Last Question... How the **** do you get cost of sales?

[Chavi]

Bank was definitely negative. Negative 575 from both teachers at my school as well as numerous students

[mmmmm]

Advertising expense is the same but Advertising Cash Flow is 13500. Alternatively, (maybe more correctly) 2500 for Prepaid Advertising, 11000 for Advertising Expense

Yeah i separated them.  Would they accept both answers?

[sam.utute]

Woot!
Everything people have discussed had been right thus far!

Advertising expense is the same but Advertising Cash Flow is 13500. Alternatively, (maybe more correctly) 2500 for Prepaid Advertising, 11000 for Advertising Expense

Yeah i separated them.  Would they accept both answers?

You are required to separate them.

[_avO]

Things I got wrong (..so far):
-calculated the whole acc'm depn as opposed to just the 5k one (which should have been 2250)
-didn't put in profit on disp in P&L
-didn't put the prepaid advertising in CFS

[Chavi]

Things I got wrong (..so far):
-calculated the whole acc'm depn as opposed to just the 5k one (which should have been 2250)
-didn't put in profit on disp in P&L
-didn't put the prepaid advertising in CFS

You'll be fine mate. This is just VN students who are aiming for 49+ in accas. The rest of the state always does crap. A couple of marks here and there won't affect your high prospects

[_avO]

What did you guys write for the rent revenue ledger account (was 3 marks)
I was a little clueless but did something like
DR P&L summary 60k
CR Prepaid rent revenue 5k
CR bank 55k

o.0..

[Stormer]

What did you guys write for the rent revenue ledger account (was 3 marks)
I was a little clueless but did something like
DR P&L summary 60k
CR Prepaid rent revenue 5k
CR bank 55k

o.0..

All highly debatable because the reporting period was not clear. I had 55 Prepaid, 5 Accrued, 60 P/L Summary

[aposta28]

It said it was owing for Nov and Dec
how isnt Accrued $10000

[Chavi]

What did you guys write for the rent revenue ledger account (was 3 marks)
I was a little clueless but did something like
DR P&L summary 60k
CR Prepaid rent revenue 5k
CR bank 55k

o.0..

All highly debatable because the reporting period was not clear. I had 55 Prepaid, 5 Accrued, 60 P/L Summary

Yep Same. They tried to trip you up with the two Accrued payments - only one of which related to 2011. . .

[sam.utute]

What did you guys write for the rent revenue ledger account (was 3 marks)
I was a little clueless but did something like
DR P&L summary 60k
CR Prepaid rent revenue 5k
CR bank 55k

o.0..

All highly debatable because the reporting period was not clear. I had 55 Prepaid, 5 Accrued, 60 P/L Summary

Yep Same. They tried to trip you up with the two Accrued payments - only one of which related to 2011. . .

Almost fell for that one.

[Sereval]

It said it was owing for Nov and Dec
how isnt Accrued $10000

The December 31st payment was not paid or earned as it related to January of next year.

[mmmmm]

It said it was owing for Nov and Dec
how isnt Accrued $10000

The December 31st payment was not paid or earned as it related to January of next year.

So was it
Bank 50 000
Accrued Rent Revenue 10 000

[Stormer]

I'm not sure about the cross reference for bank? It could be Prepaid Revenue (which is what I had). They should accept both? Also could accept 5000 on both sides if the reporting period was 1 month. Poorly written that one

[Sereval]

It said it was owing for Nov and Dec
how isnt Accrued $10000

The December 31st payment was not paid or earned as it related to January of next year.

So was it
Bank 50 000
Accrued Rent Revenue 10 000

I had the same as stormer. 60000 P/L (Dr) and 55000 Prepaid (Cr) and 5000 Accrued (Cr). It would not be bank as the transaction relating to cash increased Prepaid Rent Revenue. The Double entry relating to the Rent Revenue would then be reducing the Prepaid Rent Revenue I think.

[JinXi]

Last question C.O.S was 2100.

U take cost of sales from PL statement, and sales figure. You can determine that mark up which was 238%, then you can obtain 2100 C.O.S

Don't know if they maintained the same mark up throughout though.

Finished with 30 mins to go, so had time to slowly mess around with number. There was a similar question to this which asked you to calculator gross profit w/o giving COS in the Neap 2007.