VCE Stuff > VCE Accounting
VCE Accounting Question Thread!
Furbob:
another Q - on the Cambridge book - Textbook Exercise 4.6
Can someone explain what the "Days Outstanding" and "Amount Outstanding" means? :(
nacho:
I have a question Textbook Exercise 6.11
If you look at the General Ledger, in the GST account, my credit and debits were as follows:
DR
July. 31 - Bank - 120
July. 31 - Creditors Control - 520
July. 31 - Balance - 1170
______
1810
______
CR
July. 1 - Balance - 610
July. 31 - Bank - 400
July. 31 - Debtors Control - 800
________
1810
________
Aug. 1 - Balance - 1170
This does not match the solutions, and i cannot figure out why..
(solution attached)
EDIT: Nvm, i completely missed the GST settlement in the purchases journal, it camouflaged so well.
However, I've got another question, if you could refer to the Capital account (which i've attached below) the solutions have omitted a DR of 1000, as the owner withdraws 1000 in the CPJ, is there any reason as to why this is?
Anyways, the next exercise has done the same thing, I thought Drawings reduced capital?
Furbob:
^ how much of exercises are you trying to cover before school starts? I was planning to finish off the first 7 chapters (almost finished chapter 5~ but its too bloody hot to keep on working atm)
eeps:
--- Quote from: nacho on January 06, 2011, 11:42:38 pm ---However, I've got another question, if you could refer to the Capital account (which i've attached below) the solutions have omitted a DR of 1000, as the owner withdraws 1000 in the CPJ, is there any reason as to why this is?
Anyways, the next exercise has done the same thing, I thought Drawings reduced capital?
--- End quote ---
Yes, Drawings reduces Capital. It's probably just an error in the solutions - it's best to confirm with your teacher, when you get back to school about it.
@Furbob (though the question was not directed at me specifically), cover the whole of Unit 3, if you can. Though it may be tedious doing it now in the holidays, trust me, it's worth it in the long run.
nacho:
--- Quote from: Furbob on January 07, 2011, 06:52:09 pm ---^ how much of exercises are you trying to cover before school starts? I was planning to finish off the first 7 chapters (almost finished chapter 5~ but its too bloody hot to keep on working atm)
--- End quote ---
Yea i know, i got really lazy, i should ahve finished unit 3 before january started, but now i'll probably aim to finish it before the 11th. Then i'll jump straight into checkpoints, neap and practice exams when school starts
Navigation
[0] Message Index
[#] Next page
[*] Previous page
Go to full version