VCE Accounting Question Thread!

[Damoz.G]

Yes your interpretation is correct.

As for the Disposal, I think it's on the actual date (in Uni anyway). Because it's not a BDA, I would assume it's not on balance day. Someone might want to confirm this.

Yup, you record the Disposal on the Date that the NCA is sold on or traded-in on.

[Lucho23]

Yes your interpretation is correct.

As for the Disposal, I think it's on the actual date (in Uni anyway). Because it's not a BDA, I would assume it's not on balance day. Someone might want to confirm this.

\That's what I thought, however, General Ledger entries are all completed on Balance Day as totals, at least that's what Neville Box said

[Kuroyuki]

We do the disposal on the day that it is disposed of, like adjusting prepaid sales to sales.
 EDIT  - Damoz too fast

[Kuroyuki]

\That's what I thought, however, General Ledger entries are all completed on Balance Day as totals, at least that's what Neville Box said

Did he really 0.o? Journals are posted at the end of each month, not at the end of the reporting period. And in the study design it shows that the adjustment for prepaid sales as done on the date the goods were delivered and not the end of the reporting period.

[abcdqdxD]

\That's what I thought, however, General Ledger entries are all completed on Balance Day as totals, at least that's what Neville Box said

If you're talking about the general ledger, then yes it will be at the end of the month.

[Lucho23]

If you're talking about the general ledger, then yes it will be at the end of the month.

Yeah! General Ledger, will it be recorded on Balance Day or the day of disposal?

General Journal it would be recorded on day of disposal

[abcdqdxD]

Yeah! General Ledger, will it be recorded on Balance Day or the day of disposal?

General Journal it would be recorded on day of disposal

End of the month - journals are posted to the general ledger on a monthly basis

[Damoz.G]

Yeah! General Ledger, will it be recorded on Balance Day or the day of disposal?

General Journal it would be recorded on day of disposal

If its for the General Journal, then the Date is the date of the Trade-in or Sale of the NCA.

If its for the General Ledger, use the last day of the Reporting Period. The last day of each Reporting Period is to always be used for all items recorded in the General Ledger Accounts, except for when you state Opening Balances (where the first day of the Reporting Period is stated instead).

[Lucho23]

Ok, I've consulted the past VCAA papers.

It is recorded in the General Ledger at the end of the reporting period, as are the journals.

Usually they explain when the posting must take place (ie. Record this in the General Ledger on 30 June 2013)

[Lucho23]

If its for the General Journal, then the Date is the date of the Trade-in or Sale of the NCA.

If its for the General Ledger, use the last day of the Reporting Period. The last day of each Reporting Period is to always be used for all items recorded in the General Ledger Accounts, except for when you state Opening Balances (where the first day of the Reporting Period is stated instead).

Yeah that's what I've thought this whole year ahahh!

Thanks!

[abcdqdxD]

Ok, I've consulted the past VCAA papers.

It is recorded in the General Ledger at the end of the reporting period, as are the journals.

Usually they explain when the posting must take place (ie. Record this in the General Ledger on 30 June 2013)

Which paper are you looking at? The study design changed in 2012

[Lucho23]

Which paper are you looking at? The study design changed in 2012

The 2012 one XD

Although it is ambiguous as to if December 31 is the end of the reporting period.

I'm confused as to how you think its at the end of every month? Is it in the study design?

[abcdqdxD]

Can you show me the question?

[Lucho23]

Can you show me the question?

http://www.vcaa.vic.edu.au/Documents/exams/account/2012/2012account2-w.pdf

Question 8:

On 19 December 2012, Landscapers provided the following details of transactions involving the purchase of
a tractor from Tractor World.
The old tractor had been purchased for $32 000 plus GST and depreciated to $9000. Landscapers bought the
new tractor for $61 000 plus GST and received a trade-in allowance of $8200 from Tractor World for the old
tractor.
Landscapers paid a deposit of $10 000 on the new tractor.
Complete the following General Ledger accounts on 31 December 2012.
• Disposal of Tractor
• Sundry Creditor – Tractor World

[abcdqdxD]

http://www.vcaa.vic.edu.au/Documents/exams/account/2012/2012account2-w.pdf

Question 8:

On 19 December 2012, Landscapers provided the following details of transactions involving the purchase of
a tractor from Tractor World.
The old tractor had been purchased for $32 000 plus GST and depreciated to $9000. Landscapers bought the
new tractor for $61 000 plus GST and received a trade-in allowance of $8200 from Tractor World for the old
tractor.
Landscapers paid a deposit of $10 000 on the new tractor.
Complete the following General Ledger accounts on 31 December 2012.
• Disposal of Tractor
• Sundry Creditor – Tractor World

So of course you would complete it on Dec 31