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This thread is for all exam-related discussion. Was it easy? Was it hard? What did you get for each question? Feel free to post any and all of your thoughts below.
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It was a pretty accessible exam, probably easier than last year's.
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That was a weird exam I’m not sure how I feel about it yet...
What did people get for the sales return 3 marker at the start?
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That was a weird exam I’m not sure how I feel about it yet...
What did people get for the sales return 3 marker at the start?
Yeah I think I found it more difficult than previous years, my cash flow statement was definitely wrong 😬😬
I’m not sure if it’s what they were looking for but I wrote negative revenue then defined revenue and explained how it’s the opposite.
Also 1a was a purchase return right?
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I did the sales returns question as an expense too, because we haven’t explicitly learnt about negative revenues, or at least I haven’t.
That was a pretty long exam overall, some of the theory allocation was surprising, like the why selling price isn’t used in stock cards. I spent too long on the cash flow statement, and as a result didn’t get time to recheck anything.
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I think I did the same thing and got 77320 which confused me a bit because it’s so high 🤷♂️
Also for the bad debt, did we have to record the other part in the cash receipts journal? I was thinking about it but I didn’t because it didn’t say they actually paid it, just that the debtors amount decreased but I’m probably wrong.
That was a pretty long exam overall, some of the theory allocation was surprising, like the why selling price isn’t used in stock cards. I spent too long on the cash flow statement, and as a result didn’t get time to recheck anything.
I agree, if I didn’t stop and move on from the CFS I definitely would have run out of time. My net increase was something like 29000, and I know it’s wrong but did anyone else get something similar? 😭
Hm same I spent a bit too long on the cash flow statement than I had liked too.
Did any one pick up on the new equipment purchased? There was an increase in $10 000 over the year. I the shop fittings weren’t sold were they?
Yeah I had the equipment too and it says the shop fittings weren’t replaced. Really not sure what I did wrong.
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Where does it say in the textbook that a sales return is a negative revenue?
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I think I did the same thing and got 77320 which confused me a bit because it’s so high 🤷♂️
Also for the bad debt, did we have to record the other part in the cash receipts journal? I was thinking about it but I didn’t because it didn’t say they actually paid it, just that the debtors amount decreased but I’m probably wrong.
I agree, if I didn’t stop and move on from the CFS I definitely would have run out of time. My net increase was something like 29000, and I know it’s wrong but did anyone else get something similar? 😭
Yeah I had the equipment too and it says the shop fittings weren’t replaced. Really not sure what I did wrong.
I got the exact same figure for drawings so hopefully it’s correct 😂😂
Nah I didn’t record the payment for the bad debt
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Where does it say in the textbook that a sales return is a negative revenue?
Not sure if we have the same textbook but mine always says the type of account next to the title for ledgers.
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Where does it say in the textbook that a sales return is a negative revenue?
Sales Returns is always classified as a negative revenue. This is seen through the item being subtracted from revenues. If it was an expense, it would be subtracted from Other Expenses or COGS
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thoughts on A+ cutoff for this year? Personally I feel that the cash flow statement and that last variance question makes this the second hardest exam in the study design (after 2014 of course).
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Does anyone remember what the opening balance in the prepaid advertising account was? Also, were we supposed to record the depreciation expense for September in the general journal with the disposal entries?
thoughts on A+ cutoff for this year? Personally I feel that the cash flow statement and that last variance question makes this the second hardest exam in the study design (after 2014 of course).
I’d guess somewhere on the lower end of 80s like 81-83 just because we didn’t have to do the disposal ledgers but there were some questions like the 4 mark debt ratio, the relationship between cc and schedule, and that sales returns one which might get some people.
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what did you guys do for the relationship between the creditors control leder and the schedule, all i said was that the schedule records the balances of creditors invididually and can be cross checked with the creditors control leder.
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I feel like that was a relatively easy exam overall. 4 mark planning/control was annoying, honestly not sure about what you were meant to say for that other than setting targets and expenditure limits, identifying trends and preventing a net loss.
Interesting that there were no qualitative characteristics on the whole exam, and I was surprised that there was only 1 proper 6-marker.
