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QUESTION 1
Which of the items listed below could appear in a company’s statement of cash flows?
(i) Dividends received.
(ii) Bonus issue.
(iii) Irrecoverable debts written off.
(iv) Profit on sale of a fixed asset.
(v) Repayment of loanA (i), (ii) and (iv)
B(i), (ii) and (iii)
C(i) and (iv)
D(i) and (v)bec proceeds on non-current assets are included in statement of cash flow from investing activities..The answer written is D, where (iv) is not included.
Ref of CBE DEMO qtn 23: The plant and machinery account (at cost) of a business for the year ended 31 December 20X5 was as follows
Plant and machinery (at cost)
20X5 1 Jan Balance 240,000
20X5 31 Mar Transfer disposal account 60,000
20X5 30 Jun Cash purchase of plant 160,000
20X5 31 Dec Balance 340,000
The company’s policy is to charge depreciation at 20% per year on the straight-line basis, with proportionate depreciation in the years of purchase and disposal.Kindly explain the solution.
Ref ONline CBE DEMO at Opentuition:
Q.15: Bob acquired 80% of the voting equity shares of Bill. Bill had the following equity at the date of acquisition:
$ Ordinary shares $1 1,000,000
Retained earnings 800,000
The cost of the investment was $1,500,000 and the fair value of the non-controlling interest at acquisition was $360,000.
What was the goodwill on acquisition of Billl?My Answer is 60,000. Is that right answe
🙂 yaeh thats why i pasted the question here, bec i also got the same answer like u got n that is 275000, but was so confused y it is not there in options. Anyways thanks a lot.
So do u think a person can successfully clear the ACCA papers with self-study if he has a good video lectures n all online support is available?
I went so smooth with first two papers F1 n F2. I got 79 n 75 percentages, n i had preparation of 100%. Now m good prepared with most of the part of F3 which soon i’m going to clear inshALlah. But i was thinking that for Skill level Modules i would be in need of some institute n teachers. What do u say?Okahi so which two papers combination u think would be easier for me to self-study from video lectures n mocks at home?.
I was thinking to try a combination of f4, f5 n f6. but if i have to pick up two, which two should be my choice considering i dont want to put all tough n calculation based papers in Dec attempt.Q.17: At 30 June 20X5 a company’s allowance for receivables was $39,000. At 30 June 20X6 trade receivables totalled $517,000. It was decided to write off debts totalling $37,000 and to adjust the allowance for receivables to the equivalent of 5% of the trade receivables based on past events.
What figure should appear in the income statement for the year ended 30 June 20X6 for these items?
Given answer is answer 22000Can anyone explains the answer n working in simple words
the available answer is D that means both got decreased. But actually i want somebody to give me the answer with reasoning.
Basically the question, what is the difference between the two questions, one is above n one is below. do both of them have same accounting entries?
Claude, a limited liability company, has the following building in its financial statements as at
30 June 2008:
Cost $2,400,000
Accumulated depreciation $(600,000)
_________
Net book value $1,800,000
_________
It has been decided to revalue the property to $3,600,000 on 1 July 2008.
What is the double entry to record the above revaluation?