Junior Cert 2012: Business (HL) Paper Two

Music4Life085

Business (HL) Paper Two
Tuesday, June 12th
2:00 - 4:00

All discussion and questions about Business (HL) Paper Two goes here.

Good Luck! !

LauraIrl

Anybody have any predictions?

16349 Ex No

1. household budget (every single year)
2. consumer acts and a letter
3. club account (either p1 or p2)
4. balance sheet,trading a/c (never do this unless you are going to to do acc)
5. factors of land/national budget
6. industrial relations/insurance

Shane15

Can someone please help me? I can't figure out where/how you get the dividends declared from in the Trading, Profit & Loss Appropriation account.

Also, when in the balance sheet doing the Financed By, how do you work out the "Issued" bit of the ___,____ €1 ordinary shares.

Oozamine

Shane15 wrote: »

Can someone please help me? I can't figure out where/how you get the dividends declared from in the Trading, Profit & Loss Appropriation account.

Also, when in the balance sheet doing the Financed By, how do you work out the "Issued" bit of the ___,____ €1 ordinary shares.

Outside of the trial there would be an figure that says (eg) 8% dividends declared,you get 8% of your issued share capital the issued share capital will be given to you

They go into current liabilites in the balance sheet becuase you owe them to the shareholders and they go into you appropriation account,you take them away from your net profit

Shane15

Oozamine wrote: »

Outside of the trial there would be an figure that says (eg) 8% dividends declared,you get 8% of your issued share capital the issued share capital will be given to you

They go into current liabilites in the balance sheet becuase you owe them to the shareholders and they go into you appropriation account,you take them away from your net profit

Thanks:)

Junokevv

Shane15 wrote: »

Can someone please help me? I can't figure out where/how you get the dividends declared from in the Trading, Profit & Loss Appropriation account.

Also, when in the balance sheet doing the Financed By, how do you work out the "Issued" bit of the ___,____ €1 ordinary shares.

Apparently, Dividends Declared no longer come up. It is now just DIvidend Paid, which ONLY goes into the appropriation A\C.

Shane15

Junokevv wrote: »

Apparently, Dividends Declared no longer come up. It is now just DIvidend Paid, which ONLY goes into the appropriation A\C.

Oh ok, and do you add it or take it away? (for the Dividends Paid)

Junokevv

It's just like dividends declared in the Appropriation A/C; you take it away but you don't put it in the CL.

Oozamine

Always take away your dividends ! And if retained earnings is given inside the box you add that on !

So basically:
Netprofit
- divendends
= xxxxx
+ retained earning
= xxxxxx

Shane15

Alright got it, thanks!

Pen Rua

I just have to say, it's weird not seeing N_Bazinga (sorry if I got the name wrong!) posting these!

Music4Life085

Pen Rua wrote: »

I just have to say, it's weird not seeing N_Bazinga (sorry if I got the name wrong!) posting these!

I don't know what happened to them? :S I decided to help them out until they start again, its just that I needed help and it's easier when they are all in one forum? am I doing a good job :P?

Shane15

Nevermind got one. Good luck.

Hannah_2012

Any ideas on what to give a quick look over? I really wanna avoid accounting questions.

Shane15

Hannah_2012 wrote: »

Any ideas on what to give a quick look over? I really wanna avoid accounting questions.

I'd like to know as well, I'm not as prepared for P2.

Hannah_2012

Im just looking at past papers, seems to be a wide range of things apart from the accounts. Marketing, delivery systems, reports, forms of ownership and documents seem to come up a good bit. If you have past papers have a look at them. goodluck!:)

Shane15

Hannah_2012 wrote: »

Im just looking at past papers, seems to be a wide range of things apart from the accounts. Marketing, delivery systems, reports, forms of ownership and documents seem to come up a good bit. If you have past papers have a look at them. goodluck!:)

I hope reports come up, I know them well.. Good luck to you too

Shane15

Went pretty well, lol at cash flow account, I never done one in my life but it's almost exact to the budget!

DaleHyland

wass you answer by any chance 38900?

iliketwixbars

What a beaut of a paper :P.

DaleHyland

iliketwixbars wrote: »

What a beaut of a paper :P.

I feel like there going to murder us in the marking scheme though.

iWin1010

Easiest paper so far!!!:):):):)
Everything balanced: Bookkeeping
Trading, Profit & Loss
Cash flow.

It was so easy that I finished with 35+ to go.
THANK GOD IT'S DONE!!! I'M FREE!!!:D:D:D

Leinsterr

Did ANYONE get somethin like 432000 or 430200 for the balance sheet?????

blobcat

Fine except for the fact that I completely forgot how to do a trading profit and loss account! Should have revised it, but I thought I'd have another option. I literally just did sales, carriage inwards and depreciation in the hope that they'd give me some marks.

sportalade

It was Soooo easy!
I did Qs 1, 3, 4, 6 on Paper 1 and Qs 2, 3, 5, 6 on Paper 2 Dead simple!

ektec

yes...430200 for T and L ,B a/c

For the road transport short question will these be ok?
Variable - fuel
fixed- road tax

also lads I done the income and expenditure in the writing booklet..i didnt see the ruled pages..
i ruled them neathly, will i lose any marks?

