ATAR Notes: Forum
Archived Discussion => 2009 => End-of-year exams => Exam Discussion => Victoria => Accounting => Topic started by: andrew4443 on November 05, 2009, 01:54:00 pm
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reacon it was pretty easy.
What did everybody put for question 2.2.5 - explain how the budgeted cash flow statement could be improved to enable it to be used more effectively during the reporting period???
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Did everyone put the registration as prepaid in the very first question?
I found the $200 deposit for the football jumpers quite difficult.
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^^^
I put it as a prepaid expense.
For the deposit, in 1.5.3 I put:
Debit Prepaid sales revenue 200
Credit : Sales revenue 200
Debit COS 120
Credit: Stock control 120 ----- Wasnt sure whether I needed to put this in
Then in the reciepts
COS 1380 Sales 2300 GST 250
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Exam was much easier than vcaa 08.
A few tricky questions, including theory?
Anyone find it weird they didn't provide the formulas this year? Luckily I memorised them, just in case.
The marks I lost were stupid now that I think of it D:
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I put the same as you andrew.
For the CFS question, i wrote that they should be done more fequently so problems can be identified and corrected earlier. But this was 1 of the 2 questions that I was unsure of, skipped, and came back to.
Overall I was pretty happy though, I reckon it was easier than the 2008 exam.
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the netball question was well hard. I realised after i got the total cost part of the question wrong. The 90 stamps were selling expenses therefore they were only included for stock which are listed at NRV :'(. Asides from that I had no other real problems.
What did you get for the 'other key indicator'? Is gearing ratio correct?
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^^^
I put it as a prepaid expense.
For the deposit, in 1.5.3 I put:
Debit Prepaid sales revenue 200
Credit : Sales revenue 200
Debit COS 120
Credit: Stock control 120 ----- Wasnt sure whether I needed to put this in
Then in the reciepts
COS 1380 Sales 2300 GST 250
Exactly what i did
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^^^
I put it as a prepaid expense.
For the deposit, in 1.5.3 I put:
Debit Prepaid sales revenue 200
Credit : Sales revenue 200
Debit COS 120
Credit: Stock control 120 ----- Wasnt sure whether I needed to put this in
Then in the reciepts
COS 1380 Sales 2300 GST 250
Exactly what i did
Same
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If someone can post the exam, I can take a look at any tricky questions if people want.
I'm a lot more organised and prepared this semester (for my exams) :)
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I said Cash Flow Ratio, although i totally didn't think to apply the stamps, I suppose putting 80 of them on and leaving 10 off is logical.
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Their selling expenses, so they would only be included when stock is valued at NRV (estimated selling price less any expenses in the stocks selling, distribution and marketing).
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Why can't you add them to the product's cost? If you can't, what was the point of them telling us 90 posters were left at the end of the period?
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What did you guys write for 2.1.2?
Was Document B for Slumber City an Original or a Duplicate?
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Why can't you add them to the product's cost? If you can't, what was the point of them telling us 90 posters were left at the end of the period?
It looks like you're not getting that 47+ any more....
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hopefully above 80/90, I think maybe 85/90 I could have got.
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Why can't you add them to the product's cost? If you can't, what was the point of them telling us 90 posters were left at the end of the period?
To trick people? My accounting teacher (whose word is perhaps fallible) said that they are selling expenses.
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Yeh i realsied, thank god for consequentials haha. It was the original.
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where was stock write down meant to go in the profit and loss
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2.1.2 was a purchases return and the it was an original copy
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where was stock write down meant to go in the profit and loss
Where stock loss/gain usually goes (ie - after gross profit).
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I think I went alright, not as hard as I thought it would be.
The only things that tripped me were the rent questions and how they increased the rent at the end of August.
What did people do for the General Journal on the 31st December for the missed payment?
Besides that and the netball one I think I did fine :-)
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I think I went alright, not as hard as I thought it would be.
The only things that tripped me were the rent questions and how they increased the rent at the end of August.
What did people do for the General Journal on the 31st December for the missed payment?
