Accounting Exam Discussion Thread

[IT_Failure]

What did everyone get for the stock gain in Q8? Curious Reminded me of the 2009 exam.

550 stock gain (the drawings played a part)

[Lucho23]

I did pretty good not as good  as I hoped the exam itself was easy imo but there was tricks me and many ppl allocated the customs as product because it can be allocated so the cost comes to 71
I lost 3 marks that I know of ((
One mark for stupid mistakes and 2 marks in the trial balance question I adjusted cost of sales and sales basically the whole invoice and apparently it's already recorded. 
I'm bound to lose more marks somewhere else as well.
I got 550 Haha it was pretty sneaky

For the customs duty, that's what I thought as well but it said 15% on all goods so I dunno because it didn't say on each set of goods :/

I did that as well! They surely can't take off marks because the question didn't explain it well enough!

I got 550 too

[IT_Failure]

Why isn't the customs duty a product cost? It's clearly attributable to the scooters. 15% on each scooter. Did I misread it?

I agree, I product costed it

[mdotwillo]

Ffs, I didn't add GST in the last question.

I showed all my working out and got the correct figure (before you multiply that figure by 1.1). Will that still be 0/4?

^ Someone please answer, I just cannot get over the mistake...
It's okay if you say its 0/4, I deserve it!

[Damoz.G]

I agree, I product costed it

I did as well.

[mdotwillo]

I did as well.

Me too.

[sam.utute]

^ Someone please answer, I just cannot get over the mistake...
It's okay if you say its 0/4, I deserve it!

I'm just finishing off Q8. BoredSatan and I will have the solutions up very soon!

And FYI, I got $550 on my first go as well

[Kuroyuki]

I found the analysis question with the debt ratio pretty good because u couldn't mention the indicators increased because increase in net profit

[IT_Failure]

^ Someone please answer, I just cannot get over the mistake...
It's okay if you say its 0/4, I deserve it!

If your answer before GST was correct and clear in workings, it assume 2/4 (assuming 3 marks for calculation and 1 mark for answer)

[unfamila]

I just did $250, because that's what was on a Neap paper i did yesterday...However I don't trust neap.

[Damoz.G]

OMG! I LOOVVVVVEEDDD the Discuss Question!

[IT_Failure]

OMG! I LOOVVVVVEEDDD the Discuss Question!

You deleted your earlier post, sneaky was it because it was wrong?

[itsdanny]

I did pretty good not as good  as I hoped the exam itself was easy imo but there was tricks me and many ppl allocated the customs as product because it can be allocated so the cost comes to 71
I lost 3 marks that I know of ((
One mark for stupid mistakes and 2 marks in the trial balance question I adjusted cost of sales and sales basically the whole invoice and apparently it's already recorded. 
I'm bound to lose more marks somewhere else as well.
I got 550 Haha it was pretty sneaky

Got 550 as well. 
Also, I am pretty sure it cannot be allocated on a logical basis, because although the Customs Duty can apply to each individual item on a relative basis, it is paid for the entire delivery which consists of multiple stock items, so I would think that it should not be done because the business cannot assume the Customs Duty is apportioned evenly between all the stock items (which have different cost prices). That's what I thought any way. 

[Accounting40+]

How is there a stock gain of $550 if the drawings were on the 15th  June and the physical stock take, surely taking this into account, revealed there was $250 stock gain at 30th june.

Q)8

[Damoz.G]

You deleted your earlier post, sneaky was it because it was wrong?

LOL! I still think its correct, but I'll wait.

Because it was a Stock Gain of $250. Then Drawings of $300. Doesn't it mean Stock Loss of $50?