2006 session 2 answers

2006 session 2 answers - ACCT1511: AFM1B Mid-session...

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ACCT1511: AFM1B Mid-session examination Session 2, 2006 Solutions and marking guidelines Please note the following: Penalties: 10% of the maximum mark (i.e. 2 marks out of 20) for not attending the correct exam session 5% of the maximum mark (i.e. 1 mark out of 20) for not filling in the correct details on the exam paper These deductions are automatic, and will be shown on Vista once the marks are uploaded – after you have checked your paper and additions of the marks and any disagreements have been resolved. Your paper was marked out of 52, which will be converted out of 20 (MS is worth 20% of your final composite mark). The final adjusted mark (that is, after the automatic deductions – see above) will be uploaded on Vista at the end of week 11 – you have until week 11 to direct any query regarding your paper to your tutor. Any writing in pencils will not be considered for a re-mark. Once the mark is uploaded on Vista, it will be the official mark which will be added to your final grade.
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PART A (35 MARKS) – Cash Flow Statement (a) Using appropriate T-accounts, calculate Sales Revenue of AFM Ltd for the period ending 30 June 2006. Show all workings. ( 5 marks ) Accounts Receivable o/b 357,000 Allowance for DD 10,000 Sales revenue 1,560,000 Cash receipts 1,275,000 c/b 632,000 Accounts receivable T account (correct debit opening/closing balances) 1 mark Credit AR with ADD 10,000 1 mark Cash receipts 1,275,000 1 mark Sales revenue 1,560,000 2 marks Deduction: 0.5 mark for leaving out $000s in the final answer. (b) Using appropriate T-accounts, calculate COGS for the period ending 30 June 2006. Show all workings. ( 5 marks ) Accounts Payable o/b 377,000 Cash paid 940,000 Inventory purchase 928,000 c/b 365,000 Inventory o/b 512,000 AP 928,000 COGS 936,000 c/b 504,000 Accounts payable T account (correct credit opening/closing balances)
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2006 session 2 answers - ACCT1511: AFM1B Mid-session...

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