Hi guys! I got few simple basic F3 questions i need to ask.

1. In Aug 09, Hco acquired 80% of Sco 200,000 $1 ordinary share capital. Year end is Dec 09.
At Jan 09, Sco had retained earning of $320k and made profit for the year end Dec 09 of $48k.
Asume profit accrued evenly throughout the year. What are the net assets of Sco at acquisition date?

2. Which following books are settlement discount allowed entered?
Cash book? Journal? Sales Day Book? or Purchase Day Book?

3. Aco sold goods for which it paid $140k to it's subsidiary Bco. Aco charges mark up 40%.
In 2000, Bco sold 80% of the good it purchased from Aco.
How much should be eliminated as unrealised profit from consolidated financial statement?

4. Item cost £3k to purchase. cost £300 to get the item ready. plan to sell it for £3.4k. would cost £3.7k to buy similar item of it. draft financial statement valued the inventory at £2.9k. which inventory valuation method is used?

5. In disposal of NCA in cash flow statement prepared using indirect method, is is correct to say profit of disposal on NCA should be deducted and actual proceed received are from investing activities and not from operating activities?

Which following books are settlement discount allowed entered?
Cash book? Journal? Sales Day Book? or Purchase Day Book?

only one answer.. i guess, Journal should be the most appropriate?





thanks for the answers guys!