ACCA Paper F3 (INT) Financial Accounting June 2011 Final Assessment Answers

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ACCA F3 (INT) FINANCIAL ACCOUNTING

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FINAL ASSESSMENT ANSWERS

B
Sales Tax Bank (part payment on account to the tax authority) Purchases (sales tax element) 9,000 116,280 Bal b/d Sales (sales tax element) Purchases returns (sales tax element) 11,450 258,400 2,325 _______ 272,175 _______ Bal b/d 146,895

Bal c/d

146,895 _______ 272,175 _______

2 3 4 5

B A B D
Suspense a/c $ Bal b/d Cash sale Bal c/d 180 50 970 1,200 Opening inventory $ 1,200

Bal b/d

1,200 970

6 7 8 9 10

D B B A
B Total rent received during the year Add: 1/7/08 rent received in advance Less: 30/6/09 rent received in advance Less: 1/7/08 rent in arrears Add: 30/6/09 rent in arrears $ 617,000 37,900 25,250 31,000 12,250 _______ 610,900 _______

Total rent receivable for the year ended 30/6/09

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ACCA F3 (INT) FINANCIAL ACCOUNTING

11

A
Tom $ Profit for the year Salary Interest on capital Share of profit 12,000 7,500 278,400 297,900 Guaranteed minimum profit share (7,275) 290,625 Liz $ 27,000 10,500 92,800 130,300 9,700 140,000 Sebastian $ 36,000 10,000 92,800 138,800 (2,425) 136,375 567,000 Total $ 567,000 75,000 28,000 464,000 567,000

12 13

B A
SOCIE $ Ordinary Shares Irredeemable Preference Shares 200,000 @ 10c $20,000 20% 20,000 4,000 ______ 24,000 ______ Statement of Financial Position Dividends payable Ordinary Shares 200,000 @ 10c $20,000

Dividend declared after year end are excluded from financial statement.

14 15

A B
$ Inventory Damaged goods Sale proceeds Repair costs before sale 41,875 (1,960) 1,200 (360) $40,755

16

B
$ Inventory Receivables Allowance for receivables 22,300 42,650 (1,570) ______ 41,080 ______ 63,380 ______

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FINAL ASSESSMENT ANSWERS

17 18

B D
Closing inventory will be included in the income statement, loans will be included in the statement of financial position and proposed dividends should not be included only declared.

19
Bank payment opening accrual closing prepayment $16,750 $2,565 $956 = $13,229

20

A
Non-current assets $ Bal b/d Additions 345,876 130,231 Disposal CV Depreciation $ 1,370 16,750

_______ 476,107 _______ Bal b/d 457,987

Bal c/d

457,987 _______ 476,107 _______

21

B
($132,425 $1,100)

22 23

B B
1,500,000/1.25 = 1,200,000 Shares 1,200,000/6 = 200,000 $1.25 = $250,000 Premium $320,000 $250,000 = $70,000

24
Preference share capital $120,000 8% = $9,600 (total dividend payable) Paid during year = $5,000 Therefore provide for $4,600

25

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ACCA F3 (INT) FINANCIAL ACCOUNTING

26
Control account List Difference 102,849 800 = 102,049 102,382 333

27

C
Receivables Bal b/d Dishonoured cheques Interest Credit sales 61,784 250 2,628 660,846 725,508 Bal b/d 52,278 Discounts allowed Irrecoverable Debts Bank Bal c/d 11,945 6,150 655,135 52,278 725,508

28 29 30

D A

Bank $ Bal b/d Dishonoured cheque Bank charges Bal c/d 6,186 6,186 Bal b/d Balance per Bank Statement Less: Unpresented cheques Balance per updated cash book (3,720) Bal Fig (2,466) ___ (6,186) 6,186 6,186 $ 3,750 1,701 735

31 32 33

A D B

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FINAL ASSESSMENT ANSWERS

34

B
$27,000 20% = $5,400 2 (June 2007 & June 2008) = $10,800 $27,000 $10,800 = $16,200 carrying value $12,000 proceeds = $4,200 loss

35

B
False this is a non-adjusting event

36 37 38 39 40

D A C A

$502 In stock 1 May 24 Sales 14 May Sales 26 May Remaining Price 20 4 Nil 21 4 11.50 $46 40 11.40 $456 Received 12 May 25 Received 23 May 40

41

D
Current Account Sam Bal b/d 1,182 Profit share Bal c/d Drawings 43,200 _______ 44,382 Bal b/d 1,982 42,400 1,982 _______ 44,382

42

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ACCA F3 (INT) FINANCIAL ACCOUNTING

43
Payables $ Bank Bal c/d 191,353 19,240 210,593 Bal b/d Opening inventory + Purchases Closing inventory = Cost of sales $4,932 + $190,253 $6,430 = $188,755 Bal b/d Purchases (Balancing figure) $ 20,340 190,253 210,593 19,240

44 45

C D
Original profit Credit sale not recorded Rental income in advance Revised profit $346,464 $15,000 $(4,000) $357,464

46 47 48 49

A B A

Profit Depreciation Loss Increase trade receivables Decease trade payables

$104,358 $7,500 $1,500 $(10,962) $(11,961) $90,435

50

C
$56,000 plus under provision previous year $3,150 = $59,150

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