VCAA Unit 4 2012 Sample Answers

[link125]

I originally had $150 000 but believe that the answer is now wrong. If "sales returns" was applied to "total sales" of $300 000 than it would equal $15 000. Thus, net sales would equal 300 000 - 15 000 = $285 000...As stock is marked up by 100% than CoS would equal $142 500? Is that right?

me and tragesty got the same thing

[abcdqdxD]

I originally had $150 000 but believe that the answer is now wrong. If "sales returns" was applied to "total sales" of $300 000 than it would equal $15 000. Thus, net sales would equal 300 000 - 15 000 = $285 000...As stock is marked up by 100% than CoS would equal $142 500? Is that right?

me and tragesty got the same thing

Yeah, it really depends on how you treat the sales return

If you treat it as credit+cash, then it's 142500. Another mistake in the solutions 

[Elucidor]

Can someone explain 8d? The question asks you to explain the effect on Net Profit over the life of the asset. The answer my teacher gave was:
Over the life of the asset the overall affect on the Net profit of the business would be the same (or very similar) as you are still depreciating the same amount, but simply allocating more in the earlier years of the non current asset.
I'm just not sure whether the useful life of 5 years applies to both methods. Cheers!

[whegfwkbd]

how is the Cost of Sales figure 137,500 in question 9a?

[abcdqdxD]

8D: There should be no effect on profit over the life of the asset. Your teacher is correct

Cost of sales figure should be 142,500. Sam made a typo when he did it on his calculator

[abcdqd]

question 6a : how come the date in the general ledger accounts is OCT 1? shouldnt it be oct 30?

[Tragesty]

On 11/11/2012, at 3:33 PM, Mikey  wrote:

Hi Neville

If a question says 'sales returns to be 5% sales' - such as throughout the 2012 sample, is this only on credit sales?

Thanks,

Michael


Always do what the question says to do

Sent from my iPad

^ Neville

SUCH WONDERFUL ADVICE!

[PetersDanceInSpiderman3]

question 6a : how come the date in the general ledger accounts is OCT 1? shouldnt it be oct 30?

*Oct. 31. Yeah, I think so. As far as I know, the only time something is recorded as the first of the month in the general ledger is for account balances at the start of the month. All other transactions should be recorded for the end of the period (although, I'd like some confirmation).