what was the length of the reporting period in 1.1

[FredBear]

Was it 5 months or 6?

[kakar0t]

6 because the business commenced on January but start trading in Febuary (the tricky bit)

[Albeno69]

aw it only mattered for the depreciation in the p&L summary?

[Raahem]

yeah depreciation was of 6months, i got $1200 
 [now someone will either confirm this and make me happy or crush me into a state of depression!!!]

and loan interest was 5 months as it was taken out 31 JAN
= $1875 [again, make me happy or depress me]

debtors control balance at Feb 1 must be 0 right?! was it required to write this?

[LFTM]

yeah depreciation was of 6months, i got $1200 
 [now someone will either confirm this and make me happy or crush me into a state of depression!!!]

and loan interest was 5 months as it was taken out 31 JAN
= $1875 [again, make me happy or depress me]

debtors control balance at Feb 1 must be 0 right?! was it required to write this?

got same figures as you for all the above hope we're right

[Stormer]

yeah depreciation was of 6months, i got $1200 
 [now someone will either confirm this and make me happy or crush me into a state of depression!!!]

and loan interest was 5 months as it was taken out 31 JAN
= $1875 [again, make me happy or depress me]

debtors control balance at Feb 1 must be 0 right?! was it required to write this?

You don't need to put a balnace if it's 0. It's not going to be marked wrong though. I have the same figures as you, hope it's right

[Raahem]

THANKS GUYS! :D:D:D

[LFTM]

with the correcting entry one what were your titles?

i put:
DR repairs to delivery van 3000
CR delivery van 3000

is this correct?

[Stormer]

I have Delivery Van expense, depends how nice the markers are

[mmmmm]

I did repairs expense :S

[LFTM]

I did repairs expense :S

damn. so you had to put expense..

[mojomojo]

i wrote repair expense too

[Raahem]

guys i did
               DR   CR
Stock Control         $700
   Stock Gain            $700
Delivery Van Repairs      $3000
   Delivery Van         $3000
Depreciation-Van         $1200
   Acc Depn Van         $1200
Interest Expense         $1875
   Accrued Interest         $1875   <--this credit entry title may well be wrong
Insurance Expense      $800
   Prepaid Insurance         $800

in this post i've done shortened titles but rest assured in the exam i wrote them fully!!
edit: some of my spacing seems to have stuffed up!! but you probably know this: stock gain, delivery van, accumulated depreciation, accrued interest, prepaid insurance are all CREDITS

[LFTM]

guys i did
               DR   CR
Stock Control         $700
   Stock Gain            $700
Delivery Van Repairs      $3000
   Delivery Van         $3000
Depreciation-Van         $1200
   Acc Depn Van         $1200
Interest Expense         $1875
   Accrued Interest         $1875   <--this credit entry title may well be wrong
Insurance Expense      $800
   Prepaid Insurance         $800

in this post i've done shortened titles but rest assured in the exam i wrote them fully!!
edit: some of my spacing seems to have stuffed up!! but you probably know this: stock gain, delivery van, accumulated depreciation, accrued interest, prepaid insurance are all CREDITS

looks about right.

[Keyzer]

guys i did
               DR   CR
Stock Control         $700
   Stock Gain            $700
Delivery Van Repairs      $3000
   Delivery Van         $3000
Depreciation-Van         $1200
   Acc Depn Van         $1200
Interest Expense         $1875
   Accrued Interest         $1875   <--this credit entry title may well be wrong
Insurance Expense      $800
   Prepaid Insurance         $800

in this post i've done shortened titles but rest assured in the exam i wrote them fully!!
edit: some of my spacing seems to have stuffed up!! but you probably know this: stock gain, delivery van, accumulated depreciation, accrued interest, prepaid insurance are all CREDITS

looks about right.

How did you get a stock gain of $700? That was the difference between his stock control account and the physical stocktake. But didn't he withdraw some stock for personal use as well?