Besides that and the netball one I think I did fine :-)
Accrued Rent Revenue DR 2200
Rent Revenue CR 2200
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I misread that question at first to, but it said the payment for december had not been recieved, hence Sam's answer is correct
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wasnt 2.1.2 a dulpilcate cause the owner keeps the original?
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how did u guys find the payments to creditors bit in the recon of accounts?
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Accrued Rent Revenue DR 2200
Rent Revenue CR 2200
Awesome,
Thanks, Thats what I ended up putting down :-)
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Nah the customer always gets the original
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how did u guys find the payments to creditors bit in the recon of accounts?
did stock control account first
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wouldn't have said it was easy, but not too bad. i also didn't really think it was easier than last year's...but we'll see. some of the answers given above look familiar, but others (like SWD) don't...
that netball one was confusing tho!
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did anyone find that they left a line out of the template for the sales return and purchases return ??
a lot of people from my school found that..
confused so many of us that we left an entry out to make it fit the template.
stupid vcaa
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oh and also, did u get a profit or loss on the disposal of the delivery van ?
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oh and also, did u get a profit or loss on the disposal of the delivery van ?
I got a fairly large loss. The service life of the asset was estimated to be 4 years but it was sold after 2 and 3 months.
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nah.. wasnt it
they told it after 2 years and 3 months i thought.
bought it in 1 oct 2008 and sold it in 31 dec 2010..
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did anyone find that they left a line out of the template for the sales return and purchases return ??
a lot of people from my school found that..
confused so many of us that we left an entry out to make it fit the template.
stupid vcaa
We just all drew in an extra line because it had been drilled into us 4/6 accounts so to give us only 9 lines was stupid.
I thought the exam was simple but now going over it there seems to have been a lot of little tricks (most of which i seemed to have fallen for)
Is there anywhere we can get a copy of the answers soon cos i wrote most of the major answers down in my question book to check?
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nah.. wasnt it
they told it after 2 years and 3 months i thought.
bought it in 1 oct 2008 and sold it in 31 dec 2010..
farkkkkkkk i just did 3 months :\
readdatesreaddatesreadatesdammit!
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gosh i hate my school !
had no idea, once again, that there was a chance lines could be left out. sooooo sucky.
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I didn't worry about including cost of sales and stock control for the sales return because i believe with return of stock by debtors you use last out first in. Therefore, you don't know the cost of sales for the return without the stock card. .
Whereas for purchase return you know the value returned therefore, you can state the amount returned to supplier.
I'm not too sure if this right though.
Did anyone do the same as me?
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I didn't worry about including cost of sales and stock control for the sales return because i believe with return of stock by debtors you use last out first in. Therefore, you don't know the cost of sales for the return without the stock card. .
Whereas for purchase return you know the value returned therefore, you can state the amount returned to supplier.
I'm not too sure if this right though.
Did anyone do the same as me?
You had to include the cost of sales as the value of the purchase return. as the question clearly stated that both documents related to "A STOCK ITEM FOUND TO BE DAMAGED". Idiot.
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I didn't worry about including cost of sales and stock control for the sales return because i believe with return of stock by debtors you use last out first in. Therefore, you don't know the cost of sales for the return without the stock card. .
Whereas for purchase return you know the value returned therefore, you can state the amount returned to supplier.
I'm not too sure if this right though.
Did anyone do the same as me?
The cost of sales would be the same as the purchases return. Because its the amount the business paid from the supplier.
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^^^
I put it as a prepaid expense.
For the deposit, in 1.5.3 I put:
Debit Prepaid sales revenue 200
Credit : Sales revenue 200
Debit COS 120
Credit: Stock control 120 ----- Wasnt sure whether I needed to put this in
Then in the reciepts
COS 1380 Sales 2300 GST 250
You are wrong with the cost of sales in the general journal, there was no exchange of goods when the deposit was receieved, therefore no cost of sales have been incurred. There should be 1500 COS in the sales journal. Idiot.
