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7j–intix Paper 1.1int

7j–intix Paper 1.1int

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05/11/2014

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Part 1 Examination – Paper 1.1(INT)Preparing Financial Statements (International Stream)June 2007 AnswersSection A1A2D3D4D
838,600 + (102,600 – 42,300) – (88,700 – 48,400)
5C6B7C8A
(4 x 10,000) + (8 x 12,000) = 136,000;
1
 / 
12
x 144,000 = 12,000
9A
23,000 – (49,000 – 42,000)
10C
Share capitalShare premium1,000,0001,400,000Issue500,000900,0001,500,0002,300,000Bonus500,000(500,000)2,000,0001,800,000
11C12B
(960,000 x 20%) + (48,000 x 20% x
1
 / 
2
) – (84,000 x 20% x
1
 / 
4
)
13B14B15D16A17D18C19D20D21C22C
X salary 20,000 + interest 10,000 + share 150,000 = 180,000
23D24D25B
17
   7   J  –   I   N   T   A   A   P  a  p  e  r   1 .   1   I   N   T   7   J  –   I   N   T   I   X   P  a  p  e  r   1 .   1   I   N   T
 
1(a)
Hasta
Income statement for the year ended 31 December 2006
$ $
Sales193,000
less:
Cost of salesOpening inventory85,000Purchases (balancing figure)104,500————189,500
less:
Closing inventory88,500101,000————Gross profit92,000
less:
ExpensesWages15,600Sundry expenses (8,300 1,100 + 1,400)8,600Loss on sale of equipment (1,200 700)500Depreciation (2,000 x 20%)40025,100————Net profit$66,900————Workings
$ $
Calculation of sales$191,400 $4,800 + $6,400193,000Calculation of gross profit(193,000 $21,000)/286,000$21,000 ($30,000/2)6,00092,000————Cost of goods sold is therefore101,000————Alternative calculation of gross profit
$
Sales193,000
 Add:
trade discount9,000————202,000————Gross profit if all sales at full price101,000
less:
trade discount9,000————92,000————
(b)
Cash not accounted for: $192,200 $15,600 $8,300 $2,000 $150166,150
less:
purchases104,500————Drawings61,650————
18
   7   J  –   I   N   T   B   A   P  a  p  e  r   1 .   1   I   N   T

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