ATAR Notes: Forum
VCE Stuff => VCE Business Studies => VCE Subjects + Help => VCE Accounting => Topic started by: joechan521 on November 08, 2007, 12:47:11 pm
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i totally fuked up this one, it was way harder than unit3.
here are my final answers that i'm very much in doubt
2.2.1. cost of sales=324000
2.2.2 receipts from debtors = 258750
2.2.3 net profit=60750
2.2.4 new cash balance= (250)
i screwed up Q2.5, forgot the gst was actually 1500, i put down 500
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haha omg...this exam was MUCH easier than I expected...didn't expect so little on the hardest part (analysis and interpretation of business performance)
too bad I didn't study harder! *very unmotivated by accounting since mid year exams*
umm if it makes you feel better I had cash deficit for end bank balance as well..
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I think I did alright..
Had no idea how to do 2.5 though. The General Journal had so many rows for the answer. Were debtors, GST and cost of sales supposed to go there?
I'm interested in finding out the solutions..
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I got the same receipts from debtors value. Can't remember the rest to be honest, my ex kept leaving the exam room to chuck up so I was a bit distracted. Question 2.4, "explain why the deposit should be recorded as prepaid revenue", doesn't have anything to do with GST. You're thinking of another question mayb?
The thing I wasn't sure bout was whether we were supposed to record the discount rev from the sundry creditor in the disc. rev. column or record it separately in the sundries column. And my explanation of the accountant's 'profit or loss on disposal of non-current assets only occurs because of depreciation inaccuracies over the asset's life' comment was a little vague so I'll probably only get 1 mark out of 2 4 that.
Juztine, you have nothing 2 worry bout. I totally winged that exam, pmsl. Was studying 4 it @ 10pm last night. :roll:
Never thought in all my years of high skool I would wing a year 12 exam, lol.
Applexy's gonna kill me if I get A+ again :mrgreen: :shock:
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I think I did alright..
Had no idea how to do 2.5 though. The General Journal had so many rows for the answer. Were debtors, GST and cost of sales supposed to go there?
I'm interested in finding out the solutions..
My answer was something like...
Prepaid Sales Rev
Sales Rev
Accrued Sales Rev
Sales Rev
COS
Stock Control
I'm not sure whether I'm right either :?
I'd rather not find out the solutions tho since I'm probably wrong :roll:
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Well its safe to say that I totaly fucked that up.
Q1 was good, pretty easy, thought oh yeh this is pretty easy. Then i get to question 2. Totaly fuckd it up, rushed the last 3 pages, therory was good, but didnt even do parts of the last 3 pages. Got no where near finishing the cash flow statement. Didnt total the profit and loss. Didnt work out the cost of sales and all that properlly.
Farkkk. Oh well, i knew accounting was gona be my 5th subject after mid years.
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Are you sure its accrued for 2.5??
I did something like:
Prepaid Sales Revenue Dr 10,000
Sales Revenue Cr 10,000
Debtors Control Dr 7,150
Debtor - Golden Gyms Dr 7,150
Credit Sales Cr 6500
GST Clearing Cr 650
Cost of Sales Dr 11,000
Stock Control Cr 11,000
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Also for the Budgeted reports I got,
profit of 62,750? I cant remember but around there.
Cash deficit = (2250)
This was a little tricky, I don't know how you guys aced it....
I hope I can get at least 87+/90 or else I hope everyone does really bad and the benchmark for A+ is 70/90 =)... but it looks like a lot of people did well...
oh well
*Santa please oh please give me my 45+*
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yeah question 2.5 was the question i had trouble with
it involved gst of 1500 i think
i only recorded 500
because the 5 items they sold had selling price of 15000+1500 gst
it should be
DR prepaid rev 10000
CR sales------------------10000
DR debtors control 6500
DR debtor - xxxx
CR sales-------------------5000
CR gst clearing------------1500
DR cost of sales
CR stock control
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yeah question 2.5 was the question i had trouble with
it involved gst of 1500 i think
i only recorded 500
because the 5 items they sold had selling price of 15000+1500 gst
it should be
DR prepaid rev 10000
CR sales------------------10000
DR debtors control 6500
DR debtor - xxxx
CR sales-------------------5000
CR gst clearing------------1500
DR cost of sales
CR stock control
FUCK!!! I didn't see it was inclusive of GST OMGG!!!@@@@@@
NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOooo...
Would I lose all my marks for wrong figures??? omg 5 marks lost is like death =.=
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Are you sure its accrued for 2.5??