That is actually the adjusting entry to record the exchange of goods, hence cost of sales is required, IDIOT.
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Could somebody please tell me if im wrong or right with these answers:
1.2.1: $10,530
1.2.3: $400
1.3.1: $20
1.4.2: increase in sales at a greater rate than the increase in net profit and an increase in hourly wage rates
1.5.2: CFS operating inflow
balance sheet CL
1.5.3: GJ:
200 prepaid rev
200 sales
sales journal:
COS: 1500 Sales: 2300 GST: 250 Total debtors: 2550
2.1.1: purchase return
2.1.2: original
2.2.1: cash collected from debtors: 597,200
cash paid to creditors: 325,000
rent revenue recieved: 24,000 (kinda weird, cos they predicted 24,000 rent revenue, but predicted to recieve in cash only 22,000...probs stuffed this up)
2.3.2: variance of 1000 favourable
2.4.3: interest cover
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If someone can post the exam, I can take a look at any tricky questions if people want.
I'm a lot more organised and prepared this semester (for my exams) :)
http://vcenotes.com/forum/index.php/topic,19241.msg193963.html#msg193963
For the deposit, in 1.5.3 I put:
Debit Prepaid sales revenue 200
Credit : Sales revenue 200
Debit COS 120
Credit: Stock control 120 ----- Wasnt sure whether I needed to put this in
Then in the reciepts
COS 1380 Sales 2300 GST 250
As for 1.5.3.:
To be honest, haven't used sales journals for ages, but I would think COS would be 1500 (in the SJ)? I wouldn't think you'd need to separate the 120 (COS/Stock Control) to the GJ...
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I didn't worry about including cost of sales and stock control for the sales return because i believe with return of stock by debtors you use last out first in. Therefore, you don't know the cost of sales for the return without the stock card. .
Whereas for purchase return you know the value returned therefore, you can state the amount returned to supplier.
I'm not too sure if this right though.
Did anyone do the same as me?
You had to include the cost of sales as the value of the purchase return. as the question clearly stated that both documents related to "A STOCK ITEM FOUND TO BE DAMAGED". Idiot.
Don't you dare call me an idiot!
So you presume that the VCAA are so dumb that they will forget to include an extra line to finish off the general journal for these transactions.
actually to go against what i said before..
i did do a VCAA exam.. forgot what year and the left a few lines off.. so i guess they are stupid once again.
gah. im so silly ! LOLLL
x
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they always leave out lines to confuse students
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^^^
I put it as a prepaid expense.
For the deposit, in 1.5.3 I put:
Debit Prepaid sales revenue 200
Credit : Sales revenue 200
Debit COS 120
Credit: Stock control 120 ----- Wasnt sure whether I needed to put this in
Then in the reciepts
COS 1380 Sales 2300 GST 250
You are wrong with the cost of sales in the general journal, there was no exchange of goods when the deposit was receieved, therefore no cost of sales have been incurred. There should be 1500 COS in the sales journal. Idiot.
That is actually the adjusting entry to record the exchange of goods, hence cost of sales is required, IDIOT.
Sorry, I will correct myself, if you have the sales journal available to record cost of sales, then there is no reason to put it in the general journal. The total amount should be recorded here, as there is no cost of sales directly linked to the prepaid sales revenue.
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Hey guys....is the $200 DEPOSIT a prepaid sales revenue..? A current liability??
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yeah
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The 2007 exam had a similar question and they took it in the general journal, and no the cost of sales is linked to the sales revenue in the general journal.
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also, my text book (simmons) does it in the general journal. not sure about anyone elses x
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Hey, can i ask ....if you got a B in exam 1 and got a better score in Exam 2.... i hv Derived score due to swine flu.....do u think i still hv a chance to get over 35 ......
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Hey, can i ask ....if you got a B in exam 1 and got a better score in Exam 2.... i hv Derived score due to swine flu.....do u think i still hv a chance to get over 35 ......
you would probably be cutting it quite fine..i've heard of many students at my school getting a +'s on sacs and then a's on exams and only getting like 38!
