exam thoughts+ answer

[joechan521]

the accrued wages were for the begining of the reporting period so they go in the cash flow statement, not the profit and loss...as teh wages were incurred last reporting period....

you need to reduce accrued wage in cash flow, because its not paid
accrued wage is at 31 DEC 2008

[joechan521]

Wages expense in profit and loss st was wages paid plus accrued wages.
under wages,administration,vehicle(including dep'n vehicle) = 150,000 + 2000 - 4000(prepaid administration you deduct because it was not incurred it was left as presenting future economic benefits...)

in the Cashflow St. wages together with administration and vehicle (without dep'n vehicle) was $145,000

plus $4k prepaid admin etc etc..

hey, you dont deduct 4000 from 150000 in profit and loss, because
admin exp already excluded prepaid.
also in cash flow i got 143000, because u need to less the accrued wage, because wage paid in cash= wage expense minus accrued wage

[AppleXY]

yup. Exactly.

[Mystery]

Wages expense in profit and loss st was wages paid plus accrued wages.
under wages,administration,vehicle(including dep'n vehicle) = 150,000 + 2000 - 4000(prepaid administration you deduct because it was not incurred it was left as presenting future economic benefits...)

in the Cashflow St. wages together with administration and vehicle (without dep'n vehicle) was $145,000

plus $4k prepaid admin etc etc..

hey, you dont deduct 4000 from 150000 in profit and loss, because
admin exp already excluded prepaid.
also in cash flow i got 143000, because u need to less the accrued wage, because wage paid in cash= wage expense minus accrued wage

I see what you mean...

I'll redo myne laterz... i cbf atm, methods is clouding my mind =X

but I can see what your saying, must have been under pressure and assumed wrongly >.<, looks like your up for 90/90?, how'd you go in mid year?

[joechan521]

Wages expense in profit and loss st was wages paid plus accrued wages.
under wages,administration,vehicle(including dep'n vehicle) = 150,000 + 2000 - 4000(prepaid administration you deduct because it was not incurred it was left as presenting future economic benefits...)

in the Cashflow St. wages together with administration and vehicle (without dep'n vehicle) was $145,000

plus $4k prepaid admin etc etc..

hey, you dont deduct 4000 from 150000 in profit and loss, because
admin exp already excluded prepaid.
also in cash flow i got 143000, because u need to less the accrued wage, because wage paid in cash= wage expense minus accrued wage

I see what you mean...

I'll redo myne laterz... i cbf atm, methods is clouding my mind =X

but I can see what your saying, must have been under pressure and assumed wrongly >.<, looks like your up for 90/90?, how'd you go in mid year?

i fked up question 2.5, i didnt take into account that gst was 1500 >.<

also i think i put debtors as creditor instead... can't remember, very very vague.

mid year was A+, dunno the exact marks

good luck with methods

[Mystery]

Wages expense in profit and loss st was wages paid plus accrued wages.
under wages,administration,vehicle(including dep'n vehicle) = 150,000 + 2000 - 4000(prepaid administration you deduct because it was not incurred it was left as presenting future economic benefits...)

in the Cashflow St. wages together with administration and vehicle (without dep'n vehicle) was $145,000

plus $4k prepaid admin etc etc..

hey, you dont deduct 4000 from 150000 in profit and loss, because
admin exp already excluded prepaid.
also in cash flow i got 143000, because u need to less the accrued wage, because wage paid in cash= wage expense minus accrued wage

I see what you mean...

I'll redo myne laterz... i cbf atm, methods is clouding my mind =X

but I can see what your saying, must have been under pressure and assumed wrongly >.<, looks like your up for 90/90?, how'd you go in mid year?

i fked up question 2.5, i didnt take into account that gst was 1500 >.<

also i think i put debtors as creditor instead... can't remember, very very vague.

mid year was A+, dunno the exact marks

good luck with methods

i'm surprised the budgets were worth so much this year...

what are you predicting this year for accounting, im sure you'll do very well mate! 87/90 for this exam for you?

[joechan521]

Wages expense in profit and loss st was wages paid plus accrued wages.
under wages,administration,vehicle(including dep'n vehicle) = 150,000 + 2000 - 4000(prepaid administration you deduct because it was not incurred it was left as presenting future economic benefits...)

in the Cashflow St. wages together with administration and vehicle (without dep'n vehicle) was $145,000

plus $4k prepaid admin etc etc..

hey, you dont deduct 4000 from 150000 in profit and loss, because
admin exp already excluded prepaid.
also in cash flow i got 143000, because u need to less the accrued wage, because wage paid in cash= wage expense minus accrued wage

I see what you mean...

I'll redo myne laterz... i cbf atm, methods is clouding my mind =X

but I can see what your saying, must have been under pressure and assumed wrongly >.<, looks like your up for 90/90?, how'd you go in mid year?

i fked up question 2.5, i didnt take into account that gst was 1500 >.<

also i think i put debtors as creditor instead... can't remember, very very vague.

mid year was A+, dunno the exact marks

good luck with methods

i'm surprised the budgets were worth so much this year...

what are you predicting this year for accounting, im sure you'll do very well mate! 87/90 for this exam for you?

thx, but i think its around 85+ i'll be happy with 43-45 study score cos its my 10% increment

[fevola]

hey people, im probs wrong but this is wot i did....

revenue 550000
cogs (324000)
gross profit 226000
plus other revenue
discount revenue 6000
less other expenses
wage = admin = vehicle 146000 (didnt include prepaid admin expenses presuming they were included in the $150,000; the $2000 accrued wages is included)
bad debts 5500
dis exp. 2750
interest 7000
NET PROFIT $70750

im definately not confident with that!!

and the cash flow statement

operating cash inflow
cash sales 275000
debtors receipts 258750
less cash outflows
wage+admin+vehicle (150000-depre5000-accrued wage2000)=143000
interest 7000
payment to creditors330000
net operating cash flow= 53750
net investing outflow premisis (200000)
financing inflows:
loan 120000
capital 80000
outflows:
drawings 35000
loan 23000 (presuming as it stated the $7000 payed back was interest WRONG)
net financing=142000

net increase(decrease) in cash = (4250)
add balance at start 15000
new balance (10750)

once again not confident here!!!

[joechan521]

hmmm the loan repayment 30000, would that be all principle or priciple + interest?
it said including 7000 interest so..... principle could be 23000 then i was wrong ><

but, im sure that admin exp does not include prepaid admin, so do not need to deduct it in profit and loss

[AppleXY]

Wtf? It says including so yes it is $23000. wtf.

[Odette]

Aww this makes me wish i could do accounting ...sigh :cry: stupid school, this seems so interesting lol

[joechan521]

Wtf? It says including so yes it is $23000. wtf.

exactly.. wtf vcaa, they have to be so damn tricky, why can't they give the information out normally.  they don't give shits out this tricky in real life accounting

[AppleXY]

I know Joe, i was thinking the same bloody thing! VCAA plays fricken mind games with you. TBH, VCE acc is not hard, if you can conquer VCAA ambiguity and its weird ass mind games you'll get 50.

I mean seriously, WTF?


I just hope, i can get 40, oh anyone, i would seriously die for a 40, just a 40, not a 48, oh gawd

ARRRGHHH!

[azhtey]

As a wise ice addict once put it - "Such is life"

[joechan521]

it's not even testing accounting knowledge anymore, fk vcaa is bullshit