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

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

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Published by: AUDITOR97 on Nov 15, 2009
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05/11/2014

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Part 1 Examination – Paper 1.1(INT)Preparing Financial Statements (International Stream)December 2006 Answers
Section A
1A2A3B4A5D6D7B8C9C10D11D12D13A14A15C16B17D18B19A20A21C22B23D24A25AWorkings for computational MCQs1A
0/inventory380Purchases480––––860COGS 650 195455––––Inventory405Remaining inventory220––––Inventory lost185––––
2A
1+ 5002+ 5003no change–––––1,000–––––
3B
500 – (75% x 450)
6D
180 + (40% x 500) – 30
7B
838,000 – 72,000 = 766,000; allowance 60,000
14A
3
 / 
4
x 10,800 +
1
 / 
4
x 12,000 = 11,100; prepayment
3
 / 
4
x 12,000
17D
20% x (1,000,000 + 400,000 + 5,600,000)
19
 
18B
100 + 50 + 60; 80 – 50 + 30
22B
1: (40,000 + 60,000 – 50,000) x 2 = 100,000 – 95,000 = 5,000 cash lost3: (40,000 + 60,000 – 50,000 – 2,500 inventory loss) x 2 = 95,000
23D
834,600 + 134,600 – 4,800 + 8,700 – 144,400
25A
Payables ledger control account
Opening balance318,600Cash paid to suppliers1,364,300Purchases1,268,600Purchase returns41,200Refunds received fromContras against debitsuppliers2,700balances in receivables ledger48,000Discounts8,200Closing balance128,2001,589,9001,589,900
20

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