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ALSOOO
the reconstruction of ledgers..
how did everybody do rent revenue ?
i changed mine 10 times !
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ALSOOO
the reconstruction of ledgers..
how did everybody do rent revenue ?
i changed mine 10 times !
I got $24,000 in the bank, then $2000 for accrued. So total was $26000.
But i think mines wrong.
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My sacs are not A+........seems like i still no hope for accouting ........thank you so much for answering my question....appreciated
Hey, can i ask ....if you got a B in exam 1 and got a better score in Exam 2.... i hv Derived score due to swine flu.....do u think i still hv a chance to get over 35 ......
you would probably be cutting it quite fine..i've heard of many students at my school getting a +'s on sacs and then a's on exams and only getting like 38!
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rent revenue
bank $22000
accrued rent $2000
also on the credit side i had p & l summary $24000,i closed it for some reason :s
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damn damn damn =(
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not sure if its right but this was my working out for the rent recieved
12x2000= 24000 - accrued revenue
= 22000
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not sure if its right but this was my working out for the rent recieved
12x2000= 24000 - accrued revenue
= 22000
i got the same as you .. the $22000..
but how did u set it up in the ledger ??
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SOrry abt the general ledger rent revenue......how many marks was it?
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Could somebody please tell me if im wrong or right with these answers:
1.2.1: $10,530
1.2.3: $400
1.3.1: $20
1.4.2: increase in sales at a greater rate than the increase in net profit and an increase in hourly wage rates
1.5.2: CFS operating inflow
balance sheet CL
1.5.3: GJ:
200 prepaid rev
200 sales
sales journal:
COS: 1500 Sales: 2300 GST: 250 Total debtors: 2550
2.1.1: purchase return
2.1.2: original
2.2.1: cash collected from debtors: 597,200
cash paid to creditors: 325,000
rent revenue recieved: 24,000 (kinda weird, cos they predicted 24,000 rent revenue, but predicted to recieve in cash only 22,000...probs stuffed this up)
2.3.2: variance of 1000 favourable
2.4.3: interest cover
i like ur thinking with all of those totals except the first one, where i got 10080..i thnk
and the rent revenue total i got $22000
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not sure if its right but this was my working out for the rent recieved
12x2000= 24000 - accrued revenue
= 22000
i got the same as you .. the $22000..
but how did u set it up in the ledger ??
dec 31 p $ l summary 24000 dec 31 bank 22000
accrued rent revenue 2000
24000 24000
i dont think the p and l summary was necessary
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Great, lost another mark. :(
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not sure if its right but this was my working out for the rent recieved
12x2000= 24000 - accrued revenue
= 22000
i got the same as you .. the $22000..
but how did u set it up in the ledger ??
dec 31 p $ l summary 24000 dec 31 bank 22000
accrued rent revenue 2000
24000 24000
i dont think the p and l summary was necessary
DUHHH im so stupid.
hahahhah. can u believe im on a 98% average for internal ?
i look retarded LOLLL
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what did you do?
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its embarassing BUT...
dec 31 p&l summary 22000 dec 31 prepaid rent revenue 22000
i read the question as the person we are doing the reports for are the landlord.. and getting rent off the tenant..
which would make it prepaid revenue.. as its money which is received but not yet earned ?
sorry. you must be frustrated with me =|
haha
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ahhh
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Will there be a mark deducted for including the 120 cost of sales in the general journal rather than the sales journal?
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weren't we supposed to do that? in the 2008 exam they sounded pissed off when students didn't do it. god vcaa are so confusing.
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Will there be a mark deducted for including the 120 cost of sales in the general journal rather than the sales journal?
i hope not sam.. because i put it in the general journal.
my text book says to do that way.. not putting it in the sales journal.
so i dunno.
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i hope so.
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i hope so.
I know for sure now I've lost 3 marks with the mark for 120 on cost of sales in general journal pending. :(
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what do you guys reckon im up for with sac average of A+ and if i get B+ on both exams?