Hannah_2012

It was alright, done pretty well on 3 questions, the report, document & cash flow forecast..ended up doing the books of first entry though, I had to rush it for the last half hour. It was grand till I got to the ledger & trial balance, thats where everything went wrong. :mad: I hate accounts.

iliketwixbars

ektec wrote: »

also lads I done the income and expenditure in the writing booklet..i didnt see the ruled pages..
i ruled them neathly, will i lose any marks?

Nope, that's grand.

iWin1010

Leinsterr wrote: »

Did ANYONE get somethin like 432000 or 430200 for the balance sheet?????

That's what I got!
I was so happy when it worked out in the exam!!:):):)

TheZestyLemon

Balancing the cash flow forecast does not mean you've gotten the correct answer.

Shane15

Did anyone do question 1? I did it, but kind of messed up.

Cheerios

blobcat wrote: »

Fine except for the fact that I completely forgot how to do a trading profit and loss account! Should have revised it, but I thought I'd have another option. I literally just did sales, carriage inwards and depreciation in the hope that they'd give me some marks.

I forgot how to do one too! I got everything right in the Trading, Profit and Loss Appropriation Account until after the Less Expenses part. I really didn't know what to do with dividends/reserves. Same with balance sheet, didn't know how to what to do after Financed By (or at least I hope it's called that).

Other than that, easy paper.

Cheerios

TheZestyLemon wrote: »

Balancing the cash flow forecast does not mean you've gotten the correct answer.

What do you mean? My teacher used to tell me if you balanced it = you got it right.

Hannah_2012

Shane15 wrote: »

Did anyone do question 1? I did it, but kind of messed up.

Yeah, I did.. suppose it was alright til I got to the ledger and trial balance. Ledger was a mess & It didn't balance and I had to rush it. Felt like ripping the paper up. :mad:

K6Y

Anyone else get 38900 for the cash flow forecast?

paddyzk

Cheerios wrote: »

What do you mean? My teacher used to tell me if you balanced it = you got it right.

He's just being mean.

STAY POSITIVE

DaleHyland

K6Y wrote: »

Anyone else get 38900 for the cash flow forecast?

Ahoy -hoy correct answer.

Hannah_2012

K6Y wrote: »

Anyone else get 38900 for the cash flow forecast?

Yeah, I did.

paddyzk

Hannah_2012 wrote: »

Yeah, I did.

Same.
:cool:

Leinsterr

iWin1010 wrote: »

That's what I got!
I was so happy when it worked out in the exam!!:):):)

YESSSSSSS!!!! Everyone I asked said it didnt work out. Sooooo happy it did

paddyzk

Those 40 marks in the cash flow will get me a B right ? :cool:

DaleHyland

If you got 280/400 that's a B.

Hannah_2012

DaleHyland wrote: »

If you got 280/400 that's a B.

Great! Hope I got a B then.

paddyzk

DaleHyland wrote: »

If you got 280/400 that's a B.

Definitely got it then.

JCHelp

My story during that exam ...

Messed up Q1 scribbled it all out it was a disaster
Made a start on Q2 settled the nerves done very well
Started Question Three bloody was about 5,000 out ... absolutely sick after balancing them easy for 3 years
Q4: Just made things worse messed up about 5000 out
Q5: At this stage it was a consolation say i got full marks

One hour left on the clock

Decided to try Question 6: Easy few marks but didn't know what to say O Reilly Ltd might provide as collateral/ security ... I said Delivery Vans/ Equipment

30 mins left on the clock and i decide at the spur of the moment to completely scribble out my final accounts question and started again !!!

Only to find myself 10 euro out :mad: :eek:

Then 5 minutes left i go through Profit and Loss section to see i added 56,000 and 14,000 to make 70,010 ... do not ask how i got that !!!

Changed it to 70,000 and balanced it at 403, 200



Two minutes left on the clock and i went back to Cash Flow Statement to see another minor mathematical error ... I took away two number instead of adding them leaving the account balanced at 38,900

I would say nearly full marks on that paper

Hannah_2012

Just looking at the cash flow forecast now. On question (B)(i)State one reason for the expected decrease in Light & Heat payments.
What did you answer for that? I said that it would be summer so, the days are brighter & warmer therefore the light & heat would decrease. Felt a bit stupid answering that haha. Seemed like a geography exam for a minute. I just couldn't see any other reason on why it would decrease.

JCHelp

Hannah_2012 wrote: »

Just looking at the cash flow forecast now. On question (B)(i)State one reason for the expected decrease in Light & Heat payments.
What did you answer for that? I said that it would be summer so, the days are brighter & warmer therefore the light & heat would decrease. Felt a bit stupid answering that haha. Seemed like a geography exam for a minute. I just couldn't see any other reason on why it would decrease.

Yes correct

ektec

Is this ok?

I wrote, the business may have been shut down for a period of time and that they would not be using light and heat..etc? Is that ok ?

Hannah_2012

ektec wrote: »

the business may have been shut down for a period of time and that they would not be using light and heat..etc? Is that ok ?

Not that sure tbh. Maybe if it was on summer holidays or something like that. They should accept that though, it technically could be right.

ektec

I know many business' that shut down just because of weather :P I should of gave an example! >:( they didn't ask for an example so it should be right me thinks I think I done ok overall, I dream of a B.. budget and trading account balanced!