Tasks 1.1, 1.3 and 1.4 - DFS December 2005

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:25AM in AAT student discussion

Here are my Answers to those tasks:

Task 1.1:

Goodwill 13370
Tangible Fixed Assets 137824

Total 151194


Current Assets 47367

Current Liabilities 23192

Net Current Assets 24175

Total Assets less current liabilities 175369

Long-Term Loan 57000

Net Assets 118369


Capital & Reserves:

Share Capital 30000
Share Premium 20000
Profit & Loss Account 48997
Total 98997

Minority Interest 19372
Total 118369

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Tasks 1.1, 1.3 and 1.4 - DFS December 2005


    Task 1.3

    Dr Cash at bank 3000
    Cr Share Capital 2000
    Cr Share Premium 1000

    Being the issue of new shares


    Dr Stock (Balance Sheet) 8731
    Cr Stock (P&L Account) 8731

    Being the closing stock of the year


    Dr Cash at bank 1500
    Dr Fixed Assets - Accumulated Depreciation 1250
    Cr Fixed Assets - Cost 2300
    Cr Disposal 450

    Being the sale of fixed asset


    Dr Taxation 3948
    Cr Taxation Payable 3948

    Being the Corporation tax of the year


    Dr Interst 600
    Cr Accruals 600

    Being the interset charge of the loan for 6 months

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Tasks 1.1, 1.3 and 1.4 - DFS December 2005


    Task 1.4

    (a)

    Turnover (Continuing Operations) 68241

    Cost of sales 34803

    Gross Profit 33438

    Distribution Cost 12386

    Administrative Expenses 7115

    Operating Profit (Continuing Operations) 13937

    Other Operating Income 450

    Operating Profit Before Interest 17387

    Interest & similar charges 1200

    Profit before taxation 13187

    Taxation of the year 3948

    Profit after taxation 9239

    Extraordinary items -

    Profit of the year 9239

    Dividends 2400

    Retained Profit 6839

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Tasks 1.1, 1.3 and 1.4 - DFS December 2005


    Task 1.4 (b)


    Fixed Assets 61384

    Current Assets 23241

    Current Liabilities 14129

    Net Current Assets 9112

    Net Assets lett current liabilities 70496

    Long-Term Loan 15000

    Net Assets 55496


    Capital & Reserves:

    Ordinary share capital 10000
    Share premium 4000
    Revaluation Reserves 2500
    Profit & Loss account 38996

    Total 55496


    Good luck everbody

    Regards

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Tasks 1.1, 1.3 and 1.4 - DFS December 2005


    Any feedback or comments guys??

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Tasks 1.1, 1.3 and 1.4 - DFS December 2005
    nidhal76 wrote:
    Any feedback or comments guys??


    How the hell did you memorise them???

    Anyways, although I don't know for sure (my memory ain't THAT good!!) I believe I got most of, if not all identical answers to all of that. The only thing I did slightly different was the journal to the fixed asset sale, I think I went over the top and did more journals than I was mean't to because I wasn't 100% sure how to do it. I did T accounts in my working at what was more FRA level and muddled my way through it, so I didn't aggregate the depreciation or anything, just did 2 seperate journals for it.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Tasks 1.1, 1.3 and 1.4 - DFS December 2005

    Your answers look pretty similar to mine, check this thread.

    http://www.aat.org.uk/forums/?portlet_action=true&action_wid=2451&rp_2451_requestURI=/posts/list/9693
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Tasks 1.1, 1.3 and 1.4 - DFS December 2005

    I think I had the same answers. I did however put the sale of the fixed asset under extraordinary items as I didn't think it was a normal operting activity, but the final profit was the same.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Tasks 1.1, 1.3 and 1.4 - DFS December 2005


    thanks guys 4 ur response

    by the way u can review the exam cuz it's been posted in the site

    regards

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Tasks 1.1, 1.3 and 1.4 - DFS December 2005


    thanks guys 4 ur response

    by the way u can review the exam cuz it's been posted in the site

    regards

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Tasks 1.1, 1.3 and 1.4 - DFS December 2005


    no one tried solving the exam from the AAT website??

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Tasks 1.1, 1.3 and 1.4 - DFS December 2005



    well, i did!!

    i found all my answers correct!! :oops:

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Tasks 1.1, 1.3 and 1.4 - DFS December 2005



    passed :D

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Tasks 1.1, 1.3 and 1.4 - DFS December 2005



    all correct

    good luck everyone!!

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Tasks 1.1, 1.3 and 1.4 - DFS December 2005
    nidhal76 wrote:

    all correct

    good luck everyone!!

    Yeah very good ;)

    I looked at th 4 exams I took and although I was certain I passed PEV & PCR I must've got close to 100% on all four exams I took, just shows if you put alot of work into it then they aren't as daunting as you think.

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