exam thoughts+ answer

[joechan521]

i totally fuked up this one, it was way harder than unit3.
here are my final answers that i'm very much in doubt

2.2.1. cost of sales=324000
2.2.2 receipts from debtors = 258750
2.2.3 net profit=60750
2.2.4 new cash balance= (250)

i screwed up Q2.5, forgot the gst was actually 1500, i put down 500

[Juztine]

haha omg...this exam was MUCH easier than I expected...didn't expect so little on the hardest part (analysis and interpretation of business performance)

too bad I didn't study harder! *very unmotivated by accounting since mid year exams*

umm if it makes you feel better I had cash deficit for end bank balance as well..

[Wst]

I think I did alright..

Had no idea how to do 2.5 though. The General Journal had so many rows for the answer. Were debtors, GST and cost of sales supposed to go there?


I'm interested in finding out the solutions..

[Fyrefly]

I got the same receipts from debtors value. Can't remember the rest to be honest, my ex kept leaving the exam room to chuck up so I was a bit distracted. Question 2.4, "explain why the deposit should be recorded as prepaid revenue", doesn't have anything to do with GST. You're thinking of another question mayb?

The thing I wasn't sure bout was whether we were supposed to record the discount rev from the sundry creditor in the disc. rev. column or record it separately in the sundries column. And my explanation of the accountant's 'profit or loss on disposal of non-current assets only occurs because of depreciation inaccuracies over the asset's life' comment was a little vague so I'll probably only get 1 mark out of 2 4 that.

Juztine, you have nothing 2 worry bout. I totally winged that exam, pmsl. Was studying 4 it @ 10pm last night. :roll:
Never thought in all my years of high skool I would wing a year 12 exam, lol.
Applexy's gonna kill me if I get A+ again :mrgreen: :shock:

[Fyrefly]

I think I did alright..

Had no idea how to do 2.5 though. The General Journal had so many rows for the answer. Were debtors, GST and cost of sales supposed to go there?


I'm interested in finding out the solutions..

My answer was something like...

Prepaid Sales Rev
  Sales Rev

Accrued Sales Rev
  Sales Rev

COS
  Stock Control

I'm not sure whether I'm right either :?
I'd rather not find out the solutions tho since I'm probably wrong :roll:

[dxb]

Well its safe to say that I totaly fucked that up.

Q1 was good, pretty easy, thought oh yeh this is pretty easy. Then i get to question 2. Totaly fuckd it up, rushed the last 3 pages, therory was good, but didnt even do parts of the last 3 pages. Got no where near finishing the cash flow statement. Didnt total the profit and loss. Didnt work out the cost of sales and all that properlly.

Farkkk. Oh well, i knew accounting was gona be my 5th subject after mid years.

[Mystery]

Are you sure its accrued for 2.5??

I did something like:

Prepaid Sales Revenue Dr 10,000
    Sales Revenue             Cr 10,000

Debtors Control  Dr 7,150
Debtor - Golden Gyms            Dr 7,150
       Credit Sales   Cr 6500
       GST Clearing Cr 650

Cost of Sales Dr 11,000
   Stock Control   Cr 11,000

[Mystery]

Also for the Budgeted reports I got,

profit of 62,750? I cant remember but around there.

Cash deficit = (2250)

This was a little tricky, I don't know how you guys aced it....

I hope I can get at least 87+/90 or else I hope everyone does really bad and the benchmark for A+ is 70/90 =)... but it looks like a lot of people did well...

oh well

*Santa please oh please give me my 45+*

[joechan521]

yeah question 2.5 was the question i had trouble with
it involved gst of 1500 i think
i only recorded 500

because the 5 items they sold had selling price of 15000+1500 gst
it should be
DR prepaid rev 10000
CR sales------------------10000

DR debtors control 6500
DR debtor - xxxx
CR sales-------------------5000
CR gst clearing------------1500

DR cost of sales
CR stock control

[Mystery]

yeah question 2.5 was the question i had trouble with
it involved gst of 1500 i think
i only recorded 500

because the 5 items they sold had selling price of 15000+1500 gst
it should be
DR prepaid rev 10000
CR sales------------------10000

DR debtors control 6500
DR debtor - xxxx
CR sales-------------------5000
CR gst clearing------------1500

DR cost of sales
CR stock control

FUCK!!! I didn't see it was inclusive of GST OMGG!!!@@@@@@

NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOooo...

Would I lose all my marks for wrong figures??? omg 5 marks lost is like death =.=

[Fyrefly]

Are you sure its accrued for 2.5??

I did something like:

Prepaid Sales Revenue Dr 10,000
    Sales Revenue             Cr 10,000

Debtors Control  Dr 7,150
Debtor - Golden Gyms            Dr 7,150
       Credit Sales   Cr 6500
       GST Clearing Cr 650

Cost of Sales Dr 11,000
   Stock Control   Cr 11,000

I really have no idea. I wrote wot I did coz the question said "The invoice for this transaction has not yet been prepared" and it reminded me about something I read regarding the difference between debtors and accrued revenues. The problem is tho, I don't think I've seen accrued sales rev b4...

Your COS/Stock Control figures are wrong tho, you've included GST...

[AppleXY]

I totally bombed out this exam. I think i lost 12 marks.  :shock:  :shock:

I thought this exam was a pisser. Far out, i mean it tricked it so much, like argh, i forgot to minus the stock drawings, GRR.

Hmm, for that modifications question ($4400 from here own Credit Card)

did anyone have this:

Code: [Select]

         $DR         CR$
Vehicle        4000
GST Clearing 400
     Capital                4400


and for the CFS, i got a huge surplus? How can you get deficits? Didn't he take out like a $120 000 loan and $80 000 from his capital?

Meh. I fucked up. Fuck you VCAA and I hope you die a horrible death. Fuckers.

[Mystery]

I totally bombed out this exam. I think i lost 12 marks.  :shock:  :shock:

I thought this exam was a pisser. Far out, i mean it tricked it so much, like argh, i forgot to minus the stock drawings, GRR.

Hmm, for that modifications question ($4400 from here own Credit Card)

did anyone have this:

Code: [Select]

         $DR         CR$
Vehicle        4000
GST Clearing 400
     Capital                4400


and for the CFS, i got a huge surplus? How can you get deficits? Didn't he take out like a $120 000 loan and $80 000 from his capital?

Meh. I fucked up. Fuck you VCAA and I hope you die a horrible death. Fuckers.

I got the same as you for the capital contribution except I called it vehicle modification...

As for the CFS I recorded the Premises under investing activities? because they said they were going to expand the premises costing $200,000....

[Fyrefly]

Applexy, I got a positive cash balance too. Like, I got a negative net change in cash, but overall postive balance in the few thousands at least. Can't remember the exact figure tho...

I wrote the same as you on the mod question, if that makes you feel any more confident.

[AppleXY]

ah, yeah. But why is there so many spaces in financing??

And I also got 2 spaces under operating activities. Man, who cares. It's over. So happy, even though i'll most likely get a super low A+ or another A. 40 is over for me.

lol , i even stuffed up 2.5....


Did everyone get $90 + 9 GST = $99 for the purchase and sales returns?

I had no stock loss or gain in my stock card, lol.

What about Stock Write Down?

lol my friend did U U U for the variance thing lol, meh, its just a mark.

hahaha, i have methods, spesh, eco, english to back me up in piss high scores. Urgh, i thought this exam would be much easier. I thought wrong :p