anyone done neap 2011?
i disagree with solutions on first question, can someone help me out?
i put my bank overdraft as 1700,
rather than 1200
because it says that the business will pay the ZNA finance loan, $500 per month.
the business commenced on january 1, so that means during january, they paid 500.
therefore the overdraft should be 1200 + 500 = 1700?
what have i done wrong?
also, for q1.4.2
i closed the wages account, because it said 'show how the wages expense account would appear at 30 june, 2011 after all entries had been posted'.
did i misinterpret it, because it only said 'after all entries had been posted'? at teh start of the question, it said 'reports are prepared anually'.
doesnt that mean that we need to close the ledger now?
woo, 84/90 on 2011 neap

POSSIBLE 86/90 if answers are wrong

!!