NEW+ACCA+F3+INT+Final+Assessment+Answers+D11

ACCA Paper F3 (INT) Financial Accounting December 2011 Final Assessment – Answers

To gain maximum benefit, do not refer to these answers until you have completed the final assessment questions and submitted them for marking.

ACCA F3 (INT) FINANCIAL ACCOUNTING

© Kaplan Financial Limited, 2011 All rights reserved. No part of this examination may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without prior permission from Kaplan Publishing. The text in this material and any others made available by any Kaplan Group company does not amount to advice on a particular matter and should not be taken as such. No reliance should be placed on the content as the basis for any investment or other decision or in connection with any advice given to third parties. Please consult your appropriate professional adviser as necessary. Kaplan Publishing Limited and all other Kaplan group companies expressly disclaim all liability to any person in respect of any losses or other claims, whether direct, indirect, incidental, consequential or otherwise arising in relation to the use of such materials.

2

KAPLAN PUBLISHING

FINAL ASSESSMENT ANSWERS

1

C

2

B

3

A

4

C

5

D Suspense a/c $ Bal b/d Cash sale Bal c/d

6

D

7

B

8

B

9

A

10

B

180 50 970 1,200

$ Opening inventory

1,200

Bal b/d

1,200 970

Total rent received during the year Add: 1/7/08 rent received in advance Less: 30/6/09 rent received in advance Less: 1/7/08 rent in arrears Add:

30/6/09 rent in arrears

Total rent receivable for the year ended 30/6/09

11

D

12

B

KAPLAN PUBLISHING

$ 617,000 37,900 25,250 31,000 12,250 _______ 610,900 _______

3

ACCA F3 (INT) FINANCIAL ACCOUNTING

13

A SOCIE $ Ordinary Shares

200,000 @ 10c

20,000

Irredeemable Preference Shares

$20,000 × 20%

4,000 ______ 24,000 ______

Statement of Financial Position Dividends payable Ordinary Shares

200,000 @ 10c

$20,000

Dividend declared after year end are excluded from financial statement.

14

A

15

B $ Inventory Damaged goods Sale proceeds Repair costs before sale

41,875 (1,960) 1,200 (360) $40,755

16

B $ Inventory Receivables Allowance for receivables

22,300 42,650 (1,570) ______

41,080 ______ 63,380 ______

17

B

18

D Closing inventory will be included in the income statement, loans will be included in the statement of financial position and proposed dividends should not be included – only declared.

19

C Bank payment – opening accrual – closing prepayment $16,750 – $2,565 – $956 = $13,229

4

KAPLAN PUBLISHING

FINAL ASSESSMENT ANSWERS

20

A Non-current assets $ Bal b/d Additions

345,876 130,231

_______

$ Disposal CV Depreciation

Bal c/d

476,107 _______ Bal b/d

21

1,370 16,750

457,987 _______ 476,107 _______

457,987

B ($132,425 – $1,100)

22

A

23

B 1,500,000/1.25 = 1,200,000 Shares 1,200,000/6 = 200,000 × $1.25 = $250,000 Premium $320,000 – $250,000 = $70,000

24

D Preference share capital $120,000 × 8% = $9,600 (total dividend payable) Paid during year = $5,000 Therefore provide for $4,600

25

A

26

A Control account List Difference

KAPLAN PUBLISHING

102,849 – 800 = 102,049 102,382 –––––– 333

5

ACCA F3 (INT) FINANCIAL ACCOUNTING

27

C Receivables Bal b/d Dishonoured cheques Interest Credit sales

Bal b/d

28

D

29

A

30

B

61,784 250 2,628 660,846

Discounts allowed Irrecoverable Debts

11,945 6,150

Bank Bal c/d

655,135 52,278

–––––––

–––––––

725,508

725,508

52,278

Bank $

Bal c/d

$ Bal b/d Dishonoured cheque Bank charges

3,750 1,701 735

Bal b/d

––––– 6,186 ––––– 6,186

6,186 ––––– 6,186 –––––

Balance per Bank Statement

(3,720) Bal Fig

Less: Unpresented cheques

(2,466) _____

Balance per updated cash book

(6,186)

31

A

32

D

33

B

34

B $27,000 × 20% = $5,400 × 2 (June 2007 & June 2008) = $10,800 $27,000 – $10,800 = $16,200 carrying value – $12,000 proceeds = $4,200 loss

6

KAPLAN PUBLISHING

FINAL ASSESSMENT ANSWERS

35

B False – this is a non-adjusting event

36

D

37

A

38

C

39

A

40

B $502 In stock 1 May 24

Received 12 May 25

Received 23 May 40

Sales 14 May

20

Sales 26 May

4

21

Nil

4

40

11.50

11.40

$46

$456

Remaining Price

41

B

42

D

43

B Payables $ Bank Bal c/d

191,353 19,240

$ Bal b/d Purchases (Balancing figure)

210,593 Bal b/d Opening inventory + Purchases – Closing inventory = Cost of sales

20,340 190,253 210,593 19,240

$4,932 + $190,253 – $6,430 = $188,755

44

C

KAPLAN PUBLISHING

7

ACCA F3 (INT) FINANCIAL ACCOUNTING

45

D Original profit Credit sale not recorded

$15,000

Rental income in advance

$(4,000)

Revised profit

46

A

47

A

48

A

49

D Profit Depreciation Loss Increase trade receivables Decease trade payables

50

$346,464

$357,464

$104,358 $7,500 $1,500 $(10,962) $(11,961) –––––––– $90,435

C $56,000 plus under provision previous year $3,150 = $59,150

8

KAPLAN PUBLISHING