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August 28, 2025, 09:47:30 am
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Author Topic: Q 2.1.3  (Read 6366 times)  Share 

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phanphy

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Q 2.1.3
« on: June 08, 2010, 05:32:13 pm »
2010 exam was pretty tricky...

Equipment      850
   Stock Control      850
Equipment      350
GST Clearing      35
   Sundry Creditor      385

I transferred the stock to the equipment account
Then included the installation cost as part of the cost of the asset (equipment)
Leaving the value of the equipment at 1200.

What did everyone else get?
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rudaid

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Re: Q 2.1.3
« Reply #1 on: June 08, 2010, 05:36:06 pm »
I think it was meant to be

Equipment 350
GST Clearing 35
    Sundry Creditor - Joe or whatever           385
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vidang

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Re: Q 2.1.3
« Reply #2 on: June 08, 2010, 05:36:19 pm »
yours looks about right
i only got the first part :\

Equipment      850
   Stock Control      850

forgot what i did for 2nd but think mine was wrong LOL
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Raahem

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Re: Q 2.1.3
« Reply #3 on: June 08, 2010, 05:52:56 pm »
but credit transactions don't belong in the general journal! it had an invoice number :S
hmmm

and is the equipment non-current asset $850, or is it $850 + $350? i thought 1 off payments do not get included. oh well what's done is done.
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phanphy

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Re: Q 2.1.3
« Reply #4 on: June 08, 2010, 05:55:28 pm »
Quote from: Raahem on June 08, 2010, 05:52:56 pm
but credit transactions don't belong in the general journal! it had an invoice number :S
hmmm

and is the equipment non-current asset $850, or is it $850 + $350? i thought 1 off payments do not get included. oh well what's done is done.

credit purchases of non current assets are in the general journal...
only of stock are in special journals

the value should include the $350 as it's a cost incurred in getting the asset into a condition and location ready for use.
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Schroeder

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Re: Q 2.1.3
« Reply #5 on: June 08, 2010, 06:06:52 pm »
Damn! Mines wrong! I put:

Equipment                850
     Stock control             850
Installation              350
GST clearing              35
      Sundry Creditor          385
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ks04

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Re: Q 2.1.3
« Reply #6 on: June 08, 2010, 06:07:59 pm »
Quote from: phanphy on June 08, 2010, 05:32:13 pm
2010 exam was pretty tricky...

Equipment      850
   Stock Control      850
Equipment      350
GST Clearing      35
   Sundry Creditor      385

This is what i did, but merged the two equipment entries into one line and just wrote creditor - Joe's plumbing services rather then sundry creditor
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kakar0t

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Re: Q 2.1.3
« Reply #7 on: June 08, 2010, 06:12:10 pm »
Doesn't the installation become a part of the cost of the asset because it is a one-off cost made in order to get the "equipment" into a position to earn revenue?
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Schroeder

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Re: Q 2.1.3
« Reply #8 on: June 08, 2010, 06:19:22 pm »
Quote from: kakar0t on June 08, 2010, 06:12:10 pm
Doesn't the installation become a part of the cost of the asset because it is a one-off cost made in order to get the "equipment" into a position to earn revenue?

Yes exactly, that's why its wrong...
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kakar0t

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Re: Q 2.1.3
« Reply #9 on: June 08, 2010, 06:29:09 pm »
And the whole thing does not involve any flows of cash, therefore it is all recorded in the general journal

fuck i love the final 5 minutes of an exam where i can pick up 6-7 marks from randomly attacking questions
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mojomojo

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Re: Q 2.1.3
« Reply #10 on: June 08, 2010, 06:30:24 pm »
i wrote Accrued instead of Sundry Creditor
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Akirus

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Re: Q 2.1.3
« Reply #11 on: June 08, 2010, 06:39:44 pm »
What is a sundry creditor even doing in the exam anyway...
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LFTM

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Re: Q 2.1.3
« Reply #12 on: June 08, 2010, 06:47:42 pm »
Quote from: Akirus on June 08, 2010, 06:39:44 pm
What is a sundry creditor even doing in the exam anyway...

lol.. i reckon
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Yitzi_K

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Re: Q 2.1.3
« Reply #13 on: June 08, 2010, 06:53:06 pm »
Isn't sundry creditors unit 4?

I hadn't a clue about sundry creditor stuff, I just put creditors control then a subsidiary creditor for Joe's plumbing
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Syncness

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Re: Q 2.1.3
« Reply #14 on: June 08, 2010, 07:06:10 pm »
Wtf is Sundry even doing there.

It's a creditor and when it's paid, it goes in the creditor column.

Though it's classified as a Sundry, it's classified as a creditor before that.
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