Overall how did everyone find the Accounting Exam?

[Yitzi_K]

Even if the loan started 31st January, you could still have interest for January, if it's just charged at the 31st of every month.

Mate, that is a bit stupid don't you think. Interest for one day, I doubt that very much. You would have to calculate how much it is, the examiners would not expect you to do that unless it is specifically instructed.

Actually no, I don't think it's stupid. I never said interest for one day, I meant interest for the month. If the bank charges interest at the end of each month for the whole month, regardless of how long during the month you've had the loan. Otherwise, you're getting one day completely interest free.

[Syncness]

It said reports start at Feb 1st, therefore Jan is omitted.

Making it 5 months.

Damnit, I didn't see the Accrued Wages adjustment, I knew they put it there (highlighted it) but didn't figure out where to put it.

[LFTM]

It said reports start at Feb 1st, therefore Jan is omitted.

Making it 5 months.

Damnit, I didn't see the Accrued Wages adjustment, I knew they put it there (highlighted it) but didn't figure out where to put it.

Accrued wages?? what question is this? last bit?

[z1m2v3]

akirus - for the very first question (balance sheet extract), if you did everything except the accrued rent, how many marks would you lose?
because i think recording the accrued rent will also change the GST clearing figure by 200, so you'll have 3700 DR instead of 3500 DR

[mojomojo]

It said reports start at Feb 1st, therefore Jan is omitted.

Making it 5 months.

Damnit, I didn't see the Accrued Wages adjustment, I knew they put it there (highlighted it) but didn't figure out where to put it.

The one with like the firm pays wages on 17th of every month or something?

[Yitzi_K]

It said reports start at Feb 1st, therefore Jan is omitted.

Making it 5 months.

No they didn't. It says trading starts 1 Feb. Reports most definitely start during Jan, because you have to do a Balance Sheet at 31st Jan.

[Chavi]

Even if the loan started 31st January, you could still have interest for January, if it's just charged at the 31st of every month.

Mate, that is a bit stupid don't you think. Interest for one day, I doubt that very much. You would have to calculate how much it is, the examiners would not expect you to do that unless it is specifically instructed.

Actually no, I don't think it's stupid. I never said interest for one day, I meant interest for the month. If the bank charges interest at the end of each month for the whole month, regardless of how long during the month you've had the loan. Otherwise, you're getting one day completely interest free.

I don't think you're supposed to include 1 day's interest. The clear intention is to start incurring Interest from the start of the next month.

[Yitzi_K]

akirus - for the very first question (balance sheet extract), if you did everything except the accrued rent, how many marks would you lose?
because i think recording the accrued rent will also change the GST clearing figure by 200, so you'll have 3700 DR instead of 3500 DR

No, because the GST isn't paid until the rent is paid, which would be during February, so there is no effect on GST clearing.

[kayjay]

long and tiring. found first question quite difficult.

[LFTM]

It said reports start at Feb 1st, therefore Jan is omitted.

Making it 5 months.

No they didn't. It says trading starts 1 Feb. Reports most definitely start during Jan, because you have to do a Balance Sheet at 31st Jan.

lol lets just get someone elses opinion. wheres ilovemathsmeth?

[Akirus]

akirus - for the very first question (balance sheet extract), if you did everything except the accrued rent, how many marks would you lose?
because i think recording the accrued rent will also change the GST clearing figure by 200, so you'll have 3700 DR instead of 3500 DR

GST isn't recorded until you get the tax invoice, which they haven't.

[mojomojo]

Did anyone actually find the exam easy??

[Akirus]

Did anyone actually find the exam easy??

Easy, except for the question that shouldn't have been in there. =/

[LFTM]

Did anyone actually find the exam easy??

not me. it was better than 08 i think.

[LFTM]

With the very first question, how many marks would i receive if i did this:

Current Assets
Stock control 35 000
cash at bank 10 000

Non current Assets
Deliveryvan 20 000

Current liabilities
Accrued Rent 2000
loan             10 000

Noncurrent liabilities
loan 40 000