VCE Accounting Question Thread!

[Mafioso]

Can someone please explain to me the standard, step by step approach to recording the trade-in and purchase of a NCA? I just can't seem to understand it 

[Damoz.G]

Can someone please explain to me the standard, step by step approach to recording the trade-in and purchase of a NCA? I just can't seem to understand it 

Have you memorised the General Journal Entries yet?

Could you may be post a question that you've had trouble with, and I'll explain it step-by-step with annotations. I don't mind if its an Exercise from your Textbook or a past Exam Question.

[Mafioso]

Have you memorised the General Journal Entries yet?

Here's a question from CPAP 2013:

On 30th Sep, owner decided to replace a business Vehicle. This Vehicle had an historical cost of $30,000 and a carrying value of $8000. The Vehicle was sold for $5000 cash (Rec X82).

A new vehicle was purchased on credit from Keilor Motos (Inv KM5). The details of this purchase were as follows:
[GST is applied where appropriate]
- Invoice price: $42000
- Delivery: $500
- Modification: $2,500
- Annual Rego and Insurace: $1000
- Credit terms 1/90, n/180

a) Record: Receipt X82 and Invoice KM5 in appropriate journals
b) Show how the following General Ledger accounts would appear after the transaction: Disposal of Motor Vehicle and GST Clearing

(I don't know the General Journal entries)

Thanks heaps!

[Damoz.G]

Here's a question from CPAP 2013:

On 30th Sep, owner decided to replace a business Vehicle. This Vehicle had an historical cost of $30,000 and a carrying value of $8000. The Vehicle was sold for $5000 cash (Rec X82).

A new vehicle was purchased on credit from Keilor Motos (Inv KM5). The details of this purchase were as follows:
[GST is applied where appropriate]
- Invoice price: $42000
- Delivery: $500
- Modification: $2,500
- Annual Rego and Insurace: $1000
- Credit terms 1/90, n/180

a) Record: Receipt X82 and Invoice KM5 in appropriate journals
b) Show how the following General Ledger accounts would appear after the transaction: Disposal of Motor Vehicle and GST Clearing

(I don't know the General Journal entries)

Thanks heaps!

I shall do it now. Sorry, I was predicting so many Further Maths Study Scores on that Exam 2 thread, and then had sooo many people PMing me questions about Study Scores and other stuff. Finally got through them all.

I think I did that Trial Exam, but now I can't find it, and its the one paper that I seem to have not put in my folder, which I need right now. =/

I think have it up soon.

[Damoz.G]

Here it is. I've uploaded it as a Word Document.

I stated it at the beginning, but I'll say it here as well, this question is not a trade in, because we received $5000 cash for the Sale of the NCA. If its a Trade-In, then this would not happen, instead we would simply reduce the balance owed to the Sundry Creditor.

I tried to explain as much as I could, but I'm happy to explain something in more detail. Just ask.

Enjoy!

[Mafioso]

Here it is. I've uploaded it as a Word Document.

I stated it at the beginning, but I'll say it here as well, this question is not a trade in, because we received $5000 cash for the Sale of the NCA. If its a Trade-In, then this would not happen, instead we would simply reduce the balance owed to the Sundry Creditor.

I tried to explain as much as I could, but I'm happy to explain something in more detail. Just ask.

Enjoy!

Pwoaah! Exactly what I needed, makes more sense now. Thanks dude.

[Damoz.G]

Pwoaah! Exactly what I needed, makes more sense now. Thanks dude.

No worries, mate! Please memorise those General Journal entries!

[unfamila]

If mark-up is 200%, how do you calculate cost of sales? I divided it by 4
This question created the confusion; where total sales are 277,200 and stock is marked up by 200%, the answer said cost of sales was 88,400.
This was a Compak unit 3+4 exam.

[Damoz.G]

If mark-up is 200%, how do you calculate cost of sales? I divided it by 4
This question created the confusion; where total sales are 277,200 and stock is marked up by 200%, the answer said cost of sales was 88,400.
This was a Compak unit 3+4 exam.

It should be 92,400 not 88,400

[sam.utute]

If mark-up is 200%, how do you calculate cost of sales? I divided it by 4
This question created the confusion; where total sales are 277,200 and stock is marked up by 200%, the answer said cost of sales was 88,400.
This was a Compak unit 3+4 exam.

Wha.....?!

[yoodles]

Does anybody have any NEAP/Insight 2013 exams? I could really benefit from that right now.


If so please send to this email: [email protected]

thanks

[unfamila]

It seems they've made a mistake and haven't added the 10% extra to sales as this was a budgeting question...
Sales were initially 252,000/3=84000. But first you had to add 10% to sales, so 277200/3=92,400
Thanks for the formula   

[Damoz.G]

It seems they've made a mistake and haven't added the 10% extra to sales as this was a budgeting question...
Sales were initially 252,000/3=84000. But first you had to add 10% to sales, so 277200/3=92,400
Thanks for the formula   

No worries.

[unfamila]

Roger plans to accept an offer from an online business to display and sell their gym clothing on a commission
basis. A commission of 5% of sales will be paid for all sales orders taken by Roger. The commission will be
paid the month after the sales have occurred. Commission estimated to be received during the year is $5 000.

Actual sales December 2013  5000$ plus GST

Estimated Sales December 2014 $8000 plus GST

Show how the Commission Revenue account is expected to appear after closing the General
Ledger accounts at the year ended 31 December 2014.

How is the opening balance calculated to 4750? Why do you take 250(5000*5%) from 5000? I had 250 as the opening balance, and then added the 400.
Thank you in advance

[Damoz.G]

Roger plans to accept an offer from an online business to display and sell their gym clothing on a commission
basis. A commission of 5% of sales will be paid for all sales orders taken by Roger. The commission will be
paid the month after the sales have occurred. Commission estimated to be received during the year is $5 000.

Actual sales December 2013  5000$ plus GST

Estimated Sales December 2014 $8000 plus GST

Show how the Commission Revenue account is expected to appear after closing the General
Ledger accounts at the year ended 31 December 2014.

How is the opening balance calculated to 4750? Why do you take 250(5000*5%) from 5000? I had 250 as the opening balance, and then added the 400.
Thank you in advance

Are you sure those dates and years are correct? How can it only be estimated Sales for December 2014 - Is it meant to be year ending December? If its correct, then how can there be no Sales from January to November, inclusive? LOL!

Which company and year is it from? I might have it with me, so I can have a look.