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Zimbabwe Schools Examinations Council Accounting Paper 2 2007 Zimsec Zimbabwe

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Zimbabwe Schools Examinations Council Accounting Paper 2 2007 Zimsec Zimbabwe Zimbabwe Zimsec cambridge

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Name Centre Number Candidate Number ZIMBABWE SCHOOLS EXAMINATION COUNCIL General Certificate of Education Advanced Level ACCOUNTING 9197/2 Paper 2 Structured Questions NOVEMBER 2007 SESSION 1 hour 30 Minutes Candidates answer on the question paper Additional materials No additional materials are required TIME: 1 hour 30 minutes INSTRUCTIONS TO CANDIDATES Write your name, Centre number in the spaces at the top of this page. Answer all questions. Write your answers in the spaces provided on the question paper. INFORMATION FOR CANDIDATES The number of marks is given in brackets [ ] at the end of each question or part question. You may use a calculator. FOR EXAMINER’S USE 1 2 3 4 TOTAL
1. (a) State three differences between a bonus issue and a rights issue. -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------[6] (b) Muntu Ltd ‘s statement of financial position on 31 December 2003 is as follows $000 $000 Ordinary shares of $1 each 620 4 % preference shares 246 Share premium 60 General reserve 190 Retained earnings 344 1460 6% debentures 240 1700 Representedby Premises 750 Equipment 345 Vehicles 205 1300 Inventory 250 Trade receivables 146 Cash and cash equivalents 100 496 Trade payables (96) 400 1700 The following transactions took place up to 1 March 2004; (i) Jan 2; 25% of redeemable preference shares were redeemed out of profits. (ii) Jan 15; 10% of inventory is to be written off as obsolete. (iii) Jan 14; a rights issue of one ordinary share for every five held was made at $1, 30 per share (iv) Feb 24; a bonus issue of one ordinary for every ten held was made out of the general reserve.
Draw the statement of financial position as at 31 March 2004 after taking into account the above transactions. ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------ --------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------[15]
2. Survival Ltd, a dealer in leather products had the following year end balances. 2002 2003 2004 $000 $000 $000 Equipment (NBV) 250 400 415 Inventory 100 160 210 Trade receivables 31 62 70 Bank (16) (24) 85 Ordinary share capital 56 90 178 16% debentures 100 50 ------ Trade payables 60 54 15 Sales 600 1045 771 Cost of sales 380 600 440 Administrative costs 26 80 70 Distribution costs 28 70 50 Proposed dividends 16 10 ------ Finance costs 16 8 ------- Depreciation 10 16 18 Retained earnings on 1 January 2002 were $9000 (a) Prepare, in columnar format, statements of comprehensive income and appropriation accounts for each of the above years. ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------[7] (b) Prepare, in columnar format, statements of financial position as at 31 December 2002, 2003 and 2004. ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------ ---------- ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------[10]
( c) Identify and comment on four trends shown in the company’s results for the three years. ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------[8] (d) Give any two groups of people, besides proprietors, who might be interested in these results and state why. ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------[4]
3. (a) Define and give an example of (i) variable costs ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------[2] (ii) fixed costs ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------[2] (b) Greg Ltd has the capacity to produce 120000 units per annum and the budgeted profit and loss account for the year ended 31 December 2006 is as follows. $000 $000 Sales (90000) 1350 less direct materials 270 direct labour 360 production overheads – variable 36 - fixed 150 distribution overhead – variable 108 - fixed 60 ( 984) profit for the year 366
(i) If the unit price is reduced by 10% the company will be able to produce at full capacity. Calculate the revised profit. ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------[7] (ii) If the product packaging is improved at a cost of $1,50 per unit the sales volume would increase by 20%. Calculate the revised profit ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------[7]
(iii) Which option should be adopted and why? ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------[2] (c) Greg Ltd is a key producer. In February 2006, the company manufactured 19000 keys-holders at a total cost of $65000. In March 2006, the company produced 27000 key-holders at a cost of $89000. Calculate the (i) unit variable cost --------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------[2] (ii) total variable cost for - February ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------[1] - March ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------[1]
(iii) the monthly fixed cost --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------[2] 4 (a) Explain the following items with reference to IAS 2 on inventory valuation. (i) Cost --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------[2] (ii) Net realisable value --------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------[2]
(iii) Last In First Out (LIFO) --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------[1] (iv) First In First Out (FIFO) ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------[1] (v) Average Cost (AVCO) ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------[1]
(c) Data below relates to purchases and sales made by Jumbo Ltd which sells only one product 2004 Quantity Unit cost Unit selling price January 1 balance 5100 $ 25 January 10 units received 1490 $ 28 January 31 units issued 3000 $40 February 3 units received 2310 $30 February 21 units issued 4000 $44 March 6 units received 3800 $32 March 15 units issued 700 $46 March 26 units received 1000 $40 March 30 units issued 2450 $48 Calculate the value of stock on 31 March based on LIFO ---------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------[3]
(ii) FIFO ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------[3] (iii) AVCO ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------[3]
(c) Siya-so Ltd lost goods as a result of fire during the year ended 28 February 2004. The fire occurred on 28 February 2004. According to the records, the following information was available; Inventory of 1 March 2003 $30000 Goods bought for resale up to 28 February 2004 $80000 Sales up to 28 February 2004 $117000 Salvaged stock $ 11000 Mark up 50% Calculate the value of stock lost in fire. ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------[4]
Zimbabwe Schools Examinations Council Accounting Paper 2 2007 Zimsec Zimbabwe

