VCE Accounting Question Thread!

[TimmyC]

I don't think that's it because that means that Return on Assets would've increased.

That's what you said :p

[Lucho23]

That's what you said :p

You're very wise...hahaha! Thanks!

[sin0001]

Compak 2013 worth doing?

[nikil.v]

hey guys, do we have to close off sales returns to the profit and loss summary? like, debit p/l summary and credit sales returns? cos otherwise the figure transferred to the capital account wont be the same as net profit in the income statement.

cheers,

[Damoz.G]

hey guys, do we have to close off sales returns to the profit and loss summary? like, debit p/l summary and credit sales returns? cos otherwise the figure transferred to the capital account wont be the same as net profit in the income statement.

cheers,

Separate entry in the General Journal.

* DR: P/L Summary
* CR:    Sales Returns

[nikil.v]

ahah ok thanks, so if the question said "close all revenue and expense accounts to the profit and loss summary" do we close off sales returns too?

[Damoz.G]

ahah ok thanks, so if the question said "close all revenue and expense accounts to the profit and loss summary" do we close off sales returns too?

Yup, but as a separate entry because its not an Expense.

[vididid]

Damoz,
Could you give an example of how the sales return is closed off?
Thankyou x

[Damoz.G]

Damoz,
Could you give an example of how the sales return is closed off?
Thankyou x

I'm confused, what do you mean?

[vididid]

You said that the sales return has to be closed off separately,
What entries would that be? As in the entries to close it off.
Sorry if this is worded wrong.
 

[TimmyC]

You said that the sales return has to be closed off separately,
What entries would that be? As in the entries to close it off.
Sorry if this is worded wrong.
 

as he previously said: 

In the GJ
DR: P/L Summary
CR:    Sales Returns

haha 

[Damoz.G]

You said that the sales return has to be closed off separately,
What entries would that be? As in the entries to close it off.
Sorry if this is worded wrong.
 

Ohhh...I posted the Entries above.

I'll re-post it for you again:

Separate entry in the General Journal.

General Journal Entries:
* DR: P/L Summary
* CR:    Sales Returns

[Colokid]

if anyone, is done the 2013 neap trial exam, can you please explain that in Q7, b, how to the value of the stock write down?

[abcdqdxD]

if anyone, is done the 2013 neap trial exam, can you please explain that in Q7, b, how to the value of the stock write down?

Post the question here and I'll try to answer it:P

[Damoz.G]

if anyone, is done the 2013 neap trial exam, can you please explain that in Q7, b, how to the value of the stock write down?

Question 7b only asks you to record the Sales Return in the General Journal, not the Stock Write-Down.