Accounts Aslevel paper 9706.

[hitler575]

How was your accounts paper? Plz share your answers for question no.1 of finding the fire destroyed stock..!!

 

[youzair]

i made silly mistakes in paper like in calc :'( my stock destroyed was costing $1220!!!!

 

[ameliaivana]

i made a big mistake in number 3. I forgot to times the fixed cost with the output so I guess the rest will be wrong too
Do you think I will lose more than 5 marks? The only mistake I made in number 3 is the amount of fixed cost.
In number 1b, I made it like this : opening inventory + credit purchases - cash sales to staff on cost - annual clearance sale - credit sales - normal sales on cost - closing inventory . But the result is negative !! :'(
I'm quite confidence in number 2 but I think the mistake I did in number 1 and 3 will make it impossible for me to get an A
Hope for full marks in paper 12!

 

[Sijan92]

i made a big mistake in number 3. I forgot to times the fixed cost with the output so I guess the rest will be wrong too
Do you think I will lose more than 5 marks? The only mistake I made in number 3 is the amount of fixed cost.
In number 1b, I made it like this : opening inventory + credit purchases - cash sales to staff on cost - annual clearance sale - credit sales - normal sales on cost - closing inventory . But the result is negative !! :'(
I'm quite confidence in number 2 but I think the mistake I did in number 1 and 3 will make it impossible for me to get an A
Hope for full marks in paper 12!

its okkay. You just forgot to include +sales returns

 

[ameliaivana]

i made a big mistake in number 3. I forgot to times the fixed cost with the output so I guess the rest will be wrong too
Do you think I will lose more than 5 marks? The only mistake I made in number 3 is the amount of fixed cost.
In number 1b, I made it like this : opening inventory + credit purchases - cash sales to staff on cost - annual clearance sale - credit sales - normal sales on cost - closing inventory . But the result is negative !! :'(
I'm quite confidence in number 2 but I think the mistake I did in number 1 and 3 will make it impossible for me to get an A
Hope for full marks in paper 12!

its okkay. You just forgot to include +sales returns

argh i thought that the credit sales have been deducted by the sales returns. What is the answer for the trading account? And do you think i lost more than 5 marks in question number 3?

 

[Sijan92]

i made a big mistake in number 3. I forgot to times the fixed cost with the output so I guess the rest will be wrong too
Do you think I will lose more than 5 marks? The only mistake I made in number 3 is the amount of fixed cost.
In number 1b, I made it like this : opening inventory + credit purchases - cash sales to staff on cost - annual clearance sale - credit sales - normal sales on cost - closing inventory . But the result is negative !! :'(
I'm quite confidence in number 2 but I think the mistake I did in number 1 and 3 will make it impossible for me to get an A
Hope for full marks in paper 12!

its okkay. You just forgot to include +sales returns

argh i thought that the credit sales have been deducted by the sales returns. What is the answer for the trading account? And do you think i lost more than 5 marks in question number 3?

Don't worry girl. You would probably lose 2 marks for Q1. And you're not supposed to times the fixed with output. Fixed costs don't vary with output produced. They remain constant regardless of the output produced..

 

[ahsan99]

Plus variable unit PER UNIT remain constant too!

 

[Sijan92]

Yeah. But as sales volume increased, total variable cost would also increase

 

[ahsan99]

Exactly. How many marks are you expecting?

 

[naavo.1234]

Sijan92

I wanna ask you this! are you sure that it was sales VOLUME or sales VALUE. i asked from alot of my friends and they told me that it was sales value. EVEN IAM CONFUSED RIGHT NOW!!! I DONT REMEMBER WHAT WAS IT. if it was sales value than i think there was no need to increase variable cost but if it was indeed sales volume than arrrgh i lost 1 or 2 marks. any how its ok my grade will still inshallah come with flying colours.

 

[Sijan92]

@naavo: They just said sales increased. Sales increase can mean too thing- increase in price or increase in volume. You don't expect them to increase their price??

 

[hitler575]

Guys share your ans to qs no.1 plz..!!

 

[mohsinsrk]

FIXED COST IN 3 WAS $11,8000..????IN IN RATIO QUESTION COST OF SALES WERE 328??????

 

[hmahmood18]

Q1 stock valuation was as follows:

opening stock + purchases + sales return at cost - credit sales at cost - cash sales at cost - clearance sales already at cost - closing stock = Destroyed goods

 

[Sijan92]

Hmahmood. Yes thats the process. You will get full marks there.

 

[nirajgrg]

so u guys did that stock question correctly, i could not do it, got my answer in negative

 

[ameliaivana]

i got it negative too because i forgot the sales returns
yes the answer for 3b supposed to be $118,000 .
The fixed cost is absorbed from direct material which should be calculated like this right? 50%*(direct material per unit*output)
The most stupid thing I did is I forgot to times the direct material with the output so the fixed cost will be totally wrong as it comes in only 2 digit :'(
I guess that I will lose more than 5 marks then
For number 1b, is the credit sales on cost in decimal value? because i did not get the whole number in the calculation.
Is this correct? [(100-33.33)/100*credit sales got in 1aii]

 

[Sijan92]

yeap ameliavana that's correct!!! Credit sales and sales returns come as decimal. Only Cash sales come as whole figure. I think the reason for your negative answer is because you forgot to include sales returns. So yea, you lose only 2 marks in that question...

 

[ameliaivana]

thanks sijan92 you made me feel better now

 

[Echelon94]

Q1 stock valuation was as follows:

opening stock + purchases + sales return at cost - credit sales at cost - cash sales at cost - clearance sales already at cost - closing stock = Destroyed goods

hey how did you calculate Credit Sales at Cost?

I mean were we supposed to treat Clearance Sales as if their amount was already included in the Credit Sales we calculated from the SLCA; or as if their amount was not already included in the Credit Sales; or they were to be treated as Cash Sales?

I treated them as if they were already included in Credit Sales figure, so Credit Sales Cost will be [(Credit Sales - Sales Return - Clearance Sales Cost) X 66.66%]