I did something like:
Prepaid Sales Revenue Dr 10,000
Sales Revenue Cr 10,000
Debtors Control Dr 7,150
Debtor - Golden Gyms Dr 7,150
Credit Sales Cr 6500
GST Clearing Cr 650
Cost of Sales Dr 11,000
Stock Control Cr 11,000
I really have no idea. I wrote wot I did coz the question said "The invoice for this transaction has not yet been prepared" and it reminded me about something I read regarding the difference between debtors and accrued revenues. The problem is tho, I don't think I've seen accrued sales rev b4...
Your COS/Stock Control figures are wrong tho, you've included GST...
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I totally bombed out this exam. I think i lost 12 marks. :shock: :shock:
I thought this exam was a pisser. Far out, i mean it tricked it so much, like argh, i forgot to minus the stock drawings, GRR.
Hmm, for that modifications question ($4400 from here own Credit Card)
did anyone have this:
$DR CR$
Vehicle 4000
GST Clearing 400
Capital 4400
and for the CFS, i got a huge surplus? How can you get deficits? Didn't he take out like a $120 000 loan and $80 000 from his capital?
Meh. I fucked up. Fuck you VCAA and I hope you die a horrible death. Fuckers.
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I totally bombed out this exam. I think i lost 12 marks. :shock: :shock:
I thought this exam was a pisser. Far out, i mean it tricked it so much, like argh, i forgot to minus the stock drawings, GRR.
Hmm, for that modifications question ($4400 from here own Credit Card)
did anyone have this:
$DR CR$
Vehicle 4000
GST Clearing 400
Capital 4400
and for the CFS, i got a huge surplus? How can you get deficits? Didn't he take out like a $120 000 loan and $80 000 from his capital?
Meh. I fucked up. Fuck you VCAA and I hope you die a horrible death. Fuckers.
I got the same as you for the capital contribution except I called it vehicle modification...
As for the CFS I recorded the Premises under investing activities? because they said they were going to expand the premises costing $200,000....
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Applexy, I got a positive cash balance too. Like, I got a negative net change in cash, but overall postive balance in the few thousands at least. Can't remember the exact figure tho...
I wrote the same as you on the mod question, if that makes you feel any more confident.
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ah, yeah. But why is there so many spaces in financing??
And I also got 2 spaces under operating activities. Man, who cares. It's over. So happy, even though i'll most likely get a super low A+ or another A. 40 is over for me.
lol , i even stuffed up 2.5....
Did everyone get $90 + 9 GST = $99 for the purchase and sales returns?
I had no stock loss or gain in my stock card, lol.
What about Stock Write Down?
lol my friend did U U U for the variance thing lol, meh, its just a mark.
hahaha, i have methods, spesh, eco, english to back me up in piss high scores. Urgh, i thought this exam would be much easier. I thought wrong :p
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ah, yeah. But why is there so many spaces in financing??
And I also got 2 spaces under operating activities. Man, who cares. It's over. So happy, even though i'll most likely get a super low A+ or another A. 40 is over for me.
lol , i even stuffed up 2.5....
Did everyone get $90 + 9 GST = $99 for the purchase and sales returns?
I had no stock loss or gain in my stock card, lol.
What about Stock Write Down?
lol my friend did U U U for the variance thing lol, meh, its just a mark.
hahaha, i have methods, spesh, eco, english to back me up in piss high scores. Urgh, i thought this exam would be much easier. I thought wrong :p
YES!! got $90 + $9 GST
and I also got a huge surplus for the cash surplus
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Same... $90 + $9 GST, no stock loss/gain.
I seem 2 b outnumbered on 2.5 tho XD
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Wasn't it all Favourable? F F F?
Also, did you guys count the Upgrade of premises for $200,000??
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I did, as a loan and capital contribution under financing activities in the cash flow statement.
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Wasn't it all Favourable? F F F?
Also, did you guys count the Upgrade of premises for $200,000??
Yeah, FFF and (200,000) in investing
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Yeah, it was all FFF, my friend did UUU because he read it teh another way around lol. Uh-oh, I put it in financing? For some reason, i'm not depressed for this exam and i did worse on it ? :S Strange LOL I'm actually quite happy and relieved :D :D :D :D
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what was every1s stock writedown?? $90?
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Applexy =(
I thought you would ace this one =[
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what was every1s stock writedown?? $90?
mmm yeh mine was 90.
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you guys still have the question book? can always do again to see what r the balances for those budgets.
i got (250) at the end for cash flow, anyone got this?
and net profit was 60750
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you guys still have the question book? can always do again to see what r the balances for those budgets.
i got (250) at the end for cash flow, anyone got this?
and net profit was 60750
lol i got (2250) cash balance and 62750 net profit, which is like a $2000 difference between your figures, are you sure you counted accrued wages properly... anyways im gonna redo it next week after my last exam on monday and ill post up my answers.
meanwhile its back to methods for me =)
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you guys still have the question book? can always do again to see what r the balances for those budgets.
i got (250) at the end for cash flow, anyone got this?
and net profit was 60750
lol i got (2250) cash balance and 62750 net profit, which is like a $2000 difference between your figures, are you sure you counted accrued wages properly... anyways im gonna redo it next week after my last exam on monday and ill post up my answers.
meanwhile its back to methods for me =)
i considered the wage expense to be accrued wage+wage paid.
therefore in my cash flow i recorded the wage expense less accrued,
and in profit and loss i just recorded wage expense.
did u consider the wage expense to be wage paid?
