F6 Rus Mock Exam Answers
MT 1, answers, v. 1, December 12
F6 RUS Monitoring Test 1 – Answers
1 (A) “ARTEMON” 1. Calculation of CPT liability Calculation of CPT liability in mln. RR marks ½ ½
Sales income Prepayments as at 31/12 Direct expenses: Cost of merchandise goods (note 1) Transportation services (note 2) Indirect expenses: Other services (note 2) Wages and salaries (note 3) SSC on wages and salaries (note 3) Immediate write-off of 30% of the cost of new fixed assets (note 4) Depreciation of the new fixed assets (note 4) Depreciation of old assets (720 + 110) Business entertainment expenses (note 5) Advertising expense (note 6) Interest expense (note 7) Foreign exchange loss (note 8) Property tax Tax base for the reporting/tax period Tax rate Tax accrued
12,000 0
(5,400) (675)
1 1½
(250) (758) (227.4) (300) (70) (830) (30.32) (270) (72.23) (90) (10) 3,017.03 @20% 603.4
½ ½ ½ ½ 1 ½ 1 1 2 ½ ½ ½
½ 13
Note 1 Cost of goods sold
Opening stock of goods for re-sale Total new goods purchased Less: input VAT New purchases net of VAT Total goods available for sale Less: ending stock: Cost of goods sold deducted for CPT 800 6,136 (936) 5,200 6,000 (600) 5,400
Please note that 10% (i.e. 600) out of total good available for sale (i.e. 6000) remained unsold. Thus the adjustment of 90% is made to deductible direct transportation services (see Note 2).
S. Molchanov, www.acca.molchanov.biz
1
MT 1, answers, v. 1, December 12 Note 2 3-d parties’ services Transportation services are classified as direct expenses for trading companies and must be prorated between cost of goods sold and ending stock: Transportation services Less: input VAT Transportation services net of VAT Less: 10% allocated to ending stock (see note 1) Transportation services deductible for CPT 885 (135) 750 (75) 675
All other services and expenses are classified by Tax Code as indirect expenses for trading company. No proration between cost of sales and ending stock is required for other
F6 RUS Monitoring Test 1 – Answers
1 (A) “ARTEMON” 1. Calculation of CPT liability Calculation of CPT liability in mln. RR marks ½ ½
Sales income Prepayments as at 31/12 Direct expenses: Cost of merchandise goods (note 1) Transportation services (note 2) Indirect expenses: Other services (note 2) Wages and salaries (note 3) SSC on wages and salaries (note 3) Immediate write-off of 30% of the cost of new fixed assets (note 4) Depreciation of the new fixed assets (note 4) Depreciation of old assets (720 + 110) Business entertainment expenses (note 5) Advertising expense (note 6) Interest expense (note 7) Foreign exchange loss (note 8) Property tax Tax base for the reporting/tax period Tax rate Tax accrued
12,000 0
(5,400) (675)
1 1½
(250) (758) (227.4) (300) (70) (830) (30.32) (270) (72.23) (90) (10) 3,017.03 @20% 603.4
½ ½ ½ ½ 1 ½ 1 1 2 ½ ½ ½
½ 13
Note 1 Cost of goods sold
Opening stock of goods for re-sale Total new goods purchased Less: input VAT New purchases net of VAT Total goods available for sale Less: ending stock: Cost of goods sold deducted for CPT 800 6,136 (936) 5,200 6,000 (600) 5,400
Please note that 10% (i.e. 600) out of total good available for sale (i.e. 6000) remained unsold. Thus the adjustment of 90% is made to deductible direct transportation services (see Note 2).
S. Molchanov, www.acca.molchanov.biz
1
MT 1, answers, v. 1, December 12 Note 2 3-d parties’ services Transportation services are classified as direct expenses for trading companies and must be prorated between cost of goods sold and ending stock: Transportation services Less: input VAT Transportation services net of VAT Less: 10% allocated to ending stock (see note 1) Transportation services deductible for CPT 885 (135) 750 (75) 675
All other services and expenses are classified by Tax Code as indirect expenses for trading company. No proration between cost of sales and ending stock is required for other