ACCOUNTS

[saimaiftikhar92]

CAN YOU PLEASE TELL ME THE ANSWER OF THAT QUESTION WHICH INVOLVED THE CASH BOOK ......I THINK 3 QUESTION.........PLEASE...

 

[nirajgrg]

i think its 31500 debit

 

[saimaiftikhar92]

BUT IT WAS -31500

 

[Echelon94]

I THINK THE ANSWER TO QUESTION 2 WAS MATCHING BEACUSE...GOING CONCERN MEANS THAT THE BUSINESS WILL CONTINUE IN FUTURE BUT HERE THE CASE WAS OPPOSITE ,,,,,,

just check out May2002 q7...

 

[saimaiftikhar92]

OH NO I GOT IT WRONG.............

 

[saimaiftikhar92]

CAN ANYONE WHAT WAS TH CORRECT FOR THE SECOND QUESTION OF COMPANY ACCOUNTS .....WHICH HAD THE RIGHTS ISSUED.....

 

[ahsan99]

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

 

[nirajgrg]

BUT IT WAS -31500

-31500 is shown as a debit balance in a bank statement, isnt it?

 

[nirajgrg]

CAN ANYONE WHAT WAS TH CORRECT FOR THE SECOND QUESTION OF COMPANY ACCOUNTS .....WHICH HAD THE RIGHTS ISSUED.....

option C
ordinary shares 625
rights -
share premium 125
reserve 300
something like that

 

[saimaiftikhar92]

THANK GOD

 

[saimaiftikhar92]

WHAT WAS THE ANSWER OF THE CLUB ACCOUNT QUESTION.......???

 

[saimaiftikhar92]

AND WHAT WAS THE CURRENT ASSESTS VALUE???

 

[nirajgrg]

which club question?

 

[saimaiftikhar92]

THAT QUESTION WHICH SAID THAT 4 OF MEMBERS HAVE NOT PATD SUBSCRIPTION.....

 

[naavo.1234]

I remember the club question!!!

it was 1200 in income and expenditure account and 48 in current assets because 48 is accrued income. accrued income are like debtors and should be included in current assets.

1200 should be included in income and expenditure accounts because according to matching concept if income is incurred during the year (whether received or not) should be recorded in the accounts.

so option c,i think.

 

[saimaiftikhar92]

I ALSO WROTE C

 

[saimaiftikhar92]

WHAT WAS THE VALUE OF CURRENT ASSESTS?????// :unknown:

 

[naavo.1234]

you see you had to apply the format for partner ship balance sheet.

in the financed by section:

you have to add the capital balance and current account balance. now in that question capital account balance was positive and current account balance was debit. debit means you have to show it negative form. partners current account balance should be credit at all cases. but here it was debit meaning negative.

so capital balance - current account balance = net assets.

fixed assets + current assets - current liabilities = net asstets.

let current assets be x and u will get the answer by using simple algebra.

i don't really remember the correct option but i applied the perfect method.

 

[saimaiftikhar92]

A - 6000
B- 11000
C- 17000
D- 21000
WHICH WAS THE ANSWER???

 

[naavo.1234]

HONESTLY SAIMA!!!

I DONT REALLY REMEMBER!!! LOLS!!!

ALTHOUGH MY MIND SAYS I DID "C"

BUT I REALLY REALLY DON'T REMEMBER.!!!

DID YOU SOLVED IT BY THE METHOD I JUST SHOWED?