Accounting Paper 21!

[Eman Tasneem]

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

270 was supposed to be transferred to P&L account and 90 had to be the closing balance as it was a prepayment.

 

[Eman Tasneem]

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

It was 14000, undoubtedly.

 

[Meraj Memon]

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

I think you were supposed to add additional cost of holding the stocks to the cost of stocks and then value the stocks either at lower of cost or nrv

 

[Meraj Memon]

Hey guys any ideas about the grade boundary?

 

[Eman Tasneem]

I think you were supposed to add additional cost of holding the stocks to the cost of stocks and then value the stocks either at lower of cost or nrv

Ahan I am getting a zero in that for sure.

 

[0Louis0]

Guys what about the interest on capital? It said he introduced 20,000 on 1 October, do we have to calculate interest on the new capital only or half on old and half on new?

And for profit correction, are you sure that Stationary is counted as expense (and deducted)? I thought it's an asset and said no effect

 

[Eman Tasneem]

Guys what about the interest on capital? It said he introduced 20,000 on 1 October, do we have to calculate interest on the new capital only or half on old and half on new?

And for profit correction, are you sure that Stationary is counted as expense (and deducted)? I thought it's an asset and said no effect

Yeah so we had to add both the capitals and calculate the interest on them.

 

[Abdul Basit Arif]

Yeah so we had to add both the capitals and calculate the interest on them.

No u have gone wrong on the 20000 capital introduced we had to calculate half year's interest because it was introduced in the mid year and the interest on capital was 5% per annum so it was 40000x5%＝30000 20000x5%＝1000/2＝500
500+3000=3500

 

[Eman Tasneem]

No u have gone wrong on the 20000 capital introduced we had to calculate half year's interest because it was introduced in the mid year and the interest on capital was 5% per annum so it was 40000x5%＝30000 20000x5%＝1000/2＝500
500+3000=3500

THE HELLL?! AM I GOING TO GET A D?