exam format!

[VampireKnight]

i was just wondering whether we can be penalised for our format. For example, do we have to show double underline for totals and balances and in the balance sheet what is the "correct" way to report non-current assets with their accumulated depreciation. AND for owner's equity my teacher tells me to use 3 columns even though we are only given 2 columns in the templates. 

[waldo777]

I don't think they are very strict on format. I wouldn't bother underlining anything and I certainly wouldn't draw in a third column. Although, you shouldn't just use the carrying value of a NCA in the balance sheet; always write the name of the NCA with the historical cost value in the one line and then less accumulated depreciation (note: acc.dep'n can be used) - name of NCA in the next line. Also, you should bracket the figure in the second line to indicate it being a negative.

[Hodgeyhodgey]

Although I'm pretty sure they're strict on the format of the Profit and Loss Statement, so just make sure you get everything in the right order and under the right headings.

[ivslt247]

i was wondering, for stock cards and such, is it necessary to show the TOTAL amount for both the stocks if theres 2 different prices? like one line you have 2 50 and then next you have 3 60 do you write 280 next to it? or do they not mind if u just total the individual prices. and also, for general ledgers stock gain and stock loss, do we need to do a subsidiary ledger entry for the line of stock? like, stock control debit stock gain credit then stock - blabla debit etc

[nacho]

check out the vcaa assessment reports and how they do it
just replicate their format if you are not sure, they won't mark themselves wrong lol

[benrattray]

With capital contributions in the Cash Receipts Journal, under details, do we say 'Capital' or 'Capital contribution'?

[Furbob]

for the cash journals - you can write "GST Clearing" for settlements/refunds

and for the journals/CFS - write "captial" and "loan", NOT "capital contribution" and "loan repayment"

[Hodgeyhodgey]

for the cash journals - you can write "GST Clearing" for settlements/refunds

and for the journals/CFS - write "captial" and "loan", NOT "capital contribution" and "loan repayment"

+1

This way you're writing the title of the ledger account. There's no such thing as a "Loan Repayment" account or "Capital Contribution" account so don't write them in the details.

[VampireKnight]

they put "loan repayment" in the CFS in the 2009 assessment report T__T

[luffy]

they put "loan repayment" in the CFS in the 2009 assessment report T__T

I think your actually allowed to say Loan Repayment in the Cash Flow Statement. That is why I always say "Loan (Repayment)" so that I can't get it wrong

[benrattray]

but not in the journals yeah?