ACCOUNTS

[saimaiftikhar92]

I DID AND I GOT 6000....HOPE ITS CORRECT..

 

[saimaiftikhar92]

HOW MANY MARKS WILL YOU LOSE AND WHAT DO YOU THINK WILL NE THE MININUM MARK FOR A IN PAPER 1??

 

[naavo.1234]

DID YOU INCLUDED THE CURRENT ACCOUNT BALANCE IN A NEGATIVE OR A POSITIVE VALUE???

WHEN CURRENT ACCOUNT BALANCE IS DEBIT IT MEANS ITS DRAWINGS ARE IN EXCESS OF PROFITS AND INCOME. REMEMBER THE TEXT BOOK REASON???

I THINK I DID 3 OR 4 MCQS WRONG BUT THEY WILL NOT DEDUCT 4 MARKS BECAUSE THE INSTRUCTIONS SAID A MARK WILL NOT BE DEDUCTED FOR A WRONG ANSWER. THEY WILL TAKE AVERAGE. IAM EXPECTING AN A* INSHALLAH.

I THINK GRADE THRESHOLD FOR A GRADE ( BASED ON THE DIFFICULTY) WILL BE I GUESS 24 OR 23. OR MAY BE MAY BE 25.

 

[saimaiftikhar92]

LET ME TELL YOU WHAT I DID...
FIXED ASSESTS + CURRENT ASSESTS - CURRENT LIABILITIES - CURRENT ACCOUNT BALANCE
AND THEN I GOT 6000

YES I ALSO THINK SO THAT THE MINIMUM MARK FOR A WILL BE AROUND 24
HOPE TO GET AN "A" ................INSHALLAH.......

 

[naavo.1234]

HERE IS WHAT I DID AND ITS ACCORDING TO THE TEXT BOOK ALSO

FIXED ASSET + CURRENT ASSET - CURRENT LIABILITIES = CAPITAL ACCOUNT - CURRENT ACCOUNT


WHY NEGATIVE CURRENT ACCOUNT BECAUSE ITS BALANCE WAS DEBIT. IT SHOULD HAVE BEEN A CREDIT FOR A POSITIVE VALUE.

ANY HOW FORGET ABOUT IT.

HOW MANY PAPERS ARE LEFT I JUST HAVE PHYSICS MCQ LEFT. AND IAM ALSO HOPING FOR ALL A GRADES SO THAT I GET A PLACEMENT IN A CANADIAN UNIVERSITY. PRAY PRAY PLZ.. AMEEN!!!!

 

[saimaiftikhar92]

I THINK YOU ALSO GOT THE SAME ANSWER....

MY PAPERS ARE FINISHED....THIS WAS THE LAST ONE......
PLEASE ,,,PLEASE,,,,,,,PLEASE,,,,,,,,PLEASE PRAY FOR ME BECAUSE I NEED SCHOLRASHIP..
HOPE TO GET STRAIGHT A'S ....................INSHALLAH...

 

[ahsan99]

naavo i think we had to deduct non current liabilities too
and then equal it with capital - current a/c balance
so i got 11000

 

[Echelon94]

Oh thank you Echelon 94! ...this was the only question i was doubtful about
so almost all of the difficult questions were repeated.

-31500 is debit

yeah man it was mostly repeated stuff...the only new thing was that Computerized Age Analysis question...but the majority selected A, and it seemed the logical one too

 

[ahsan99]

oh yes it was A indeed..B/C/D were just too vague

 

[saimaiftikhar92]

WHAT THE ANSWER TO THE LAST QUESTION......................????

 

[naavo.1234]

ahsan you are right man!!!

Now i really remember there was long term liabilities too.

so i guess the equation now becomes

fixed assets + current assets - current liabilities - long term liabilities = capital account - current account.

i think i also did B. now i remember. thanks man!!!

 

[naavo.1234]

And the answer to the last part was D

but bad luck to me. just when i was about to shade the option D box the invigilator took my papers. damn it!!! i did not find the chance to mark D in the last question.!!! how funny!!!

 

[saimaiftikhar92]

I GOT A AS THE LAST ANSWER.......AND I THINK IT IS RIGHT....MY FREINDS ALSO GOT THE SAME ANSWER

 

[naavo.1234]

you have to convert mark up to margin to find gross profit from total sales.

mark up was 33.33%. you have to convert that to margin. so it becomes 25%

now sales were given so find gross profit which was = sales x 25%

opening stock + purchases - closing stock = sales - (25% of sales)

sales - (25% of sales) = cost of sales.

it came straight option D.

i think you forgot to convert 33.33% markup to 25% margin.

 

[naavo.1234]

the objective was to find purchases. let that be x and apply algebra. you will get 425 i guess. which was option d

 

[saimaiftikhar92]

AND WHAT ABOUT THAT QUESTION WHICH SAID THAT ....HOW MANY MORE UNITS SHOULD BE PRODUCED SO THAT PROFITS WOULD BE SAME AS YEAR 1??

 

[Echelon94]

3000 more units. You had to calculate the BEPs of both. It came 10000 for the 1st and 13000 for the 2nd year.

 

[saimaiftikhar92]

I ALSO GOT 3000 UNITS

 

[saimaiftikhar92]

I HAVE CHECKED ALL THE PAPERS FROM 2006 TO 2010 AND THE HIGHEST GT WAS 24 ........SO I THINK THIS TIME IT WILL BE AROUND 22 OR 23

 

[Echelon94]

@Naavo our answers are matching up. lets check some more.

That question in which we had to calculate total sales. It was $356,000?
The residual balance of profit to be shared was $109,000?
Return on Capital was 25.0%?
Increase in Net Assets was $1,000,000?