Accounts paper 11 done

[ImmyNelson]

They are 300 and 400.....
what was the balance on Hannah's account ? Was it 987 or something ?
And the charged interest is it debited to the sales ledger control ?
and the purchase of stock for resale is a revenue expenditure ?

i think i got something like 987. how do you get 300 and 400

 

[JagRoss]

They are 300 and 400.....
what was the balance on Hannah's account ? Was it 987 or something ?
And the charged interest is it debited to the sales ledger control ?
and the purchase of stock for resale is a revenue expenditure ?

How did you get 987?
She had 200 outstanding and 260?? purchased.

 

[JagRoss]

"And the charged interest is it debited to the sales ledger control ?
and the purchase of stock for resale is a revenue expenditure ?

Yes and yes.

 

[JagRoss]

There were sale returns as well and she paid 200
maybe u didnt subtract the trade discount from the sales returns ?

I did.
If you add both her purchases you get > 987 so how can she have a balance of 987?

 

[ImmyNelson]

There were sale returns as well and she paid 200
maybe u didnt subtract the trade discount from the sales returns ?

i think i got 240 for that actually. can't remember

 

[JagRoss]

What about the balances on the disposal account ?
was it 200 or something ?
And the balance c/d on depreciation was 7000 ?

Disposal was 9000-(5800+2000)

 

[ImmyNelson]

Did you subtract the old debtors?

oh that's true. There were old debtors . oh well. what are thresholds usually like?

 

[JagRoss]

Nope the machinery depreciation was 3,000 since it has been there for a year and a half...

Don't you charge deprecation at the end of the financial period?

 

[JagRoss]

Nope the machinery depreciation was 3,000 since it has been there for a year and a half...

You're probably right.
It might be 3000, but balance b/d should be 8000.

 

[MnMz]

Guys!
No discussion till the 24hrs pass!

 

[Virus]

swear

it was a very hard paper i think compared to other paper 1's

it was

 

[uzair shahid]

How can bad debt be 300???

we have to make account receivable account.

 

[uzair shahid]

They are 300 and 400.....
what was the balance on Hannah's account ? Was it 987 or something ?
And the charged interest is it debited to the sales ledger control ?
and the purchase of stock for resale is a revenue expenditure ?

dont really rmmber the hannah balance.
other r correct

 

[uzair shahid]

Disposal was 9000-(5800+2000)

in disposal account there was a loss of 200. sure.

 

[Ebby_SaLeem]

discount received and bad debts are 400 and 300 respectively....
statement of affairs.. capital is 16380
hannah balance is 192 on debit
i was getting a profit of 11600
depreciation is 200 loss

 

[Ebby_SaLeem]

and yes this WAS harder than other paper 1's.... hope for an easy paper 2! INSHALLAH

 

[itsme2012]

we have to make account receivable account.

total debtors account...
v have to take cash received from debtors, not cash sales...
i made a total debtors account to find the amount of bad debts... idk if its correct...

 

[itsme2012]

discount received and bad debts are 400 and 300 respectively....
statement of affairs.. capital is 16380
hannah balance is 192 on debit
i was getting a profit of 11600
depreciation is 200 loss

how did u get bad debts 300?? v should make a total debtors account ryt??? :O

 

[Ebby_SaLeem]

how did u get bad debts 300?? v should make a total debtors account ryt??? :O

yes we had to make debtors acc to get bad debts and creditors acc to get discount received

 

[Sufiyancs]

The exam was tough. Guys I the MCQ what did you do for the insurance. Accrued or prepaid? Plus what was the amount of bad debts $8700?

exactly that what i did b4 but we had to take balance b/d from previous year 2011 (given on 1st page of Q6.) as well, thats what most people missed, it was $600
and same with that discount received, it was $300
if some one did these mistakes then these will also be carried onto Income Statement part :/ and btw that loan repayment was not to be considered in Income Statement...

I hope that helped..
Pray For My Results :/
Thanx
Sufiyan