AS ACCOUNTING P12.... howd it go??

[amandeep04]

What about the Suspense Account. Is it the the bank interest one? The dividend one is 4.8

I dont remember that one, what was it again?

 

[amandeep04]

What about the bank one!? Was the answer a $550 debit balance on cash book?!

I got credit 550.

 

[Hammad Suhail]

The suspense account one felt like the Interest paid treated as interest received. I think that was the correct option, don't exactly remember which alphabet it corresponded to.

 

[Hammad Suhail]

BRS one was Credit 550. Pretty sure about that.

 

[Fadhila]

What about the Suspense Account. Is it the the bank interest one? The dividend one is 4.8

Suspense I chose B
It ws somethin like discount allowed credited with discount received, wht ws ur pick??

 

[Hammad Suhail]

Yes 7000 profit for year 2. That too was a repeated question.

 

[Hammad Suhail]

Suspense I chose B
It ws somethin like discount allowed credited with discount received, wht ws ur pick??

I think this option is incorrect. Why? Because if you credit discount allowed column with 200 discount received (lets assume discount received is 200), the original treatment for discount received is also credit 200, so even if you have posted it to the wrong account, the trial balance would still balance as it has been posted at the credit side of that account. I felt the answer should have been C. I applied this logic and in it's light C was the right answer.

 

[SalmanPakRocks]

Discussing the paper is not allowed, members discussing the paper would be subjective to a temporary or permanant ban.

 

[SalmanPakRocks]

Un-locked!

 

[Hammad Suhail]

Yay

 

[abrar]

for the contribution to sales ratio question ( in percentage) what was the answer??
also what was the answer to the first question with the x any y ?? with some explaination plz

 

[Hammad Suhail]

for the contribution to sales ratio question ( in percentage) what was the answer??
also what was the answer to the first question with the x any y ?? with some explaination plz

contribution to sales was 60%
and the first question one was B i think. If X returns goods to Y. That is because when we sold goods to X, entries would be X to Sales, and when he returns goods, the entry would be Sales Returns to X, which means a credit entry in X's account. And that's the correct answer.

 

[Hasa321]

Wat did u guys put for the dividend question, which said that to maintain the 10% dividend thing? $1.2?

 

[Hammad Suhail]

Wat did u guys put for the dividend question, which said that to maintain the 10% dividend thing? $1.2?

It was D, $4.8

Wat did u guys put for the dividend question, which said that to maintain the 10% dividend thing? $1.2?

 

[razahayat777]

9. The one related to age analysis debtor, are you sure that the answer was credit controller and not sales ledger supervisor?

16. The one which asked about a correct statement related to receipts and payments account, was that Income is debit or Figures are adjusted for accruals or prepayments?

21. The one in which the debtors' days were increased from 80 to 100, what was the correct option?

 

[Lostsoul]

No.9 Yes
No.16 Incomes are on debit, because receipts and payments is like cashbook, it does not adjust for accruals or prepayments
21. I think the creditors faced cash flow problems, not sure though..

 

[Lostsoul]

Job costing? Budget? Telephone bank?
What were the ans?

 

[razahayat777]

House builder was an example of Job costing.

 

[perfect1]

Can someone remind me what was the answer for Return on Capital Employed qs. Did we have to subtract the finance charges from the profit or not?

 

[Hammad Suhail]

Can someone remind me what was the answer for Return on Capital Employed qs. Did we have to subtract the finance charges from the profit or not?

21.3%
Finance charged are NOT subtracted.