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.
- AuthorPosts
- September 27, 2018 at 6:36 am #475825
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 28,140should 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 DrCash 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 #475854Please do not post the same question twice!
See my reply to your other post of this.
- AuthorPosts
- The topic ‘practise questions’ is closed to new replies.