Login

Welcome, Guest. Please login or register.

March 29, 2024, 10:47:03 am

Author Topic: VCE Accounting Question Thread!  (Read 374745 times)  Share 

0 Members and 1 Guest are viewing this topic.

_avO

  • Victorian
  • Part of the furniture
  • *****
  • Posts: 1915
  • Respect: +15
Re: VCE Accounting Question Thread!
« Reply #30 on: January 09, 2011, 11:45:44 am »
0

Cash purchase = Chq. XX (Cheque butt)
Cash sale = Rec. XX (Receipt)
Credit purchase/sale = Inv. XXX (Invoices)
2011-2014: Bachelor of Commerce/Economics @ Monash Clayton

Tan

  • Victorian
  • Trendsetter
  • **
  • Posts: 138
  • Respect: +1
Re: VCE Accounting Question Thread!
« Reply #31 on: January 09, 2011, 11:53:01 am »
0
ohh! I completely forgot that LOL x.x

nacho

  • The Thought Police
  • Victorian
  • ATAR Notes Superstar
  • ******
  • Posts: 2602
  • Respect: +418
Re: VCE Accounting Question Thread!
« Reply #32 on: January 09, 2011, 06:14:09 pm »
0
hey, for ex 8.7, question e)
I'm having difficulty in getting the correct answer..

Sales:
Oct. 10 : 5 x 900 = 1400
Oct. 14 : 2 x 900 = 1800
+ stock gain = 650
total = 6950

Cost of sales:
Oct. 10 : 2400 + 650
Oct. 14 : 1300
Total = 4350

Sales+stockgain less cost of sales = 2600


The answers have :
Sales revenue     $6 930          (7 units  $990 per unit)
less Cost of sales 4 350           (3 050 + 1 300)
Gross profit         2 580
add Stock gain       650
                             _______
Adjusted Gross profit $3 230

I think i'd have the same answer, except, in the answers they've multiplied the 7 units by 990, even though it was only sold for 900 plus 90 for each unit, is this correct? I thought GST did not count towards our sales since it is only collected on behalf of the ATO.
« Last Edit: January 09, 2011, 06:42:15 pm by nacho »
OFFICIAL FORUM RULE #1:
TrueTears is my role model so find your own

2012: BCom/BSc @ Monash
[Majors: Finance, Actuarial Studies, Mathematical Statistics]
[Minors: Psychology/ Statistics]

"Baby, it's only micro when it's soft".
-Bill Gates

Upvote me

_avO

  • Victorian
  • Part of the furniture
  • *****
  • Posts: 1915
  • Respect: +15
Re: VCE Accounting Question Thread!
« Reply #33 on: January 09, 2011, 06:25:02 pm »
0
Your answers are correct, GST is not a revenue nor an expense so it is definitely not reported in the P&L statement
2011-2014: Bachelor of Commerce/Economics @ Monash Clayton

nacho

  • The Thought Police
  • Victorian
  • ATAR Notes Superstar
  • ******
  • Posts: 2602
  • Respect: +418
Re: VCE Accounting Question Thread!
« Reply #34 on: January 09, 2011, 09:47:45 pm »
0
I found chapter 7 fairly hard, (Dislike the general journal, and correcting entries), aside from depreciation, is there anything harder? Im up to ch.9 now
OFFICIAL FORUM RULE #1:
TrueTears is my role model so find your own

2012: BCom/BSc @ Monash
[Majors: Finance, Actuarial Studies, Mathematical Statistics]
[Minors: Psychology/ Statistics]

"Baby, it's only micro when it's soft".
-Bill Gates

Upvote me

_avO

  • Victorian
  • Part of the furniture
  • *****
  • Posts: 1915
  • Respect: +15
Re: VCE Accounting Question Thread!
« Reply #35 on: January 09, 2011, 09:52:27 pm »
0
Balance Day Adjustments (Ch10/16) can get difficult, and you will see a lot more of the general journal in unit 4
2011-2014: Bachelor of Commerce/Economics @ Monash Clayton

eeps

  • Victorian
  • ATAR Notes Superstar
  • ******
  • Posts: 2533
  • Respect: +343
Re: VCE Accounting Question Thread!
« Reply #36 on: January 10, 2011, 08:09:38 pm »
0
Ditto to what _avO said. "Prepaid" and "Accrued" Expenses, I found, was difficult to get my head around. Also "Cash v. Profit" which is in the last chapter of Unit 3 Accounting, was quite challenging. It also re-occurs in Unit 4. It becomes more complex in Unit 4, but in Unit 3 it's quite light. It's really just theory questions. You have to know the difference between the two (i.e. Revenue has no effect on cash, but it increases the profitability of a business). Stuff like that. Do enough practice and it will become second nature to you.

