Accounting Q1 2000

happydance

Hi, I was wondering does anyone know where I can get the solution for it! I keep getting the answer at 1290000 but the back of my papers says 1289000! It's driving me nuts!

DonaldDuck

I thought I had the solution,but I have all of it but question 1 since I wont be doing it Asking your school teacher before the end of year wouldve been your best bet for getting solutions

NADA

DonaldDuck wrote:

I thought I had the solution,but I have all of it but question 1 since I wont be doing it Asking your school teacher before the end of year wouldve been your best bet for getting solutions

I'm going to do it out now. gotta practice. I'll be done soon no don't fret.

MB44

here it is. I cant seem to upload it from word so its really messy when i copied it.

€ € €
Sales 860000
Less Cost of Sales
Stocks 1/1/-0 54000
Add Purchases 478000
532000
Less Stock 31/12/-0 53000 479000
Gross Profit 381000

Operating Income
Investment Income 7500
388500



Selling and Distribution
Loss on disposal 2400
Provision increase 250
Bad debts 1400
Vans Depreciation 56700
60750


Administration
General 145750
Patents 12000
Directors fees 40000
Buildings 14000 211750









Financial
Debenture 26000
298500
90000
Net Profit
Less Taxation
Profit after Taxation
Dividends
Preference: Paid 5000
Proposed 15000
Ordinary: Paid 16000
Proposed 20000 56000
P/L balance 34000
Add/Less Last years P/L Balance 82000
116000


Fixed Assets Cost Dep NBV
Buildings 960000 960000
Vans 291000 105100 185900
1145900

Intangible Fixed Assets
Patents 48000
Investments 125000 173000

1318900
Total Fixed and Intangible Assets

Current Assets
Stock 53000
Debtors 59000
Provision 5950 56050
Investment due 2500
111550



Current Liabilities
Creditors 53820
Debenture Interest 21000
Ordinary Due 16000
Preference 15000
Bank 14630
VAT 18000
138450




Working Capital -26900
Total Net Assets 1292000
Financed By
Capital 650000
Debenture Loan 350000
P/l 116000
Revaluation 176000 1292000

NADA

MB44 wrote:

here it is. I cant seem to upload it from word so its really messy when i copied it.

€ € €
Sales 860000
Less Cost of Sales
Stocks 1/1/-0 54000
Add Purchases 478000
532000
Less Stock 31/12/-0 53000 479000
Gross Profit 381000

Operating Income
Investment Income 7500
388500



Selling and Distribution
Loss on disposal 2400
Provision increase 250
Bad debts 1400
Vans Depreciation 56700
60750


Administration
General 145750
Patents 12000
Directors fees 40000
Buildings 14000 211750









Financial
Debenture 26000
298500
90000
Net Profit
Less Taxation
Profit after Taxation
Dividends
Preference: Paid 5000
Proposed 15000
Ordinary: Paid 16000
Proposed 20000 56000
P/L balance 34000
Add/Less Last years P/L Balance 82000
116000


Fixed Assets Cost Dep NBV
Buildings 960000 960000
Vans 291000 105100 185900
1145900

Intangible Fixed Assets
Patents 48000
Investments 125000 173000

1318900
Total Fixed and Intangible Assets

Current Assets
Stock 53000
Debtors 59000
Provision 5950 56050
Investment due 2500
111550



Current Liabilities
Creditors 53820
Debenture Interest 21000
Ordinary Due 16000
Preference 15000
Bank 14630
VAT 18000
138450




Working Capital -26900
Total Net Assets 1292000
Financed By
Capital 650000
Debenture Loan 350000
P/l 116000
Revaluation 176000 1292000

Just did the question there. The answer is 1289000. MB44 I did not look at your solution too closely but the first thing I noticed was that patents was wrong. It should be 15k w/o and 45000 in the BS

MB44

i thought it was written off over 5 yrs. iif its changed it still balances perfectly.

happydance

Thank you!!! I was €1000 out on my vans!! thanks for the solution I found it, I'd never have found it otherwise! Thank again for the help!

MB44

no problem. glad i could help

xnightwishx

Guys you know it's easier to go to examinations.ie the solutions are all in the examination material archive...lol My source of study for the last month.

The Agogo

xnightwishx wrote:

Guys you know it's easier to go to examinations.ie the solutions are all in the examination material archive...lol My source of study for the last month.

could you drop us the link for that...

is it all subjects????

happydance

It's http://www.examinations.ie/index.php?l=en&mc=en&sc=ep&formAction=agree

But they only have back to 2001!