How did everyone go?! Thoughts?

[soggie]

the sales revenue gets closed to the profit and loss summary bad luck, i think it should be 37200

I obviously meant rent revenue should be closed not prepaid rent revenue

[iderf]

what are you guys talking about? the accounting exam stunk......coz i took a dump on it. MUHAHAHAA

[soggie]

Did everyone include the $10000 trade in allowance in the general journal, 2.3.1

[Furbob]

yeah I did

Delivery Vehicle                     
Prepaid Insurance Exp
GST Clearing
   Sundry Creditor - King Motors

Sundry Creditor - King Motors
   Disposal of Delivery Vehicle

AMIDOINITRITE

[Anon123]

ofc

[soggie]

In terms of the 'other expense question'
you would have also have had to deduct the sales return from question 1.1.1 in order to make net sales
there is no way this is for one mark

[Anon123]

In terms of the 'other expense question'
you would have also have had to deduct the sales return from question 1.1.1 in order to make net sales
there is no way this is for one mark

vcaa is fucking with you. why do you act surprised?

[soggie]

vcaa clearly had no intention of that information from 1.1.1 being carried forward. they arent fucking with me, they are just retarted

[mikesguns]

isnt total sales net sales

[Furbob]

for the "Other Expenses" question

Sales were given as 320,000 or something (meh, lets just call it that)

GPR = Gross NP / 320,000 = 30% ---> go figure out Gross NP
NPR = NP / 320,000 = 10% ----> go figure out NP

NP - Gross NP = Other Expenses... right? D:

cant remember the figures exactly but that's what had to be done no?

[_avO]

isnt total sales net sales

Total sales = credit + cash sales
Net sales = Total sales - sales returns

[nacho]

everytime i come back to this thread i realise i forgot something =.=

[Anon123]

everytime i come back to this thread i realise i forgot something =.=

yeah i really need to get banned,

after exam: yeah did alright
now: whfi8hweo2aghiioegw3etg

[mikesguns]

same haha i noticed with the rent rev i forgot to put jan in so i had 34200 instead of 37200, stupid oh well

[24309]

This is what i did but i didnt include the stock write down and stuff cos it seemed that wouldve made it too confusing for a 1 mark questiom
Sales was 320000
GP was 30% so 96000

NP was 10% of sales so 320000

so i just did 96000-32000 = 64000 other expenses