nacho

  • The Thought Police
  • Victorian
  • ATAR Notes Superstar
  • ******
  • Posts: 2602
  • Respect: +418
Re: VCE Accounting Question Thread!
« Reply #37 on: January 11, 2011, 08:20:12 pm »
0
Oh, ill start BDA in like 30 mins, just about done with chapter 9!
I thought BDA was fun, we touched on it last year, more calculations, but not really tough or anything, so i'm happy, just need to nail the theory and get used to correcting entries and narrations
OFFICIAL FORUM RULE #1:
TrueTears is my role model so find your own

2012: BCom/BSc @ Monash
[Majors: Finance, Actuarial Studies, Mathematical Statistics]
[Minors: Psychology/ Statistics]

"Baby, it's only micro when it's soft".
-Bill Gates

Upvote me

Furbob

  • Victorian
  • Part of the furniture
  • *****
  • Posts: 1002
  • diagnosed with poo brain
  • Respect: +184
Re: VCE Accounting Question Thread!
« Reply #38 on: January 12, 2011, 04:18:01 pm »
0
im on exercise 7.10 and I found this a little vague in Correcting Entries

Stock that Betty had used for advertising (worth $500) had been incorrectly recorded as Drawings

I originally thought "Stock Control" + "Drawings" but it was really "Advertising" + "Drawings" :(
2011 : English | Accounting | MM CAS | Further | Japanese | MUEP Japanese
2012 : BA(Japanese&Chinese)/BComm @ Monash Clayton

lilaznkev1n

  • Victorian
  • Forum Obsessive
  • ***
  • Posts: 327
  • illuminati
  • Respect: +19
  • School: Haileybury College
  • School Grad Year: 2011
Re: VCE Accounting Question Thread!
« Reply #39 on: January 12, 2011, 07:51:55 pm »
0
im on exercise 7.10 and I found this a little vague in Correcting Entries

Stock that Betty had used for advertising (worth $500) had been incorrectly recorded as Drawings

I originally thought "Stock Control" + "Drawings" but it was really "Advertising" + "Drawings" :(

If I remembered correctly, looking at this there should be 4 entries. Two for Reversing the mistake of incorrectly recording it as drawings and two more entries for correcting the entry as advertising. I haven't done any accounting for like 2 months so this might be wrong:

Stock Control       500
   Drawings                  500          (this is correcting the mistake)
Advertising          500
   Stock Control            500          (correcting entry as advertising expense)
2010: Accounting [45], Legal Studies [42]
2011: Methods [38], English [41], Chem [37], Revolutions [44], Vietnamese [22]
ATAR: 97.45
2012-2014: B.Com @ Melb

nacho

  • The Thought Police
  • Victorian
  • ATAR Notes Superstar
  • ******
  • Posts: 2602
  • Respect: +418
Re: VCE Accounting Question Thread!
« Reply #40 on: January 13, 2011, 12:16:36 am »
0
If I remembered correctly, looking at this there should be 4 entries. Two for Reversing the mistake of incorrectly recording it as drawings and two more entries for correcting the entry as advertising. I haven't done any accounting for like 2 months so this might be wrong:
Stock Control       500
   Drawings                  500          (this is correcting the mistake)
Advertising          500
   Stock Control            500          (correcting entry as advertising expense)
I'm a little confused as to why there should be a correcting entry for stock control.
It wasn't incorrectly debited in the first place and seeing that they both cancel each other out, isn't this a bit redundant?
Sigh..I hate correcting entries.. O_O
OFFICIAL FORUM RULE #1:
TrueTears is my role model so find your own

2012: BCom/BSc @ Monash
[Majors: Finance, Actuarial Studies, Mathematical Statistics]
[Minors: Psychology/ Statistics]

"Baby, it's only micro when it's soft".
-Bill Gates

Upvote me

Furbob

  • Victorian
  • Part of the furniture
  • *****
  • Posts: 1002
  • diagnosed with poo brain
  • Respect: +184
Re: VCE Accounting Question Thread!
« Reply #41 on: January 13, 2011, 12:18:54 am »
0
*raises hand* me too.

