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Part 1 Examination – Paper 1.1 (INT) Preparing Financial Statements

Part 1 Examination – Paper 1.1 (INT) Preparing Financial Statements

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05/11/2014

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19
Part 1 Examination – Paper 1.1 (INT)Preparing Financial Statements (International Stream)December 2003 AnswersSection A1AA
16,000 + 14,600 – 18,000
B
18,000 + 14,600 – 16,000
C
18,000 + 14,600 + 16,000
D
16,000 + 14,600
2B3B4BB
16,690 – 9,160 – 3,860
C
16,690 + 3,860 – 9,160
D
As B but overdrawn
5CA
C + 2 x $3,660 discounts allowed
B
C + 2 x $1,800 bad debts written off 
C
Sales ledger control account
$$
284,6803,660189,1201,8004,920179,790800Balance282,830473,800473,800
D
C + $1,600 (contras)
6A7DA
483,700 – 38,400 + 14,800 + 400 – 1,800
B
483,700 + 38,400 – 14,800 + 400 – 1,800
C
483,700 + 38,400 – 14,800 – 400 + 1,800
D
483,700 – 38,400 + 14,800 – 400 + 1,800 (Correct)
8C9B10D11BA
$181,600 x 40% = 72,640 – 67,600 = $5,040
B
$114,000 x 10/6 = $190,000 – 181,600 = $8,400 (correct)
C
$181,600 – (114,000 + 40%)
12BA
P(340,000 – 20,000)/2 + 170,000/2Q95,000
B
P180,000 + 90,000 – 20,000 (Correct)Q90,000
C
P180,000 + 90,000Q90,000
D
P170,000 + 85,000Q85,000
13B14D15C16C17D18C
 
19C20D21BA
All rights issue proceeds added to share capitalBonus issue 75,000
B
125,000 + 62,500 + 37,500; 100,000 + 187,500 – 37,500 (correct)
C
As B, but bonus issue added to share premium
D
Bonus issue does not allow for previous issue.
22DA
$80,000 + 7% x $500,000 x
3
 / 
12
B
As D but including 7% x $500,000 x
6
 / 
12
instead of 
3
 / 
12
C
As D but excluding 7% x $500,000 x
3
 / 
12
D
8% x $1m x
3
 / 
12
+ 8% x $750,000 x
9
 / 
12
+ 7% x $500,000 x
3
 / 
12
23A24A25A
20

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