how did everybody go?

[nikinoo]

oh and also, did u get a profit or loss on the disposal of the delivery van ?

[sdhains]

oh and also, did u get a profit or loss on the disposal of the delivery van ?

I got a fairly large loss. The service life of the asset was estimated to be 4 years but it was sold after 2 and 3 months.

[nikinoo]

nah.. wasnt it
they told it after 2 years and 3 months i thought.

bought it in 1 oct 2008 and sold it in 31 dec 2010..

[charley]

did anyone find that they left a line out of the template for the sales return and purchases return ??
a lot of people from my school found that..
confused so many of us that we left an entry out to make it fit the template.
stupid vcaa

We just all drew in an extra line because it had been drilled into us 4/6 accounts so to give us only 9 lines was stupid.
I thought the exam was simple but now going over it there seems to have been a lot of little tricks (most of which i seemed to have fallen for)

Is there anywhere we can get a copy of the answers soon cos i wrote most of the major answers down in my question book to check?

[mtwtfss]

nah.. wasnt it
they told it after 2 years and 3 months i thought.

bought it in 1 oct 2008 and sold it in 31 dec 2010..

farkkkkkkk i just did 3 months :\
readdatesreaddatesreadatesdammit!

[nikinoo]

gosh i hate my school !

had no idea, once again, that there was a chance lines could be left out. sooooo sucky.

[Nelle]

I didn't worry about including cost of sales and stock control for the sales return because i believe with return of stock by debtors you use last out first in. Therefore, you don't know the cost of sales for the return without the stock card. .
Whereas for purchase return you know the value returned therefore, you can state the amount returned to supplier. 

I'm not too sure if this right though.
Did anyone do the same as me?

[rnolan304]

I didn't worry about including cost of sales and stock control for the sales return because i believe with return of stock by debtors you use last out first in. Therefore, you don't know the cost of sales for the return without the stock card. .
Whereas for purchase return you know the value returned therefore, you can state the amount returned to supplier. 

I'm not too sure if this right though.
Did anyone do the same as me?

You had to include the cost of sales as the value of the purchase return. as the question clearly stated that both documents related to "A STOCK ITEM FOUND TO BE DAMAGED". Idiot.

[plbuck]

I didn't worry about including cost of sales and stock control for the sales return because i believe with return of stock by debtors you use last out first in. Therefore, you don't know the cost of sales for the return without the stock card. .
Whereas for purchase return you know the value returned therefore, you can state the amount returned to supplier.  

I'm not too sure if this right though.
Did anyone do the same as me?

The cost of sales would be the same as the purchases return. Because its the amount the business paid from the supplier.

[unknown12]

^^^
I put it as a prepaid expense.

For the deposit, in 1.5.3 I put:
 Debit Prepaid sales revenue 200
Credit : Sales revenue 200

Debit COS 120
Credit: Stock control 120 ----- Wasnt sure whether I needed to put this in

Then in the reciepts
COS 1380 Sales 2300 GST 250

You are wrong with the cost of sales in the general journal, there was no exchange of goods when the deposit was receieved, therefore no cost of sales have been incurred. There should be 1500 COS in the sales journal. Idiot.

That is actually the adjusting entry to record the exchange of goods, hence cost of sales is required, IDIOT.

[mtwtfss]

Could somebody please tell me if im wrong or right with these answers:

1.2.1: $10,530
1.2.3: $400
1.3.1: $20
1.4.2: increase in sales at a greater rate than the increase in net profit and an increase in hourly wage rates
1.5.2: CFS operating inflow
balance sheet CL
1.5.3: GJ:
200 prepaid rev
        200 sales
sales journal:
COS: 1500 Sales: 2300 GST: 250 Total debtors: 2550

2.1.1: purchase return
2.1.2: original
2.2.1: cash collected from debtors: 597,200
cash paid to creditors: 325,000
rent revenue recieved: 24,000 (kinda weird, cos they predicted 24,000 rent revenue, but predicted to recieve in cash only 22,000...probs stuffed this up)
2.3.2: variance of 1000 favourable
2.4.3: interest cover

[chewybacca]

If someone can post the exam, I can take a look at any tricky questions if people want.

I'm a lot more organised and prepared this semester (for my exams)

http://vcenotes.com/forum/index.php/topic,19241.msg193963.html#msg193963

For the deposit, in 1.5.3 I put:
 Debit Prepaid sales revenue 200
Credit : Sales revenue 200

Debit COS 120
Credit: Stock control 120 ----- Wasnt sure whether I needed to put this in

Then in the reciepts
COS 1380 Sales 2300 GST 250

As for 1.5.3.:
To be honest, haven't used sales journals for ages, but I would think COS would be 1500 (in the SJ)? I wouldn't think you'd need to separate the 120 (COS/Stock Control) to the GJ...

[nikinoo]

I didn't worry about including cost of sales and stock control for the sales return because i believe with return of stock by debtors you use last out first in. Therefore, you don't know the cost of sales for the return without the stock card. .
Whereas for purchase return you know the value returned therefore, you can state the amount returned to supplier.  

I'm not too sure if this right though.
Did anyone do the same as me?

You had to include the cost of sales as the value of the purchase return. as the question clearly stated that both documents related to "A STOCK ITEM FOUND TO BE DAMAGED". Idiot.

Don't you dare call me an idiot!

So you presume that the VCAA are so dumb that they will forget to include an extra line to finish off the general journal for these transactions.  

actually to go against what i said before..
i did do a VCAA exam.. forgot what year and the left a few lines off.. so i guess they are stupid once again.
gah. im so silly ! LOLLL
x

[nbalakers24]

they always leave out lines to confuse students

[rnolan304]

^^^
I put it as a prepaid expense.

For the deposit, in 1.5.3 I put:
 Debit Prepaid sales revenue 200
Credit : Sales revenue 200

Debit COS 120
Credit: Stock control 120 ----- Wasnt sure whether I needed to put this in

Then in the reciepts
COS 1380 Sales 2300 GST 250

You are wrong with the cost of sales in the general journal, there was no exchange of goods when the deposit was receieved, therefore no cost of sales have been incurred. There should be 1500 COS in the sales journal. Idiot.

That is actually the adjusting entry to record the exchange of goods, hence cost of sales is required, IDIOT.

Sorry, I will correct myself, if you have the sales journal available to record cost of sales, then there is no reason to put it in the general journal. The total amount should be recorded here, as there is no cost of sales directly linked to the prepaid sales revenue.