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the accrued wages were for the begining of the reporting period so they go in the cash flow statement, not the profit and loss...as teh wages were incurred last reporting period....
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you guys still have the question book? can always do again to see what r the balances for those budgets.
i got (250) at the end for cash flow, anyone got this?
and net profit was 60750
lol i got (2250) cash balance and 62750 net profit, which is like a $2000 difference between your figures, are you sure you counted accrued wages properly... anyways im gonna redo it next week after my last exam on monday and ill post up my answers.
meanwhile its back to methods for me =)
i just redid my profit and loss and cash flow, please check them.
revenue 550000
cogs (324000)
gross profit 226000
less other expeneses:
wage+adm+vehicle 150000
bad debt 5500
disc.exp 2750
interest 7000
net profit 60750
operating cash inflow
cash sales 275000
debtors receipts 258750
less cash outflows
wage+admin+vehicle (150000-depre5000-accrued wage2000)=143000
interest 7000
prepaid admin 4000
payment to creditors330000
net operating cash flow= 49750
net investing outflow premisis (200000)
financing inflows:
loan 120000
capital 80000
outflows:
drawings 35000
loan 30000
net financing=135000
net increase(decrease) in cash = (15250)
add balance at start 15000
new balance (250)
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the accrued wages were for the begining of the reporting period so they go in the cash flow statement, not the profit and loss...as teh wages were incurred last reporting period....
The wages were incurred in the budgeted period, 2008, but not yet paid, hence accrued wages.
Wages expense in profit and loss st was wages paid plus accrued wages.
under wages,administration,vehicle(including dep'n vehicle) = 150,000 + 2000 - 4000(prepaid administration you deduct because it was not incurred it was left as presenting future economic benefits...) = 148000
in the Cashflow St. wages together with administration and vehicle (without dep'n vehicle) was $145,000
plus $4k prepaid admin etc etc..
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the accrued wages were for the begining of the reporting period so they go in the cash flow statement, not the profit and loss...as teh wages were incurred last reporting period....
you need to reduce accrued wage in cash flow, because its not paid
accrued wage is at 31 DEC 2008
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Wages expense in profit and loss st was wages paid plus accrued wages.
under wages,administration,vehicle(including dep'n vehicle) = 150,000 + 2000 - 4000(prepaid administration you deduct because it was not incurred it was left as presenting future economic benefits...)
in the Cashflow St. wages together with administration and vehicle (without dep'n vehicle) was $145,000
plus $4k prepaid admin etc etc..
hey, you dont deduct 4000 from 150000 in profit and loss, because
admin exp already excluded prepaid.
also in cash flow i got 143000, because u need to less the accrued wage, because wage paid in cash= wage expense minus accrued wage
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yup. Exactly.
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Wages expense in profit and loss st was wages paid plus accrued wages.
under wages,administration,vehicle(including dep'n vehicle) = 150,000 + 2000 - 4000(prepaid administration you deduct because it was not incurred it was left as presenting future economic benefits...)
in the Cashflow St. wages together with administration and vehicle (without dep'n vehicle) was $145,000
plus $4k prepaid admin etc etc..
hey, you dont deduct 4000 from 150000 in profit and loss, because
admin exp already excluded prepaid.
also in cash flow i got 143000, because u need to less the accrued wage, because wage paid in cash= wage expense minus accrued wage
I see what you mean...
I'll redo myne laterz... i cbf atm, methods is clouding my mind =X
but I can see what your saying, must have been under pressure and assumed wrongly >.<, looks like your up for 90/90?, how'd you go in mid year?
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Wages expense in profit and loss st was wages paid plus accrued wages.
under wages,administration,vehicle(including dep'n vehicle) = 150,000 + 2000 - 4000(prepaid administration you deduct because it was not incurred it was left as presenting future economic benefits...)
in the Cashflow St. wages together with administration and vehicle (without dep'n vehicle) was $145,000
plus $4k prepaid admin etc etc..
hey, you dont deduct 4000 from 150000 in profit and loss, because
admin exp already excluded prepaid.
also in cash flow i got 143000, because u need to less the accrued wage, because wage paid in cash= wage expense minus accrued wage
I see what you mean...
