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hello sir , I don’t understand some question ,needed help !! 1,sales including sale tax amount to £27612.50 and purchases excluding sale tax amounted to £18,000 .what is the balance on the sale tax account ,assuming all items are subject to sale tax at 17.5% answer b £662.50 credit ,how does they calculate it -_- need help 2,Annie is a sole trader who does not keep full accounting records. The following details relate to her transactions with
credit customers and suppliers for the year ended 30 June 20X6:
$
Trade receivables, 1 July 20X5 130,000
Trade payables, 1 July 20X5 60,000
Cash received from customers 686,400
Cash paid to suppliers 302,800
Discounts allowed 1,400
Discounts received 2,960
Contra between payables and receivables ledgers 2,000
Trade receivables, 30 June 20X6 181,000
Trade payables, 30 June 20X6 84,000
What figure should appear for purchases in Annie’s statement of profit or loss for the year ended 30 June 20X6?
A $325,840
B $330,200
C $331,760
D $327,760 why answer is c -_- 3,A company receives rent from a large number of properties. The total received in the year ended 30 April 20X6 was
$481,200.
The following were the amounts of rent in advance and in arrears at 30 April 20X5 and 20X6:
30 April 20X5 30 April 20X6
$ $
Rent received in advance 28,700 31,200
Rent in arrears (all subsequently received) 21,200 18,400
What amount of rental income should appear in the company’s statement of profit or loss for the year ended
30 April 20X6?
A $486,500
B $460,900
C $501,500
D $475,900 why answer is d 4, Prisha has not kept accurate accounting records during the financial year. She had opening inventory of $6,700 and
purchased goods costing $84,000 during the year. At the year end she had $5,400 left in inventory. All sales are
made at a mark up on cost of 20%.
What is Prisha’s gross profit for the year?
A $13,750
B $17,060
C $16,540
D $20,675 why answer is b 5,The plant and machinery account (at cost) of a business for the year ended 31 December 20X5 was as follows:
Plant and machinery – cost
20X5 $ 20X5 $
1 Jan Balance b/f 240,000 31 Mar Transfer to disposal account 60,000
30 Jun Cash purchase of plant 160,000 31 Dec Balance c/f 340,000
–––––––– ––––––––
400,000 400,000
–––––––– ––––––––
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.
What should be the depreciation charge for the year ended 31 December 20X5?
A $68,000
B $64,000
C $61,000
D $55,000 why answer is d -_-Hi krishna,
Hard to read question, but I’ll try to answer for couple of them.
1. Tax account:
Could the answer be 962.50?
Credit tax account with 4,110.50 (27,612.50 / 117.5% * 17.5%)
Debit tax account with 3,150.00 (18,000 * 17.5%)
And you’ll have credit balance 962.50 (4,110.50 – 3,150.00)3. Rentals:
Workings are:
481 200,00: paid during 2006. To this amount:
add 28 700,00: was received in advance in 2005, so relates to this year’s (2006) profits;
deduct 31 200,00: is received in advance in 2006, so relates to the next year’s (2007) profits;
deduct 21 200,00: was received in arrears in 2005, so relates to previous year’s (2005) profits;
add 18 400,00: is received in arrears in 2006, so relates to previous year’s (2006) profitsYou’ll come to 475 900,00.
I’m not sir, and not even man 🙂
If you’d like to ask sir (tutor of F3 paper), you should do this in the “Ask the Tutor: ACCA F3 – FIA FFA” forum.
I’ll answer number (2) You open Payables control account.And you must know that payables at 1 july will be the opening balance brought forward$60000 will be CR,and cash paid to suppliers will be DR,contra 2000 DR,Discount received will be DR and the balance of 84000 will be DR. The answer is 331760 its a c/d at the CR side then b/d at the DR side. Its easy you need to just know the format for control accounts
Pls cld u explain question 5 ,
The plant and machinery account (at cost) of a business for the year ended 31 December 20X5 was as follows: Plant and machinery – cost 20X5 $ 20X5 $ 1 Jan Balance b/f 240,000 31 Mar Transfer to disposal account 60,000 30 Jun Cash purchase of plant 160,000 31 Dec Balance c/f 340,000 –––––––– ––––––––400,000 400,000 –––––––– ––––––––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. What should be the depreciation charge for the year ended 31 December 20X5? A $68,000 B $64,000 C $61,000 D $55,000 why answer is d -_-
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