Accounts PAPER DISCUSSION

[rfuzzy]

what is compensating error?
sales and purchase account under cast by same amount.

is this correct??

and what about the answer for provision for doubtful debt question??

 

[ssaint]

Yes,the underadding of sales and purchases was an example of a compensating error.
as for the provision question,there was an increase in provision of 300(credit side) and a 300 debit balance on the profit and loss account.

 

[Sijan92]

What was the answer for the increase in capital in the 2nd year?

 

[rfuzzy]

thAT profit had increases as

closing capital=opening capital+net profit+additional capital-drawings.

it does not have anything to do with long term loan.

 

[Sijan92]

0kay then i was right. But i made a really bad silly mistake! In the calculation of accumulated fund, i subtracted the loan to a member rather than adding it! :'(

 

[rfuzzy]

dont worry=)
i also made a blunder in the provision for doubtful debt question i chose the 2300 option=((

 

[Sijan92]

Well. Thats okay. Its like full marks cant be achieved even though how easy the paper is or how well prepared u are! Blunders are inevitable. I checked my paper several times but still i coudnt spot my mistake.

 

[Talha]

wat was da ans to ques which askd dat which of the following r trading buisinesses ??

 

[faisal93]

The anSwer for trading was petrol station,spare part and used car dealer..what were the purchases??????

 

[ssaint]

the answer to the 2nd year capital was net profit,a lot of people wrote the longterm loan.
im very sure the answer for the trading business was D. the one with the petrol station and the second hand car dealer .

 

[ssaint]

purchases for which question?

 

[ssaint]

purchases for which question?

 

[faisal93]

what was the question of capital...purcahses in which sales and closing stock nd g.p margin was given...

 

[faisal93]

purchases in which sales nd closing stock was given

 

[ssaint]

oh in that one you had to get the CGS and add the closing stock to it.i think it was 47200.the capital question was the one in which they asked the reason for a traders increase in capital in his 2nd year of trading;the answer to which was a net profit.

 

[faisal93]

Oh my trafer question went wrong...29 ans was money measurement or accounting period???????

 

[faisal93]

do anybody know how accounts percentage is calculated?????

 

[remz]

all my answers were correct ! And the paper went great mashAllah! It was by far the easiest of all the past accounting papers and from all of the session as well! best of luck to all for accounts ppr 2 . Maufacturing account is expected to come. Will post my guess paper as well by saturday inshaAllah.

 

[remz]

do anybody know how accounts percentage is calculated?????

Which accounting percentage are ya talking about? There are two types of accounting ratios actually. Liquidity and performance (profitability) as well as other ratios are included in the syllabus.
You only need to know
* return on capital employed : net profit/capital x 100
*rate of stock turnover : cost of sales / average stock
*current ratio: current assets/current liabilities
* quick ratio : current assets - stock / current liabilities
* markup: grossprofit/cost of sales x 100
*margin:: grossprofit / sales x 100

Hope this helps!

 

[faisal93]

thanks but i was asking about how accounts percentage is calculated...like how much percent we have got in the paper..and plz tell me the ans of 29..and cost of production ans...And why capital decresed????