Intermediate exam - December 2002
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Could anyone tell me the subject of the main questions in Section 2 of the Intermediate exam last December - club accounts/incomplete records/manufacturing accounts?<BR>Thanks
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Intermediate exam - December 2002
Manufacturing accounts was the "main" bit of this paper.0 -
Intermediate exam - December 2002
2.1 Calculate the receipts from the debtors:<BR><BR>18650 Opening Debtors<BR>494230 Sales<BR>(22200) Closing Debtors<BR>=====<BR>490680<BR><BR>2.2 Calculate the payments to creditors<BR><BR>25460 Opening Creditors<BR>260480 Purchases<BR>(30020) Closing debtors<BR>======<BR>255920<BR><BR>2.3 Show a summarised bank a/c<BR><BR>(this should be in two columns)<BR><BR>Receipts<BR>
<BR>Opening Bal 890<BR>Receipts 490680 (from 2.1)<BR>Sale of machinery 6000<BR><BR>Payments<BR>
<BR>Creditors 255920 (from 2.2)<BR>Wages 129400 (total of all wages)<BR>O'heads 87060 (total of all o'heads)<BR>Drawings<BR>Closing Bal 1190<BR><BR>497570 (total on both sides)<BR><BR>2.4 Calculate the P&L on disposal for factory equipment<BR><BR>12500 Factory Equipment<BR>3750 Depreciation<BR>====<BR>8750<BR>(6000) Sale<BR>=====<BR>2750 loss to the P&L<BR><BR><BR>2.5 Show the nbv of factory equipment<BR><BR>64500 Factory Equip<BR>(12500) Sale<BR>======<BR>52000<BR><BR>32250 Depreciation<BR>(3750) Disposal<BR>=====<BR>28500<BR>5200 (depreciation for year on 52000)<BR>====<BR>33700<BR><BR>52000 - 33700 = 18300 nbv<BR><BR><BR>2.6 Calculate the prime cost of production<BR><BR>18450 Opening stock<BR>260480 Purchases<BR>(17850) closing stock<BR>=====<BR>261080<BR>85630 Production wages<BR>-====<BR>346710<BR><BR><BR>2.7 Calculate the total cost of production <BR><BR>346710 Prime cost (from 2.6)<BR>24870 Supervisor wages<BR>55840 Factory O'heads<BR>=====<BR>427420<BR>5200 depreciation<BR>2750 loss on sale<BR>=====<BR>435370<BR><BR><BR>phew!!<BR><BR>Hope this helps (just hope I can remember it tomorrow if it comes up)<BR><BR>Mandy0