastic : cost => 25+5 =30
NSR => 40 - 6 = 34

wood : cost => 50 + 12 = 62
NSR => 60 - 15 = 45

value of stocjk in balance sheet = 54 + 30 + 45 $129 (129000)


not ure bout no. 4
how do you solve no. 9

 

[fahima313]

3 The following information is taken from the stationery account of a business.

stock of stationery at beginning of the year 600
cash paid for stationery during the year 7000
invoice not yet received for stationery 480
stock of stationery at end of year 800
How much should be debited to the Profit and Loss Account for stationery?

A $6680 B $6800 C $7280 D $8080

The answer is C. Can anybody explain why invoice not yet recieved is added??

it is beung treated as an accrual. thus it is added ( 600+7000+480-800)=7280

 

[linkedipo]

Q 19 MAY JUNE 2009 9706/1

what methodology should be used?

help on Q's 21, and 18 on the same paper would be very much appreciated. thanks alot.

 

[hamza87]

HAS SOMEONE DONE Q4 OF SPECIMEN PAPER???? :evil:

 

[hamza87]

ANSWER TO MAY JUNE 2009 Q 19:
PURCHASES- INCREASE IN STOCK+OVERHEADS=GROSS PROFIT
800-200+400=1000
1000/0.80= 1250
ANSWER IS B

 

[ks136]

its very easy hamza...just make d T a/c

sm1 plz help with 27 th qstn of specimen?

 

[ks136]

and 29th also

 

[fahima313]

HAS SOMEONE DONE Q4 OF SPECIMEN PAPER???? :evil:

FIRST find the depriciation written off on the disposed asset

prov. for dep. A/C
dep. ritten off 1090 l balancr b/d 1150
l
balance c/d 135 l profit n loss A/c 75


NOW find the net book vakue of disposed asset
assets at netbook value

balance b/d 130 l disposal 80
new additions 260 l dep charge for year 75
l balance c/d 235


NOW find the cost of the disposed asset => depriciation written off + netbook value = 1090 + 80 = 1170

Now prepare the disposal account

cost 1170 l depriciation 1090
l loss on disposal 50
l proceeds 30

there fore the answer is A

can you help with Q9 of speciman

 

[sonamali]

Nov 06 q 21 and 22!

 

[aaakhtar19]

hey everybodi
just compare MJ 2009 q9
and MJ 2003 q10

they are quite alot same but still
different approaches used at marking scheme
someone pls help out??
thnx

 

[fahima313]

can sum1 please solve Q:9 of the spceiman paper

 

[aaakhtar19]

can sum1 please solve Q:9 of the spceiman paper

everione asking abt specimen ppr
i dnt have that can u gimme link for that
hope i cud help u out thnx

 

[hamza87]

please help me in question no 22 of may june 2006 ...............................please it is a difficult one......asap

 

[aaakhtar19]

please help me in question no 22 of may june 2006 ...............................please it is a difficult one......asap

esy no of shares at present 80 000 shares
right issue of (80 000 / 4) = 20 000 shares

now new total no of shares = 100 000 shares
value of these shares = 100 000 X 0.50 = $50 000

so its "A"
hope it helped

 

[aaakhtar19]

seems like i m alone wandering in forum
no one to solve my queries???

 

[whatsmyname]

@^ go back some pages theres the link there.

@ks - no draw up a marginal costing as well as an absorption costing income statement. there u'll see that the marginal approach is to deduct FC frm contribution, but on the absorbtion costing methodology what is done is FC are allocated on a per unit basis onto the stocks, and adjustments are made for over/under absorbed at the end. so if u remove the FC allocated onto the stocks ->profits WILL decline.

plus from on 06 Q26

26 A company’s Profit and Loss Account showed a profit before interest of $128 000.

Interest paid was $8000.

The table shows amounts included in the company’s Balance Sheet.

$

fixed assets 485 000

net current assets 27 000

amounts falling due after one year: Debentures 80 000

How much is the return on the total capital employed?

A 20.3 % B 21.6 % C 23.4 % D 25.0 %

why is intrest deducted to get the numerator?? man totally opposite of ROCE help thanks