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March 24, 2026, 03:26:31 pm
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Author Topic: VCAA 2008 Exam - Prepaid sales revenue  (Read 866 times)  Share 

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boppyhead

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VCAA 2008 Exam - Prepaid sales revenue
« on: October 02, 2011, 02:17:25 pm »
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I'm a bit confused with prepaid sales revenue and how to record it.

In the vcaa 2008 exam (question 2.3.2) the GST ammount in the sales journal is $550. This only accounts for the sales revenue in the sales journal and not the amount in the general journal. So i think that it should actually be $750.

This is what is done in the vcaa 2009 exam where they account for the GST (for both the sales in the Sales Journal and General Journal) in the Sales Journal.

What do you guys think?
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abzzzz

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Re: VCAA 2008 Exam - Prepaid sales revenue
« Reply #1 on: October 02, 2011, 02:43:18 pm »
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In the general journal the prepaid sales is only for 4 beds as these have been prepaid. In the sales journal the sales are 5500 which is worked out by 500x11
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boppyhead

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Re: VCAA 2008 Exam - Prepaid sales revenue
« Reply #2 on: October 03, 2011, 02:37:34 pm »
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Yeah but where do you record all the GST?
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