EXAMM WAS HARDD

[inspire]

i think you still need to put memo 9 there cuz its a reference or soemthing i reckon A+ will be like 76/80 cuz it was so hard

[rudaid]

i don't think so..
i asked my teacher ages ago but i forgot what she said so i left it blank!

what could the cross reference be? there is no flow of stock

[inspire]

what was the answer to the last question?

[Aqualim]

I thought the installation was in two entries?

Equipment DR 850
Stock Control CR 850

Equipment DR 350
GST Clearing DR 35
Creditors Control CR 385
Creditor - Joe's Plumbing Services (subsidiary ledger) CR 385

?? I think I might be wrong here though


And I think the first question was a bank overdraft since the stock was purchased through cash hence Cheque 101

So maybe it was supposed to be;

Current Assets:
GST Clearing - 3,700
Stock Control - 35,000

Non-Current Assets:
Delivery Van - 20,000

Current Liabilities:
Accrued Rent Expense - 2,000
Loan - 10,000

Non-current Liabilities:
Loan - 40,000

maybe..

[inspire]

yeah two entries but
GST Clearing DR 35
Creditors Control CR 385
Creditor - Joe's Plumbing Services (subsidiary ledger) CR 385
 thats wrong cuz its sundrys creditor

[shadowryu21]

what did you guys do for last question was it?

Acrrued wages      $5000                                           Sundries - 1000
 /Wages                                               Wages - 4000

[Aqualim]

what was the answer to the last question?

                                     Bank                    Wages                Sundries
Wages Expense/                5000                    1000
Accrued Wages Expense                                                         4000

[rudaid]

nah it was accrued of 4000 and wages of 1000

[99.95]

is this right for this question: state three characteristics that are necessary for an item to meet the definition of a liability:

1. reduction in owner's equity

2. present obligation of the entity as a result of past events

3. outflow of economic benefits

[huss48]

this year exam is  more harder then the 2008/09

[mojomojo]

It was harder than expected!

I though i was gonna loose most of my marks on theory questions, but turned out that the theory questions are piss easy...

[Albeno69]

It was harder than expected!

I though i was gonna loose most of my marks on theory questions, but turned out that the theory questions are piss easy...

yea i lost marks on stupid mistakes.
what was the answer to the net profit i got 35550

[darcy42]

what about adding the loan for $50000 onto the cash at bank figure
therefore bank = 10000+50000-38500 = 21500??


and also sundry creditors dont go in creditors control or get a subsidiary ledger,
i just simplified it to
DR Equipment 1200
DR GST clearing 35
    CR Stock Control 850
    CR Sundry Creditor-Joe's plumbing Service 385

could be wrong

[shadowryu21]

is this right for this question: state three characteristics that are necessary for an item to meet the definition of a liability:

1. reduction in owner's equity

2. present obligation of the entity as a result of past events

can't remember what i wrote for third point

yeah i did that, i just wrote the definition of liability .. like comsumption of future economic benefits etc.etc.

[inspire]

the bank balance is right
how did the debtor j hardy look like?