HL Accounting....

marshmallow

The answers are really bugging me!!

I did Q2 Tabs
Balance = 1204250

Q3 Reval of FA
L&B Bal = 750000
Reval Reserve Bal = 108400
Deprec Bal = 15000

Q6 Pub
ugh I was out by 22000 - damn patent royalties!! I couldn't figure out where they went!

Q7 Incomplete
I'd say I've a lotta figures wrong because of the EU grant..

Q8 Job Costing
I'm not getting any of the same figures as other people here.. I got odd decimals but couldn't work out what I'd done wrong..

Processing - 7.925
Assembly - 2.21
Finishing - 1.49
SP - 26789.71

galway.gaa

where was the EU grant supposed to go?
i wasnt to sure either. i put it in as a gain!!!!!!

ynwa_17

I put it in as Income under gross profit and used that and the investment income as figures for finding the adjusted gross profit. Seemed the logical thing to do, dunno if it was right though

galway.gaa

ynwa_17 wrote: »

I put it in as Income under gross profit and used that and the investment income as figures for finding the adjusted gross profit. Seemed the logical thing to do, dunno if it was right though

ya thats the same thing as i did. alot of people seemed to have problems with this so i was jus wonderin

ynwa_17

Its the first time something like thats come up. Normally instead of that its he introduced capital of 2000 and paid bill etc. An EU grant cant be an introduction of Capital if you think about it

HQvhs

ynwa_17 wrote: »

Its the first time something like thats come up. Normally instead of that its he introduced capital of 2000 and paid bill etc. An EU grant cant be an introduction of Capital if you think about it

I'm fairly sure it's an introduction of capital as it's a once off (ie, capital) income. It didn't say that the grant was a regular thing, like investment income, so I'm almost positive it's an introduction of capital. However, never been up before that I could see so I could be wrong!

galway.gaa

HQvhs wrote: »

I'm fairly sure it's an introduction of capital as it's a once off (ie, capital) income. It didn't say that the grant was a regular thing, like investment income, so I'm almost positive it's an introduction of capital. However, never been up before that I could see so I could be wrong!

im fairly sure it does as a gain. is capital not only introduced by the owner of the company?

WolfForager

It's not introduction of capital anyway. Capital is only introduced by the owner. The 30,000 in Q7 was an introduction of capital.

Fince

galway.gaa wrote: »

im fairly sure it does as a gain. is capital not only introduced by the owner of the company?

spot on. i put it in as add gain as well.

galway.gaa

Fince wrote: »

spot on. i put it in as add gain as well.

i reckon you got the A1 all your accounts woked out. did they?
did you do the incomplete a/c? what answer did you get?

HQvhs

galway.gaa wrote: »

im fairly sure it does as a gain. is capital not only introduced by the owner of the company?

Yeah it could be. I remember being told in class way back when we were doing club accounts (way back in fifth year probably!) that grants were capital introduced unless they were specified to be regular. But that was ages ago, and I seem to be only one who thinks it's capital so you're probably all right.

Fince

galway.gaa wrote: »

i reckon you got the A1 all your accounts woked out. did they?
did you do the incomplete a/c? what answer did you get?

think the job costing and the published did alright. not many people have mentioned tab or farm so not sure about them. i was close to some people's answer for incomplete but not exact. i'd be suprised if its right but i got
Net profit 41,392
Sales 629, 400

Matthew712

Eu grant can be "capitalised" if it is an irregular(once off) large income, ie added to capital as a reserve. Here €6000 could equally be seen as small in relation to wages €80,000 so it could be treated as a gain.

Matthew712

What was more interesting in q7 was the fact that 2 loan installments of €6000 are due within the next year ie current liability of €12000 and the long term loan of €108000

WolfForager

Fince wrote: »

think the job costing and the published did alright. not many people have mentioned tab or farm so not sure about them. i was close to some people's answer for incomplete but not exact. i'd be suprised if its right but i got
Net profit 41,392
Sales 629, 400

Rolf i got somewhere around 18,000 for my NP, one of us is screwed, probably me :P

WolfForager

Matthew712 wrote: »

What was more interesting in q7 was the fact that 2 loan installments of €6000 are due within the next year ie current liability of €12000 and the long term loan of €108000

Ya what?

Bollocks...

Why couldn't the bastard have just stuck with the same type of incomplete thats come up for the last 10 years... Damn asshole and their fascination with "change".