Does anyone remember what the opening balance in the prepaid advertising account was? Also, were we supposed to record the depreciation expense for September in the general journal with the disposal entries?
I’d guess somewhere on the lower end of 80s like 81-83 just because we didn’t have to do the disposal ledgers but there were some questions like the 4 mark debt ratio, the relationship between cc and schedule, and that sales returns one which might get some people.
Opening balance was $3800. I'm 90% sure we didn't have to include depreciation since 1. there were only 6 marks allocated to the question, and 2. it said to record general journal entries for the sale of the asset and purchase of the new one. You could technically say the depreciation is included in the sale of the asset but I highly doubt that we had to include that. VCAA generally don't do trick questions like that without explicitly stating it, and they already assigned 1 mark to that earlier, they wouldn't give us 1/2 more marks just for knowing "depreciation/acc. depn".
Sales returns was another wierd question, since it specifically stated it wanted an accounting element and the study design says "the elements of financial reports: assets, liabilities, owner’s equity, revenue and expenses", I don't think "negative revenue" would be valid since it's not really an accounting element, more of a variation on one. And even though it's not included with expenses in the Income Statement, it still meets the definition of an expense (decrease in asset, outflow of economic benefits (or you could say reduction in inflows)).
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Does anyone remember what the opening balance in the prepaid advertising account was? Also, were we supposed to record the depreciation expense for September in the general journal with the disposal entries?
I’d guess somewhere on the lower end of 80s like 81-83 just because we didn’t have to do the disposal ledgers but there were some questions like the 4 mark debt ratio, the relationship between cc and schedule, and that sales returns one which might get some people.
Yeh i included it cos it wasnt a general journal entry to calculate the dep. expense only a little table. IF you did/didnt include it i dont think theyll care, just moreso you show that acc. dep has increased
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how many marks do you think you can afford to drop for a raw 45?
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I feel like that was a relatively easy exam overall. 4 mark planning/control was annoying, honestly not sure about what you were meant to say for that other than setting targets and expenditure limits, identifying trends and preventing a net loss.
Interesting that there were no qualitative characteristics on the whole exam, and I was surprised that there was only 1 proper 6-marker.
Opening balance was $3800. I'm 90% sure we didn't have to include depreciation since 1. there were only 6 marks allocated to the question, and 2. it said to record general journal entries for the sale of the asset and purchase of the new one. You could technically say the depreciation is included in the sale of the asset but I highly doubt that we had to include that. VCAA generally don't do trick questions like that without explicitly stating it, and they already assigned 1 mark to that earlier, they wouldn't give us 1/2 more marks just for knowing "depreciation/acc. depn".
Sales returns was another wierd question, since it specifically stated it wanted an accounting element and the study design says "the elements of financial reports: assets, liabilities, owner’s equity, revenue and expenses", I don't think "negative revenue" would be valid since it's not really an accounting element, more of a variation on one. And even though it's not included with expenses in the Income Statement, it still meets the definition of an expense (decrease in asset, outflow of economic benefits (or you could say reduction in inflows)).
Sales return is a negative revenue. Just like drawings is a negative owner's equity.
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For the prepaid advertising question, did anyone do anything to the $2400, like split it up or anything??
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I didn’t and just debuted a month worth of advertising expense at the end of the month. I could see how half is prepaid and expensed, maybe. I dunno though
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That sales returns question is still getting me because it does exactly meet the definition of an expense and the study design says nothing about negative revenues. Although when you think about it if the question asked the same thing about accumulated depreciation, you wouldn’t be able to write anything other than negative asset. 🤷♂️
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For the prepaid advertising question, did anyone do anything to the $2400, like split it up or anything??
All I did was $2400/3 which is 800 per month and cos we paid on the 15th we also consumed the advertising.
So i debtited the 2400 paid for advertising
Credited Advertising Expense for 800 with the closing balance.
But as that didnt total, i just assumed that the difference was that we consumed advertising from the previous reporting period, which is evident by the prepaid advertising opening balance
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i just realised my ''accounting principle'' was relevance fml such an easy question and ill be lucky to get 1 mark
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For the advertising and prepaid thing, I ended up getting advertising expense as 4300 (only way the prepaid advertising expense ledger could have balanced with the closing balance of 1900 they told us in the Q). So my advertising expense was also 4300. Right?
