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Yes, I get it. Thank you very much.
P.S
I there something wrong with mock exams(on this site ). One question was about current tax and the correct answer was ticked as ” Who cares?” 😀
Hi Steve,
Yes I know that, and I’ve done exactly the same thing , but it showed that it is the wrong answer.
This question is from myacca cbe demonstration. CBEs from december 2011
Question 40.because motor van must be capitalized and because they by mistake treated it like a revenue expenditure and deducted it (18000 $) from profit you have to add that back, and also you have to deduct motor vans( 18,000*25%) depreciation.
Best regards
JosephBecause when you receive discount you will buy it less than 2500$.
2500*1%=25 2500 -25=2475 it is the same as 2500*99%=2475Regards
JosephResult: Pass
Mark: 98.
Hi, this was my first acca exam and sorry for the silly question but they mean that I got 98 % am I right?and in another question I think that neither a or b would result on suspense account so the answer was credit 1944.
and what you thing about my question?in that question answer was c. you add interest on drawings to appropriation profit then it deducted from the share of profit and also you had to deduct the difference between another partners guaranteed minimum and the actual profit.
what I mean if partner b-s guaranteed minimum share of profit is 18000 but his actual profit share was 15000, then another partner(or partners) have to give him the difference in this case 3000.and what about the question where they asked us to calculate opening retained earnings?
I deducted dividends paid from profit( and ignored proposed dividends)
and then deducted the sum from closing retained earnings.
closing retained earnings -(profit – paid dividends)= opening retained earnings
am I right?I attempted for the first time too. it wasn’t easy but it wasn’t to hard too.. but it had difficult confusing items…
littestart I used the same method and ignored new partners additional goodwill, because I think that goodwill can’t increase in that way. but I am not sure about that and want the true answer 😀
I have already found two mistakes 🙁
one about register ( almost nothing was said about it in kaplan) and one about cash flow. I forgot to deduct 50 for deduction in loan .everybody have the same tests?
if yes what was your solution for partnership question where goodwill was valued at 36000?but it is said in exam focus point that Goodwill should not be left in the statement of financial position.
as always you mahdiniaacc thanks a lot.
I thought in that way too but I was not sure because of that , if interest expense is added back to profit why interest accrual is not? but now as I understood interest accrual is in interest expense. I mean that interest accrual is the part of interest expense which is not paid. and because interest expense in not part of cash generated from operations its fully added to profit.
but when we come just to accruals(as you same maybe for telephone expense)
this accrual is part of the telephone expense which is in income statement but which is not paid and because it is from operating part only accrual is added to profit.
am I right ?as I think it will be 450* 92%=414.
because it’s not said if settlement discount was taken or not. but I’m not sure.the answer to your question is that in SOFP for sole trader we put NCA with it cost less accumulated depreciation which will give us NBV of NCA. in a company we will put only NBV and cost and accumulated depreciation is disclosed in notes ( as I know, maybe I’m wrong).
so in sofp you put your property with revalued value 800000 and if it have been depreciated less depreciation.
also as I remember there in capital section there will be revaluation reserve.thanks littlestart . good luck to you too.
sorry plen but have you posted correctly? because my question doesn’t involve SOFP. it needs an adjustment to profit.