Accounting nov 2012

[Narimanomar]

what about the 8th question in the MCQs that was about mark-up or margin, I don't really remember it but it was something like 'profit added to the cost of sales'

I think the answer was applying mark up!!

 

[nerdy nerd]

yea i guess! markup

 

[sirsmilez]

geuss hw wz p2

 

[studiebuddie]

Awful Awful Awful!!!!!!!

 

[sharpwings]

How did you calculate the loose tools in the first question?? :|

 

[schoolation]

It wasn't that good at all.
Well the loose tools thing is simple, add the beginning value of the loose tools then add the purchases of the loose tools during the year. Deduct this value with value of loose tools at the end of the year which is given, you'll get the depreciation.

 

[mania _ manal]

how'd u guys do in rent received and advertising accounts those wer hard and wat bou the markup q how to calculate dat ??

 

[schoolation]

Well, rent received was prepaid for one month with the amount 216 as I remember
and about the mark-up question, the gross profit was 12120, and the cost of sales was 48,480 as far as I can remember.

 

[mania _ manal]

yeahhh i got the same anss

 

[schoolation]

But I did a silly mistake in the appropriation account in the limited company, I multiplied the number of shares directly by the rate to get the dividends, I forgot to multiply by 0.5! and in the trading account on the manufacturing, I forgot to deduct the Sales returns from the sales, and when I realized that, I found that there is no place to record it, so I wrote after the gross profit (-) Sales returns and I deducted that amount from the gross profit. How many marks will I lose in those silly things?

 

[mania _ manal]

ummm fr the limited cmpny probably ecf so 3to4 and manufacturing 2 i suppose ! wat bou the advertising expenses acc ws it 500 in income statement ?? and debetuures ws it 100000 ??

 

[schoolation]

Debentures was recorded as
5% debentures @ 100 each : 1000

And the advertising thing was 500 in the income statement with a balance carried down 700. Right

 

[mania _ manal]

umm ahaan i gt debeture wrng den yahh it ws 700 and ummm wat bou the ans fr the acc principle one of em ws realisation rite ?

 

[schoolation]

No, matching

 

[mania _ manal]

ahaaan matching okay

 

[mania _ manal]

yah n wat bou the capital employeed overstated or understated

 

[schoolation]

Obviously understated.
hmmmm, what was the total of the manufacturing account, I just remember that it was around 15020 !

 

[aliasal]

Obviously understated.
hmmmm, what was the total of the manufacturing account, I just remember that it was around 15020 !

Dude there was one realisation and one prudence(or Matching), And one Business entitey

 

[aliasal]

I drew a full income statement instead of the trading only, but i got the gross profit right. How many marks will i lose?

 

[schoolation]

Well, it was matching not realisation, because he talked about recording the sales IN THE YEAR OF SALES, no matter when did he receive the sales, which is matching