ACCOUNTS

[naavo.1234]

was that option B or C.?? the profit one.

 

[naavo.1234]

@ echlon

the least two of mine are incorrect the first two are right.

on whole i think i will lose 3-4 mcqs. i only did wild guesses in those one but now i know 2 of them are wrong.

 

[naavo.1234]

if for the profit the option is c than i think my tukka worked fine. lols!!!!!

 

[saimaiftikhar92]

WHAT DO YOU ALL THINK..........?

ABOUT THE GT

 

[naavo.1234]

my return on capital employed was 21.6% which was wrong i know.

my net assets were also wrong i chose B

sales and profit to be shared were fine.!!

 

[naavo.1234]

GT WILL BE 24. NOW I CAN SAY IT FOR SURE.

 

[Echelon94]

lol. Well Capital Employed is Fixed + Working Capital, while Net Assets is Total Assets - Total Liabilities

 

[saimaiftikhar92]

WHAT WAS THE ANSWER TO THE 2 QUESTIONS OF OVERHEAD ABSORPTION??

 

[naavo.1234]

THE FIRST QUESTION REGARDING OAR WAS THAT THE FINAL FIGURE WAS IN NEGATIVE. WHICH MEANS IT WAS OVER ABSORBED. WHAT WAS THE NUMBER??

IN THE 2 QUESTION YOU HAD TO CALCULATE THE ACTUAL OVER HEADS. YOU HAVE TO TAKE THE UNDER ABSORBED FIGURE IN POSITIVE. AND THE OAR RATE WAS 16 I GUESS. I USED PERFECT METHOD. I DONT KNOW WHICH OPTIONS I CHOSE BUT I AM CONFIDENT I DID CORRECT.

 

[saimaiftikhar92]

THE SECOND QUESTION OF OVERHEAD ABSORPTION .............I WROTE A 60000

 

[Echelon94]

how did your paper 2 go Naavo?
last part of question 1 was tricky

 

[saimaiftikhar92]

GUYS WHATEVER YOU DID IN THE PAPER..............BUT.....PLEASEEEEEEEEEEEEEEEEEEEEEEE DO PRAY FOR ME....... HOPE TO GET STRAIGHT A'S............

AMEEEEEN

 

[Echelon94]

THE SECOND QUESTION OF OVERHEAD ABSORPTION .............I WROTE A 60000

yeah I think that was correct as I think the Budgeted Overheads were 72000 and I think the overabsorbed amount was 12000, so 60000 is right

 

[saimaiftikhar92]

:beer: :Yahoo!:

 

[Moiz]

the amount given was UNDER absorbed so 72000+12000=84000 so answer was D

 

[naavo.1234]

@ ECHELON 94

IF U HAVE USED CORRECT METHOD AND FORMULA YOU HAVE DONE THE RIGHT THINK. DON'T WORRY ABOUT IT.

JUST BE SURE THAT THE UNDER ABSORBED FIGURE SHOULD BE A POSITIVE.


@ ECHELON

PAPER 2 WAS ALSO GREAT JUST I FORGOT TO DEDUCT CASH SALES FROM STOCK LOST BY FIRE AND I MISTAKENLY CONVERTED OPENING STOCK IN TO COST PRICE WHICH WAS ALREADY ON COST PRICE. I THINK I WILL LOSE 2 MARKS FOR THAT.

@ MOIZ

I THINK ALSO MARKED D.

DO YOU REMEMBER THAT QUESTION IF SO PLZ SHARE IT.

 

[ahsan99]

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!!!

Absolutely. And no problem

 

[Moiz]

No i dont remeber it

 

[naavo.1234]

BUT THE UNDER ABSORBED FIGURE IN THE SECOND QUESTION OF ABSORPTION COSTING WAS A POSITIVE. RIGHT????

SHIT MAN I CANT REMEMBER.!!!!!

DONT KNOW WHETHER IT WAS OVER OR UNDER ABSORBED.

 

[saimaiftikhar92]

NO
THE ACTUAL CAME AS 72000
AND IT WAS UNDERABSORBED(for sure) BY 12OOO
SO THE ANSWER IS 60000 A