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July 21, 2026, 09:50:03 pm
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Author Topic: VCAA Accounting 2008 Q2.3  (Read 1718 times)  Share 

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naved_s9994

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VCAA Accounting 2008 Q2.3
« on: June 01, 2010, 04:53:43 pm »
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Okay, I got 5/7 for this question.
The two marks I lost, were for actually working out the depreciated of the vehicle (and then obviously placing that value into the General Journal - I put a completely different value for that bit!).

Could anyone please show how to work that particular question. Just the calculation of the depreciation, not the General Journal stuff.

Thanks
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LFTM

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Re: VCAA Accounting 2008 Q2.3
« Reply #1 on: June 01, 2010, 05:12:12 pm »
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0.2x30000=6000 (20% p.a)


6000/12= 500 (1 month depn)
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LFTM

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Re: VCAA Accounting 2008 Q2.3
« Reply #2 on: June 01, 2010, 05:17:14 pm »
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I thought the hardest part of this question was calculating the insurance expense. So, when it says before any adjusting entries, the balance in the prepaid insurance account was $4720, it actually means they added the 3600 that was paid.
Can someone explain why they claim no adjusting entries were made yet they added the 3600 to the prepaid account.
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TyErd

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Re: VCAA Accounting 2008 Q2.3
« Reply #3 on: June 01, 2010, 05:33:52 pm »
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the year ends at 30 June 2008 so the last reports were made 1 July 2007, from july - october was the insurance for the old policy which is 1120 adds to the prepaid insurance because its a new reporting period. So before we use the new insurance policy we have to use the old insurance so 1120 + new insurance (3600/12) * 8months = 2400. So 1120+2400=3520.

It probably doesnt answer your question but yeah it might help some one :)
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naved_s9994

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Re: VCAA Accounting 2008 Q2.3
« Reply #4 on: June 01, 2010, 05:37:19 pm »
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Quote from: LFTM on June 01, 2010, 05:12:12 pm
0.2x30000=6000 (20% p.a)


6000/12= 500 (1 month depn)

Yea I can understand that, but where in the question does it ask for "Monthly", or the "month" of depreciation?
No where?
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TyErd

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Re: VCAA Accounting 2008 Q2.3
« Reply #5 on: June 01, 2010, 05:40:03 pm »
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you transfered your vehicle into the business on the 1 June 2008, and it says prepare reports on 30 June 2008. Thus depreciation for 1 month
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LFTM

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Re: VCAA Accounting 2008 Q2.3
« Reply #6 on: June 01, 2010, 05:40:13 pm »
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yeah i get how you work out the question now, but i just got really confused when they said no adjusting entries were made but they added the 3600 to the prepaid account.
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TyErd

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Re: VCAA Accounting 2008 Q2.3
« Reply #7 on: June 01, 2010, 05:41:45 pm »
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understandable the question is a bit vague
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naved_s9994

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Re: VCAA Accounting 2008 Q2.3
« Reply #8 on: June 01, 2010, 05:41:54 pm »
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Quote from: TyErd on June 01, 2010, 05:40:03 pm
you transfered your vehicle into the business on the 1 June 2008, and it says prepare reports on 30 June 2008. Thus depreciation for 1 month

OHHHHHHHHH OHHHHHHHH !!!!

7/7 ! YAY
Thanks Tyred :)
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TyErd

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Re: VCAA Accounting 2008 Q2.3
« Reply #9 on: June 01, 2010, 05:42:32 pm »
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No probs
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naved_s9994

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Re: VCAA Accounting 2008 Q2.3
« Reply #10 on: June 01, 2010, 05:43:25 pm »
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That was soo out there!
I dont understand why I didn't pick but anyway, thanks :)
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LFTM

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Re: VCAA Accounting 2008 Q2.3
« Reply #11 on: June 01, 2010, 05:55:38 pm »
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only 4% of people got full marks for this question.
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naved_s9994

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Re: VCAA Accounting 2008 Q2.3
« Reply #12 on: June 01, 2010, 05:57:53 pm »
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Yep. Terrible. Its not hard, just worded incorrectly I think.
Wording is deceptive.
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