VCE Accounting Question Thread!

[The Usual Student]

Ohh but I thought the $700 accrued wages from CFS was to pay off the $700 accrued wages at the start of the period, then it kinda cancels out and the accrued wages for this period is just $26300-$25000?

yeah soz read the question wrong, your answer is fine

[The Usual Student]

Hello,
I'm struggling to grasp the concept of general ledgers and I've been coping so far by memorising the templates and not actually understanding the reason for it. I'm often confused with what entries must be made and ensuring that everything is included. I have a sac this week so hoping someone could help me understand ledgers better.

Thank you!

a ledger is just like a little report for each account or item
Eg Vehicle
It has its own ledger which tells us everything that happened to the vehicle.
Best way to understand it is to realize EVERY single line in the ledger is telling us something happened.
So BANK - 600 on the DR side is telling us a vehicle was probably bought for 600!
Like try and keep track of the story if that makes sense

ALSO, look at DR and CR as an increase/decrease rather then credit and debit
So like that will give you and indication of what is going on or where something must go.
Obviously is you spend money to buy stock, your stock control will need to increase and since it is about swapping money for stock its cross reference is bank! Hence DR BANK!

Try and split the transactions up into their individual accounts as well so it beocmes much more clear!

[val265]

Thank You so much. You saved my life.

Just wondering what are the different  expenses that could be  in the budgeted income statement?

[qweasdzxc]

yeah soz read the question wrong, your answer is fine

No worries, all good!

[qweasdzxc]

Thank You so much. You saved my life.

Just wondering what are the different  expenses that could be  in the budgeted income statement?

Stock write down
Stock loss

Other expenses:
Loss on disposal of NCA
rent expense
Interest expense
Discount expense
Advertising
Wages
Insurance expense
Depreciation of NCA
Office expenses

I'm sure there's more but there are the common ones, hope it helps ~

[val265]

Thanks

[One Step at a Time]

When you trade-in a NCA and on the invoice, it says "less trade-in $1500" and "less deposit $12000", what would be the debits and credits in the general journal?

I'm pretty sure there aren't control accounts called "trade-in" or "deposit"...

[Cornrow Kenny]

When you trade-in a NCA and on the invoice, it says "less trade-in $1500" and "less deposit $12000", what would be the debits and credits in the general journal?

I'm pretty sure there aren't control accounts called "trade-in" or "deposit"...

The trade in reduces what you owe to the Sundry Creditor, so it would Debit Sundry Creditor and Credit disposal of vehicle I think (it's been a while and I just woke up  ).

For the deposit you Credit Bank, and Debit Vehicle I believe.

Hopefully someone can confirm this is correct 

[One Step at a Time]

Thanks so much Cornrow Kenny! 

Haha I just woke up too 

[One Step at a Time]

What lectures is everyone going to?

I'm thinking of going to the Engage Lecture and buying the recording from the VCTA lecture, but I'm not sure if it's worth it!

Love to hear all your opinions 

[The Usual Student]

What lectures is everyone going to?

I'm thinking of going to the Engage Lecture and buying the recording from the VCTA lecture, but I'm not sure if it's worth it!

Love to hear all your opinions 

VCTA one should be good

[One Step at a Time]

Thanks The Usual Student 

Did you go today to the VCTA lecture?

[The Usual Student]

Thanks The Usual Student 

Did you go today to the VCTA lecture?

Nah planning in buying it. City is waayyyyy to far

[Cornrow Kenny]

What lectures is everyone going to?

I'm thinking of going to the Engage Lecture and buying the recording from the VCTA lecture, but I'm not sure if it's worth it!

Love to hear all your opinions 

Don't think I'll be going to any... Out of interest, what do you take away from these lectures?

[One Step at a Time]

Nah planning in buying it. City is waayyyyy to far

Haha totally agree, would be a total drainer with the travel time!

I noticed on the website that we can buy the Unit 3 one (with slides) and the Unit 3&4 one (recording only). If I buy the Unit 3&4 one, I'm a bit worried about how I'll follow the it without the slides?! Or maybe it's just as suitable for us who didn't go to the lecture...

Don't think I'll be going to any... Out of interest, what do you take away from these lectures?

Actually, I haven't been to any Accounting lectures! I didn't go to the VCTA one today, so I'm planning on buying the recording of the lecture.

Apart from VCTA, I only know that Engage holds Accounting lectures too. Since Accounting is definitely not my forte, I was hoping that the lectures would help clarify what I need to work on... or is that just wishful thinking