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September 21, 2025, 01:09:09 am
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Author Topic: help...  (Read 1823 times)  Share 

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TyErd

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help...
« on: October 18, 2010, 03:08:29 pm »
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i really dont understand this question. Can someone help me please?
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sam.utute

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Re: help...
« Reply #1 on: October 18, 2010, 03:42:03 pm »
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Okay, so as the business has a quarterly reporting period, the 7 dishwashers sold in the previous reporting period would have been recorded as accrued revenue (7*150 = $1050). Then the receipt of $1650 is divided by 150 to give 11 (Aska is giving Rayden money for 11 sold). There is an extra 4*150=600 that Aska has given Rayden Retail, that is yet to be earned through the sale of 4 dishwashers, so it must be recorded as Prepaid Commission Revenue.
So:
Bank = $1815
and
$1050 as Accrued Commission Revenue
$600 as Prepaid Commission Revenue
$165 in the GST column

Correct me if I'm wrong someone.
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TyErd

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Re: help...
« Reply #2 on: October 18, 2010, 03:45:41 pm »
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this is the answer. I did exactly what you did as well
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_avO

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Re: help...
« Reply #3 on: October 18, 2010, 03:48:42 pm »
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So it's not prepaid, meaning that Leigh sold another 4 dishwashers from 1 April and 5 May 2010 and yeah it looks like that because there's an actual column for Commission revenue, otherwise it would be in sundries
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sam.utute

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Re: help...
« Reply #4 on: October 18, 2010, 03:54:49 pm »
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Hmmm.. The question made no mention of the business selling the 4 dishwashers. Seems a little dodgy if we are supposed to assume that the sales occurred.
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TyErd

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Re: help...
« Reply #5 on: October 18, 2010, 04:02:59 pm »
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yeah it is quite dodgy. no surprise its from COMPAK 2009. They make it so frickn hard.
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TyErd

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Re: help...
« Reply #6 on: October 18, 2010, 05:28:31 pm »
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having trouble with this one...
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darcy42

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Re: help...
« Reply #7 on: October 18, 2010, 05:38:03 pm »
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Date  |Details         |Chq No|Bank  |Disc Rev|Creditors|
Oct31|Valley Motors|456     |18240|960       |19200   

That's how it should be I think.
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TyErd

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Re: help...
« Reply #8 on: October 18, 2010, 05:48:53 pm »
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can you explain to me how you got those values?
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darcy42

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Re: help...
« Reply #9 on: October 18, 2010, 05:52:44 pm »
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Certainly.
The original purchase of the van from Valley Motors was 32000+3200= 35200. However, the owner traded in a vehicle for 16000, which reduces the balance owing to 19200.
He then paid this balance about 31 days later, which is within the stated discount terms (5/45) and therefore received a 5% discount on the balance, 19200x).05=960. 19200-960= 18240.
So 18240 cash received, 960 disc rev and 19200 off creditors.


OH and EDIT to my original post, it should say 'Sundries' rather than 'Creditors" as it is a sundry creditor.
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TyErd

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Re: help...
« Reply #10 on: October 18, 2010, 07:02:32 pm »
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ohk thnx vm
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"Don’t ever let somebody tell you you can’t do something, not even me.  Alright?  You got a dream, you gotta protect it.  People can’t do something themselves, they wanna tell you you can’t do it.  If you want something, go get it, period." - Chris Gardner
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