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3003/4/11 Page 6 of 12 MODEL ANSWER TO QUESTION 4Syllabus Topic 4: Profitability and liquidity (4.2) and (4.3)

(a) Net purchases = Annual purchases – purchase returnsM1 = £84,590 - £2,305 = £82,285Cost of g £82,285 + £12,000 - £14,400 = £79,885A1 (b) Net sales = Annual sales - sales returns = £183,700 - £ £79,885 = £99,835M1 Gross profit as a percentage of net sales = 100% x Gross profit / Net sales= 1 of five expensesM1 = £9,360 + £540 + £1,030 + £8,650 + £8,600 = £28,180Overhead expenses as a £28,180 / 179,720 = 15.7%A1 (d) Average stock = ½ x(£12,000 + £14,400) = £13,200M1 Average tim 60.3 = 60 daysA1 (e) Net profit = gross profit – overhead expensesM1 = £99,835 - £28,180 = £71,65

(Total 13 marks)

3003/4/11 Page 7 of 12 QUESTION 5

Investment project A has a cost of £100,000 and a projected payback period of 3 years and 2 mont Calculate the expected net cash inflow for investment project A in year 4.(3 marks)Investment proj net presentvalue for that year of £105,865.(b) Calculate the expected net cash inflow for investmen expected net cash inflow of £80,000 and an expected net presentvalue of £72,720.Calculate:(c) the calculation, showing your workings.(2 marks)Investment project B has a total expected net present £68,800 (-£68,800) at a rate of return of 11%.(e) Calculate the internal rate of return.(3 marks)

(Total 12 marks)MODEL ANSWER TO QUESTION 5Syllabus Topic 5: Investment appraisal (5.2), (5.4)

(a) Still required to payback in year 4 = £100,000 – 3 x £30,000 = £10,000M1 Expected net cash infl cash inflow = £105,865 / 0.683 = £155,000M1 A1 (c) Discount factor = £72,720 / £80,000 = 0.909M = 10%A1r (e) Internal rate of return = 0.09 x (-£68,800) – 0.11 x (-£4,800) = 0.0885 = 8.85%M1 M1

(Total 12 marks)

3003/4/11 Page 8 of 12 QUESTION 6

Ursula is owed £7,400 by Trader X, who is declared bankrupt.Ursula finds she is an unsecured credi in the £ which is payable to unsecured creditors(2 marks)(b) the amount received by an unsecured unsecured creditor who is paid £2,880(2 marks)The total owed to unsecured creditors by Trader X i winding up the business are £5,260(d) Calculate the value of the trader’s assets achieved at liquida liabilities before liquidation.(3 marks)

(Total 12 marks)

MODEL ANSWER TO QUESTION 6Syllabus Topic 6: Bankruptcy (6.2), (6.3) and (6.4)

(a) Rate in the £ = £1 x £1,184 / £7,400 = £0.16M1 A1 (b) Creditor receives £5,750 x 0.16 = £920M1 unsecured creditors = £220,500 x 0.16 = £35,280M1 Total assets = £35,280 + £26,000 + £5,260 = £6 £246,500M1 Assets / liabilities = £66,540 / £246,500 = 0.2699 = 27%M1 A1

(Total 12 marks)

3003/4/11/MA Page 9 of 10 © Education Development International plc 2011 QUESTION 7

A factory machine that costs £3,700,000 is expected to have a life of 6 years. The value of the mach years is calculated on the basis of the equal instalment method.Calculate:(a) the amount of deprec first year depreciation as a percentage of the original cost.(2 marks)After 3 years the method of de calculatedon the basis of the diminishing balance method, with an annual rate of depreciation of 4 amount of depreciation for year 4(2 marks)(e) the book value after 4 years(2 marks)(f) the scrap val

(Total 13 marks)MODEL ANSWER TO QUESTION 7Syllabus Topic 7: Depreciation of Business Assets (

(a) Depreciation over the first 3 years = £3,700,000 - £1,750,000 = £1,950,000M1 Depreciation in e after 2 years = £3,700,000 – 2 x £650,000 = £2,400,000M1 A1 (c) First year depreciation percent = £ year 4 = 40% x £1,750,000 = £700,000M1 A1 (e) Book value after 4 years = £1,750,000 - £700,000 =

= £378,000M1 A1 (Total 13 marks)

Ursula is owed £7,400 by Trader X, who is declared bankrupt.Ursula finds she is an unsecured