ACCA F1 with Answers

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ACCA F1 with Answers
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  Answers  Part 1 Examination – Paper 1.1(INT)Preparing Financial Statements (International Stream)December 2006 Answers Section A 1A2A3B4A5D6D7B8C9C10D11D12D13A14A15C16B17D18B19A20A21C22B23D24A25AWorkings for computational MCQs1A 0/inventory380Purchases480––––860COGS 650 – 195455––––Inventory405Remaining inventory220––––Inventory lost185–––– 2A 1+ 5002+ 5003no change–––––1,000––––– 3B 500 – (75% x 450) 6D 180 + (40% x 500) – 30 7B 838,000 – 72,000 = 766,000; allowance 60,000 14A 3  /  4 x 10,800 + 1  /  4 x 12,000 = 11,100; prepayment 3  /  4 x 12,000 17D 20% x (1,000,000 + 400,000 + 5,600,000) 19  18B 100 + 50 + 60; 80 – 50 + 30 22B 1: (40,000 + 60,000 – 50,000) x 2 = 100,000 – 95,000 = 5,000 cash lost3: (40,000 + 60,000 – 50,000 – 2,500 inventory loss) x 2 = 95,000 23D 834,600 + 134,600 – 4,800 + 8,700 – 144,400 25A Payables ledger control account Opening balance318,600Cash paid to suppliers1,364,300Purchases1,268,600Purchase returns41,200Refunds received fromContras against debitsuppliers2,700balances in receivables ledger48,000Discounts8,200Closing balance128,200––––––––––––––––––––1,589,9001,589,900–––––––––––––––––––– 20  Section B 1 GoldingBalance sheet as at 30 June 2006Cost orAccumulatedNet bookvaluationdepreciationvalue$000$000$000 Non-current assetsLand and buildings9,0002008,800Plant and equipment6,0004,4001,600––––––––––––––––––––15,0004,60010,400–––––––––––––Current assetsInventories4,700Receivables (3,600 – 280)3,320Cash1,200––––––9,220–––––––19,620–––––––Capital and reservesCalled up share capital5,000Share premium account2,200Revaluation reserve (5,000 + 4,000 – 4,000 – 2,400)2,600Retained earnings (see working)5,570–––––––15,370Non-current liabilities8% Loan notes1,000Current liabilitiesPayables2,500Accruals (500 + 250)7503,250–––––––––––––19,620–––––––Working $000$000$000 Retained earnings balance1 July 20054,600Draft profit2,900 less: irrecoverable debts280bonuses250depreciation1,4001,930970––––––––––––––––––––5,570––––––– 21  2(a) DrCr$$ (1)Sales 70,000Share capital50,000Share premium20,000(2)Suspense16,000Interest payable8,000Interest receivable8,000(3)Sales16,000Purchases16,000Suspense32,000ORSuspense48,000Sales48,000Purchases64,000Suspense64,000Sales64,000Suspense64,000Suspense48,000Purchases48,000(4)Suspense36,000Rent36,000 (b) –+$$ Profit per draft accounts830,000Adjustments(1)Sales70,000(2)Interest16,000(3)Sales/Purchases32,000(4)Rent36,000––––––––––––––––102,000882,000102,000––––––––Revised profit780,000–––––––– 22
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