Accounts Help Needed !!

[SalmanPakRocks]

http://www.xtremepapers.me/CIE/Cambridg ... 9_qp_2.pdf
Can some one help me with Q5 Income Statement !! Please tell me if I m doing it correctly till here or not !! and please check that Wages of Motor Driver will appear in Income statement as 11,500 or some other figure ?? If some one can draw up the income statement than that will be way too helpful !! thanks in advance

 

[scouserlfc]

cud u do a favour cud u do the whole thing and then scan it or take the picture of it clearly because its difficult to see what u did but as far as i can see the Return Outwards is subtracted from Purchases and u did it while what i cant see is that are u subtracting the closing inventory it will be subtracted so if u did the whole thing show the whole thing please thanks !

 

[SalmanPakRocks]

cud u do a favour cud u do the whole thing and then scan it or take the picture of it clearly because its difficult to see what u did but as far as i can see the Return Outwards is subtracted from Purchases and u did it while what i cant see is that are u subtracting the closing inventory it will be subtracted so if u did the whole thing show the whole thing please thanks !

Actually later I figured it out but I have some queries regarding it !!
Check the attachment below and my answer in there is coming right but the problem lies in the fact that the pattern of marking Scheme is totally changed and furthermore Provision for Depreciation for Premises is also taken into Income Statement while my teacher said it does not has to be included !!

 

[scouserlfc]

Well i kinda of forget where it came but ill check and tell u later today or soon but the MS cant be wrong
but ill tell u what ive read recently from my Accounts book it says that the Depreciated amnt is to be cut in expenses while the total cost of the asset is to be reduced by the depreciated amt in the balance sheet like if a PC costs 500 and u think it will last 2 years,in the income statment after a year u will minus 250 from GP and then in the balance sheet u will make it from 500 to 250 after this depreciation ill give u full knowledge of this today surely so be sure to check it !

 

[SalmanPakRocks]

Well I did it !! btw what is Bank over draft ?

 

[scouserlfc]

A bank overdraft is when someone is able to spend more than what is actually in their bank account. Obviously the money doesn't belong to them but belongs to the bank so this money will need to be paid back; normally automatically done when money goes into the persons account. The overdraft will be limited.

A bank overdraft is also a type of loan as the money is technically borrowed.



did u get it ?

 

[SalmanPakRocks]

A bank overdraft is when someone is able to spend more than what is actually in their bank account. Obviously the money doesn't belong to them but belongs to the bank so this money will need to be paid back; normally automatically done when money goes into the persons account. The overdraft will be limited.

A bank overdraft is also a type of loan as the money is technically borrowed.



did u get it ?

Got it !! thanks !!

 

[scouserlfc]

No problem, anyways what books do u use for POA (principles of Accounts ) im using Frank Woods Business accounting !

 

[SalmanPakRocks]

No problem, anyways what books do u use for POA (principles of Accounts ) im using Frank Woods Business accounting !

I also use Business accounting by Frank Woods

 

[SalmanPakRocks]

Also need help in this one !! its Nov/P2/Q5
Why is the accrued 2,800 while in Question its written 2,600 and Furthermore why is the Capital 40,000-10,000, why is it not 40,000 as written in Question, and Why are we subracting 10,000 ??

 

[scouserlfc]

for the capital problem see what the additional infos point 6 says .
6 On 1 April 2010 Doji made a short-term loan, $10 000, to the business. This was
included in error in the capital account. Interest payable at 5% per annum has not
been entered in the books.

therefore u have to minus 40000-10,000 to correct it !

while for the accruals i also dont understand but it looks to me like the bank interest is to be added to accrued amt and that interest is 250 so it is added in the Balance sheet !

 

[scouserlfc]

Nice snipping,and u use Opera i kninda hate it anyways !

 

[SalmanPakRocks]

Nice snipping,and u use Opera i kninda hate it anyways !

Yeah I use Opera !! actually it suites me best and thanks again for answering !!

 

[scouserlfc]

No problem !

 

[scouserlfc]

can anyone help me in June or nov 2007 Q5 P2 of accounts,the marie delaney one i dont get the point 5 of additional info i cant provide link now im in a hurry ! ill thank u twice if u can help please !

 

[VelaneDeBeaute]

Here's the link to your paper !!
June07qp2

 

[scouserlfc]

thanks for the link but i got it myself anyways thanks !

 

[SalmanPakRocks]

Here is the solution of Income statement !!

 

[SalmanPakRocks]

Sorry for the bad hand writing !! Was in a hurry

 

[scouserlfc]

dude i need the balance sheet part and what happens with the loan i need to know that if u can tell me thanks !