Accounts paper 11 done

[uzair shahid]

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

same!

 

[uzair shahid]

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...

yeaa answer was 300.

 

[uzair shahid]

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 should not have been included in the expenses.
interest was an expense.
then how did u get the answer 11600?

 

[uzair shahid]

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!

we didnt have to add all of them.
there were 3 answers to the question
separate answer for each product. product A,B and C

 

[uzair shahid]

Heyy can anyone tell reasons for Depreciation except wear and tear

physical deterioration
economic reasons
items become obsolete

 

[Ebby_SaLeem]

we didnt have to add all of them.
there were 3 answers to the question
separate answer for each product. product A,B and C

i wrote seperate answers aswell as showed the total of all three products bro!

 

[Ebby_SaLeem]

it should not have been included in the expenses.
interest was an expense.
then how did u get the answer 11600?

hahaha no idea bro!

 

[Ebby_SaLeem]

same!

alhamdulillah yar acha hogaya!
pray for A* inshallah!
aur tum economics de rahay ho?

 

[Ebby_SaLeem]

so did u
include cash received from debtors??

like duh!

 

[Ebby_SaLeem]

Wait a minute...HOW???... There is no balance B/D... we should just transfer an amount to the income statement...and i got 8050..what about u guys

it said to show balance b/d on 1 Janurary 2013 my bro!

 

[Ebby_SaLeem]

physical deterioration
economic reasons
items become obsolete

lol detoriation is wear and tear!
i wrote economic reasons, obsolesce and technological advancement

 

[Muhammad Bhikhu]

guys i did 1 big mistake.instead of ticking the boxes i rounded the alphabet in the multiple choice..will cie mark it???

 

[Ebby_SaLeem]

guys i did 1 big mistake.instead of ticking the boxes i rounded the alphabet in the multiple choice..will cie mark it???

why did u do that man? it clearly said to tick! You should have read the question properly!
well. it all depends on the examiner! I think he might give them correct as the paper was already hard... just pray!

 

[Muhammad Bhikhu]

why did u do that man? it clearly said to tick! You should have read the question properly!
well. it all depends on the examiner! I think he might give them correct as the paper was already hard... just pray!

i hope inshaA

 

[Muhammad Bhikhu]

I Hope paper 2 is easy.coz its always very hard

 

[L-Girl]

what was the net profit?

 

[Ebby_SaLeem]

what was the net profit?

11600 something like that... everyone of my friends are having a different answer! xD

 

[uzair shahid]

alhamdulillah yar acha hogaya!
pray for A* inshallah!
aur tum economics de rahay ho?

han lekin ab uske liye parhne ka time nai

 

[Ebby_SaLeem]

han lekin ab uske liye parhne ka time nai

lol exactly! mcq's hi to hain yar inshallah achay hogjain gay!

 

[Ebby_SaLeem]

we didnt have to add all of them.
there were 3 answers to the question
separate answer for each product. product A,B and C

oye uzair inventory galat hai!
we had to minus distribution cost from selling price and then had to compare this with cost!