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Zimbabwe Schools Examinations Council Accounting Paper 2 2007 Zimsec Zimbabwe

  • 1. Name Centre Number Candidate Number ZIMBABWE SCHOOLS EXAMINATION COUNCIL General Certificate of Education Advanced Level ACCOUNTING 9197/2 Paper 2 Structured Questions NOVEMBER 2007 SESSION 1 hour 30 Minutes Candidates answer on the question paper Additional materials No additional materials are required TIME: 1 hour 30 minutes INSTRUCTIONS TO CANDIDATES Write your name, Centre number in the spaces at the top of this page. Answer all questions. Write your answers in the spaces provided on the question paper. INFORMATION FOR CANDIDATES The number of marks is given in brackets [ ] at the end of each question or part question. You may use a calculator. FOR EXAMINER’S USE 1 2 3 4 TOTAL
  • 2. 1. (a) State three differences between a bonus issue and a rights issue. -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------[6] (b) Muntu Ltd ‘s statement of financial position on 31 December 2003 is as follows $000 $000 Ordinary shares of $1 each 620 4 % preference shares 246 Share premium 60 General reserve 190 Retained earnings 344 1460 6% debentures 240 1700 Representedby Premises 750 Equipment 345 Vehicles 205 1300 Inventory 250 Trade receivables 146 Cash and cash equivalents 100 496 Trade payables (96) 400 1700 The following transactions took place up to 1 March 2004; (i) Jan 2; 25% of redeemable preference shares were redeemed out of profits. (ii) Jan 15; 10% of inventory is to be written off as obsolete. (iii) Jan 14; a rights issue of one ordinary share for every five held was made at $1, 30 per share (iv) Feb 24; a bonus issue of one ordinary for every ten held was made out of the general reserve.
  • 3. Draw the statement of financial position as at 31 March 2004 after taking into account the above transactions. ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------ --------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------[15]
  • 4. 2. Survival Ltd, a dealer in leather products had the following year end balances. 2002 2003 2004 $000 $000 $000 Equipment (NBV) 250 400 415 Inventory 100 160 210 Trade receivables 31 62 70 Bank (16) (24) 85 Ordinary share capital 56 90 178 16% debentures 100 50 ------ Trade payables 60 54 15 Sales 600 1045 771 Cost of sales 380 600 440 Administrative costs 26 80 70 Distribution costs 28 70 50 Proposed dividends 16 10 ------ Finance costs 16 8 ------- Depreciation 10 16 18 Retained earnings on 1 January 2002 were $9000 (a) Prepare, in columnar format, statements of comprehensive income and appropriation accounts for each of the above years. ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------
  • 5. ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------[7] (b) Prepare, in columnar format, statements of financial position as at 31 December 2002, 2003 and 2004. ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------ ---------- ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------[10]
  • 6. ( c) Identify and comment on four trends shown in the company’s results for the three years. ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------[8] (d) Give any two groups of people, besides proprietors, who might be interested in these results and state why. ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------[4]
  • 7. 3. (a) Define and give an example of (i) variable costs ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------[2] (ii) fixed costs ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------[2] (b) Greg Ltd has the capacity to produce 120000 units per annum and the budgeted profit and loss account for the year ended 31 December 2006 is as follows. $000 $000 Sales (90000) 1350 less direct materials 270 direct labour 360 production overheads – variable 36 - fixed 150 distribution overhead – variable 108 - fixed 60 ( 984) profit for the year 366
  • 8. (i) If the unit price is reduced by 10% the company will be able to produce at full capacity. Calculate the revised profit. ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------[7] (ii) If the product packaging is improved at a cost of $1,50 per unit the sales volume would increase by 20%. Calculate the revised profit ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------[7]
  • 9. (iii) Which option should be adopted and why? ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------[2] (c) Greg Ltd is a key producer. In February 2006, the company manufactured 19000 keys-holders at a total cost of $65000. In March 2006, the company produced 27000 key-holders at a cost of $89000. Calculate the (i) unit variable cost --------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------[2] (ii) total variable cost for - February ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------[1] - March ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------[1]
  • 10. (iii) the monthly fixed cost --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------[2] 4 (a) Explain the following items with reference to IAS 2 on inventory valuation. (i) Cost --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------[2] (ii) Net realisable value --------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------[2]
  • 11. (iii) Last In First Out (LIFO) --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------[1] (iv) First In First Out (FIFO) ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------[1] (v) Average Cost (AVCO) ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------[1]
  • 12. (c) Data below relates to purchases and sales made by Jumbo Ltd which sells only one product 2004 Quantity Unit cost Unit selling price January 1 balance 5100 $ 25 January 10 units received 1490 $ 28 January 31 units issued 3000 $40 February 3 units received 2310 $30 February 21 units issued 4000 $44 March 6 units received 3800 $32 March 15 units issued 700 $46 March 26 units received 1000 $40 March 30 units issued 2450 $48 Calculate the value of stock on 31 March based on LIFO ---------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------[3]
  • 13. (ii) FIFO ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------[3] (iii) AVCO ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------[3]
  • 14. (c) Siya-so Ltd lost goods as a result of fire during the year ended 28 February 2004. The fire occurred on 28 February 2004. According to the records, the following information was available; Inventory of 1 March 2003 $30000 Goods bought for resale up to 28 February 2004 $80000 Sales up to 28 February 2004 $117000 Salvaged stock $ 11000 Mark up 50% Calculate the value of stock lost in fire. ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------[4]