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ACCA F7 December 2011 Question 2 Keystone
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I am a bit confused in point (i) where goods are sold and the company is uncertain of whether the goods will be returned. So far the revenue is overstated receivables also and we have reduced inventory and increased cost of sales unrighteously and we adjusted all this. My question is that: Arent even our retained earnings overstated by recognising a profit that hasnt yet occurred. should’t we be deducting the PUP also from retained earnings
Good and hard wrk by tutor. But what I personally feel is the tutor should find the easiest way for workings. Such as deferred tax. There Is a plain simple way out of it rather then goin thru the t accounts.thanks
@razraz, Hi – if you can find an easier way, then go for it! Personally I can imagine nothing easier than T accounts! And if you hadn’t been exempt F3, then you too would have found them easy. In fact, the reason you were exempt F3 was because you did T accounts at University. What?!! You didn’t?!!! Then why on Earth did you apply for an exemption? T accounts are the meaning of life – you can solve all accounting problems with T accounts. Mothers should give their babies T accounts as a comforter instead of a blanket or a bottle.
T accounts rule! OK!
Dear Mike,
There is superfluous info given in note (ii) – Keystone determines the final selling price for goods by adding a mark-up on total cost of 40%. I was trapped there for quite some time. It seems you also felt it annoying (10:34), but you quickly went on without stopping. I wonder how could I possess the same ability!
Thank you!
All, how did the tutor arrived at the 16yrs for Leased hold ammortisation?
Hi,
Is it the correct gross gain on revaluation computed as (50k-10k)-48?
We shouldn’t have accounted for current year depreciation before computing the gross gain on revaluation? Why?
I would have wrote: (50k-10k-2.5k)-48k….
Thank you in advance for your answer.
@gaabita, never mind…
great review!
Probably it is me, but sometimes it’s difficult to interpretate whether an amount is included or not on the Trial Balance.
I thought the manufactured plant was included on TB, hence my calucation for depreciation was messed up!
@juanalonso, Hi, the question actually tells you that the expenses related to the manufacture of the plant are included within “the relevant expense items in the trial balance”
That being so, it’s diffcult to see how you can misinterpret ( not misinterpretate! ) the question. But good luck next week anyway
good lucture