VCE Accounting Question Thread!

[Valyria]

They are supposed to be for the display cases?

Calculation    of depreciation of display cases for the year ending 30 June 2016
Depreciation =   Existing display cases      New display cases   
=   $32 000 x 10%   +   $3 600 x 10% x 7/12   
=   $3 200   +   $210   
   Depreciation of display cases   $ 3 410

b   WANGARATTA WATCHES
Balance Sheet (extract) as at 30 June 2016
Non-Current Assets   $   $
Computer   35 600   
Less Accumulated Depreciation   11 410 (?)   24 190

Does anyone know why the less accumulated depreciation is 11410, and not 3410?
Because the depreciation of display cases is $3410 per annum.

You asked why the accm dpn was 11,410 rather than 3,410 which was the accm dpn for the firm's computer. Your preceding calculations were for the dpn of display cases not the computer, leading to a variance in accm dpn.

[demand&supply]

does anyone know where I can find solutions to the sample exam from VCAA? The solution of this:
http://www.vcaa.vic.edu.au/Documents/vce/account/accnt-specs-samp-w.pdf

[ValiantIntellectual]

Does the term selling price include GST? Likewise cost price?

[abcdqdxD]

Does the term selling price include GST? Likewise cost price?

Normally they will make it clear whether its GST inclusive or exclusive

[lmnop]

I might as well ask another question since you guys were quick enough to respond to my last query.
A payment of wages of $505 was incorrectly recorded in the cash payments journal as a payment to creditor- N. Smythe for $550.
The solutions debit $505 to Wages expense and likewise credit $505 to Creditors control.
Now what happens to the extra $45 from payments to Creditors? Should there be an extra entry that debits $45 to Bank?

[redcracker]

I might as well ask another question since you guys were quick enough to respond to my last query.
A payment of wages of $505 was incorrectly recorded in the cash payments journal as a payment to creditor- N. Smythe for $550.
The solutions debit $505 to Wages expense and likewise credit $505 to Creditors control.
Now what happens to the extra $45 from payments to Creditors? Should there be an extra entry that debits $45 to Bank?

wages debit $505 (to correct the fact that no wages recorded)
creditors control&creditor n smythe credit $550 (to undo the changes to cc/cns)
bank debit $45 (to restore bank to what it should be)

i formatted it weirdly, but thats how i would do it - im fairly sure im right but i cant be certain

[lmnop]

wages debit $505 (to correct the fact that no wages recorded)
creditors control&creditor n smythe credit $550 (to undo the changes to cc/cns)
bank debit $45 (to restore bank to what it should be)

i formatted it weirdly, but thats how i would do it - im fairly sure im right but i cant be certain

The solutions for the Cambridge textbook seems to have mistakes here and there, but I can't really say for sure. ¯\_(ツ)_/¯

[Fyrefly]

wages debit $505 (to correct the fact that no wages recorded)
creditors control&creditor n smythe credit $550 (to undo the changes to cc/cns)
bank debit $45 (to restore bank to what it should be)

i formatted it weirdly, but thats how i would do it - im fairly sure im right but i cant be certain

This is correct.

[BoredSatan]

Alright, I'll try to be online as much as possible to help with Accounting Questions!

[Valyria]

Alright, I'll try to be online as much as possible to help with Accounting Questions!

This place has been a ghost town for the past 11 months I'll try revive it;

Summarised information;

Question concerns the budgeted cash flow statement for operating activities.

GST collected from cash sales is $18,700
GST paid is $19,445

They have told us that balance at the END is $11,105 and NO information has been provided for the START.

So if those are the only transactions that involve GST and we reconstruct the ledger, we should have a debit entry cross referenced 'bank' for $11,850. This figure representing a refund from ATO.

However, as the answers didn't include this entry, I'm not too sure whether I overlooked a key step.

[demand&supply]

Hey guys,
Sorry to ask these questions but i really want to know...
I'm rank 1 in my school with 94% in Unit 3 and 92% in Unit 4. I did well on the trial exam (TSSM) with 93%, Im dying to know, do i have to get 100/100 on the exam for a 50?

[jonoz0r]

Hey guys,
Sorry to ask these questions but i really want to know...
I'm rank 1 in my school with 94% in Unit 3 and 92% in Unit 4. I did well on the trial exam (TSSM) with 93%, Im dying to know, do i have to get 100/100 on the exam for a 50?

Nah you don't. Last year 194/200 (97/100) was enough for a 50, so don't fret!

It might be different this year though

[Fyrefly]

This place has been a ghost town for the past 11 months I'll try revive it;

Summarised information;

Question concerns the budgeted cash flow statement for operating activities.

GST collected from cash sales is $18,700
GST paid is $19,445

They have told us that balance at the END is $11,105 and NO information has been provided for the START.

So if those are the only transactions that involve GST and we reconstruct the ledger, we should have a debit entry cross referenced 'bank' for $11,850. This figure representing a refund from ATO.

However, as the answers didn't include this entry, I'm not too sure whether I overlooked a key step.

Can't answer the question based on the information you've provided.

1. Ending balance debit or credit?
2. Full financial year?
3. Cash-only basis, or does the ending balance potentially include credit transactions?
4. GST paid is cash only?

[demand&supply]

Nah you don't. Last year 194/200 (97/100) was enough for a 50, so don't fret!

It might be different this year though

Oh WOW! Thats pretty good! And congrats on the amazing score man 

[kk.08]

This place has been a ghost town for the past 11 months I'll try revive it;

Total agree with you!

Anyhow, what is the purpose of the going concern principle?