Exam Discussion!

[Tragesty]

Also, what profit figure did everyone get?

For which question?

opening balance for stock was 16000DR if i recall correctly, not sure about creditors

Question 6c)
I'm up to Question 8 now. Doing this on Word is not fun at all. 8 pages so far

Well said Tragesty. Well said indeed.

Appreciate your effort to create solutions! I'll probably slap myself at my numerous mistakes, but live and learn.
And yeah I'm treating VCE more as an introduction to life than a be all and end all number, each to their own :/

For question 2 when calculating sundries cost of sales and discount expense has no affect on the calculation of sundries right?

Bank less 11,100 (debtors control less expense), exclude cost of sales, minus 9000 sales, minus 900 GST to give sundries balance I think.

[StumbleBum]

Also, what profit figure did everyone get?

For which question?

opening balance for stock was 16000DR if i recall correctly, not sure about creditors

Question 6c)
I'm up to Question 8 now. Doing this on Word is not fun at all. 8 pages so far

Well said Tragesty. Well said indeed.

Uhmmm just guesstimating here i think i remember 33700? probably wrong though had 2 lines extra instead of 1 :|

[sam.utute]

For question 2 when calculating sundries cost of sales and discount expense has no affect on the calculation of sundries right?

You had to reduce debtors by discount expense.

[olidons]

it was so messed up. the examiner was farting through the whole thing, so i couldnt concentrate properly. probably scraped 50/90 cause of that cunt

That happened to you as well? Those cunts. I'd be happy with 40/90!!

Fuck that's actually pretty loose ay! The examiner in my room took a quick vomit on my mate's paper! And then he started laughing at my mate! My mate said he'll be happy with a 12 study score in accounting now!

[Nima2703]

sam please tell me working out wrong will get consequential for final amount in 2 mark questions a and b

[abcdqdxD]

sam please tell me working out wrong will get consequential for final amount in 2 mark questions a and b

You will get consequential marks don't worry.

[Nima2703]

sam please tell me working out wrong will get consequential for final amount in 2 mark questions a and b

You will get consequential marks don't worry.

oh god thankyou so much thankyou so much i love you and youve got 1000 posts holy shit how do i give you respect or something!!! youre a fucking legend

[sam.utute]

sam please tell me working out wrong will get consequential for final amount in 2 mark questions a and b

You will get consequential marks don't worry.

oh god thankyou so much thankyou so much i love you and youve got 1000 posts holy shit how do i give you respect or something!!! youre a fucking legend

Yep, most probably will get consequential marks.

[Nima2703]

i got 86 then 84 then 82 and then 84 on exams and then i come and haev already lost 7 on prac let alone THEORY which i did well in i think but probly not and other prac things ohg od ((( i hate this just because i was so stressed i didnt look at dates properly i even told myself before

[sam.utute]

i got 86 then 84 then 82 and then 84 on exams and then i come and haev already lost 7 on prac let alone THEORY which i did well in i think but probly not and other prac things ohg od ((( i hate this just because i was so stressed i didnt look at dates properly i even told myself before

The theory was a little more straightforward this year.
A bit easier compared to previous years, but made difficult by the sheer quantity that you had to write.

[quietacheiver]

in the 5 mark theory question...... discuss arguments for and against (the business) using control account systems for both creditors and debtors...

did anyone talk about how they should also use subsidiary to improve accuracy by creating a cross checking mechanism between the control account and the debtors/creditors schedule?
or were you not meant to talk about subsidiary at all???
cheers

[StumbleBum]

I just said "if they used" subsidiary ledgers it could help with cross checking, you wouldn't lose marks for saying it though I wouldn't think

[Nima2703]

in the 5 mark theory question...... discuss arguments for and against (the business) using control account systems for both creditors and debtors...

did anyone talk about how they should also use subsidiary to improve accuracy by creating a cross checking mechanism between the control account and the debtors/creditors schedule?
or were you not meant to talk about subsidiary at all???
cheers

yes that's one mark

[Tragesty]

I did;

Allocation of responsibility, 1 perosn for control accounts and 1 for subsidiary ledgers, improves efficiency
Cross checking with schedule
Ease of reporting - only have to report total balance of control accounts for balance sheet, instead of every debtor/creditor
However, the business only had 1 creditor, so it may be unnecessary and create unneeded work for the business
The use of control accounts will result in more work (and may result in increased wages expense for employees)
Computer system may be implemented to handle extra work but it wouldn involve considerable outlay of cash

Here's hoping that at least covers the question -_-

[sam.utute]

^ Biggest issue for that question was the fact that they only had one supplier.