Accounting Paper 22 - Discussions after 24 hours

[pdude123]

Profit on disposal was 600 - credit entry in the journal
And profit in the 1st question was 31000 something, dont rememeber clearly

31892 to be precise?

 

[FaizAnj]

Hahaha yeah

 

[Leon0918]

Hey guys,what's the total expenses in question 1?I thought it only 4 marks,so I only use expense paid -other payable-other receivable=expense for the year,each worth one mark.I heard lots of students included all the overheads.But that obviously need more than 4 figures.

 

[pdude123]

Hey guys,what's the total expenses in question 1?I thought it only 4 marks,so I only use expense paid -other payable-other receivable=expense for the year,each worth one mark.I heard lots of students included all the overheads.But that obviously need more than 4 figures.

Dude its just 4 marks and definitely the majority will get atleast 2 or 3 marks so its okay even if anybdy goes wrong..
OF FTW \o/

 

[Leon0918]

Dude its just 4 marks and definitely the majority will get atleast 2 or 3 marks so its okay even if anybdy goes wrong..
OF FTW \o/

So what do you think?Add up all the overheads,or just calculate expense for the year?

 

[pdude123]

So what do you think?Add up all the overheads,or just calculate expense for the year?

I guess just calculate expense for the year..

 

[muddi78]

I guess just calculate expense for the year..

Yeah I also included only the expense for the year and not all the overheads. Otherwise, it would have been more than 4 marks for this question and the examiner wouldn't have given 15 marks for the income statement

 

[Leon0918]

Yeah I also included only the expense for the year and not all the overheads. Otherwise, it would have been more than 4 marks for this question and the examiner wouldn't have given 15 marks for the income statement

So nice to see somebody did the same thing.Hope that's correct!

 

[muddi78]

So nice to see somebody did the same thing.Hope that's correct!

The journal entry for disposal was Bank Dr 6000 Prov for depreciation Dr 2600 and equipment Cr 8000 P&L Cr 600. Am I right??????????

 

[Leon0918]

The journal entry for disposal was Bank Dr 6000 Prov for depreciation Dr 2600 and equipment Cr 8000 P&L Cr 600. Am I right??????????

I don't really remember it.It seems correct,as well as Cr Disposal 6000,2600 Dr Disposal 600,8000.

 

[mania _ manal]

How was pp42 guys ??

 

[Armaani]

I got a loss in the frst ques :/
Marginal 77500 & 8000 closing stock difference which I think is correct as most of us got tht.. & profit on disposal 600

 

[muddi78]

I don't really remember it.It seems correct,as well as Cr Disposal 6000,2600 Dr Disposal 600,8000.

I made a single journal entry to record this disposal as it is acceptable either to make 4 entries or a single entry

 

[Armaani]

Wasnt it suppose to be Income Statement Cr 600, Equipment or Machinery watevr it was 8000 Cr, den provision fr dep 2600 Dr & Bank 6000 Dr ??

 

[muddi78]

Wasnt it suppose to be Income Statement Cr 600, Equipment or Machinery watevr it was 8000 Cr, den provision fr dep 2600 Dr & Bank 6000 Dr ??

Yeah, that's how it was supposed to be...............

 

[ayushUcchil]

Guys, for the marginal and absorption costing, profits were $77500 and $85500?

 

[Ebby_SaLeem]

Guys, for the marginal and absorption costing, profits were $77500 and $85500?

yesss and the difference in both inventory and profit was of 8000, and basically in the next question we had to write the reason for this difference, ie the treatment of fixed production overheads

 

[NAJID]

COULDNT OTHER payable be for anything else? like stationary payment accrued?

 

[ayushUcchil]

COULDNT OTHER payable be for anything else? like stationary payment accrued?

I added other payable to expenses! They would have mentioned if it was stationary in particular. You're talking about the first question right?

 

[bleedingwords123]

I forgot to add cash sales to the credit sales and only posted the latter to the income statement. Does anyone know how many marks this could cost me?