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Typo in BPP page 124 ACCA F3 BPP practice & revision kit

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Typo in BPP page 124 ACCA F3 BPP practice & revision kit

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by John Moffat.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • March 19, 2017 at 8:40 am #378685
    quytuan
    Participant
    • Topics: 116
    • Replies: 46
    • ☆☆

    Question 26.25: X co acquired 80% of the equity share capital in Y.co on 31.7.20X6. Extracts from the two companies’s statements of profit and loss for the year ended 30.9.20X6 were as follows:
    – – – Xco($’000) Y co ($’000)

    Revenue 3,400 2,400
    Cost of sales 1,500 1,800
    During the year ended 30.9.20X6, Y co sold goods for $5000 each month to X co, at a mark up of 25%. At the end of the year X co had 50% of these goods left in inventories.
    What is the group gross profit for the year ended on 30.09.20X6?

    The answer for the question in book is $ 2,001,000, but I think it should be $1,999,999, may be due to that fact that unrealised profit ($1000) should be deducted to $2,000,000, but not added to $2,000,000 to arrive at the answer!
    Please verify me for this typo
    Thankyou!

    March 19, 2017 at 3:58 pm #378713
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54699
    • ☆☆☆☆☆

    The BPP answer is indeed wrong.

    They should have added the 1,000 to the cost of sales and so the cost of sales should be 1,791. The profit should therefore be 1,999.

  • Author
    Posts
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  • The topic ‘Typo in BPP page 124 ACCA F3 BPP practice & revision kit’ is closed to new replies.

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