Accounting Paper 22 - Discussions after 24 hours

[Sarah Paul]

OK THANKS ANYWAY IM GETTING NEGATIVE MARKS THERE!!
WHATS WAS THE CONCEPT THAT IT ASKED?

Hmm wat conceot are u talking abt?

 

[EhteshamHaider24]

We need more answers to the following:
What was the profit for the year?
What was the disposal for the year? Was it profit or loss on disposal?
Do we include the Other Receivables and Other Payables in the income statement?

 

[Muhammad Bhikhu]

What was profit on disposals?

 

[kishmishdoll]

OK THANKS ANYWAY IM GETTING NEGATIVE MARKS THERE!!
WHATS WAS THE CONCEPT THAT IT ASKED?

It was prudence I think so..

 

[SRKfan]

How many years was the equipment he disposed of in his ownership..? 2 yrs and 3 months? And we dont divide the 8000 x 0.1 by the number of years ryt?

 

[SRKfan]

And in question 3 the answers wre 13.5 and 17.5 .... 77500 for marhinal costing and 8000 more for absorbtion costing ryt??

 

[dimebagdarrel0443]

And in question 3 the answers wre 13.5 and 17.5 .... 77500 for marhinal costing and 8000 more for absorbtion costing ryt??

i remember 13.5 and 17.5

 

[dimebagdarrel0443]

u gone mad? it said clearly 'OTHER'

shit i got it all wrong...how much marks do you think will be cut for that

 

[Crimson-Saint]

i remember 13.5 and 17.5

ya i got 13.5 and 17.5 aswell

 

[Sarah Paul]

How many years was the equipment he disposed of in his ownership..? 2 yrs and 3 months? And we dont divide the 8000 x 0.1 by the number of years ryt?

Yes

 

[EhteshamHaider24]

2 years and 3 months? Or 3 years and 3 months.
Was the depreciation on the disposed equipment 1800 or 2600?

 

[Abdul Basit Arif]

2 years and 3 months? Or 3 years and 3 months.
Was the depreciation on the disposed equipment 1800 or 2600?

Yes it was 3 years and 3 months. $2600 dep. and profit on disposal $600

 

[:: A^]

Yes it was 3 years and 3 months. $2600 dep. and profit on disposal $600

This.

 

[Sarah Paul]

Hmm okay
Bt i think its 2 years

 

[Abdul Basit Arif]

Hmm okay
Bt i think its 2 years

How 2 years?? Equipment bought in 2010 so full dep. for 2010 2011 and 2012 and 3 months of 2013

 

[Sarah Paul]

How 2 years?? Equipement bought in 2010 so full dep. for 2010 2011 and 2012 and 3 months of 2013

Hmm i cant remember the qstion.

 

[pdude123]

what was the profit for the year ended? n whast was the expense? what was the loss on disposal?

Profit - 31892
Profit on disposal - 600

 

[pdude123]

What was the profit? Oh and do we include the Other Receivables and Other Payables in the income statement? As they were there in the balance sheet.

Yup you had to coz other payables are your liabilities so you have to reduce the amount for expenses paid in current year

 

[Muhammad Bhikhu]

I think it was only 3 years.2010.2011.2012..dyu hav to count depreciation in month of the sale of the asset?

 

[pdude123]

And in question 3 the answers wre 13.5 and 17.5 .... 77500 for marhinal costing and 8000 more for absorbtion costing ryt??

Yeah Right (Y)