AQA Accounting Unit 2 - 22nd May

Reply 100

RK94

4

Original post by Vampstar

For Jan 11, Question 2, Why did they add the goods for own use to gross profit? : /

When goods are taken for own use the amount is taken from purchases (increasing gross profit) and added to drawings.

Reply 101

Vampstar

For Jan 13, question 2, the working out 3, Why have they done this:

W3: Inventory:
Closing inventory 9 560
Add goods on sale or return 4 200 (1)
13 760
Adjustment for damaged stock (380) (4) OF
13 380 (1) OF

Where or How did they get 4200?

Lost : /
ANYONE? HELPPPP!!!

(edited 10 years ago)

Reply 102

RK94

4

Original post by Vampstar

For Jan 13, question 2, the working out 3, Why have they done this:

W3: Inventory:
Closing inventory 9 560
Add goods on sale or return 4 200 (1)
13 760
Adjustment for damaged stock (380) (4) OF
13 380 (1) OF

Where or How did they get 4200?

Lost : /

from W1 it tells us that goods of 8400 were sent out to customers at a mark up 100%. In other words they sell their goods for double the cost. So the cost value of these goods are 8400/2=4200.

Reply 103

Vampstar

Original post by RK94

from W1 it tells us that goods of 8400 were sent out to customers at a mark up 100%. In other words they sell their goods for double the cost. So the cost value of these goods are 8400/2=4200.

How does the Mark up exactly work? : /
I haven't covered Mark up and Margin yet

Reply 104

RK94

4

Original post by Vampstar

How does the Mark up exactly work? : /
I haven't covered Mark up and Margin yet

Mark up is the percentage you add on to the cost of the goods to make a profit.

Reply 105

gunner4life95

8

Original post by Vampstar

For Jan 13, question 2, the working out 3, Why have they done this:

W3: Inventory:
Closing inventory 9 560
Add goods on sale or return 4 200 (1)
13 760
Adjustment for damaged stock (380) (4) OF
13 380 (1) OF

Where or How did they get 4200?

Lost : /
ANYONE? HELPPPP!!!

As gross profit mark up is 100%, the cost of the goods would be halve the value you sell the goods for. So as the business is planning is to sell the goods for 8400, the cost of them is 4200, hence showing a 100% mark up.

Reply 106

Vampstar

Original post by gunner4life95

As gross profit mark up is 100%, the cost of the goods would be halve the value you sell the goods for. So as the business is planning is to sell the goods for 8400, the cost of them is 4200, hence showing a 100% mark up.

Hmm and if Mark up was 50%, would the cost of the goods be a quarter the value they are sold for? :s-smilie:

Reply 107

A.A.T.

[video="youtube;OaohtuXVJEc"]http://www.youtube.com/watch?v=OaohtuXVJEc[/video]

Reply 108

gunner4life95

8

Original post by Vampstar

Hmm and if Mark up was 50%, would the cost of the goods be a quarter the value they are sold for? :s-smilie:

If you take 8400 as sales and 50% mark up then the cost will be 5600(8400/150%).

The video above can explain it to you better, but to be honest for accn2 i think your only expected to calculate the gross profit mark up, margin etc

Reply 109

FaisalTreShah

2

I hope to God they don't put a Balance Sheet in there. I can't stress how much I hate them.

Reply 110

Vampstar

Original post by gunner4life95

If you take 8400 as sales and 50% mark up then the cost will be 5600(8400/150%).

The video above can explain it to you better, but to be honest for accn2 i think your only expected to calculate the gross profit mark up, margin etc

Thanks very much!!! =D

Reply 111

Vampstar

Jan 13, Question 4d
Anyone know why they deducted 25000 from the share premium column and 37500 from the revaluation reserve column?
Can't seem to figure it out

Reply 112

Mase123

3

Hi, I am having so much trouble with the cash budget. I just hope these questions do not come up in the exam. But can someone explain to me how I do the cash budget calculations.

For example, the question 2 June 2012 paper, how do I work out the cash with bad debts of 2%. I seem to try everything but fail to get the answer in the mark scheme. Please can someone help me as I am really stressing out. I didn't know cash budget was sooo hard.

I have attached the question paper, hopefully you can open it.

Thanks.

Reply 113

Storm19

Original post by Mase123

Hi, I am having so much trouble with the cash budget. I just hope these questions do not come up in the exam. But can someone explain to me how I do the cash budget calculations.

For example, the question 2 June 2012 paper, how do I work out the cash with bad debts of 2%. I seem to try everything but fail to get the answer in the mark scheme. Please can someone help me as I am really stressing out. I didn't know cash budget was sooo hard.

I have attached the question paper, hopefully you can open it.

Thanks.

hey, to deal with the 2% you need to multiply by 98%

Reply 114

Mase123

3

Original post by Storm19

hey, to deal with the 2% you need to multiply by 98%

Thanks for replying. I have tried to multiply by 98% but I still seem to be getting a different answer. Please can you help to clarify any mistakes I may be making.

Thanks.

Reply 115

anna21

Original post by Mase123

Thanks for replying. I have tried to multiply by 98% but I still seem to be getting a different answer. Please can you help to clarify any mistakes I may be making.

Thanks.

EG. For september, you take the figure of July is 20,000 * 20% * 98% = answer.

Reply 116

Mase123

3

Anna, Thank you now I understand it. :smile:

Are you ding the exam tomorrow and also do you find the shares part difficult as I am seem to find that bit very difficult. Do you know any possible ways to work out the shares bit. I have looked at the mark schemes but they seem to be very different when I compare each paper with the previous years but the similar questions on shares seem to differ in terms of calculations. By the way I am self studying so the book fails to mention these and clearly I cannot seek a teacher for help. So any help would be appreciated.

Thanks.

Reply 117

sunny_bunny

How do you work out bonus issue in jan 2013 :/