ATAR Notes: Forum
Archived Discussion => 2010 => Mid-year exams => Exam Discussion => Victoria => Accounting => Topic started by: rudaid on June 08, 2010, 04:57:55 pm
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I did current asset of 3900 to include 3500 paid on paid and 400 on accrued rent, but my friend said the 400 should not be included?
was i wrong? :(
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Current Asset of $3700
This is because $3500 has been paid for Stock, and $200 incurred for accrued Rent
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there were two rent payments as it was for january and february - 400
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there were two rent payments as it was for january and february - 400
There weren't any rent payments. You were asked to prepare the report on Jan 31. First payment for rent was on Feb 1. (That's why u had to calculate accrued Rent expense)
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there were two rent payments as it was for january and february - 400
There weren't any rent payments. You were asked to prepare the report on Jan 31. First payment for rent was on Feb 1. (That's why u had to calculate accrued Rent expense)
oh yeah i meant accrued rent with GST of 400
because it says "the first rent payment is to be made on 1 february when both january and february's rent will be paid"
so both will be paid together
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oh yeah i meant accrued rent with GST of 400
because it says "the first rent payment is to be made on 1 february when both january and february's rent will be paid"
so both will be paid together
So isn't it just $200 GST charged (debited), because February's rent [and GST] hasn't been paid for or incurred yet?
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by january 31st though both month's of rent is accrued of 4000, with gst accrued (?) of 400
when the balance sheet is made the payment on the 1st of feb hasn't happened yet, so its all still accrued, no?
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i got $3500, yeah the rent wasn't paid till the next month.
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GST has not been incurred or paid, there's no tax invoice until the next month.
=> GST Clearing is a current asset of $3500.
Correct me if I'm wrong.
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WOOP I GOT ASSET OF $3500 TOO
what's this about accrued rent? shit i didnt do that >.<
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omg nooooooo. i minused 200 away. wtf was i thinking?!?! biggest idiot ever :(
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I did $3700 because despite the GST not being paid yet on the Rent, it had still been incurred just not charged... just as though you would when you purchase stock on credit was my theory... although you have not yet paid for it, the GST has still being accrued/incurred...
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Yep, I did the same ks04. I then put accrued rent as 2200, as that is the amount owing, like how you'd put it for Creditors Control.
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I did $3700 because despite the GST not being paid yet on the Rent, it had still been incurred just not charged... just as though you would when you purchase stock on credit was my theory... although you have not yet paid for it, the GST has still being accrued/incurred...
Yes but GST is not recorded unless it is paid or invoiced. Neither have yet occured.
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Yep, I did the same ks04. I then put accrued rent as 2200, as that is the amount owing, like how you'd put it for Creditors Control.
Accrued rent was only 2000. You do not include the 200 of GST as this is not apart of the expense.
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Haha, changed it like 5-10 times. Guess that was always going to be the case.
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i had no gst clearing :-[
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i got $3500, yeah the rent wasn't paid till the next month.
Almost positive gst clearing is a current asset valued $3500 because the gst payment for the accrued rent and the february rent will include 400 in the gst. the payment journal should read- 1/2 - accrued rent/rent expense - 2000 in the sundry column - 2000 in the rent expense column and 400 in the gst column. if gst has already been included in the balance sheet prior to the payment of accrued and rent expense. the 200 gst from the accrued rent expense will be counted twice. obviously correct me if im wrong...
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i got $3500, yeah the rent wasn't paid till the next month.
Almost positive gst clearing is a current asset valued $3500 because the gst payment for the accrued rent and the february rent will include 400 in the gst. the payment journal should read- 1/2 - accrued rent/rent expense - 2000 in the sundry column - 2000 in the rent expense column and 400 in the gst column. if gst has already been included in the balance sheet prior to the payment of accrued and rent expense. the 200 gst from the accrued rent expense will be counted twice. obviously correct me if im wrong...
i know who you are. hehe.
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i got $3500, yeah the rent wasn't paid till the next month.
Almost positive gst clearing is a current asset valued $3500 because the gst payment for the accrued rent and the february rent will include 400 in the gst. the payment journal should read- 1/2 - accrued rent/rent expense - 2000 in the sundry column - 2000 in the rent expense column and 400 in the gst column. if gst has already been included in the balance sheet prior to the payment of accrued and rent expense. the 200 gst from the accrued rent expense will be counted twice. obviously correct me if im wrong...
i know who you are. hehe.
i hope you dont know who i am... :) ly
you dont know hoo i am i hope... :
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i got $3500, yeah the rent wasn't paid till the next month.
Almost positive gst clearing is a current asset valued $3500 because the gst payment for the accrued rent and the february rent will include 400 in the gst. the payment journal should read- 1/2 - accrued rent/rent expense - 2000 in the sundry column - 2000 in the rent expense column and 400 in the gst column. if gst has already been included in the balance sheet prior to the payment of accrued and rent expense. the 200 gst from the accrued rent expense will be counted twice. obviously correct me if im wrong...
i know who you are. hehe.
i hope you dont know who i am... :) ly
you dont know hoo i am i hope... :
lol they probably know who you are cos your email is in your profile..
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i got a GST asset of 3500.
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i got $3500, yeah the rent wasn't paid till the next month.
Almost positive gst clearing is a current asset valued $3500 because the gst payment for the accrued rent and the february rent will include 400 in the gst. the payment journal should read- 1/2 - accrued rent/rent expense - 2000 in the sundry column - 2000 in the rent expense column and 400 in the gst column. if gst has already been included in the balance sheet prior to the payment of accrued and rent expense. the 200 gst from the accrued rent expense will be counted twice. obviously correct me if im wrong...
i know who you are. hehe.
i hope you dont know who i am... :) ly
you dont know hoo i am i hope... :
you go to my shcool!
ill facebook ya
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i got $3500, yeah the rent wasn't paid till the next month.
Almost positive gst clearing is a current asset valued $3500 because the gst payment for the accrued rent and the february rent will include 400 in the gst. the payment journal should read- 1/2 - accrued rent/rent expense - 2000 in the sundry column - 2000 in the rent expense column and 400 in the gst column. if gst has already been included in the balance sheet prior to the payment of accrued and rent expense. the 200 gst from the accrued rent expense will be counted twice. obviously correct me if im wrong...
i know who you are. hehe.
i hope you dont know who i am... :) ly
you dont know hoo i am i hope... :
you go to my shcool!
ill facebook ya
i know who you are too, iv fb you already. haha wat a coincidence.