Accounting P42 POLL (+Discussion after 24hrs)

[Meet savani]

Hey its been 24 hours now !! We can discuss for sure common !!!! I guess no one will be left now .....

 

[Meet savani]

For Q2,....
I had writtn down so,e important figures on my hand...
The capital account i got was
A- 46800
B- 21200
C- 7000

I got this by ... it was given tht C pays 3000 as share of goodwill it means tht the total existing goodwill in the partnership is 3000*6= 18000
Coz ratio was 3:2:1 it means 3000 is one part out of 6 so 3000*6 is total goodwill
Accordingly earlier the ratio was 3:2 so they got 10800 and 7200 goodwill accordingle and now aftr C joining it is divided as follows
9000:6000:3000 ... Hence net goodwill in capital account will be 1800 cr for A , 1200 cr for B and C pays for her share so 3000 dr.

Hence capital account is 45000+1800= 46800 for A
20000 (b/d) + 1200 = 21200 for B
And for C its 10000-3000 = 70000

GROSS PROFIT i guess everybody have done right.. 78140

According to my GP and CAPITAL A/C... For 9 months residual profit was 15435 and 520 for 3 months...

D) profits will be shared equally..

E) not bemefitted currently .... And figures as per yur answers...

 

[Mkhatri1]

I got the same answer as yours for q1 and 2.
But for q3 I got the same purchase budget as of yours .
But my trade receivable and payable budget were different from yours.

 

[Meet savani]

Given the difficulty of the paper, the gt for an A will be very low. Scoring around 80 gives you very good chances of scoring an A.

I think above 87 or 88 will be an A* coz in october november 2012, variant 42 was pretty easy and the other 2 variants papers' were quite difficult...
But eventhough the paper 42 was not tht hard, for an A it was 81 and for A* it was 86...
For the ither 2 variants it was lower... Check the attachement...

So there is no need to worry... Relax concentrate on eco P4 now if you have it...

 

[Meet savani]

My

I got the same answer as yours for q1 and 2.
But for q3 I got the same purchase budget as of yours .
But my trade receivable and payable budget were different from yours.

Ohw okkk.... But my trade receivables budget matched with maximum students in the class...
Any ways no issue... I can also be wrong... Coz actually got frustrated in this question... Ayways lets see...
My accounting teacher is currently on vacation and will be coming aftr 2 or 3 days... He can ask for the paper later soo ... We will match his answer then...

 

[Meet savani]

Eh

I got the same answer as yours for q1 and 2.
But for q3 I got the same purchase budget as of yours .
But my trade receivable and payable budget were different from yours.

What were yur exact marks in AS ??

 

[fahadzaidi96]

My paper went pathetic , max which I will earn is in range of 60-70 . What is the weightage of paper 1, 2,3,4 respectively . Please as I want to maintain A

 

[Mkhatri1]

Eh

What were yur exact marks in AS ??

I got AA in both parts.
I don't know exact marks.
By the way my trade receivable and payable budgets was slightly different from yours like starting balance of trade receivable was different ,
Otherwise it was same

 

[WayneRooney10]

My paper went pathetic , max which I will earn is in range of 60-70 . What is the weightage of paper 1, 2,3,4 respectively . Please as I want to maintain A

15%
35%
15%
35%

 

[Prof. MHA]

For Q2,....
I had writtn down so,e important figures on my hand...
The capital account i got was
A- 46800
B- 21200
C- 7000

I got this by ... it was given tht C pays 3000 as share of goodwill it means tht the total existing goodwill in the partnership is 3000*6= 18000
Coz ratio was 3:2:1 it means 3000 is one part out of 6 so 3000*6 is total goodwill
Accordingly earlier the ratio was 3:2 so they got 10800 and 7200 goodwill accordingle and now aftr C joining it is divided as follows
9000:6000:3000 ... Hence net goodwill in capital account will be 1800 cr for A , 1200 cr for B and C pays for her share so 3000 dr.

Hence capital account is 45000+1800= 46800 for A
20000 (b/d) + 1200 = 21200 for B
And for C its 10000-3000 = 70000

GROSS PROFIT i guess everybody have done right.. 78140

According to my GP and CAPITAL A/C... For 9 months residual profit was 15435 and 520 for 3 months...

D) profits will be shared equally..

E) not bemefitted currently .... And figures as per yur answers...

