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Percy is a book wholesaler. On each sale, commission of 4% is payable to the selling agent.
The following information is available in respect of total inventories of three of this most popular titles at his financial year end-Henry vii-Shakespeare cost – 2280 selling price- 2900
Dissuasion – jane armstrong cost – 4080 selling price 4000
Painful progress – john bunion cost – 1280 selling price 1300What is the total value of these inventories in percy’s statement of financial position?
Answer: 7368Valuing the inventories lower at cost, net realizable value, shouldn’t the answer be 2280+4080+1280=7640?
I’m confused.. Please help me..Thanks so much =)
I’m sitting for the exam this Friday, I’ve done Bpp revision kit, acca mock exam and also the practice question of opentuition but now i’ve found a new revision and there’s so many question i don’t know how to answer.. and i’m like super afraid i’m gonna fail the exam.. would like to ask if the exam question is a lot different from practical question?
Each of the inventories separately must be valued at the lower of cost and net realisable value.
So Henry is 2280; Dissuasion is 4,000; and, Painful is 1280. Then you need to total them up.
I know that you do not have much time left, but you really should watch my free lectures – they are a complete course for Paper F3 and cover everything needed to be able to pass the exam well.
The questions in the exam will be similar to those in your Revision Kit.
um, i have some more question
1. Bulla ki Jana Co. has the following information relating to his bank account at May 31
Balance as per bank statement 9000
outstanding cheque 3300
Deposit in transit 1100
Service charges 10
Interest credited by the bank 43Compute balance as per cash book at May 31
is the answer 9000+3300+1100-10-43=13347?I’m actually really confused about bank reconciliation.. here is one question:
A’s bank statement at 31 oct x8 shows a balance of 13400. She subsequently discovers that the bank has dishonored a customer cheque for 300 and has charged bank charges of 50, neither of which is recorded in the cash book. There are unpresented chq totalling 1400 and anautomatic receipt from customer of 195 has been recorded as a credit in A’s cash book.
A’s cash book balance, prior to correcting error and ommission, was:
the answer is 11960=13400+50-1400+300-390
I dont get it.. shouldn’t bank charges and dishonored chq be deducted from cash book?2. External users of financial statements obtain information regarding the entity on regular basis or periodic basis?
Sorry.. i dont have the answer.. i found it online
Sorry, but although we will help you understand whatever parts of answers you are not clear about, we do not provide answers to questions for which you do not have a printed answer.
There is little point in attempting questions for which you do not have answers – you should be using a Revision Kit from one of the ACCA approved publishers. They are full of exam standard questions together with answers and workings.Also, my free lectures deal with everything that is in these questions that you have posted!
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