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principles of accounts 7110 TEST OCT/NOV 2011
- Thread starter Achmerd
- Start date
the two questions about accounting concepts were the only ones i considered easy 
it was question 28 and 29 if im not mistaken.
what was your answer for that question anyways??
i answered materiality and dual aspects, thought i wasn't confident about that answers
it was question 28 and 29 if im not mistaken.what was your answer for that question anyways??
i answered materiality and dual aspects, thought i wasn't confident about that answers
i also wrote materiality and dual aspects..n i kno itis correct. wow..Syuw1210 said:the two questions about accounting concepts were the only ones i considered easy
what was your answer for that question anyways??
i answered materiality and dual aspects, thought i wasn't confident about that answers
Achmerd said:i also wrote materiality and dual aspects..n i kno itis correct. wow..Syuw1210 said:the two questions about accounting concepts were the only ones i considered easy
what was your answer for that question anyways??
i answered materiality and dual aspects, thought i wasn't confident about that answers
wow... :Yahoo!: now gonna have to focus on paper 2
anyone know the answer for question 19 paper 12 7110 about ...on 1 January 2010, Zafar borrowed $10 000. he agreed to repay the loan by annual instalments of $1000 starting on 1 Jan 2011. how will the loan be shown in Zafar's balance sheet at 31 Dec 2010?
A. $1000 as a current asset and $9000 as a non current liability
B. $1000 as a current liability and $9000 as a non current liability
C. $9000 as a current asset and $1000 as a non current liability
D. $10000 as a current liabilty
A. $1000 as a current asset and $9000 as a non current liability
B. $1000 as a current liability and $9000 as a non current liability
C. $9000 as a current asset and $1000 as a non current liability
D. $10000 as a current liabilty
- Messages
- 1,564
- Reaction score
- 4,031
- Points
- 273
Hello Guys!
How was your Accounts paper! was it Easy
Because i Haven't Gave it,I'll be giving next year in may/june 2012 Any advice u want to share ?
How was your Accounts paper! was it Easy
Because i Haven't Gave it,I'll be giving next year in may/june 2012 Any advice u want to share ?
yaa... the paper was not that much difficult... there were some repeated questions ..umm i think around 10 questions... Best of luck 4 u r exams...try hard to score an A* ..... jux do all the past papers from 2005 to 2011...best wishesWaleed007 said:
8)
- Messages
- 1,564
- Reaction score
- 4,031
- Points
- 273
Thanks!
Mate BEst of luck for your Account P2 tomorrow!
Mate BEst of luck for your Account P2 tomorrow!
Can any1 help me to solve this ques.!!!! (plspls pls any help appriciated!!!)
QUESTION
Ahmed started business on 1 May 2006 with a capital of $10,000. He balanced his sales ledger control account on 30 April 2007. It showed a balance of $18,000 and the balance did not agree with the total individual balances. When he examined ther records, the following errors were found and corrected.
1) The sales daybook had been overvalued by $2,000.
2) Cash discount, $89 allowed to Ali has been entered on the wrong side of the control account.
3) Goods sold on credit , $800 had not been entered in the sales ledger.
4) Payment of $450 made by Aksham, a credit customer had been omitted from the books.
REQUIRED:- Prepare an amended sales ledger control account
Ahmed's balances also showed the following on 30 April 2007
Creditor's control account balance = $10,500
Equipment = $8000
Cash = $100
Bank ( Cr ) = $300
Drawings = $600
Calculate Ahmed's NETPROFIT or LOSS for the year ended 30 April 2007.
QUESTION
Ahmed started business on 1 May 2006 with a capital of $10,000. He balanced his sales ledger control account on 30 April 2007. It showed a balance of $18,000 and the balance did not agree with the total individual balances. When he examined ther records, the following errors were found and corrected.
1) The sales daybook had been overvalued by $2,000.
2) Cash discount, $89 allowed to Ali has been entered on the wrong side of the control account.
3) Goods sold on credit , $800 had not been entered in the sales ledger.
4) Payment of $450 made by Aksham, a credit customer had been omitted from the books.
REQUIRED:- Prepare an amended sales ledger control account
Ahmed's balances also showed the following on 30 April 2007
Creditor's control account balance = $10,500
Equipment = $8000
Cash = $100
Bank ( Cr ) = $300
Drawings = $600
Calculate Ahmed's NETPROFIT or LOSS for the year ended 30 April 2007.
Can any1 help me to solve this ques.!!!! (plspls pls any help appriciated!!!)
QUESTION
Ahmed started business on 1 May 2006 with a capital of $10,000. He balanced his sales ledger control account on 30 April 2007. It showed a balance of $18,000 and the balance did not agree with the total individual balances. When he examined ther records, the following errors were found and corrected.
1) The sales daybook had been overvalued by $2,000.
2) Cash discount, $89 allowed to Ali has been entered on the wrong side of the control account.
3) Goods sold on credit , $800 had not been entered in the sales ledger.
4) Payment of $450 made by Aksham, a credit customer had been omitted from the books.
REQUIRED:- Prepare an amended sales ledger control account
Ahmed's balances also showed the following on 30 April 2007
Creditor's control account balance = $10,500
Equipment = $8000
Cash = $100
Bank ( Cr ) = $300
Drawings = $600
Calculate Ahmed's NETPROFIT or LOSS for the year ended 30 April 2007.
QUESTION
Ahmed started business on 1 May 2006 with a capital of $10,000. He balanced his sales ledger control account on 30 April 2007. It showed a balance of $18,000 and the balance did not agree with the total individual balances. When he examined ther records, the following errors were found and corrected.
1) The sales daybook had been overvalued by $2,000.
2) Cash discount, $89 allowed to Ali has been entered on the wrong side of the control account.
3) Goods sold on credit , $800 had not been entered in the sales ledger.
4) Payment of $450 made by Aksham, a credit customer had been omitted from the books.
REQUIRED:- Prepare an amended sales ledger control account
Ahmed's balances also showed the following on 30 April 2007
Creditor's control account balance = $10,500
Equipment = $8000
Cash = $100
Bank ( Cr ) = $300
Drawings = $600
Calculate Ahmed's NETPROFIT or LOSS for the year ended 30 April 2007.
In the amended sales ledger control account : opening balance (balance b/d) 18000 Dr
In the credit side : Sales 2000
correction of error 178
Aksham 450
Closing balance ( balance c/d) 15372
Calculation of Net profit :
Closing capital (15372+8000+100-10500-300) 12672
(-) Opening capital (10000)
(+) Drawings 600
_________________________________________________
Net profit 3272
I tried to do my best, plz anyone do correct me if i am wrong
In the credit side : Sales 2000
correction of error 178
Aksham 450
Closing balance ( balance c/d) 15372
Calculation of Net profit :
Closing capital (15372+8000+100-10500-300) 12672
(-) Opening capital (10000)
(+) Drawings 600
_________________________________________________
Net profit 3272
I tried to do my best, plz anyone do correct me if i am wrong
- Messages
- 1,564
- Reaction score
- 4,031
- Points
- 273
Insha Allah u'll get an A dont worry! Time managing is a big Factor.But Again asking the same Question was Accounts P2 Easy?