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For the advertising and prepaid thing, I ended up getting advertising expense as 4300 (only way the prepaid advertising expense ledger could have balanced with the closing balance of 1900 they told us in the Q). So my advertising expense was also 4300. Right?
Yep, that's what I got.
Also, can anyone guess what the mark allocation for 5a would look like? I'm pretty sure I did the prepaid sales revenue wrong and I want to see how many marks I'd lose.
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Yep, that's what I got.
Yep same here but i just seperated the advertising expenses to indicate one was for the current reporting period and the other was for the amount that had been consumed from the previous reporting period
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Shit don't think i split it, welp that's a mark gone
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No qualitative characteristics, wtf????
Overall a pretty good exam imo, comparable to other years
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Shit don't think i split it, welp that's a mark gone
I really don't think you had to split them. You would end up with two credits in the prepaid advertising expense ledger which say the exact same thing (advertising expense) but just with different amounts which add up to $4300 anyway. You shouldn't lose marks for splitting them, I think they'll treat them the same since all of the expense was incurred in September. I'd guess that the mark allocation is 1 mark for balancing the prepaid expense account, 1 mark for closing the expense account, 1 mark for the 4300 entry in the expense account, 1 mark for the 2400 entry in the asset account and 1 mark for the 4300/3500 and 800.
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Yep same here but i just seperated the advertising expenses to indicate one was for the current reporting period and the other was for the amount that had been consumed from the previous reporting period
I didn't get how to do this because if the business reports monthly wouldn't the advertising expense from the previous reporting period already be included in the opening balance?
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I didn't get how to do this because if the business reports monthly wouldn't the advertising expense from the previous reporting period already be included in the opening balance?
They had prepaid advertising last reporting period as it consumed (expensed) in this reporting period
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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
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Does anyone possibly remember the drawings figure they got for the cash flow statement (Q3)?
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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.
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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.
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Did anybody get the CFS correct or does anyone have the answers for that question?
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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
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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?
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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
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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.
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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
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U were meant to report both the inflow and outflow (the $16000 and $4000 respectively), so ur fine
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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
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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?
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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
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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?
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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?
R.F.D was just the credit sales, bad debts discount expense. op. clos bal, no sales returns - dont remember the figure
Stock Control was to find credit purchases of stock - just cost of sales and opening,closing balances
Creditors Control - just input the stock control/gst clearing, no discount revenue, no purchase returns and op. clos. balances
Don't remember if there was a discount rev or discount expense, but there was one not the other and there was no sales nor purchase return.
Edit: wait i dont remember the sales/purchase returns ahaha sorry
Edit 2: But there was no tricks from what i am aware of
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Opening balance was $3800. I'm 90% sure we didn't have to include depreciation since 1. there were only 6 marks allocated to the question, and 2. it said to record general journal entries for the sale of the asset and purchase of the new one. You could technically say the depreciation is included in the sale of the asset but I highly doubt that we had to include that. VCAA generally don't do trick questions like that without explicitly stating it, and they already assigned 1 mark to that earlier, they wouldn't give us 1/2 more marks just for knowing "depreciation/acc.
Having the disposal on balance day did make a bit confusing on whether or not you had to record depreciation. I’m pretty sure you would have to record the depreciation as we are required to depreciate non-current assets right up to disposal, and the question didn’t state that the depreciation had already been recorded.
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For the prepaid advertising question, did anyone do anything to the $2400, like split it up or anything??
Yeah I split it as the payment happened half a month after the campaign started. So $400 then would’ve gone to advertising expense at that date (1/2 a month out of 3 months = 1/6) and the other $2000 would’ve gone to prepaid advertising. Then another $400 was adjusted to advertising from prepaid at the end of the month. While the total expense is still $800 for than media campaign, not splitting it at the 15th would result in your debit entry for prepaid advertising to be too high.
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What did everyone get for the classification of the sales return?
