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March 29, 2024, 02:07:50 am

Author Topic: VCE Accounting Question Thread!  (Read 374706 times)  Share 

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Commercekid2050

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Re: VCE Accounting Question Thread!
« Reply #1785 on: February 06, 2022, 07:33:19 pm »
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Oh I understand now
In other questions it doesn't specify how much loan is taken but we just have to assume that the loan is included in the 'bank' section?
Hi, For starters sorry to respond to you late. I think it generally link to what the question asks. In many question related to balance sheet you might have to change bank section. Cash in hand is really rare and do not think it is really common in year 12.

So you should generally think it is by cash.
2021 VCE- English, Math Method, Further Math,Accounting and Economics

2022-2026 Bachelors in Business (Taxation) and Accounting in Monash

Commercekid2050

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Re: VCE Accounting Question Thread!
« Reply #1786 on: February 06, 2022, 08:00:28 pm »
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Could someone give me a hand with this question? How would the mark allocation work? (It's not a VCAA question tho)

I am also not sure how to begin answering this. A sample response/ key points would be greatly appreciated. Thanks!

Hi destinychild,

For starter this is a really good question.

Points-
- I would recommend you to start every theory question in Accounting with definition. In this case define Loan. While defining you should try to talk about why loan is a liability. So talk about how it is an obligation which is to be paid. This should give you a mark or two.
- You should also talk about how in this case loan is an liability but talk about how it is current and non current. This is as loan would not be able to be paid in 12 months so some of it would have to be paid in more than 12 months (non current liability). This again would be worth a mark.

I hope this helps you
2021 VCE- English, Math Method, Further Math,Accounting and Economics

2022-2026 Bachelors in Business (Taxation) and Accounting in Monash

PizzaMaster

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Re: VCE Accounting Question Thread!
« Reply #1787 on: March 12, 2022, 02:47:14 pm »
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Hi guys
Plz help:
what payments and receipts include GST?

Commercekid2050

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Re: VCE Accounting Question Thread!
« Reply #1788 on: March 13, 2022, 12:03:09 pm »
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Hi guys
Plz help:
what payments and receipts include GST?

Every recent and payment would have got excepted payment of account payable or money received through receivables as they already have got included
2021 VCE- English, Math Method, Further Math,Accounting and Economics

2022-2026 Bachelors in Business (Taxation) and Accounting in Monash

PizzaMaster

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Re: VCE Accounting Question Thread!
« Reply #1789 on: June 18, 2022, 03:54:00 pm »
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Hi guys,
what impact does:
"business takes on owner's personal loan"
have on the accounting equation and why?

thank you for all help

Commercekid2050

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Re: VCE Accounting Question Thread!
« Reply #1790 on: June 19, 2022, 09:08:26 pm »
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Hi guys,
what impact does:
"business takes on owner's personal loan"
have on the accounting equation and why?

thank you for all help

Hi PizzaMaster,

There would be increase in liability (bank loan) and there would be increase in drawing.

There would be Increase in liability as business would owe money and need to pay bank.

There is drawing.

In equation sense-

Debit - Drawing
Credit Loan
A (No effect) = Liability (Bank loan credit) + Owner Equity (Drawing)
2021 VCE- English, Math Method, Further Math,Accounting and Economics

2022-2026 Bachelors in Business (Taxation) and Accounting in Monash