Accounts P12 discussions

[SRKfan]

how much was the gross profit was it sumthing like 22100 i think n wat about the dep. to be charged for the year it said in the additional notes do u add dat to the exp i did it was kinda confusing cuz it didnt say what the dep. was 4

 

[SRKfan]

sure?

yaa... course afterall dere are only 3 ledgers nominal(general),sales and purchases.

 

[bfc_3ray]

hehehehe....i wrote nominal

 

[bfc_3ray]

yaa... course afterall dere are only 3 ledgers nominal(general),sales and purchases.

thnxx bdw..

 

[SRKfan]

thnxx bdw..

ur most welcome...

 

[SRKfan]

btw wat bou the multiple choice question which says what appaers in both the profit and loss appropriation acc and the current accounts?
a) current account balances
b)drawings
c)interest on drawings
d)interest on loans

i rote c is it ryt?

 

[bfc_3ray]

i choosed c

 

[SRKfan]

i choosed c

oh ok i hope its correct...

 

[bfc_3ray]

INSHALLAH..

 

[Ashay]

Net profit was $5600, depreciation was $1650, dividend was $135, McQ answer was interest on drawings

 

[Haleema Khawar]

R u sure bout this ans...cuz i just multiplied 6000 by 1.50.

I did the same. Oh and you had to divide by 2 as well because we had to show the amount for 1 installment only.
But I'm not sure if we had to multiply it by 3% :/

 

[Haleema Khawar]

i did charge dep on the computer, but damn ya i guess ur rite i should have added the cost of the hard disk to the computer and then charged depreciation

The cost of spare parts are considered to be as revenue expenditure. So yeah Hard disk was revenue. And plus it was replaced. So even replacement is considered to be revenue expenditure

 

[Haleema Khawar]

ohh kayy :/ i got 5600.. not sure if its right eitherr

5600 is the right answer probably

 

[Mariam Ash]

I did the same. Oh and you had to divide by 2 as well because we had to show the amount for 1 installment only.
But I'm not sure if we had to multiply it by 3% :/

Ohhh ok.

 

[jsdeo]

What'd you get for the Net Profit in the income statement?

I'm fairly sure it's $5600.

btw wat bou the multiple choice question which says what appaers in both the profit and loss appropriation acc and the current accounts?
a) current account balances
b)drawings
c)interest on drawings
d)interest on loans

i rote c is it ryt?

Yes, you are right, it is definitely C.

 

[Meg]

I took printer and the machine thingy as capital expenditure and found depreciation for bth. Is that right?

 

[jsdeo]

I took printer and the machine thingy as capital expenditure and found depreciation for bth. Is that right?

I have no idea! I did the same thing as you but some people think the hard disk was capital expenditure too.

 

[buttercup]

yeh im sure, but you also had to divide 270 by 2.. because it said two installments.. forgot about that

shit i got dat wrong

 

[Ashay]

I took printer and the machine thingy as capital expenditure and found depreciation for bth. Is that right?

I have no idea! I did the same thing as you but some people think the hard disk was capital expenditure too.

Printer and computer are both capital while the replaced hard disk was revenue. The dep was $1650

 

[Meg]

Yay ^^
I'm gonna get an A* for sure B)