How did you find the exam?

[Nima2703]

please tell me if theres any way question 9 can be capital ledger in OE no effect :///

[Nima2703]

sam please tell me liabilities extract. did you get 5 stock loss in the stock card?

Yep, 5 lost.
Liabilities was only GST, Loan, Creditors I think.
Solutions will be up in a few minutes. You can critique my answers then

but bank was credit bal. in trial balance :/ and they only gave 2 marks for that ASSHOLES FUCK

Nice! Did you put it in the Liabilities section?

Yes but ive lost at least 8 on prac (( i made a theory book with q and answers 50 of them and knew all and answered every theory filled every box full shit and answered importantly :/// i cant risk anymore prac mistakes i cant believe stupid mistakes i made

[DiMennzzaa]

For the correcting entry was it

Cartage outward 900
GST clearing 90
Discount revenue    --------- 990




'??

Yep, got the same as you!

Same here

Well at least i got something right! lol

[Tragesty]

If you had assets increasing and liabilities decreasing, OE would have no effect but given the question there would've been a decrease effect due to payment of wages expense (reducing net profit).

[Nima2703]

but its accrued wages so the expense would have been incurred on 29th june :/ payment only decreases accrued thats what i did

[Tragesty]

Bank decreased by $19600, however of that $19600, $2400 would have been for accrued wages payed off ($1400 per day x 2), the remainder would have been as a wages expense for the current reporting period.

[sam.utute]

Solutions have been proofed by Huss48 and _avO and will be up at:
http://connecteducation.com.au/exam-answers.html
in about 5-10 minutes

Thank you to everyone who contributed

[Nima2703]

Bank decreased by $19600, however of that $19600, $2400 would have been for accrued wages payed off ($1400 per day x 2), the remainder would have been as a wages expense for the current reporting period.

but the question says payment on 12 JULY for $19700 COVERING 29 june to 12 july :// please look at this question sam and thanks heaps

[Bill Ding]

  at all the mistakes i've made

[Tragesty]

Bank decreased by $19600, however of that $19600, $2400 would have been for accrued wages payed off ($1400 per day x 2), the remainder would have been as a wages expense for the current reporting period.

but the question says payment on 12 JULY for $19700 COVERING 29 june to 12 july :// please look at this question sam and thanks heaps

Sam's solutions will be up shortly to see what was required of each question

[DiMennzzaa]

#YOLO

[Nima2703]

someone go through q 9 really carefully ( shit i put 7% disc expense instaed of 3 lke an idiot thats only 1 mark yeh cause bank is consequential?>

[sam.utute]

Bank decreased by $19600, however of that $19600, $2400 would have been for accrued wages payed off ($1400 per day x 2), the remainder would have been as a wages expense for the current reporting period.

but the question says payment on 12 JULY for $19700 COVERING 29 june to 12 july :// please look at this question sam and thanks heaps

I agree with Tragesty. Part of the payment covers a different reporting period (the current one) so must be treated as an expense.

IMPORTANT: If anyone spots any errors in the solutions, please let me know ASAP. While I've gotten a few people to check them, it's possible we missed something.
I'll make the changes necessary so that no one stays confused for too long.

[Nima2703]

Bank decreased by $19600, however of that $19600, $2400 would have been for accrued wages payed off ($1400 per day x 2), the remainder would have been as a wages expense for the current reporting period.

but the question says payment on 12 JULY for $19700 COVERING 29 june to 12 july :// please look at this question sam and thanks heaps

I agree with Tragesty. Part of the payment covers a different reporting period (the current one) so must be treated as an expense.

IMPORTANT: If anyone spots any errors in the solutions, please let me know ASAP. While I've gotten a few people to check them, it's possible we missed something.
I'll make the changes necessary so that no one stays confused for too long.

I don't understand. the question says a payment made on 12th of july :// it says on 28 june 14 days was paid yes that means every 14 days they pay for accrued wages which is 1400 per day and 12 july they paid next one which means accrued decrease and bank and capital no effect i wrote ((

[sam.utute]

That payment covers WAGES EXPENSE from July 1, and also covers ACCRUED WAGES for the last two days of June.
The amount is split between the two.
I think this is the key bit: Payments during the period (e.g. in the middle of the month) will be treated as expenses, and only the portion that is for another period will be treated differently.