Mocks 2012 **READ FIRST POST BEFORE POSTING**

(a) Dílseacht
(b) Is ar scáth a chéile a mhaireann na daoine.

Q1 company account, Q5 Interpretation/ratios- advise shareholders and know reasons for why gross profit% is changed, Q6 Service firm, Q8 over absorption[ service and production dpartment and stock valuation like 2007 Q8 HL

1. Company accounts, know about suspense accounts
2. Tabular statement, (Record on a tabular statement the effect each of the above transactions had on the relevant asset, liability and capital accounts and ascertain the total assets and liabilities on 31/12/2011) know about revaluation and depreciation
3. Revaluation of fixed assets
4. Farm account, know how to do a drawings account and which account other than drawings is affected by "farm produce used by family" Explain your answer
5. Interpretation of accounts -Indicate wether the ordinary shareholders would be satisfied with the performance, state of affairs and prospects of the company. Use relevant ratios, percentages and other information to support your answer. -The gross profit percentage for 2010 was 35%. Give five different explanations for the increase/decrease in 2011
6. Service Company Accounts
7. Correction of Errors and Suspense Account - Identify 3 different types of errors that affect the balancing of a trial balance
8. Costing and Stock Valuation, - Explain what is meant by re-apportionment or overheads and under-absorption of overheads
9. Cash Budgeting, Define cash budgeting and describe 2 of its advantages

and the ratios are:Earnings per ordinary share: 12.5c
Dividend per ordinary share: 4.8c
Interest cover: 4.7 times
Quick ratio: 1.2 to 1
Return on Capital employed 10.4%
Market Value of 1 ordinary share €1.30
Gearing 35%
Dividend cover 2.6 times
Dividend yield 5.2%

The earnings per ordinary share
thecash purchases if the average period of credo received from trade creditors is 1.5 months
the dividend yield
how long it would take one ordinary share to recoup is 2011 market price
return on capital employed


1 company accounts
2 Tab
3 revaluation
4 farm accounts
5 ratios
6 service firm
7 suspense
8 costing (there's a stock valuation q)
9 cash budgeting


Also Submitted)

section 1 = company accounts
section 2= service accounts and suspense accounts Section 3 = valuation of closing stock

Section 3 - Question 9 - Production Budgets

Also Submitted)

Farm Accounts
Revaluation Reserve
Cash Budgeting

Also
according to submitter #3

Question 2 is not a control account.. It's a tabular statement

Question 8: re-apportionment and under-absorption

Q.5 Interpretation of accounts- will ordinary shareholders be happy with performance,policies and future of the business (dairy industry),give reasons why the gross profit % has either decreased or increased.
Q.8Product Costing-same as 2007 paper ,know how to find closing stock using the FIFO method. Be able to reapportion overheads.
Q.4Farm accounts-be able to state what other account is affected by drawings and be able to show the drawings account

Q5 Ratios (b) Shareholder Q: Performance, State of Affairs and Prospects © Gross Profit % 5 reasons why it decreased
Q9 Cash budgeting given sale units and sale revenue and given material A= 6kg @ €2 per kg.

2. Tabular Statement

The financial position of Tarbert Ltd on 1/1/2011 is shown in the following balance sheet:

Balance sheet as at 1/1/2011

Cost Dep NBV
Land & buildings 860,000 640,00 796,000
Equipment 120,000 38,000 82,000

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Total 980,000 102,000 878,000
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Current Assets
Stock 74,600
Debtors(less provision 5%) 47,500 122,100

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Less Creditors: amount falling due within 1 year
Creditors 58,400
Bank 22,900
Expenses due 3,800 (85,100)

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37,000

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915,000
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Financed by
Capital and Reserves
Authorised – 900,000 ordinary shares @ €1 each
Issued – 600,000 ordinary shares @ €1 each 600,000
Share premium 180,000
Profit and loss balance 135,000

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915,000
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The following transactions took place during 2011:

Jan: Tarbert Ltd bought an adjoining business on 1/1/20011 which included buildings €120,000, debtors €60,000 and creditors €45,000. The purchase price was discharged by granting the seller 120,000 shares in Tarbert Ltd at a premium 20c per share.

Feb: Tarbert Ltd decided to re-value land and buildings at €1,100,000 (which included land valued at €80,000) on 1/2/2012.

April: Received a bank statement on April 1 showing a credit transfer received of €3,800 to cover 10 months' rent receivable in advance from April 1 and a direct debit of €6,720 to cover fire insurance for the year ending 31/03/2012.

May: A payment of €750 was received from a debtor whose debt had been previously written off and who now wishes to trade with Tarbert Ltd again. This represents 30% of the original debt and O’Brien had undertaken to pay the remainder of the debt in January 2009.

July: Goods previously sold by Tarbert Ltd for €1,200 were returned. The selling price of these goods was cost plus 25%. A credit note was issued showing a deduction of 10% of the invoice price as a restocking charge.

Aug: An interim dividend of 5c per share was paid on all issued shares.

Oct: Equipment which cost €16,000 was traded in against new equipment costing €22,000. An allowance of €3,600 was made for the old equipment. Depreciation to date on the old van was €13,200.

Dec: Depreciation on buildings is charged at the rate of 2% per annum of value at 1/2/2011.
The depreciation charge for the year on equipment was €18,000

You are required to:
Record on a tabular statement the effect each of the above transactions had on the relevant asset, liability and capital accounts and ascertain the total assets and liabilities on 31/12/2011. (60 marks)