Accounting paper 11 discussion

[sasq111]

guys how did the paper go ?

 

[Tedex]

Very easy. Too easy actually

Too remind the forgetful for paper 11:

1)M-C
2)Short answer questions
3)Trial Balance and journal entries
4)Partnership
5)Ratios
6)Petty Cash Book


What really got me was Ratio part (Last question) where it said that Coal LTD got 2.3 current ratio while Fanza LTD had like 1.2 ratio. The question asked which business is doing well on account to those ratios. As far as I know a ratio below 1:5 means that the business sucks, moreover anything over 2 means that the business can't manage its assets. Nevertheless I said Coal LTD was doing better than Fanza.


Another part I found irritating was the Profit and Loss Appropriation Account for the partners. If I remember correctly, only ONE partner gave Capital to the business where as the OTHER partner introduced inventory. So I just minus interest on capital only for the guy who kept the capital, and minus the Partner's salary. However, I totally forgot to write the Profit share at the end

One question went like "How does Partner X change the partnership agreement because hes making more sales than Partner Y." something like that. I had no idea how to answer that.

 

[MNU]

yeah the paper was really good!!
but i also had a doubt in the ratios and both the questions were 3 marks each so i didnt really know wat to write!
and for the partnership agreement i wrote that the one with the more sales (don't really remember the name) should get a larger share of profits!

 

[SmartNour]

IT was a piece of cake <3 It was great...

 

[Omar Khairy]

In the petty cash question, when he asked to write down the ledgers I wrote cash instead of petty cash, will I get any marks on this ? :S

 

[AhmedMans]

In the petty cash question, when he asked to write down the ledgers I wrote cash instead of petty cash, will I get any marks on this ? :S

Same

 

[Youssef Ali Mohammed]

In the petty cash question, when he asked to write down the ledgers I wrote cash instead of petty cash, will I get any marks on this ? :S

me too , but i hardly think its THAT wrong, he may ignore it or just penalize once
About the exam, it was pretty easy i think i lost like 5-10 marks, hopefully ill do well tomorrow too

 

[Omar Khairy]

All of us Inshallah

 

[Iishrak]

o level or a level?

 

[Sizzling Angel]

is it for igcse :O