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im feeling quite miserable actually. i lost that question on posters and made a mistake for dates. i dont think the one about deposit is wrong, sam.
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dw ilovemathsmeth.
your gonna get a great ENTER regardless !
you never know.. some people did heaps worse so you might be scaled up !
hehe
xx
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for total value of stock q 1.2.1 i got $9680
100 x 18
120 x 29
80 x 55
anyone else get that ?
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for total value of stock q 1.2.1 i got $9680
100 x 18
120 x 29
80 x 55
anyone else get that ?
I got 10,530...
100x18
120x29
80x60...
didn't include those darn posters
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so is 9680 correct?
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i put cost of sales in general journal too,
mathsmeth: what question on posters?
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for total value of stock q 1.2.1 i got $9680
100 x 18
120 x 29
80 x 55
anyone else get that ?
i got that, hope its correct
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went into that exam with doing one trial, which i did with the solutions just before the exam started. Im a gun! LOL
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I think i lost 3 marks on both papers, should get something ok.
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I know for sure now I've lost 3 marks with the mark for 120 on cost of sales in general journal pending. :(
[/quote]
Take a look at question 2.3.2 in the 2008 examiners report, they had the exact same situation for the cost of sales, and they accepted both methods. So you would get the marks for putting it in the general journal (that was the preferred method for the VCAA as well)
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Its actually more correct to put it in the general journal as it is to do with that part of the sales revenue. So you will not lose a mark for that.
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for total value of stock q 1.2.1 i got $9680
100 x 18
120 x 29
80 x 55
anyone else get that ?
Yep i got this. But when it said 90 posters were on hand, what was that supposed to mean? I just ignored it.
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the only thing that i used the poster for was working out the NRV which is 60 - 5 = 55
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yeah you should feel miserable, was an easy exam. you ate too many notes and ended up choking on them
lol i didnt know it was possible to eat notes. do you do that?
hmm...it was okay. i wouldnt be as over confident as you are and say it was easy. in my opinion, an exam is easy only when you get 50. if you get 50 for accounting, ill believe that you did well/honestly felt it was easy, but you were just too arrogant to be nice to other forum members!
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Guys please stop feeding the troll, you just encourage them that way.
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yeah you should feel miserable, was an easy exam. you ate too many notes and ended up choking on them
lol i didnt know it was possible to eat notes. do you do that?
hmm...it was okay. i wouldnt be as over confident as you are and say it was easy. in my opinion, an exam is easy only when you get 50. if you get 50 for accounting, ill believe that you did well/honestly felt it was easy, but you were just too arrogant to be nice to other forum members!
You actually have to be such a freak to get 50 in accounting
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i wonder if there is solution .........
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LOL I know!! How scary would a 50 be for Accounting?? I admire Jamison and rhjc 1991. They must have aced the exams!!
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Well, I hope you guys did well!
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Thanks =) What did you think about the question on netballs and posters? Did you product cost or period cost the posters?
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i product-ed the posters, cause if i remember corredtly, it said something along the lines of Posters were purchased as required'
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What was the purchase return meant to be? Original or Duplicate?
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original
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original
Dam, whats the reason why?
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Business always keeps duplicate and gives its customer the original copy.
I product-costed too.
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Crap, that's what i was thinking too. Ah well only 1 mark.
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hay how did people work out the stock write down?
gayest question ever! lol
cos it said that each ball came wit a $5 poster, hence wud be regarded as a marketing ploy to sell the product, & would be minused to work out nrv yea?
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Stock write down = $800
80x65= 5200
80x55 ( est selling price less the poster) = 4400
5200-4400 = 800
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hrmmm well my figure was incorrect, buh i DR stock write down and CR stock control, do u reckon ill get atleast a mark for the general journal question?
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yes
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hrmmm well my figure was incorrect, buh i DR stock write down and CR stock control, do u reckon ill get atleast a mark for the general journal question?
my teacher is an examiner, he said that SWD is consequential from ur mistake earlier. so yes :D