VCE Accounting Exam Suggested Solutions

[sam.utute]

Thought I would make a separate thread so people don't have to search through 11 pages to find the link.

Suggested solutions can be found here:
VCAA 2012 Mid-Year Exam Solutions

If you don't have Facebook, then the solutions can be found here:
VCE Accounting Unit 3 Suggested Solutions

Use these as a guide only!
Feel free to post corrections and questions on the Facebook page or in the other exam discussion threads

I will have the answers to the VCAA 2012 Sample Unit 4 Exam up in a few weeks as well

I hope you all did really well!
Sam

[BoredSatan]

I've gone through and checked this guys so there shouldnt be any errors

hopefully

[Tittan99]

With the question relating to "appropriate uses of the pre-ajusted trial balance" i said that it wouldnt be apropriate for the cash flow statement because of correcting entries, what are your thoughts?

[katN_1112]

oops i think solution for question 2d is not really a good response . That question worth 4 mark. they require a better response for that

[katN_1112]

QUESTION 3C, STOCK loss need to be subtracted from gross profit to calculate adjusted profit as well

[sam.utute]

QUESTION 3C, STOCK loss need to be subtracted from gross profit to calculate adjusted profit as well

I subtracted the $60 stock loss (the structure of the answer is a little weird)
Adjusted Gross Profit = 1612 - 60 = $1552

[katN_1112]

what about question 1. according to the solution. the whole information about 20000$ loan is totally ignored . It should be recorded as part of the liability isnt it? I understand the owner can use the loan as the contribution to the business so you can treat it as capital fund. but it $20000. you cannot completely leave it out like that

[BoredSatan]

what about question 1. according to the solution. the whole information about 20000$ loan is totally ignored . It should be recorded as part of the liability isnt it? I understand the owner can use the loan as the contribution to the business so you can treat it as capital fund. but it $20000. you cannot completely leave it out like that

You could have put it in the cash receipts journal.. We arent sure how much room was given (if there was more than 3 lines missing if that wasnt put in then yes put it in). But if you had to go over then obviously it shouldnt be in there

[Nima2703]

what about question 1. according to the solution. the whole information about 20000$ loan is totally ignored . It should be recorded as part of the liability isnt it? I understand the owner can use the loan as the contribution to the business so you can treat it as capital fund. but it $20000. you cannot completely leave it out like that

You could have put it in the cash receipts journal.. We arent sure how much room was given (if there was more than 3 lines missing if that wasnt put in then yes put it in). But if you had to go over then obviously it shouldnt be in there

I'm pretty sure there were 7 lines, if not, 7 minimum