# FIS solution 15 July 2011klklkkkllkll ```Answers exam Financial Information Systems 15 July 2011
Attention: these answers might be subject to change!
Version 1
1
A
2
3
4
5
6
C
B
B
B
C
7
B
8
C
9
10
A
B
11
C
12
B
13
C
14
15
16
A
C
A
17
A
18
B
19
C
20
A
Explanation
Capital decreases while the credit balance of the ledger account Bank increases.
The operating income is not influenced by private drawings.
Debit: 175 + 25 + 25 + 0 = 225. Credit: 70 + 140 + 15 = 225.
364,000 - 320,000 + 142,000 = 186,000.
The journal entry of the monthly interest cost is:
400 Interest cost
To 160 Interest payable
The journal entry of the payment is:
160 Interest payable
To 110 Bank
The loan from 1 May 2011 to 1 November 2011 is 900,000. The interest revenue
is 10% x 900,000/12 = 7,500 per month. The journal entry is:
180 Interest receivable 7,500
To 860 Interest revenues 7,500
Ledger total: 12,000. To balance sheet: 5,000. To P&amp;L: 7,000.
Interest expenses from 1/1 – 31/10: 5% x 720,000 x 10/12 = 30,000.00
Interest expenses from 1/11 – 31/12: 5% x 640,000 x 2/12 = 5,333.33
Total: 35,333.33
To Balance sheet: 12,000. To P&amp;L: 2,000.
Total price for the office building is 800,000 + 4,800 + 7,500 = 812,300. Prepaid
expenses on 1 July is 8 x 2,400 = 19,200 (debit balance). Total amount to pay
then is 812,300 – 19,200 = 793,100. (On 1 March Shel debited prepaid expenses
for 28,800.)
(145 + 180) - (130 + 200) + 80 = € 75,000.
Goods in warehouse against FTP, which is € 11,000.
According to the Register of sent goods the firm delivered goods to clients for €
10,000 (FTP).
25,500 + 5,500 = € 31,000
Wiel receives 44,000 - 5,500 - 11,000 - 13,750 = € 13,750. The journal entry is:
Capital Wiel 44,000
To Capital Wiel to be deposited 5,500
To Private Wiel 11,000
To 6% Private loan 13,750
To Bank 13,750.
100,000 + 3,500 = 13,500. The remaining (66,000 - 19,500 - 13,500 =) 33,000 is
divided equally. Therefore, Hofmeester receives 19,500 + 16,500 = € 36,000 and
Skadi 13,500 + 16,500 = € 30,000.
21
22
23
B
C
B
24
B
25
B
26
C
27
C
28
C
29
C
30
B
31
A
32
33
C
B
The journal entry is:
6% Convertible loan 50,000
Bank 5,000
To Shares in portfolio 25,000
8,000,000 - 5,000,000 = € 3,000,000. Dividend minus interim dividend: 11% *
3,000,000 - 80,000 = 250,000. Dividend tax payable: 25% * 250,000 = € 62,500.
Since the bonus shares are chargeable to retained earnings, dividend tax is
applicable.
The journal entry is:
Bank 9,825
Discount on 6% bond loan 200
To 6% Bonds in portfolio 10,000
To Interest payable 25
The journal entry is:
To Bank 10,200,000
€ 150,000 + 220 * € 500 - € 30,000 = € 230,000. Required provision: 400 * €
480 = € 192,000. Journal entry:
Warranty provision: 38,000
To Reserves 38,000.
Credit balance Depreciation doubtful debts: 2,000 + 10,000 = € 12,000.
The static method does not use a provision for doubtful debts.
Version 2
1
C
2
B
3
B
4
A
5
6
7
C
B
A
8
B
9
C
10
C
11
12
13
B
B
A
14
C
15
16
C
A
17
A
18
19
20
B
C
B
21
C
22
A
23
B
Explanation
Debit: 175 + 25 + 25 + 0 = 225. Credit: 70 + 140 + 15 = 225.
Capital decreases while the credit balance of the ledger account Bank increases.
The operating income is not influenced by private drawings.
364,000 - 320,000 + 142,000 = 186,000.
The journal entry of the monthly interest cost is:
400 Interest cost
To 160 Interest payable
The journal entry of the payment is:
160 Interest payable
To 110 Bank
The loan from 1 May 2011 to 1 November 2011 is 900,000. The interest revenue
is 10% x 900,000/12 = 7,500 per month. The journal entry is:
180 Interest receivable 7,500
To 860 Interest revenues 7,500
Interest expenses from 1/1 – 31/10: 5% x 720,000 x 10/12 = 30,000.00
Interest expenses from 1/11 – 31/12: 5% x 640,000 x 2/12 = 5,333.33
Total: 35,333.33
To Balance sheet: 12,000. To P&amp;L: 2,000.
Ledger total: 12,000. To balance sheet: 5,000. To P&amp;L: 7,000.
(145 + 180) - (130 + 200) + 80 = € 75,000.
Total price for the office building is 800,000 + 4,800 + 7,500 = 812,300. Prepaid
expenses on 1 July is 8 x 2,400 = 19,200 (debit balance). Total amount to pay
then is 812,300 – 19,200 = 793,100. (On 1 March Shel debited prepaid expenses
for 28,800.)
Goods in warehouse against FTP, which is € 11,000.
According to the Register of sent goods the firm delivered goods to clients for €
10,000 (FTP).
25,500 + 5,500 = € 31,000
Wiel receives 44,000 - 5,500 - 11,000 - 13,750 = € 13,750. The journal entry is:
Capital Wiel 44,000
To Capital Wiel to be deposited 5,500
To Private Wiel 11,000
To 6% Private loan 13,750
To Bank 13,750.
100,000 + 3,500 = 13,500. The remaining (66,000 - 19,500 - 13,500 =) 33,000 is
divided equally. Therefore, Hofmeester receives 19,500 + 16,500 = € 36,000 and
Skadi 13,500 + 16,500 = € 30,000.
The journal entry is:
24
B
25
B
26
C
27
C
28
C
29
C
30
31
32
C
B
B
33
A
6% Convertible loan 50,000
Bank 5,000
To Shares in portfolio 25,000
8,000,000 - 5,000,000 = € 3,000,000. Dividend minus interim dividend: 11% *
3,000,000 - 80,000 = 250,000. Dividend tax payable: 25% * 250,000 = € 62,500.
Since the bonus shares are chargeable to retained earnings, dividend tax is
applicable.
The journal entry is:
Bank 9,825
Discount on 6% bond loan 200
To 6% Bonds in portfolio 10,000
To Interest payable 25
The journal entry is: