ACCA Students.

[pikablue88]

I guess SAA?

ya I want to switch for a change. I heard that Kaplan is more exam focused.

 

[belgarathc]

any full time ACCA students here?

know if is it possible to defer NS reservice if it's in NOV, ends 1 week before exams

pls PM me!

I am having reservist at the same period. I thought it's better to go back, more time to study compared to working days.

 

[vinciee88]

Looking for F4 notes, examkit

Selling F1 notes, exam kit and study guide.

Pm me.

 

[vinciee88]

Looking for F4 notes, examkit

Selling F1 notes, exam kit and study guide.

Pm me.

 

[Crimson__Tide]

silver co made sales of $193,200 during the year ended 31 augugst x1.inventory decreased by $13,200 over the year and all sales were made at a mark up of 42%

what was the cost of purchase during the year, to to nearest $1000?

a)$149,000
b)$136,000
c)$123,000
d)$109,000

anyone can show me the working/steps to do this question. thanks a lot.

Answer = (193,200 x 142%/100%) - 13,200.

I think the answer should be around c based on my manual calculation in my mind.

 

[Konnichiwa]

The Draft accounts of Anthea co for the year ended 31 dec 20x9 include the following:

Revenue-$80,000

Gross profit-$20,000

it was subsequently discovered that revenue had been understated by $10,000 and closing inventory overstated by $5000. after correction of these errors the gross profit percentage will be:

A.33.3%
b.16.7%
c.31.3%
d.27.8%

anyone know how to do. can show me the working/steps thanks a lot for the help.

Revenue-$80,000
Understated by $10,000
Therefore, Revenue=$80,000 +10,000=$90,000

Format of Income Statement
Revenue or Sales xxx
less: Cost of Sales (xxx)
Gross Profit xxx

Less: Expense
Salary (xx)
Electricity (xx)
Operating Profit xx
Less: Interest Expense (xx)
Add: Other Income xx
Net Profit xx

Explanation: This format is standard (Memorise!!!)

Therefore, Sales or Revenue- Cost of Sales = Gross Profit
Cost of Sales= Opening Inventory+ Purchase - Closing Inventory (this is standard also--> so memorise!!)

If closing Inventory is overstated by $5000.
Originally, Cost of Sales (COS) = Open Inv + Pur - Clos Inv
Therefore, if Clos Inv is overstated by 5000, We need to take away 5000 away from Closing Inv and If we take away 5000 from Clos Inv. Then COS will increase by 5000. (because we are minus-ing a smaller number)

Therefore, orignally, COS= 80,000- 20,000= 60,000
Now COS = 60,000 + 5000 = 65,000

New Extract of Income Statement
Revenue $90,000
COS ($65,000)
Gross Profit $25,000

Gross Profit % = Gross Profit/Revenue = 25,000/90,000 = 27.777777% = 27.8%
Answer is.... 27.8%

You need to memorise the format, it can help you solve many problems!

 

[ben19870313]

Revenue-$80,000
Understated by $10,000
Therefore, Revenue=$80,000 +10,000=$90,000

Format of Income Statement
Revenue or Sales xxx
less: Cost of Sales (xxx)
Gross Profit xxx

Less: Expense
Salary (xx)
Electricity (xx)
Operating Profit xx
Less: Interest Expense (xx)
Add: Other Income xx
Net Profit xx

Explanation: This format is standard (Memorise!!!)

Therefore, Sales or Revenue- Cost of Sales = Gross Profit
Cost of Sales= Opening Inventory+ Purchase - Closing Inventory (this is standard also--> so memorise!!)

If closing Inventory is overstated by $5000.
Originally, Cost of Sales (COS) = Open Inv + Pur - Clos Inv
Therefore, if Clos Inv is overstated by 5000, We need to take away 5000 away from Closing Inv and If we take away 5000 from Clos Inv. Then COS will increase by 5000. (because we are minus-ing a smaller number)

Therefore, orignally, COS= 80,000- 20,000= 60,000
Now COS = 60,000 + 5000 = 65,000

New Extract of Income Statement
Revenue $90,000
COS ($65,000)
Gross Profit $25,000

Gross Profit % = Gross Profit/Revenue = 25,000/90,000 = 27.777777% = 27.8%
Answer is.... 27.8%

You need to memorise the format, it can help you solve many problems!

thanks a lot really appreciate for the help.

lucky you help me if not i going to fail the exams.