I'll redo myne laterz... i cbf atm, methods is clouding my mind =X
but I can see what your saying, must have been under pressure and assumed wrongly >.<, looks like your up for 90/90?, how'd you go in mid year?
i fked up question 2.5, i didnt take into account that gst was 1500 >.<
also i think i put debtors as creditor instead... can't remember, very very vague.
mid year was A+, dunno the exact marks
good luck with methods
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Wages expense in profit and loss st was wages paid plus accrued wages.
under wages,administration,vehicle(including dep'n vehicle) = 150,000 + 2000 - 4000(prepaid administration you deduct because it was not incurred it was left as presenting future economic benefits...)
in the Cashflow St. wages together with administration and vehicle (without dep'n vehicle) was $145,000
plus $4k prepaid admin etc etc..
hey, you dont deduct 4000 from 150000 in profit and loss, because
admin exp already excluded prepaid.
also in cash flow i got 143000, because u need to less the accrued wage, because wage paid in cash= wage expense minus accrued wage
I see what you mean...
I'll redo myne laterz... i cbf atm, methods is clouding my mind =X
but I can see what your saying, must have been under pressure and assumed wrongly >.<, looks like your up for 90/90?, how'd you go in mid year?
i fked up question 2.5, i didnt take into account that gst was 1500 >.<
also i think i put debtors as creditor instead... can't remember, very very vague.
mid year was A+, dunno the exact marks
good luck with methods
i'm surprised the budgets were worth so much this year...
what are you predicting this year for accounting, im sure you'll do very well mate! 87/90 for this exam for you?
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Wages expense in profit and loss st was wages paid plus accrued wages.
under wages,administration,vehicle(including dep'n vehicle) = 150,000 + 2000 - 4000(prepaid administration you deduct because it was not incurred it was left as presenting future economic benefits...)
in the Cashflow St. wages together with administration and vehicle (without dep'n vehicle) was $145,000
plus $4k prepaid admin etc etc..
hey, you dont deduct 4000 from 150000 in profit and loss, because
admin exp already excluded prepaid.
also in cash flow i got 143000, because u need to less the accrued wage, because wage paid in cash= wage expense minus accrued wage
I see what you mean...
I'll redo myne laterz... i cbf atm, methods is clouding my mind =X
but I can see what your saying, must have been under pressure and assumed wrongly >.<, looks like your up for 90/90?, how'd you go in mid year?
i fked up question 2.5, i didnt take into account that gst was 1500 >.<
also i think i put debtors as creditor instead... can't remember, very very vague.
mid year was A+, dunno the exact marks
good luck with methods
i'm surprised the budgets were worth so much this year...
what are you predicting this year for accounting, im sure you'll do very well mate! 87/90 for this exam for you?
thx, but i think its around 85+ i'll be happy with 43-45 study score cos its my 10% increment
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hey people, im probs wrong but this is wot i did....
revenue 550000
cogs (324000)
gross profit 226000
plus other revenue
discount revenue 6000
less other expenses
wage = admin = vehicle 146000 (didnt include prepaid admin expenses presuming they were included in the $150,000; the $2000 accrued wages is included)
bad debts 5500
dis exp. 2750
interest 7000
NET PROFIT $70750
im definately not confident with that!!
and the cash flow statement
operating cash inflow
cash sales 275000
debtors receipts 258750
less cash outflows
wage+admin+vehicle (150000-depre5000-accrued wage2000)=143000
interest 7000
payment to creditors330000
net operating cash flow= 53750
net investing outflow premisis (200000)
financing inflows:
loan 120000
capital 80000
outflows:
drawings 35000
loan 23000 (presuming as it stated the $7000 payed back was interest WRONG)
net financing=142000
net increase(decrease) in cash = (4250)
add balance at start 15000
new balance (10750)
once again not confident here!!!
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hmmm the loan repayment 30000, would that be all principle or priciple + interest?
it said including 7000 interest so..... principle could be 23000 then i was wrong ><
but, im sure that admin exp does not include prepaid admin, so do not need to deduct it in profit and loss
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Wtf? It says including so yes it is $23000. wtf.
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Aww this makes me wish i could do accounting ...sigh :cry: stupid school, this seems so interesting lol
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Wtf? It says including so yes it is $23000. wtf.
exactly.. wtf vcaa, they have to be so damn tricky, why can't they give the information out normally. they don't give shits out this tricky in real life accounting
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I know Joe, i was thinking the same bloody thing! VCAA plays fricken mind games with you. TBH, VCE acc is not hard, if you can conquer VCAA ambiguity and its weird ass mind games you'll get 50.
I mean seriously, WTF?
I just hope, i can get 40, oh anyone, i would seriously die for a 40, just a 40, not a 48, oh gawd :(
ARRRGHHH!
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As a wise ice addict once put it - "Such is life"
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it's not even testing accounting knowledge anymore, fk vcaa is bullshit