Fince

WolfForager wrote: »

Rolf i got somewhere around 18,000 for my NP, one of us is screwed, probably me :P

your sales figure must've been very low so was it?

i was talking to somebody earlier whos NP was 60 something thousand.

Fince

Matthew712 wrote: »

What was more interesting in q7 was the fact that 2 loan installments of €6000 are due within the next year ie current liability of €12000 and the long term loan of €108000

i knew there was something up with that installment. took the easy road and ignored it.

ynwa_17

Matthew712 wrote: »

What was more interesting in q7 was the fact that 2 loan installments of €6000 are due within the next year ie current liability of €12000 and the long term loan of €108000

I ignored them ... I dont know why im happy lol

galway.gaa

Fince wrote: »

think the job costing and the published did alright. not many people have mentioned tab or farm so not sure about them. i was close to some people's answer for incomplete but not exact. i'd be suprised if its right but i got
Net profit 41,392
Sales 629, 400

i got 41492 for my net profit and as a result my sales were a little higher then yours too. im guessin one of us made a small addition mistake or something as i am prone to these small errors

QueenOfLeon

Matthew712 wrote: »

What was more interesting in q7 was the fact that 2 loan installments of €6000 are due within the next year ie current liability of €12000 and the long term loan of €108000

:eek::eek:

Something else that i completely ignored....woopsies

WolfForager

Fince wrote: »

your sales figure must've been very low so was it?

i was talking to somebody earlier whos NP was 60 something thousand.

Can't remember really.. I put my grant in after gross profit so it would have bumped it up a bit. I just remember thinking all the way through it "FFS this was my guaranteed 100 marks, and the fool has ripped me off!!" So that might have interfered with my accounting ability!

~Candy~

Matthew712 wrote: »

What was more interesting in q7 was the fact that 2 loan installments of €6000 are due within the next year ie current liability of €12000 and the long term loan of €108000

ya i was thinking of that like but then my head told me to put down 6000 ..sure how bad !! errrr...

i put the Eu grant under financial asset =O
and the interest in capital introduced =O
i dunno like, wouldn't a Gain be like rent receivable and stuff?

i dunno -_- lol

~Candy~

Anne-Marie!! wrote: »

That sounds very familiar...phew!! Ya there was no opening for Jan, it was a new business....but it was so confusing! What was your final bit like, the trading profit and loss? I added up the sales revenue from Jan-Apr, took away the cost of sales (i used the €20 given by the units), but i didnt bother seeing if there should have been a closing stock cos i was out of time...took off the expenses and ended up with a loss :(

hey girl ..ya ..that's what i did for the sales..
i ran out of time in the end rushed though the trading p+l
i took the totally purchase figure..lol..i didn't use the 20euro at all -_-

i got a huge surplus..which is clearly wrong -_-
anyway i took away the labour costs, V.cost n fixed cost etc and - the expense , took it from the sales..that's all i did
anyway the making schemes shouldn't be bad for that Q, if everyone did bad they will change the making scheme...i am not too worried :O

Fince

galway.gaa wrote: »

i got 41492 for my net profit and as a result my sales were a little higher then yours too. im guessin one of us made a small addition mistake or something as i am prone to these small errors

with it that close, then one of us is just gonna be down a maximum 5marks. you can lose 40/39 and still get that A1.

marshmallow

As a lot of other people did I put the EU grant as a gain. My teacher was outside afterwards and unfortunately she said that it was capital introduced.

If there's a huge split on students putting it as either a gain or capital introduced they might adjust the marking scheme and accept either? (hopes!)

Billydog

Just a couple of clarifications on the incomplete question

!) On some of the loan being repayable in the first 3 months of next year you should put this portion in your current liabilities reducing the long term loan in your financed by the same amount. It does not go near the P&L.

2) The IDA grant goes in the financed section in the Balance Sheet. This would normally be amortised (ie credited to the P&L account over a number of years). It doesn’t go near the P&L for this year.

marshmallow

Billydog wrote: »

Just a couple of clarifications on the incomplete question

!) On some of the loan being repayable in the first 3 months of next year you should put this portion in your current liabilities reducing the long term loan in your financed by the same amount. It does not go near the P&L.

2) The IDA grant goes in the financed section in the Balance Sheet. This would normally be amortised (ie credited to the P&L account over a number of years). It doesn’t go near the P&L for this year.

Right well I didn't the loan right so!

IDA grant?? The EU grant?

JohnnyQuid

Does anyone know what the tab balanced at or the closing balance for depreciation on revaluation a/c was?

Du

when do solutions come out for papers anyway?