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ACCN3 aqa on 16 june 2011

hi everyone, i did the aqa accn3 paper yesterday and found it is very tricky and the last question is so hard!
how do you guys feel about the paper?

Reply 1

jamezz16

Original post by aaronpenghong

hi everyone, i did the aqa accn3 paper yesterday and found it is very tricky and the last question is so hard!
how do you guys feel about the paper?

I thought it was okay and when i read the last question just though wtf is that. Im annoyed that there wasnt a cash flow statement as i revised that quite abit :P

Reply 2

fgusman1992

Original post by aaronpenghong

hi everyone, i did the aqa accn3 paper yesterday and found it is very tricky and the last question is so hard!
how do you guys feel about the paper?

nahhh i fought it was orite.
Was there missing cash which we had to calculate?

and how do u depreciate a asset 10% on cost? :eek:

Reply 3

A.A.T.

June 2011 ACCN3 question paper can be obtained here http://www.thestudentroom.co.uk/showthread.php?p=32271793#post32271793

Reply 4

A.A.T.

Original post by fgusman1992

nahhh i fought it was orite.
Was there missing cash which we had to calculate?

and how do u depreciate a asset 10% on cost? :eek:

Cost value x 10%

Reply 5

fgusman1992

Original post by A.A.T.

Cost value x 10%

loool what i did was, find 10% then subtract it from from cost n den multiply by 10%. lol stupid.

WAS DER MISSING CASh

Reply 6

A.A.T.

Yes it was told that there was missing cash and you had to work out how much.

Also Drawings of GOODS was said to be "unrecorded" hence incomplete records. There obviously was some. Drawings of goods = £755.

Missing cash written down as "Loss of cash" as an expense in p+l was £2190.

Reply 7

fgusman1992

Original post by A.A.T.

lool my missing cash figure was 1206 sumting like dat.

did u do the C.O.G.S section to get da cost of sales then you the mark-up to work the sales and then the missing cash.

Reply 8

A.A.T.

Original post by fgusman1992

lool my missing cash figure was 1206 sumting like dat.

did u do the C.O.G.S section to get da cost of sales then you the mark-up to work the sales and then the missing cash.

No drawings need to be netted off purchases so under purchases drawings of goods will be deducted. This value is ? and can only be found by calculating backwards.

Opening stock + purchases - drawings - clolsing stock = cost of sales
find all values apart from drawings. Work out this cost of sales (which is obviously wrong). Then compare it to the correct cost of sales which you get from using the mark-up of 60%. Sales were calculated as 63680 so divide by 1.6 and you get cost of sales as 39800. So Opening stock + purchases - drawings - clolsing stock, 4740+41085-x-5270 = 40555 before drawings. So 40555 - 39800 = 755 which is drawings of goods.

Cash stolen = Bal b/d 340 - cash banked (contra) 23890 + cash sales 35750 - cash expenses of (520+2100+6700) = 2880 bal cd. But Bal c/d cash is 690 so 2880 which should be in the business - 690 which is in the business gives 2190 missing cash.

Stolen cash came up in Jun 2010 paper and asked in Q3 - Jennifer’s insurance company has agreed to pay £1250 on 14 June 2010 as compensation for the stolen cash. State how all the transactions arising from the theft of the cash will be shown in all the financial statements (final accounts).

Interesting they ask you in this paper HOW to record it and then in June 2011 they ask you to actually carry out this task only in the p+l. How many students remembered / were taught to record this in such a way?

A.A.T.

(edited 12 years ago)

Reply 9

Gunbe

A.A.T. What was your calculated profit in that question ?

Reply 10

A.A.T.

Net profit should be £3660

Expenses being £20220

Gross profit £23880

THanks !

Original post by Gunbe

THanks !

No problem - click the thumbs up to thanks.

Any Accounting queries just ask.

A.A.T.

Reply 13

stefanunited

Did people get Net Profit or Net Loss and do people think the grade boundaries will be low because of that last question? Most people didn't understand it....

Reply 14

ali reza

i missed out that cash stolen money, how many marks am i goign to lose mate? anybody have any idea?

Reply 15

A.A.T.

probably 4-5 marks for this element of the paper given the amount of numbers you have to use to get the answer.

Reply 16

qwert92

Original post by A.A.T.

please u give the balance B/D's for the first question please

Reply 17

A.A.T.

bal c/d at end for bal b/d on capital accounts:
L: 66400
P: 56460
M: 28000

Reply 18

qwert92

thanks, im sure i got those....
in the last question i got the revaluation wrong and the depretiation figures for the last asset (the one whis was at 10% on cost) wrong aswell, i didnt show any workings, will i still by any chance get any OF marks??