Accounts paper 4 (discussion)

[Bushrafareed]

what were we supposed to make in q 3 second last part?

 

[memyself]

what were we supposed to make in q 3 second last part?

a flexed budget statment?

 

[mohsin hassanrox]

Yes exactly. So we had to calculate goodwill on this equal share of profit basis as well

yeah so first we have to credit capital account by 4000 4000 4000 and then debit :H and c acct by 6000 6000. And revaluation account by H C Q 5
000 each

 

[Bushrafareed]

a flexed budget statment?

es and what's that?

 

[memyself]

es and what's that?

u had to use the ACTUAL quantity figures and BUDGETED prices/costs to formulate a statement

 

[Bushrafareed]

u had to use the ACTUAL quantity figures and BUDGETED prices/costs to formulate a statement

But what we have to come up with in the end profit or what and what was the use of variances here

 

[aamir9010]

As i remember Goodwill was 12000. so it had to be divided on the basis of the profit sharing ratio which was 50% to h 25% to c and 25% to o or the third person
6000 3000 3000.
I guess am right

ya thats what i did. Sofp balancing figure was 96500. Very hard paper. gt will be about 86 i think

 

[wajiman]

ya thats what i did. Sofp balancing figure was 96500. Very hard paper. gt will be about 86 i think

i messed up half of the q2 and quarter of q3, the production budget one, it was damn easy, dunno how i misinterpreted it :/ and as for the threshold, its definitely going to be near to 90's

 

[memyself]

But what we have to come up with in the end profit or what and what was the use of variances here

i showed the profit. we had to show the variances fr use in the next part, the comments i suppose. what did u do?

 

[Bushrafareed]

i showed the profit. we had to show the variances fr use in the next part, the comments i suppose. what did u do?

I took out the profit too , but didn't have time to find the variances.

 

[umer524]

how did you guys make the production budget??what were your answers

 

[rfuzzy]

Does anyone remember if the difference in the provision for unrealised profit was 18? and transferred cost was 509000?also did we have to make the income statement or statement of financial position in second part of manufacturing account?

 

[memyself]

Does anyone remember if the difference in the provision for unrealised profit was 18? and transferred cost was 509000?also did we have to make the income statement or statement of financial position in second part of manufacturing account?

Yes it was 18. Opening and closing being 55 & 73 respectively.
Don't remember the transfer cost, but the profit was 905.
As for ur third question, how do u make a balance sheet without an income statement?

 

[rfuzzy]

Yes it was 18. Opening and closing being 55 & 73 respectively.
Don't remember the transfer cost, but the profit was 905.
As for ur third question, how do u make a balance sheet without an income statement?

i mean in first part we had to make manufacturing and income statement and in second the balance sheet?also by how much did the balance sheet in q2 balance?
And which statements did we have to make in q3.i made flexible and actual and showed all variances separately.Is it ok?

 

[memyself]

I dont rremmeber if we had to make the balance sheet in question 1, i think we didnt.
in question 2, the balancing fig was 148000.
for question 3, i did the same as u did.

 

[sharfa riyaz]

wat did you guys do for the interest on loan! has thr was no partnership agreement! did u'll take 5% interest on loan! however it was a short term loan so i was not sure! anyone know the correct entry? paper was okay overall!
just hope they dont give any confusing MCQ questions today! ALL THE BEST EVERYONE!