Accounts paper 11 done

[itsme2012]

Can anyone discuss the stock valuation thing????

 

[Ebby_SaLeem]

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

exactly! balance of last year had to be taken! i did that and got 400 and 300. and yes i did include loan payment as expense because we are paying

 

[itsme2012]

how

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

discount received 300??? HOOOOOW???

 

[L-Girl]

exactly! balance of last year had to be taken! i did that and got 400 and 300. and yes i did include loan payment as expense because we are paying

it is not an interest on loan you just repay the amount you borrowed

 

[Ebby_SaLeem]

Can anyone discuss the stock valuation thing????

we had to chose lower of cost in both cost per unit and selling price per unit and had to multiply it by selling and distribution costs per unit. i did that my final answer was 21500 or something!
i think thats correct!

 

[L-Girl]

what was the profit share in the MCQ?

 

[Ebby_SaLeem]

it is not an interest on loan you just repay the amount you borrowed

to expense hi hua na yar?

 

[Ebby_SaLeem]

what was the profit share in the MCQ?

9550 something i remember

 

[itsme2012]

And why cant it be ?

can u explain me how u did it??

 

[Ebby_SaLeem]

and yes people dont worry, its not a 100% sure that all of the answers are right... CIE does give own figure marks you know! so please dont get sad if u didnt get that answer or u missed something.. atleast the working's there and you have your own answer you are awarded for that!
now keep calm and prepare for paper 2!

 

[Ebby_SaLeem]

WhAt about the manufacturing account thing ?
you'll add the accrued thing right ?
and the legal costs of premises is a capital expenditure ?

yes we had to add accruals and the answer was something like 4080 or 6000 lol i dont remember
and yes legal cost is capital exp as its finance for VEHICLE which is an asset so yes!

 

[itsme2012]

so did u

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

include cash received from debtors??

 

[L-Girl]

so since paper 1 was kinda hard would that make paper 2 any easier?

 

[itsme2012]

OMG! everyone's saying a different answer!!!!!

 

[Sufiyancs]

how
discount received 300??? HOOOOOW???

we had to make a control account and left over difference was Discount Received and Bad Debts

 

[Sufiyancs]

Heyy can anyone tell reasons for Depreciation except wear and tear

 

[itsme2012]

ya ok.. but v had to take cash received from debtors, total credit sales, then the sales invoice not paid .... ryt? wat else did u include??

 

[Sufiyancs]

opening balances from 1st page of Q6, that statement of affairs

 

[itsme2012]

What did you get for stock valuation ?
did u add those expenses to the cost ? Or - the selling price ?

selling and distribution - selling price .. then compare that answer with the cost per unit... i did this.. just check out the october nov 2006 paper 1 question 30.. there's a similar question...

 

[itsme2012]

opening debtors????