11 The following information is available for Orset, a sole trader who does not keep full accounting records:$Inventory 1 July 2004 138,60030 June 2005 149,100Purchases for year ended 30 June 2005 716,100Orset makes a standard gross profit of 30 per cent

题目

11 The following information is available for Orset, a sole trader who does not keep full accounting records:

Inventory 1 July 2004 138,600

30 June 2005 149,100

Purchases for year ended 30 June 2005 716,100

Orset makes a standard gross profit of 30 per cent on sales.

Based on these figures, what is Orset’s sales figure for the year ended 30 June 2005?

A $2,352,000

B $1,038,000

C $917,280

D $1,008,000

更多“11 The following information is available for Orset, a sole trader who does not keep full accounting records:$Inventory 1 July 2004 138,60030 June 2005 149,100Purchases for year ended 30 June 2005 716,100Orset makes a standard gross profit of 30 per cent ”相关问题

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(ii) Explain the accounting treatment under IAS39 of the loan to Bromwich in the financial statements ofAmbush for the year ended 30 November 2005. (4 marks)

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(c) Wader is reviewing the accounting treatment of its buildings. The company uses the ‘revaluation model’ for itsbuildings. The buildings had originally cost $10 million on 1 June 2005 and had a useful economic life of20 years. They are being depreciated on a straight line basis to a nil residual value. The buildings were revalueddownwards on 31 May 2006 to $8 million which was the buildings’ recoverable amount. At 31 May 2007 thevalue of the buildings had risen to $11 million which is to be included in the financial statements. The companyis unsure how to treat the above events. (7 marks)Required:Discuss the accounting treatments of the above items in the financial statements for the year ended 31 May2007.Note: a discount rate of 5% should be used where necessary. Candidates should show suitable calculations wherenecessary.

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8 P and Q are in partnership, sharing profits in the ratio 2:1. On 1 July 2004 they admitted P’s son R as a partner. Pguaranteed that R’s profit share would not be less than $25,000 for the six months to 31 December 2004. The profitsharingarrangements after R’s admission were P 50%, Q 30%, R 20%. The profit for the year ended 31 December2004 is $240,000, accruing evenly over the year.What should P’s final profit share be for the year ended 31 December 2004?A $140,000B $139,000C $114,000D $139,375

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17 A business income statement for the year ended 31 December 2004 showed a net profit of $83,600. It was laterfound that $18,000 paid for the purchase of a motor van had been debited to motor expenses account. It is thecompany’s policy to depreciate motor vans at 25 per cent per year, with a full year’s charge in the year of acquisition.What would the net profit be after adjusting for this error?A $106,100B $70,100C $97,100D $101,600

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2 The draft financial statements of Choctaw, a limited liability company, for the year ended 31 December 2004 showeda profit of $86,400. The trial balance did not balance, and a suspense account with a credit balance of $3,310 wasincluded in the balance sheet.In subsequent checking the following errors were found:(a) Depreciation of motor vehicles at 25 per cent was calculated for the year ended 31 December 2004 on thereducing balance basis, and should have been calculated on the straight-line basis at 25 per cent.Relevant figures:Cost of motor vehicles $120,000, net book value at 1 January 2004, $88,000(b) Rent received from subletting part of the office accommodation $1,200 had been put into the petty cash box.No receivable balance had been recognised when the rent fell due and no entries had been made in the pettycash book or elsewhere for it. The petty cash float in the trial balance is the amount according to the records,which is $1,200 less than the actual balance in the box.(c) Bad debts totalling $8,400 are to be written off.(d) The opening accrual on the motor repairs account of $3,400, representing repair bills due but not paid at31 December 2003, had not been brought down at 1 January 2004.(e) The cash discount totals for December 2004 had not been posted to the discount accounts in the nominal ledger.The figures were:$Discount allowed 380Discount received 290After the necessary entries, the suspense account balanced.Required:Prepare journal entries, with narratives, to correct the errors found, and prepare a statement showing thenecessary adjustments to the profit.(10 marks)

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2 The draft financial statements of Rampion, a limited liability company, for the year ended 31 December 2005included the following figures:$Profit 684,000Closing inventory 116,800Trade receivables 248,000Allowance for receivables 10,000No adjustments have yet been made for the following matters:(1) The company’s inventory count was carried out on 3 January 2006 leading to the figure shown above. Salesbetween the close of business on 31 December 2005 and the inventory count totalled $36,000. There were nodeliveries from suppliers in that period. The company fixes selling prices to produce a 40% gross profit on sales.The $36,000 sales were included in the sales records in January 2006.(2) $10,000 of goods supplied on sale or return terms in December 2005 have been included as sales andreceivables. They had cost $6,000. On 10 January 2006 the customer returned the goods in good condition.(3) Goods included in inventory at cost $18,000 were sold in January 2006 for $13,500. Selling expenses were$500.(4) $8,000 of trade receivables are to be written off.(5) The allowance for receivables is to be adjusted to the equivalent of 5% of the trade receivables after allowing forthe above matters, based on past experience.Required:(a) Prepare a statement showing the effect of the adjustments on the company’s net profit for the year ended31 December 2005. (5 marks)

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第7题

(b) Comment (with relevant calculations) on the performance of the business of Quicklink Ltd and CelerTransport during the year ended 31 May 2005 and, insofar as the information permits, its projectedperformance for the year ending 31 May 2006. Your answer should specifically consider:(i) Revenue generation per vehicle(ii) Vehicle utilisation and delivery mix(iii) Service quality. (14 marks)

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11 The following information is available for Orset, a sole trader who does not keep full accounting records:$Inventory 1 July 2004 138,60030 June 2005 149,100Purchases for year ended 30 June 2005 716,100Orset makes a standard gross profit of 30 per cent

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更多“11 The following information is available for Orset, a sole trader who does not keep full accounting records:$Inventory 1 July 2004 138,60030 June 2005 149,100Purchases for year ended 30 June 2005 716,100Orset makes a standard gross profit of 30 per cent ”相关问题

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