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    (Original post by lifeadd1ct)
    I think i messed up the depreciation question badly

    The figure for the profit and loss is 5000 not 3000. Just worked it out

    You had 18000+14000-9000=23000
    Then depreciation 13000-5000=8000
    23-8=15
    15/3=5000
    I think it was worht 7 marks wasn't it? If you did all the workings correctly and just messed up adding up you will get 6/7.
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    (Original post by JohnT92)
    I think it was worht 7 marks wasn't it? If you did all the workings correctly and just messed up adding up you will get 6/7.
    I don't know We will have to wait and see
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    What did you get for the concept question?
    The golf sticks had no effect and wrote going concern
    The rent one was increase profit by 2000 and accruals
    Then the depreciation one was 2750 decrease profit and realisation
    Then the stock 1 was no effect on profit and prudence
    Can anyone confirm any of those?
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    (Original post by lifeadd1ct)
    What did you get for the concept question?
    The golf sticks had no effect and wrote going concern
    The rent one was increase profit by 2000 and accruals
    Then the depreciation one was 2750 decrease profit and realisation
    Then the stock 1 was no effect on profit and prudence
    Can anyone confirm any of those?
    I cant remember exactly what I put but for the concepts I think I wrote the same ones as you except going concern.
    I got the same no effect ones aswell I think. Was the depreciation one about Carriage inwards? If so wouldn't that have no effect on profit? As you would just move it from Carriage inwards to Expenses?
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    (Original post by JohnT92)
    I cant remember exactly what I put but for the concepts I think I wrote the same ones as you except going concern.
    I got the same no effect ones aswell I think. Was the depreciation one about Carriage inwards? If so wouldn't that have no effect on profit? As you would just move it from Carriage inwards to Expenses?
    Well carriage inwards is technically a capital expense which means that it's not taken away from the expenses. The depreciation however will decrease the profit figure .
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    (Original post by lifeadd1ct)
    Well carriage inwards is technically a capital expense which means that it's not taken away from the expenses. The depreciation however will decrease the profit figure .
    I think it said in the question that the deprieciation had been taken out but they didn't know what to do with the travel expenses of the fixtures and fittings so included them in carriage inwards so I think you had to write in the workings space, You would take the cost out of the carriage inwards and put it into expenses.

    Did you think it was an easy paper? It was much easier than the one I did in June. The written questions were also quite easy to answer and the rights issue was very straight forward.
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    The june paper gave 20 marks for a cash budget which most people can do without having accounting knowledge. I reckon this paper wasn't hard however many people will struggle maximising marks on the written questions so hopefully the grade boundaries will be 62/80 or something similar to that
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    (Original post by lifeadd1ct)
    The june paper gave 20 marks for a cash budget which most people can do without having accounting knowledge. I reckon this paper wasn't hard however many people will struggle maximising marks on the written questions so hopefully the grade boundaries will be 62/80 or something similar to that
    Cash budgets are easy when your in like a classroom but in a proper exam they can go wrong very quickly! I remember last year my cash budget was so messy with all crossing outs all over it.

    Yes written questions are always quite hard to maximise the marks and because alot of people doing the exam will be doing it as a resit (This meaning many of them will not have been taught this stuff since last summer) the grade boundaries will probably be quite low.
    ACCN1 last January had such high grade boundaries!
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    (Original post by lifeadd1ct)
    What did you get for the concept question?
    The golf sticks had no effect and wrote going concern
    The rent one was increase profit by 2000 and accruals
    Then the depreciation one was 2750 decrease profit and realisation
    Then the stock 1 was no effect on profit and prudence
    Can anyone confirm any of those?
    Golf sticks was decrease 10000 and prudence. As they included it in closing stock when they shouldn't as they weren't sure if they were going to buy it or not yet. going concern is for that you assume the business isn't gonna go bust
    Rent I got the same
    Depreciation I can't remember tbh? If you mean the carriage inwards thing then it was increase profit, and capital expenditure.
    Stock was decrease by something, and prudence, as NRV < Cost.
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    (Original post by lifeadd1ct)
    I think i messed up the depreciation question badly

    The figure for the profit and loss is 5000 not 3000. Just worked it out

    You had 18000+14000-9000=23000
    Then depreciation 13000-5000=8000
    23-8=15
    15/3=5000
    Thinking about it again it may have been 5000, I remember though I did do that exact same method (find at cost, find dep, then NBV, then NBV/3)
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    (Original post by matt2k8)
    Golf sticks was decrease 10000 and prudence.
    :mad: If thats right then I read the question wrong :mad: I read it as they had sold the golf sticks on sale or return and therefore I put No effect(as they already had it in closing stock) and realisation concept as you only record when it is certain.

    I think this question lots of people will drop marks on hopefully theres a few bits of it right, wasn't it worth like 11
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    (Original post by JohnT92)
    :mad: If thats right then I read the question wrong :mad: I read it as they had sold the golf sticks on sale or return and therefore I put No effect(as they already had it in closing stock) and realisation concept as you only record when it is certain.

    I think this question lots of people will drop marks on hopefully theres a few bits of it right, wasn't it worth like 11
    Wait it might've actually being realisation, can't 100% remember :\ and I said reduce as the directors aren't sure if they aren't going to purchase them or not so they shouldn't be part of their stock.
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    I think most people will struggle with this paper due to the hard concept question. Also the written questions in total gave you around 32 marks therefore it would be difficult for most people to maximise marks so i think A-B boundary will be 76-77%
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    (Original post by matt2k8)
    Wait it might've actually being realisation, can't 100% remember :\ and I said reduce as the directors aren't sure if they aren't going to purchase them or not so they shouldn't be part of their stock.
    By the way do you remember the very last concept question about the stock? Shouldn't that have no effect on the profit
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    (Original post by lifeadd1ct)
    By the way do you remember the very last concept question about the stock? Shouldn't that have no effect on the profit
    The stock does effect profit, As it had to be added/subtracted from closing stock.
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    (Original post by JohnT92)
    The stock does effect profit, As it had to be added/subtracted from closing stock.
    Yes i know that but cost<nbv which means that it shouldn't be revalued and it said that it has already been valued at cost therefore no adjustments should be made
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    (Original post by lifeadd1ct)
    By the way do you remember the very last concept question about the stock? Shouldn't that have no effect on the profit
    The NRV was 1500 and the cost 2000 so it had to be devalued by 500, which reduces profit by 500. Concept was prudence.
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    (Original post by matt2k8)
    The NRV was 1500 and the cost 2000 so it had to be devalued by 500, which reduces profit by 500. Concept was prudence.
    The repair was 1500 and at cost was 4000 therefore 2000<2500 therefore must be valued at cost hence no effect on profit

    Btw are you doing accn 3? Are you prepared for it?
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    (Original post by matt2k8)
    The NRV was 1500 and the cost 2000 so it had to be devalued by 500, which reduces profit by 500. Concept was prudence.
    Doesn't it rise by 500?
    as the stock would have been added to closing stock?
    Big closing stock = smaller cost of sales = higher profit?
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    (Original post by lifeadd1ct)
    The repair was 1500 and at cost was 4000 therefore 2000<2500 therefore must be valued at cost hence no effect on profit

    Btw are you doing accn 3? Are you prepared for it?
    I remember it saying something that implied the NRV was 1500 and cost 2000, but I'll check the paper tommorow as I have accounting first lesson.

    Yep doing ACCN3 next week. I'm pretty good at the incomplete records/stock valuation/partnerships stuff but the written bits about accounting standards, auditors directors etc need some work.
 
 
 
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