Solution to CE 2019 Question 2 Paper 1

[salmanmufc]

Hi Folks,

Does anyone know the missing values for Total Liabilities, Expenses and Retained Earnings for this question?

If someone has solved, can you comment if Total Liabilities are 21,500?

And Expenses 16,500?

Thanks.

[Obaidd]

Originally Posted by salmanmufc

Hi Folks,

Does anyone know the missing values for Total Liabilities, Expenses and Retained Earnings for this question?

If someone has solved, can you comment if Total Liabilities are 21,500?

And Expenses 16,500?

Thanks.

Both your answers are correct in my opinion. In exam, I would suggest making a statement of retained earnings, an income statement and a balance sheet to find the correct values even though a quick mental calculation can give you the correct answer. This question may be considered too simple to be worth 20 marks. What do you think?

[salmanmufc]

Thanks for the feedback, Obaid. Yes, I do agree with you on the fact that it does look a tad bit easy and simple for a twenty marks question. However, I've been solving past past papers lately, and have observed a similar trend for some other questions as well.

I hope they back it up with such simple questions in the CSS 2020 as well lol. It's my first attempt at the exam, so I hope A&A goes well for me. Are you appearing in CSS 2020?

[Noormah Khan]

Yes. These answers are correct.
Did you solve the whole paper ?

[salmanmufc]

Yes I have.

[Noormah Khan]

Originally Posted by salmanmufc

Yes I have.

I have problem in Tax portion and process costing.

Can you help me in those areas ?

[salmanmufc]

Ofcourse.

Feel free to email at msnasir7@gmail.com