VCE Accounting Exam 2016 discussion

[Cornrow Kenny]

Quick question. If you get the qualitative characteristic or the accounting principle wrong, but explain it correctly, can you still receive marks? Or do you need the QC and AP to be correct to receive any?

If you explain it correctly, how can it be wrong? If the explanation is not relevant to the question then I assume you wouldn't receive marks but not sure.

[Classof2016]

Finished the exam but rushed through Q9 and theory which led to mistakes. Does anyone know what the cross reference for the trade in was? There was no sundry creditor so I just left it as bank.

Not talking about question 6 are you?

I'm pretty sure the cross reference was bank. I hope it was.

[SexGodDosia]

Not talking about question 6 are you?

I'm pretty sure the cross reference was bank. I hope it was.

How can it be bank though if nothing went in or out of it, Asset removed, credit not cash received, a trade in only affects the creditors account, it doesn't affect yours. If it was cash disposal it would of been bank

[Cornrow Kenny]

How can it be bank though if nothing went in or out of it, Asset removed, credit not cash received, a trade in only affects the creditors account, it doesn't affect yours. If it was cash disposal it would of been bank

That was my thinking but it wasn't clear. There was no name for the sundry creditor and the purchase was on cash which I haven't seen before when it was a trade in. Like I said above I said Sundry creditor but my teacher says it doesn't matter what you said.

[Classof2016]

How can it be bank though if nothing went in or out of it, Asset removed, credit not cash received, a trade in only affects the creditors account, it doesn't affect yours. If it was cash disposal it would of been bank

True. But I only really put that because there was no mention of any sundry creditor.

[postera]

True. But I only really put that because there was no mention of any sundry creditor.

Not that it matters- I didn't perform well in this particular question on the whole- but I also used Bank as the cross-reference. I did this for the same reason: the additional information specified that the outstanding/remaining balance was paid via cash (and not credit).

[Spelfy]

Anyone have the values for 9a?

[vce1]

Anyone have the values for 9a?

cash received from debtors: 225000
Payments to creditors: 121450
GST paid: 1500

That's what I got when I did them again. Not sure if they're correct.

[vce1]

How can it be bank though if nothing went in or out of it, Asset removed, credit not cash received, a trade in only affects the creditors account, it doesn't affect yours. If it was cash disposal it would of been bank

If the trade in is decreasing the amount of cash paid for the new asset, could it be that the business pays the full amount, and then receives cash for the trade in, hence the cross reference would be bank?

Also, Question 4a, what did everyone get for depreciation of the vehicle? Because the reporting period was 6 months, I depreciated it to Jan 1 and then depreciated again on the new carrying value to June 30. Not sure if this was meant to be a trick question or if I overcomplicated it.

[omcgil15]

If the trade in is decreasing the amount of cash paid for the new asset, could it be that the business pays the full amount, and then receives cash for the trade in, hence the cross reference would be bank?

Also, Question 4a, what did everyone get for depreciation of the vehicle? Because the reporting period was 6 months, I depreciated it to Jan 1 and then depreciated again on the new carrying value to June 30. Not sure if this was meant to be a trick question or if I overcomplicated it.

Depreciation --> June 1 2015 - June 30 2015 = $2000
Depreciation --> July 1 - Dec 30 = (120000 - 2000) x 0.2 = 23,600 / 2 = $11,800
Depreciation --> Jan 1 - June 30 2016 (what we want) = (118,000 - 11,800) x 0.2 = 21,240 / 2 = 10,620

Therefore $10,620

[SexGodDosia]

Depreciation --> June 1 2015 - June 30 2015 = $2000
Depreciation --> July 1 - Dec 30 = (120000 - 2000) x 0.2 = 23,600 / 2 = $11,800
Depreciation --> Jan 1 - June 30 2016 (what we want) = (118,000 - 11,800) x 0.2 = 21,240 / 2 = 10,620

Therefore $10,620

If we didn't get the depreciation amounts but did right accounts (Dep/acc dep) do we still get 1 mark or get 0 assuming
that entry has 2 marks

Also for 9A)

Apart from the marks for getting right answer, where are the other marks allocated, id assume it would be if you account for x you get 1 mark. As it didn't ask you to actually create the account id assume its got a combination between your working as well as your end result if you didn't get the right answer, i.e. you got 210,000 for Payments from debtors, you missed 1 thing, you get 2 marks; etc Would i be right in saying this or does anyone else have any ideas.

[omcgil15]

If we didn't get the depreciation amounts but did right accounts (Dep/acc dep) do we still get 1 mark or get 0 assuming
that entry has 2 marks

Also for 9A)

Apart from the marks for getting right answer, where are the other marks allocated, id assume it would be if you account for x you get 1 mark. As it didn't ask you to actually create the account id assume its got a combination between your working as well as your end result if you didn't get the right answer, i.e. you got 210,000 for Payments from debtors, you missed 1 thing, you get 2 marks; etc Would i be right in saying this or does anyone else have any ideas.

Yeah 1 mark is allocated to the correct accounts, and the other mark for the correct amounts, so you will definitely get 1

Yeah if your figure is wrong, but the assessor can identify some correct working then you could absolutely achieve up to 4/5 for the creditors question and 2/3 for the debtors. If you showed an account reconstruction it would make it easier for the assessor to allocate you more marks, but even if you didn't, as long as your working is clear and logical, you will be fine.

[SexGodDosia]

Yeah 1 mark is allocated to the correct accounts, and the other mark for the correct amounts, so you will definitely get 1

Yeah if your figure is wrong, but the assessor can identify some correct working then you could absolutely achieve up to 4/5 for the creditors question and 2/3 for the debtors. If you showed an account reconstruction it would make it easier for the assessor to allocate you more marks, but even if you didn't, as long as your working is clear and logical, you will be fine.

Ok thanks
Just thinking bout that question now id assume,

1 mark for accounting for Discount rev
1 mark for accounting of GST on stock purchases
1 mark for accounting for stock purchases
2 marks for answer

[omcgil15]

Ok thanks
Just thinking bout that question now id assume,

1 mark for accounting for Discount rev
1 mark for accounting of GST on stock purchases
1 mark for accounting for stock purchases
2 marks for answer

They would also probably like some working from the stock control account, as that is where you find your stock purchases amount

[vce1]

Predictions for A+ cutoff?