LinkBack URL
About LinkBacks.gif){kind=avatar}
F3 Errata Sheet - Printer Friendly Version
Page C2.15
Page D1.8
Invoice-wise break-up
It is stated ‘Quartile Ltd: $876 paid for invoice no. 6’, however, it should be ‘Quartile Ltd: $1,000 paid for invoice no. 6’.
Page D1.9
In the example of the purchase day book of Boleron Company Ltd, it should be ‘Supplier’s name’ instead of ‘Customer name’. The customer’s name isn’t entered in the purchase day book.
Page D3.9
3.2 NRV (pro forma) – The estimated selling price in the box is given as a negative i.e. (X). It should be X.
Page D3.24 – Answer to Self Examination Question 6
In the answer to SEQ 6, sale and purchase returns are not considered.
The correct answer should be:
---------------------------------------$-------------------$
Sales (less sales return)----------------------------------4,400
Less: Cost of sales
Opening inventory----------------------X
Purchases (less purchase return)------1,950
Closing inventory-----------------------900----------X + 1,950 – 900
Profit----------------------------------------------------1,000
Opening inventory can be calculated as:
Cost of sales - Purchases + Closing inventory
($4,400 – $1,000) – $1,950 + $900
=$2,350
Page D4.13 - Example
In the plant account, the asset disposal account should be $110,000 instead of $50,000 and there should be no balance c/f.
Accordingly, the asset disposal account will also change. The amount debited for plant is given as $50,000. It should be $110,000 and the loss on disposal should be $105,000 ($25,000 on vehicle and $80,000 on plant).
Page D4.14 - Test Yourself 9
Two options in Test Yourself 9 are not visible. These options are:
(a) Nil
(b) 7,000
Page D5.6
In the last 4 lines of the example, the percentage of depreciation should be 16.07% and the cost of the asset should be $280,000, not $260,000.
Page D5.18 - Answer to Self Examination Question 4
The answer to SEQ 4 is not correct. There should be one more option – ‘none of the above’ – which is the correct answer.
Page E1.7 - Test Yourself 3
In the ledger of the Share Capital account, cash of $12,000 is shown on the debit side. It should be on the credit side since this is an introduction of capital.
Page F2.6 - Test Yourself 2
The table given in the question includes the amount “confirmed to be bad debts” and the “allowance to be created on bad debts”. Please ignore this information.
Page F2.15 - Answer to Test Yourself 2
The settlement discount is calculated as 50,000 x 5% whereas it should be 50,000 x 3%. However, the figure in the $ column (1,500) is correct.
If the additional information about the bad debts and the allowance for bad debts (not allowance on bad debts, as written in the text) is considered, the following steps should be taken:
Deduct the amount of bad debts before calculating the net profit.
Calculate the allowance for bad debts on $22,000 ($24,000 - $2,000) and deduct it to arrive at the net profit.
Reply With Quote.jpg){kind=avatar}
please i face problems with paper F3
Originally Posted by PRUDENCIA NGUM
