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practise questions

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › practise questions

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by John Moffat.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • September 27, 2018 at 6:36 am #475825
    levanrich
    Participant
    • Topics: 6
    • Replies: 2
    • ☆

    Good day,

    I have a few questions that i need some help with i would greatly appreciate your assistance with.

    1. Lux co. has discovered that the profit on sale of a non-current asset has not been included in the financial statements correctly. An item of plant with a carrying amount of $15800 was sold for $14200 during the year.
    the only accounting entry has been to: Dr cash 14200 and Cr Profit on disposal 14200.
    Which would this cause, an overstated/unstated profit and overstated or understated Non-current asset, if the error is not corrected?

    2. the figures relate to Rich Co for the yr ended 31 March 2009:

    interest received at 1 April 2008 11,120
    interest received at 31 April 2009 16,180
    interest income in statement of Profit or loss 28,140

    should this be, 16180 -11120 + 28140 = to interest that should be shown in Cash flows for interest received 33200?

    3. Trial balance does not balance. Totals were

    Dr: 76159 Cr:74215

    suspense account with 1944Dr and the following errors were discovered.

    a) purchase return of $120 have been debited to the purchases account and credited to the purchases ledger control account.

    b) one page of transactions from the sales day book total $360 has been posted to the general ledger but has not been posted to the sales ledger.

    what would be the bal on the suspense acc after correcting these errors?

    4. Information relates to the financials statements of Rich Co for mth of April 2000

    Cash at bank on 1 April 2000 $882 Dr
    Sales on credit $42773
    Purchases on credit $38050
    Cash at bank 30th April 2000 $918 Dr

    Cash received from Credit customers amounted to $28112 and Payment to credit suppliers$38622.

    Assuming there were no other cash transactions what were Rich Co’s Cash sales for April 2000? is this $10546??
    I greatly appreciate your help here.

    thank you

    September 27, 2018 at 9:25 am #475854
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54656
    • ☆☆☆☆☆

    Please do not post the same question twice!

    See my reply to your other post of this.

  • Author
    Posts
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  • The topic ‘practise questions’ is closed to new replies.

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