Account Reconstructions - My General Ledger Templates

[Kuchiki]

Definitely a mistake, because no Cost of Sales is determined for a Deposit (Prepaid Sales Revenue). When the Deposit converts into a Sale, that is the only time when the Cost of Sales is determined. Can't have a Cost of Sales figure for a deposit. So yeah, its a mistake. 

I'm not sure what your textbook says exactly, but you can have a third Cost of Sales figure in the Stock Control template if you decide to record the Cost of Sales in the General Journal when you make the General Journal entry to decrease Prepaid Sales Revenue and increase Sales Revenue (alternatively, you could record the whole Cost of Sales in the Sales Journal, but you can also record Cost of Sales in the General Journal for the proportion of inventory sold that corresponds to the deposit).

[Damoz.G]

I'm not sure what your textbook says exactly, but you can have a third Cost of Sales figure in the Stock Control template if you decide to record the Cost of Sales in the General Journal when you make the General Journal entry to decrease Prepaid Sales Revenue and increase Sales Revenue (alternatively, you could record the whole Cost of Sales in the Sales Journal, but you can also record Cost of Sales in the General Journal for the proportion of inventory sold that corresponds to the deposit).

I understand what you mean, but the VCAA Exams don't do that. They put the whole Cost of Sales figure in the Sales Journal, so its best to stick with that format instead.

[Kuchiki]

I understand what you mean, but the VCAA Exams don't do that. They put the whole Cost of Sales figure in the Sales Journal, so its best to stick with that format instead.

Well, in past Assessor's Reports, they've said that they accept both methods.

Just for people who've been doing it this way throughout the year (and to clear up why you can have three Cost of Sales figures on the credit side of the Stock Control ledger), they should know that it's not incorrect.

[Damoz.G]

Well, in past Assessor's Reports, they've said that they accept both methods.

Just for people who've been doing it this way throughout the year (and to clear up why you can have three Cost of Sales figures on the credit side of the Stock Control ledger), they should know that it's not incorrect.

Hmmm...I'm a bit worried about that, because Neville Box didn't say anything about that in last year's Exam 2 Examiner's Report. =/

Do you think with the new Study Design coming in last year, that they changed it where you can only have the Cost of Sales figure in the Sales Journal?

[Kuchiki]

Hmmm...I'm a bit worried about that, because Neville Box didn't say anything about that in last year's Exam 2 Examiner's Report. =/

Do you think with the new Study Design coming in last year, that they changed it where you can only have the Cost of Sales figure in the Sales Journal?

That's the way I was taught; it was how I did it on my exam last year and I didn't lose marks on that question, so I don't think they're too fussed. The reports aren't always very detailed (and just personally, after using the Neville Box textbook last year, I don't hold the highest opinion of him).

[Damoz.G]

That's the way I was taught; it was how I did it on my exam last year and I didn't lose marks on that question, so I don't think they're too fussed. The reports aren't always very detailed (and just personally, after using the Neville Box textbook last year, I don't hold the highest opinion of him).

Fair enough I guess.

HAHA! Yeah, someone posted yesterday (I think it was abcdqdxD) that there was a mistake in his book, and all of the Accounting students who studied using his textbook all made the same mistake on the Exam and got penalised. Oh dear... =/

[Kuchiki]

HAHA! Yeah, someone posted yesterday (I think it was abcdqdxD) that there was a mistake in his book, and all of the Accounting students who studied using his textbook all made the same mistake on the Exam and got penalised. Oh dear... =/

Haha, glad that didn't happen in my year. But yeah, just general formatting/paragraphing/colour-coding/explanations in the textbook weren't very clear. Our school used Cambridge when I was in Year 11 (so I got to use it for Units 1/2, and it was fantastic), but then they decided to switch to Macmillan in our year. After many complaints, they decided to switch back to Cambridge this year.

[abcdqdxD]

I'm not sure what your textbook says exactly, but you can have a third Cost of Sales figure in the Stock Control template if you decide to record the Cost of Sales in the General Journal when you make the General Journal entry to decrease Prepaid Sales Revenue and increase Sales Revenue (alternatively, you could record the whole Cost of Sales in the Sales Journal, but you can also record Cost of Sales in the General Journal for the proportion of inventory sold that corresponds to the deposit).

Yeah this is how I learnt it as well.

[EvoFusion]

Why cant i open the links anymore it says "error 404 not found'