ACCOUNTS DOUBT; PPPLLLEEAAASSSSEEEEEEE HELP!

[Karim Nabil]

Thank you mate !

np !
hahah, a D is not a good one BRO

 

[Wali Faisal]

lol well if you studied a subject in one day D is the best your can hope for

 

[Mubariz Ahmed]

Is Departmental accounts part of the syllabus??

 

[slisjunknown]

Is Departmental accounts part of the syllabus??

no..if u're doing 0452

 

[slisjunknown]

The bank reconcilliation question came yesterday, right?.....BUT I GOT MINE BALANCED!!!!

 

[Shakeel Rafi]

The bank reconcilliation question came yesterday, right?.....BUT I GOT MINE BALANCED!!!!

yeh it came in 452/11
it was a bank overdraft of $1985 (corrected cash book balance b/d)

 

[soooso]

guys lets discuss yesterday's exam paper 12,, pleaaaaase

 

[Shakeel Rafi]

guys lets discuss yesterday's exam paper 12,, pleaaaaase

yeh but i did not do 452/12

 

[slisjunknown]

yeh it came in 452/11
it was a bank overdraft of $1985 (corrected cash book balance b/d)

yah, I got that answer..thnx to my dad's last moment tips

 

[Shakeel Rafi]

yah, I got that answer..thnx to my dad's last moment tips

hehe

 

[oahmed64]

hey guys there is a question in p2 that talks about the effect on roce on certain transactions.one of them says that goods $1230 were purchased for cash and there is no effect on roce as net profit is not changed,how is that possible if the cost of sales will increase due to this purchase ?

 

[Shakeel Rafi]

hey guys there is a question in p2 that talks about the effect on roce on certain transactions.one of them says that goods $1230 were purchased for cash and there is no effect on roce as net profit is not changed,how is that possible if the cost of sales will increase due to this purchase ?

??????
which paper is it (year,variant and qeustion no.)

 

[oahmed64]

J13 p22 q5 g

 

[Shakeel Rafi]

hey guys there is a question in p2 that talks about the effect on roce on certain transactions.one of them says that goods $1230 were purchased for cash and there is no effect on roce as net profit is not changed,how is that possible if the cost of sales will increase due to this purchase ?

well they say the transaction took place in 31 January 2013(end of the financial year)
and i agree that purchases increased by $1230 so cost of sales has to rise, thus lowering profits.

But as goods were purchased at the end of the year
the closing inventory also rose by $1230
thus these changes cancel out each other and profits do not change.

no change in total current assets is because inventory rose by the same amount as the decrease in cash
thus no change.

Hope you understood.
Cheers

 

[oahmed64]

Thanks a lot

well they say the transaction took place in 31 January 2013(end of the financial year)
and i agree that purchases increased by $1230 so cost of sales has to rise, thus lowering profits.

But as goods were purchased at the end of the year
the closing inventory also rose by $1230
thus these changes cancel out each other and profits do not change.

no change in total current assets is because inventory rose by the same amount as the decrease in cash
thus no change.

Hope you understood.
Cheers

Thanks a lot man

 

[Shakeel Rafi]

Thanks a lot

Thanks a lot man

anytime

 

[oahmed64]

anytime

Btw how did u find p11 and do u think p21 will be hard ?

 

[Shakeel Rafi]

Btw how did u find p11 and do u think p21 will be hard ?

it was easy

21 might not be as easier as 11
but it will be good
and the more serious areas were not tested in 11 so it has to be in 21.
but anyways cant say.

Wbu?

 

[oahmed64]

it was easy

21 might not be as easier as 11
but it will be good
and the more serious areas were not tested in 11 so it has to be in 21.
but anyways cant say.

Wbu?

Well I thinks that p21 will be a little challenging with many incomes statements and balance sheet,but what do you mean by serious areas though ?

 

[Shakeel Rafi]

Well I thinks that p21 will be a little challenging with many incomes statements and balance sheet,but what do you mean by serious areas though ?

just saying that the areas tested in 11 were pretty easy

things like company accounts appropriation, balance sheet and income statement
clubs
accruals and prepayment
control accounts
statement of affairs
and so on were not tested