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After my 5th round with APM I have now become an affiliate. Seems like a lot of people got 53% for APM. Well done to those who have passed. For those who did not pass, please continue going on. You will all see success. Grind hard.
Eileen your number is one digit short. Text me I’ll add you. If anyone else wants to join feel free to text me; preferably London as I’ll be doing a link up session especially if you were in Neil’s class.
If anyone’s interested in being in a group study message me. Preferably if you had Rob as the lecturer at London Bridge. Roll safe
2 weeks left; anyone in London want to join email me or post your number – shoj.somerton@accountant.com
UK paper
Email: shoj.somerton@accountant.com
This is regarding the 10 mark VAT question.
Did anyone include the impairment loss on 12 October 2014 in their VAT calculation?
The sample questions are now available on acca site for reference. My answer:
Sales 22500
Discount (774) —– 4300 * 10% deduction = 3870 * 20%
Equipment (0)
Fuel scale charge (60)
Purchases (11200)
Motor car (0)
Equipment (2480) —- 12400 * 20%
Impairment loss 29 Aug 14 (280) —– 1400 * 20%
Impairment loss 12 Oct 14 (540) —– 2700 * 20%
UK entertainment (0)
Overseas entertainment (160) —- 960 * 1/6
Motor repairs (168) —– 1008 * 1/6
Vat payable = 6838
Also the descriptive part i put both cash and annual accounting scheme would be available to the individual, but it would be best for him to use cash accounting scheme as he makes regular cash receipts/payments, makes sales on credit and he will get automatic debt relief if customers default on making payments. Also he does not have to pay any output vat to hmrc until his customers make payments for their purchases.
Passed first time 51%. Thanks to John @ opentuiton and Neal Beaumont @ London Bridge
Trust, it was on a per hour basis. Questions would always give you a standard rate per hour. This is what is bewildering, the fact that some people have divided it by 3 hours. I can only assume some people did this because one of the past papers was done in this manner (DEC 2012 Q2); but this was done on a per batch basis. However, I can clearly remember that each pair of shoe took labour of $42 per hour. This was not the labour cost for 3 hours, otherwise yes you would have to divide it by 3 hours to get the standard rate per hour.
Can someone please explain their reasons for dividing $42 per hour standard labour by 3 hours for the labour question (Q5)? The formula for labour rate planning variance is (standard wage rate – revised wage rate) x actual labour hours used; so why divide $42 by 3 hours? 3 hours were used in total to make one pair of shoe.
My answer for labour rate planning variance was ($42 – $42.84) x 37000 total hours used = $31080A