Accounting: Discussion, Questions & Potential Solutions

[crackleking]

I know this is really dumb but i reported the discount revenue as discount from suppliers in the income statement as I though it could have included a discount for cash and credit stock purchases. Is there any way this is correct

[forbiddensoulxx]

Does anyone possibly remember the drawings figure they got for the cash flow statement (Q3)?

[DoctorTwo]

Does anyone possibly remember the drawings figure they got for the cash flow statement (Q3)?

We discussed this before and we had $77,320. Capital opening balance + net profit - capital closing balance = drawings.

[forbiddensoulxx]

We discussed this before and we had $77,320. Capital opening balance + net profit - capital closing balance = drawings.

Oops, my bad. I took the long route, and was $1k off sadly.

[DoctorTwo]

Did anybody get the CFS correct or does anyone have the answers for that question?

[class18]

Did anybody get the CFS correct or does anyone have the answers for that question?

yeah I got the CFS to match with the increase in bank balance – a bit sketchy on the details but you had to look out for the loan of $16000, wages paid instead of wages expense and purchase of equipment $10000

[Jim_Bob]

yeah I got the CFS to match with the increase in bank balance – a bit sketchy on the details but you had to look out for the loan of $16000, wages paid instead of wages expense and purchase of equipment $10000

Wasn't the loan just $4000 for the current reporting period?

[class18]

Wasn't the loan just $4000 for the current reporting period?

nah the extra info said they took out an extra loan at June 30 so you figure out there's an outflow of 4k first then the difference overall is 16k which is the inflow

[MathMethodsGuru]

nah the extra info said they took out an extra loan at June 30 so you figure out there's an outflow of 4k first then the difference overall is 16k which is the inflow

Ah, smart man, Class18. The loan had increased. Real shifty that from VCAA. Don'tworry Jim Bob I reported $4000 as well  there goes raw 50.

[jordang123]

What did you guys do for the prepaid advertising? I added 1600 as prepaid because the advertising campaign started 1 September and they paid on the 15th of September so only October November was prepaid so got 3500 advertising expense credited in the prepaid and then in the advertising I did 800 bank because it was consumed and paid in the same period

[Ajakara]

U were meant to report both the inflow and outflow (the $16000 and $4000 respectively), so ur fine

[Jim_Bob]

U were meant to report both the inflow and outflow (the $16000 and $4000 respectively), so ur fine

Damn theres goes a mark.. didnt even think about that. Really well done mate

[DoctorTwo]

nah the extra info said they took out an extra loan at June 30 so you figure out there's an outflow of 4k first then the difference overall is 16k which is the inflow

I thought the loan was 15000? I did 40000 - 4000 = 36000 then 51000 - 36000 = 15000.
Was I supposed to do 40,000-5,000?

[class18]

I thought the loan was 15000? I did 40000 - 4000 = 36000 then 51000 - 36000 = 15000.
Was I supposed to do 40,000-5,000?

the loan at the end of 2017 was 40000 NCL plus 4000 CL so total 44000

you have to pay off 4000 per annum so 44000-4000=40000

at the end of 2018 there was 51000 NCL plus 5000 CL so that's total 56000 which means 56000-40000=16000
hope that clears it up

[DoctorTwo]

the loan at the end of 2017 was 40000 NCL plus 4000 CL so total 44000

you have to pay off 4000 per annum so 44000-4000=40000

at the end of 2018 there was 51000 NCL plus 5000 CL so that's total 56000 which means 56000-40000=16000
hope that clears it up

Ah yeah I definitely got that one wrong. Pretty sure I did the wages and equipment right although my net increase was off by about $20,000. Do you remember roughly what your receipts from debtors or payments to creditors were?