I mainly get confused with the GST component since one exercise questioned why the GST didnt need to be accounted for then on the othe exercises they counted the GST in *rips out hair* but on 7.12 and I can have a "rest" on Stock Cards
2011 : English | Accounting | MM CAS | Further | Japanese | MUEP Japanese
2012 : BA(Japanese&Chinese)/BComm @ Monash Clayton

nacho

  • The Thought Police
  • Victorian
  • ATAR Notes Superstar
  • ******
  • Posts: 2602
  • Respect: +418
Re: VCE Accounting Question Thread!
« Reply #42 on: January 13, 2011, 12:21:06 am »
0
*raises hand* me too.

I mainly get confused with the GST component since one exercise questioned why the GST didnt need to be accounted for then on the othe exercises they counted the GST in *rips out hair* but on 7.12 and I can have a "rest" on Stock Cards
What question? I want to look at it
OFFICIAL FORUM RULE #1:
TrueTears is my role model so find your own

2012: BCom/BSc @ Monash
[Majors: Finance, Actuarial Studies, Mathematical Statistics]
[Minors: Psychology/ Statistics]

"Baby, it's only micro when it's soft".
-Bill Gates

Upvote me

Furbob

  • Victorian
  • Part of the furniture
  • *****
  • Posts: 1002
  • diagnosed with poo brain
  • Respect: +184
Re: VCE Accounting Question Thread!
« Reply #43 on: January 13, 2011, 12:29:36 am »
0
7.9 b)
2011 : English | Accounting | MM CAS | Further | Japanese | MUEP Japanese
2012 : BA(Japanese&Chinese)/BComm @ Monash Clayton

lilaznkev1n

  • Victorian
  • Forum Obsessive
  • ***
  • Posts: 327
  • illuminati
  • Respect: +19
  • School: Haileybury College
  • School Grad Year: 2011
Re: VCE Accounting Question Thread!
« Reply #44 on: January 13, 2011, 06:49:29 pm »
0
If I remembered correctly, looking at this there should be 4 entries. Two for Reversing the mistake of incorrectly recording it as drawings and two more entries for correcting the entry as advertising. I haven't done any accounting for like 2 months so this might be wrong:
Stock Control       500
   Drawings                  500          (this is correcting the mistake)
Advertising          500
   Stock Control            500          (correcting entry as advertising expense)
I'm a little confused as to why there should be a correcting entry for stock control.
It wasn't incorrectly debited in the first place and seeing that they both cancel each other out, isn't this a bit redundant?
Sigh..I hate correcting entries.. O_O
That is what I did last year but I'm not sure if you can just debit advertising expense and credit drawings.
I did Stock Control twice so that my General Ledger for stock control would look correct.

If I just did:
                      General Journal
                  Advertising    500
                     Drawings           500
In my Stock Control general ledger it will still appear as drawings: (I just added random numbers)
                              Stock Control
      Debit                                    Credit
 1/1  Balance 3700                   31/1    Stock Loss  450
   31/1  Bank     12500              31/1    Drawings     500
Notice that if I just debited advertising and credit Drawings it has no effect on Stock Control and still appears as drawings.

If I did this however in the General Journal it would remove the drawings of 500 in the stock control ledger and replace it with Advertising instead.
   General Journal
Stock Control       500
   Drawings                  500    
Advertising          500
   Stock Control            500      

                              Stock Control
      Debit                                       Credit
 1/1  Balance 3700                   31/1    Stock Loss  450
   31/1  Bank     12500              31/1    Advertising     500

I'm not sure if just doing two entries (debiting Advertising and crediting Drawings) is correct, but this is how my teacher taught me so if the solutions has two entries and it probably is correct as well.
« Last Edit: January 13, 2011, 06:51:08 pm by lilaznkev1n »
2010: Accounting [45], Legal Studies [42]
2011: Methods [38], English [41], Chem [37], Revolutions [44], Vietnamese [22]
ATAR: 97.45
2012-2014: B.Com @ Melb