Accounting Paper 42.

[asenfire]

Property included Lands and buildings? IAS 16 you are quoting is about Property, plant and equipment. Motor vehicle is nowhere mentioned.
http://www.iasplus.com/en-gb/standards/ias/ias16
Also, before going to the IAS, you should revise how entries are posted into Trial balance. If that depreciation would 'not' have been recorded like you claim then how in the world is loss included into trail balance? That is the point I am raising, as far as that schedule is concerned, I messed it up as well.

okay just leave it but can at least tell me what does 1OF mark mean, is it like you get that mark for whatever value you get

 

[Fatima M.S. Alimohamed]

hi
for question 3, was there any depreciation that we had to calculate on plant for new project?

 

[panoramafolks]

i jus

t remembered it was 4605.5 rounded to 4606

yah now i rem... my depr was same as urs...it's correct In Sha Allah and my statement of financial position didnt balance by 1000 ...

 

[asenfire]

man i know to me it is correct and my one also did not balance by 1000, but i had long argument with salmanpakrocks about this

 

[SalmanPakRocks]

hi
for question 3, was there any depreciation that we had to calculate on plant for new project?

Yup, 30% on 200,000 by reducing balance method?

 

[3fatak]

so i guess study hard for P3 then
P4 may or may not turn out to be a complete disaster

 

[rackstagryan]

in question 3 to get the profits from the net cashflow depreciation has to be deducted! in the same way is there any adjustment to the interest of 20000 that they pay annually?

 

[sycho cj]

brothers in q3 my arr was 19.1

 

[sycho cj]

Yup, 30% on 200,000 by reducing balance method?[/q
the depriciation was charged through slm

 

[AlphaBeta]

Yup, 30% on 200,000 by reducing balance method?

bro in which year in the cash outflows should we put the 200,000? since its paid fully in year 5 ... we should just include in year 5 only ? ?
BTW i didnt include in year 0 because there was no cash outflow in year 0 . getting a bank loan doesnot mean cash went out ryt ? in year 0 ?

 

[AlphaBeta]

[/quote]We had to prepare a schedule for non-current assets. In that schedule, all of the assets value b/d + assets acquired - assets disposed are calculated.[/quote] SalmanPakRocks
But in the trail balance the date was the year ending , so the cost already has assets acquired ryt? they had loss on disposal too .. so we could assume that assets acquired is already included in the balance ?

 

[taha20171]

i dont know my paper wasnt so good at all
just comment how many marks were left by you people reply please , or was your paper completed ?

 

[SalmanPakRocks]

We had to prepare a schedule for non-current assets. In that schedule, all of the assets value b/d + assets acquired - assets disposed are calculated. SalmanPakRocks
But in the trail balance the date was the year ending , so the cost already has assets acquired ryt? they had loss on disposal too .. so we could assume that assets acquired is already included in the balance ?

That's what I've been trying to tell my pals here but no one would understand that.

 

[SalmanPakRocks]

bro in which year in the cash outflows should we put the 200,000? since its paid fully in year 5 ... we should just include in year 5 only ? ?
BTW i didnt include in year 0 because there was no cash outflow in year 0 . getting a bank loan doesnot mean cash went out ryt ? in year 0 ?

Actually, outflow would be 200,000. The bank paid you the money and you utilised it to buy the asset. So outflow is 200,000.

 

[AlphaBeta]

Actually, outflow would be 200,000. The bank paid you the money and you utilised it to buy the asset. So outflow is 200,000.

oh ya .. then On Figures and Paper 3 then

 

[asenfire]

can

oh ya .. then On Figures and Paper 3 then

anyone plz tell what is on figure mark, is it like you get that mark for whatever value you get finally

 

[3fatak]

can

anyone plz tell what is on figure mark, is it like you get that mark for whatever value you get finally

if u carry forward ur wrong answer for eg. the wrong current account balance to the capital account... you will get marks for that amount in the capital account not the current account BUT THE AMOUNT SHOULD BE SAME
and even if ur bal c/d is wrong and u show the b/d so u get marks for the b/d not the c/d

 

[-V!p3R-]

For that last part? $24000

Bro well majority of the students have multiplied it with 100,000 as there were 100,000 shares (and it was later written that they had nominal value of $1). So they got dividend yield of 4% (seems reasonable), rather than 0.96 %

 

[SalmanPakRocks]

Bro well majority of the students have multiplied it with 100,000 as there were 100,000 shares (and it was later written that they had nominal value of $1). So they got dividend yield of 4% (seems reasonable), rather than 0.96 %

Then I may have done wrong

 

[mrmt]

what did u guys get for partner tans bank amount he was taking with him? only 30000 of loan was recorded in cap a/c right because he ws leaving 20000 ?