GOT THE SAME! (Y)

 

[******]

it waz extremely difficult paper
qns 1 and 3rd
fr share price before reconstruction I got .65
n fr 3rd qns to find purchase took so much time....n I don't know wether it waz correvct or nt
am so scared
I hope grading will be very low

 

[foreverusman19]

Yes got the same

For Q2,....
I had writtn down so,e important figures on my hand...
The capital account i got was
A- 46800
B- 21200
C- 7000

I got this by ... it was given tht C pays 3000 as share of goodwill it means tht the total existing goodwill in the partnership is 3000*6= 18000
Coz ratio was 3:2:1 it means 3000 is one part out of 6 so 3000*6 is total goodwill
Accordingly earlier the ratio was 3:2 so they got 10800 and 7200 goodwill accordingle and now aftr C joining it is divided as follows
9000:6000:3000 ... Hence net goodwill in capital account will be 1800 cr for A , 1200 cr for B and C pays for her share so 3000 dr.

Hence capital account is 45000+1800= 46800 for A
20000 (b/d) + 1200 = 21200 for B
And for C its 10000-3000 = 70000

GROSS PROFIT i guess everybody have done right.. 78140

According to my GP and CAPITAL A/C... For 9 months residual profit was 15435 and 520 for 3 months...

D) profits will be shared equally..

E) not bemefitted currently .... And figures as per yur answers...

Yes got the same...
For Q.1
Share value before reconstruction was 0.65
Ordinary Share Capital decreased by 720k
Net Assets were 480k
Share Value after reconstruction was 0.4 and after issue of shares was 0.2

 

[******]

omg I got net asset 780
means its wrong
I think 480 z correct coz in my class some smart students got 480

 

[Mkhatri1]

omg I got net asset 780
means its wrong
I think 480 z correct coz in my class some smart students got 480

Net asset were 780 before capital reduction scheme .

 

[kitty18]

I got the same answer as yours for q1 and 2.
But for q3 I got the same purchase budget as of yours .
But my trade receivable and payable budget were different from yours.

I got the same purchase budget and i was pretty confident abt it until now...isn't it right?

 

[Nafee Papers]

Was it not capital reduction by 720k?

yeah i also got 720K......so the net assets becomes 1200-720=480K......right???

 

[Nafee Papers]

For jan nd feb i think i got 5050 and 5300 respectively and for march and april i did 5500 in both .... And then multiply by the purchase price accordingly... I dnt think its correct but was totally unconfident for tht part of the question.

Dor trade receivables budget it was easy onli... No confusion.. Jan around 35520 then Feb 48500 march 49960 april 50192

And for trade payables we will get OF marks onli sooo ....

Balance sheet of April
CA will be 55100 (100 % sure )

CL 5500*4.2= 23100 ( as per you figure in part A) hence OF marks here too will be given as per the MS...

For part C)
I have a doubt... (i) i jus did the debtors figure 55100 less the given var costs and fixed costs.. I think it was around 13500 and divided it by the debtors figure.. And hence got 24.50% ...
(ii) (100- 24.5)* selling price = X it was 7. Something
(iii) i left...

But some of my classmates did 13500/VC *100.. One friend told he got in 50s...

yeah same here, but perhaps i messed up the trade reciecvables part, cant remember my closing balance..........but the other ones match so hoping for this one to be good.

 

[WayneRooney10]

yeah i also got 720K......so the net assets becomes 1200-720=480K......right???

Yup. And the share price after the scheme was $0.40.

 

[Nafee Papers]

Yup. And the share price after the scheme was $0.40.

yeah if u divide by 1200 u get 0.4 but some are saying that u have to divide by 2400, cuz it was said that the business would issue new shares for every $1 already held......so i'm confused about this one............btw what was ur answer for the partnership last question about the guys income? i got that income for partnership was lower....but i calculated per annum incone, others say income should have been calculated for 3 months....??

 

[WayneRooney10]

yeah if u divide by 1200 u get 0.4 but some are saying that u have to divide by 2400, cuz it was said that the business would issue new shares for every $1 already held......so i'm confused about this one............btw what was ur answer for the partnership last question about the guys income? i got that income for partnership was lower....but i calculated per annum incone, others say income should have been calculated for 3 months....??

I just calculated for three months, and multiplied it by 4 for the annual income. I used both in the answer. She was, at that moment, worse off.