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Yeah I split it as the payment happened half a month after the campaign started. So $400 then would’ve gone to advertising expense at that date (1/2 a month out of 3 months = 1/6) and the other $2000 would’ve gone to prepaid advertising. Then another $400 was adjusted to advertising from prepaid at the end of the month. While the total expense is still $800 for than media campaign, not splitting it at the 15th would result in your debit entry for prepaid advertising to be too high.
But the firm paid for advertising in advance...
So you would have to debit bank for 2400.
Think of it like in the Cash Payments Journal
Sept. 15. Prepaid Advertising Expense Bank ($2640) Sundries ($2400) and GST ($240). Then transfer because its still not balance day and the firm reports monthly
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What did everyone get for the classification of the sales return?
I put negative revenue and referred to the different items it affects . i.e. refer to expense definition with Cost of Sales, Decrease Sales, Debtors Control, Stock Control and later said about GST clearing
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Having the disposal on balance day did make a bit confusing on whether or not you had to record depreciation. I’m pretty sure you would have to record the depreciation as we are required to depreciate non-current assets right up to disposal, and the question didn’t state that the depreciation had already been recorded.
Was your depreciation simply the asset value in the Balance Sheet minus its Acc. Dep, subtract then apply the rate?
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I put negative revenue and referred to the different items it affects . i.e. refer to expense definition with Cost of Sales, Decrease Sales, Debtors Control, Stock Control and later said about GST clearing
Is negative revenue actually an element?
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Is negative revenue actually an element?
Its up for interpretation. It likes calling accumulated depreciation a negative asset. You cant just call it an expense
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But the firm paid for advertising in advance...
So you would have to debit bank for 2400.
Think of it like in the Cash Payments Journal
Sept. 15. Prepaid Advertising Expense Bank ($2640) Sundries ($2400) and GST ($240). Then transfer because its still not balance day and the firm reports monthly
I don’t have the question here but I remember reading that a 3 month campaign that started 1 September was paid for on 15 September. This means when they recorded this, that half month already incurred would be an expense, not prepaid. E.g Credit bank 2640, deb gst 240, deb advertising exp 400 and prepaid advertising $2000, then $400 adjustment at the end of month.
I may have mixed up the dates tho I’m prone to making mistakes.
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Was your depreciation simply the asset value in the Balance Sheet minus its Acc. Dep, subtract then apply the rate?
(Yep cost price less accumulated depreciation) times 0.4 divided by 12 for one month I think it was
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Did everyone get a GST balance of $89 credit for 1b?
And did anyone else get a net profit of 53k?
How many marks will i lose for not having the disposal of van in the general journal for 5d (i did all the other entries just didnt debit/credit the disposal of van account at all)
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Did everyone get a GST balance of $89 credit for 1b?
And did anyone else get a net profit of 53k?
How many marks will i lose for not having the disposal of van in the general journal for 5d (i did all the other entries just didnt debit/credit the disposal of van account at all)
I had a debit balance of 1269 or something like that.
You plus the op. bal to the credit sales +purchase return GST, subtracting the sales returns GST
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I had a debit balance of 1269 or something like that.
Shouldn't it be a credit balance since the GST in was greater than the GST out?
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I had a debit balance of 1269 or something like that.
You plus the op. bal to the credit sales +purchase return GST, subtracting the sales returns GST
sounds familiar. Did you draw a GST clearimg a/c?
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sounds familiar. Did you draw a GST clearimg a/c?
Bang on. Yes I did. If you did and had the incorrect values, the assessor will recognise that
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Shouldn't it be a credit balance since the GST in was greater than the GST out?
As at 31 Jan meaning the closing balance before it has been transferred. It has to be a debit balance so that total credit entries equal the debit entries. It will be a credit entry at the start of the next reporting period, and hence we will pay the amount owing to the ATO. This was similar to a past vcaa question and i dont think they were looking for a DR or a CR, just a value
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oh yeah i was wrong for some stupid reason i debited the gst for the first 2 transactions thats probably 0/2
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How long until someone posts the solutions? For Maths they're up within a few hours. Accounting gets no respect :'(
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Does anyone have solutions yet?