Seaction A
1.B
2. C
3. $100,200
4. A
5. A
6. D
7. D
8. D
9. C
10. $75,788
11. A
12. B
13. B
14. B
15. B
16. D
17. B
18. A
19. Revenue ,Finance, Costs, Tax expense
20. $27,500
21. A
22. C
23. $880
24. C
25. A
26. B
27.
| 20X4 | 20X5 |
Current ratio | 1.95 | 1.86 |
28. A
29. D
30. C
31. D
32. D
33. $5,400
34. C
35. (i) False
(ii) False
Seaction B
Question 1
Task 1
| YES | NO | Dr/Cr balance |
Bank balances |
| ü | Dr |
Trade payables |
| ü | Cr |
Income tax | ü |
| Dr |
Discount received | ü |
| Cr |
Task 2
Dr Allowance for receivables $12,800
Cr Receivables $12,800
Task 3
$486,000 cost of sales for the year
Task 4
Dr Adminstration costs $15,000
Cr Accrued energy cost $15,000
Question 2
Task 1
(a) ii
(b) iii
(c) ii
Task 2
(a) $26,620,000 ($16,440 + $11,180 – $1,000 (IG))
(b) $12,495,000 ($12,480 + (75% × $60) – (75% × $40) PURP)
Task 3
|
| $000 |
(i) | Non‐current assets | $40,950 [$26,280 + 13,670 + $1,000 (FVA)] |
(ii) | Current assets | $9,480 [$4,760 + $5,010 – $250 (IG) – $40 (PURP)] |
(iii) | Current liabilities | $3,800 [$2,640 + $1,410 – $250 (IG)] |
(iv) | Non‐controlling interest | $2,405 [$2,400 + (25% × $60) – (25% × $40 (PURP))] |