HL Accounting....

marshmallow · 15-06-2009 7:37pm

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 · 15-06-2009 7:44pm

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

ynwa_17 · 15-06-2009 7:49pm

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 · 15-06-2009 7:52pm

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 · 15-06-2009 7:55pm

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 · 15-06-2009 8:02pm

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 · 15-06-2009 8:08pm

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 · 15-06-2009 8:15pm

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 · 15-06-2009 8:49pm

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 · 15-06-2009 8:52pm

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 · 15-06-2009 9:41pm

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 · 15-06-2009 9:44pm

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 · 15-06-2009 10:07pm

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 · 15-06-2009 10:09pm

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 · 15-06-2009 10:10pm

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 · 15-06-2009 10:11pm

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 · 15-06-2009 11:03pm

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 · 15-06-2009 11:04pm

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 · 15-06-2009 11:06pm

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 · 16-06-2009 9:13am

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 · 16-06-2009 9:34am

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 · 16-06-2009 9:38am

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~ · 16-06-2009 10:00am

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~ · 16-06-2009 10:05am

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 · 16-06-2009 11:37am

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 · 16-06-2009 12:38pm

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 · 16-06-2009 12:38pm

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 · 16-06-2009 12:40pm

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 · 16-06-2009 2:58pm

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

Du · 16-06-2009 7:27pm

when do solutions come out for papers anyway?

ya-ba-da-ba-doo · 16-06-2009 8:50pm

Du wrote: »

when do solutions come out for papers anyway?

They have to set the marking scheme first so probably not for a while

Fince · 16-06-2009 9:06pm

what did people say for the theory questions?

Farm a/c- what account is affected by the stuff used by the family?

Published- three items from the directors report
what is an exceptional item and give an example

Incomplete- advice

Job costing- step fixed cost? and example?
difference in focus between Finanacial and Mgmt a/c

Paddy001 · 16-06-2009 9:27pm

Fince wrote: »

what did people say for the theory questions?

Farm a/c- what account is affected by the stuff used by the family?

Published- three items from the directors report
what is an exceptional item and give an example

Incomplete- advice

Job costing- step fixed cost? and example?
difference in focus between Finanacial and Mgmt a/c

Oh FFS thanks for that! Just realised I never answered the theory on published as I was rushing to finish the budget! Would have got a few marks too, an exceptional item is outside of normal business eg. would have been the sale of the land. Directors report - could bluff that, dividents loan etc.!

ya-ba-da-ba-doo · 16-06-2009 9:39pm

For job costing i made up part d. For farm i said it affects the balance sheet. Didnt do the theory in incomplete and didnt do part B or C on the ratios question! Oh well!

marshmallow · 16-06-2009 10:01pm

Fince wrote: »

what did people say for the theory questions?

Published- three items from the directors report

list of subsidary companies
review on recent developments
plans for future developments

Fince wrote: »

what is an exceptional item and give an example

a material item of significant size which must be shown separately on the front of the P&L ac. eg p/l on sale of land

Fince wrote: »

Incomplete- advice

to keep full set of accounts ie cash book & ledgers in order to find goodwill, trial balance figures etc and not to rely on estimates

Fince wrote: »

Job costing- step fixed cost? and example?

not sure of proper definition. eg rent as it is a fixed cost then additional premises moves the fixed cost up a step

Fince wrote: »

difference in focus between Finanacial and Mgmt a/c

Management - deals with diff parts of the firm, reports finanacial statements frequently
Financial - deals with the firm as a whole, reports annually

Fince · 16-06-2009 10:14pm

ya-ba-da-ba-doo wrote: »

For farm i said it affects the balance sheet.

i thought that by account they meant a more specific account, e.g. sales (thats what i said, made up a pretty bad reason).

Fince · 16-06-2009 10:22pm

marshmallow wrote: »

list of subsidary companies
review on recent developments
plans for future developments

a material item of significant size which must be shown separately on the front of the P&L ac. eg p/l on sale of land

to keep full set of accounts ie cash book & ledgers in order to find goodwill, trial balance figures etc and not to rely on estimates

not sure of proper definition. eg rent as it is a fixed cost then additional premises moves the fixed cost up a step

Management - deals with diff parts of the firm, reports finanacial statements frequently
Financial - deals with the firm as a whole, reports annually

i said for: directors report-1 future plans for capital expenditure
2 directors shareholdings and dealings in shares during the year
3 recommendation for dividends.

said the same as you for the exceptional item and incomplete advice

i guessed rent for the step up fixed cost, but my thinking was that if the people who owned the building decided to put up the rent, it would go up straight away (didn't write that down)

Mgmt a/c- give detailed view of diff parts of the company
- for internal use e.g. sales manager

Financial a/c- overview of company
-external use e.g revenue commissioners

HL Accounting....

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