 

[Konnichiwa]

silver co made sales of $193,200 during the year ended 31 augugst x1.inventory decreased by $13,200 over the year and all sales were made at a mark up of 42%

what was the cost of purchase during the year, to to nearest $1000?

a)$149,000
b)$136,000
c)$123,000
d)$109,000

anyone can show me the working/steps to do this question. thanks a lot.

COGS 100% 136,000 (round to nearest '000) {your working is correct, so I omit the step to get this answer}

Inventory decreased by 13,2000 over the year, therefore:
Open Inv - Clos Inv = 13,200 (agree?)
Since if Closing is more than opening, then it is an increase (correct?), if Opening is greater than Closing than it should be an decrease.(agree?)

COGS= Open Inv + Purchase - Clos Inv
Rearrange the formula, gives you
COGS= Purchase + (Open Inv - Clos Inv)
Put in the values,
136,000 = Purchase + 13,200
Therefore, Purchase = 136,000 - 13,200 = 122,800=123,000 (round to nearest '000)

 

[ben19870313]

COGS 100% 136,000 (round to nearest '000) {your working is correct, so I omit the step to get this answer}

Inventory decreased by 13,2000 over the year, therefore:
Open Inv - Clos Inv = 13,200 (agree?)
Since if Closing is more than opening, then it is an increase (correct?), if Opening is greater than Closing than it should be an decrease.(agree?)

COGS= Open Inv + Purchase - Clos Inv
Rearrange the formula, gives you
COGS= Purchase + (Open Inv - Clos Inv)
Put in the values,
136,000 = Purchase + 13,200
Therefore, Purchase = 136,000 - 13,200 = 122,800=123,000 (round to nearest '000)

really thanks a lot.

i understand.

have a nice day.

 

[orcy93]

ben19870313, do u mind pming yr qns to Konnichiwa or Crimson tide? Im sure most bros here dun want this thread to be flooded with alot of yr F3 basic questions.

Thanks & hv a nice day.

 

[Snake_]

all the sales made by retailer are for cash,and her sales prices fixed by doubling cost.details recorded of her transactions for september 2006
are as follows:
1 september inventories $40,000
30 september- purchases for month $60,000
30september -cash banked for sales for month $95,000
30 september-inventories 50,000

which one of the following conclusions could separately bd drawn from this information?

(1)$5000 cash has been stolen from the sales revenue prior to banking
(2)goods costing $5000 have been stolen
(3)goods costing $2500 haven been stolen
(4)some goods costing $2500 had been sold at cost price.

A)1 and 2
B)1 and 3
c)2 and 4
d)3 and 4

opening inventory add purchase -less closing inventory=cost of sales

40,000+60,000-50,000=50,000

50,000*2=100,000 sales should be this amount.(sales prices fixed by doubling cost) 100,000-95,000=5000 (1)

how to find the inventory lost?

anyone can teach me please.

thanks.my lecturer skip this topic.

selling price = 2x cost of inventory (assumed, coz no other costs are mentioned)

Go figure.

anyway option (1) is out.

 

[orcy93]

selling price = 2x cost of inventory (assumed, coz no other costs are mentioned)

Go figure.

anyway option (1) is out.

Cmon guys, dun encourage him can? Later he be posting more & more qns, nt just a few.

 

[ben19870313]

ben19870313, do u mind pming yr qns to Konnichiwa or Crimson tide? Im sure most bros here dun want this thread to be flooded with alot of yr F3 basic questions.

Thanks & hv a nice day.

sorry for the mistake.

 

[Konnichiwa]

sorry for the mistake.

Hope u will help others next time. Dun be selfish.

 

[ben19870313]

Hope u will help others next time. Dun be selfish.

i will once again thanks for the help.

 

[ukiake]

F9, Kaplan June 10 study kit + text (Condition: New) $40.

Sms me @ 90608351.

 

[MR.SAINT]

hi, any one know whether the audit textbook is usuable to study for exam? From my knowledge, the book was being published for international usage, which means not singapore variant. Thx.

 

[emokia]

Hi,

i would like to enrol in kaplan/saa acca programme.

does anyone know when does application start for Jan 2011 intake?

thanks in advance

 

[ConfusedQ]

Hi, anyone can recommend a good F4 and F7 lecturer?

 

[sasori_12345]

hey guys, how do i apply for exam ?