ACCA F1 with Answers

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ACCA F1 with Answers
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  Answers  19 Part 1 Examination – Paper 1.1 (INT)Preparing Financial Statements (International Stream)December 2003 AnswersSection A1AA 16,000 + 14,600 – 18,000 B 18,000 + 14,600 – 16,000 C 18,000 + 14,600 + 16,000 D 16,000 + 14,600 2B3B4BB 16,690 – 9,160 – 3,860 C 16,690 + 3,860 – 9,160 D As B but overdrawn 5CA C + 2 x $3,660 discounts allowed B C + 2 x $1,800 bad debts written off  C Sales ledger control account $$ 284,6803,660189,1201,8004,920179,790800Balance282,830––––––––––––––––473,800473,800–––––––––––––––– D C + $1,600 (contras) 6A7DA 483,700 – 38,400 + 14,800 + 400 – 1,800 B 483,700 + 38,400 – 14,800 + 400 – 1,800 C 483,700 + 38,400 – 14,800 – 400 + 1,800 D 483,700 – 38,400 + 14,800 – 400 + 1,800 (Correct) 8C9B10D11BA $181,600 x 40% = 72,640 – 67,600 = $5,040 B $114,000 x 10/6 = $190,000 – 181,600 = $8,400 (correct) C $181,600 – (114,000 + 40%) 12BA P(340,000 – 20,000)/2 + 170,000/2Q95,000 B P180,000 + 90,000 – 20,000 (Correct)Q90,000 C P180,000 + 90,000Q90,000 D P170,000 + 85,000Q85,000 13B14D15C16C17D18C  19C20D21BA All rights issue proceeds added to share capitalBonus issue 75,000 B 125,000 + 62,500 + 37,500; 100,000 + 187,500 – 37,500 (correct) C As B, but bonus issue added to share premium D Bonus issue does not allow for previous issue. 22DA $80,000 + 7% x $500,000 x 3  /  12 B As D but including 7% x $500,000 x 6  /  12 instead of 3  /  12 C As D but excluding 7% x $500,000 x 3  /  12 D 8% x $1m x 3  /  12 + 8% x $750,000 x 9  /  12 + 7% x $500,000 x 3  /  12 23A24A25A 20  21 Section B1(a) AbradorBalance sheet as at 31 December 2002 Assets $$ Non-current assets Property, plant and equipment (W1)3,000,000Development costs570,0003,570,000––––––––––Current assetsInventory3,900,000Receivables (W2)2,910,000––––––––––6,810,000––––––––––10,380,000––––––––––Equity and liabilitiesCapital and reservesIssued share capital1,500,000Share premium account700,000Accumulated profits (W3)5,780,000––––––––––7,980,000Curent liabilitiesTrade payables1,900,000Bank overdraft100,0006% loan notes400,0002,400,000––––––––––––––––––––10,380,000––––––––––Workings1Property, plant and equipment per question5,000,000 less : depreciation at 31 December 20011,000,000––––––––––4,000,000 less : 25% x 4,000,0001,000,000––––––––––3,000,000––––––––––2Receivables3,400,000 less : Written off400,000––––––––––3,000,000 less : Allowance90,000––––––––––2,910,000–––––––––– $ 3Accumulated profitPer question7,170,000 less : Depreciation1,000,000Bad debts400,000Allowance for doubtful debts(10,000)1,390,000–––––––––––––––––––5,780,000––––––––––  22 (b) $ Movements on deferred development expenditure during yearBalance at 31 December 2001550,000New expenditure in 2002120,000–––––––––670,000Amortisation for year(100,000)–––––––––Deferred development expenditure at 31 December 2002570,000–––––––––Total expenditure on research and development charged in income statementCurrent expenditure85,000Amortisation100,000–––––––––185,000––––––––– 2(a) Office building – cost/valuation2002$$ 1 July Balance1,600,0001 JulyRevaluation400,000––––––––––2,000,000 Office building – accumulated depreciation2002$2002$ 1 July Revaluation reserve320,0001 July Balance320,000 20032003 30 June Balance50,00030 June Income statement (W1)50,000––––––––––––––––––370,000370,000–––––––––––––––––– Revaluation reserve$2002$ 1 July Office building – cost400,0001 JulyOffice building – depreciation320,000–––––––––720,000 (b) Plant and machinery – cost2002$2003$ 1 July Balance840,0001 April Transfer disposal240,0001 Oct Cash200,00030 June Balance800,000––––––––––––––––––––1,040,0001,040,000–––––––––––––––––––– 2003 1 July Balance800,000
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