VCE Stuff > VCE Accounting
exam thoughts+ answer
Mystery:
--- Quote from: "joechan521" ---you guys still have the question book? can always do again to see what r the balances for those budgets.
i got (250) at the end for cash flow, anyone got this?
and net profit was 60750
--- End quote ---
lol i got (2250) cash balance and 62750 net profit, which is like a $2000 difference between your figures, are you sure you counted accrued wages properly... anyways im gonna redo it next week after my last exam on monday and ill post up my answers.
meanwhile its back to methods for me =)
joechan521:
--- Quote from: "Mystery" ---
--- Quote from: "joechan521" ---you guys still have the question book? can always do again to see what r the balances for those budgets.
i got (250) at the end for cash flow, anyone got this?
and net profit was 60750
--- End quote ---
lol i got (2250) cash balance and 62750 net profit, which is like a $2000 difference between your figures, are you sure you counted accrued wages properly... anyways im gonna redo it next week after my last exam on monday and ill post up my answers.
meanwhile its back to methods for me =)
--- End quote ---
i considered the wage expense to be accrued wage+wage paid.
therefore in my cash flow i recorded the wage expense less accrued,
and in profit and loss i just recorded wage expense.
did u consider the wage expense to be wage paid?
123321:
the accrued wages were for the begining of the reporting period so they go in the cash flow statement, not the profit and loss...as teh wages were incurred last reporting period....
joechan521:
--- Quote from: "Mystery" ---
--- Quote from: "joechan521" ---you guys still have the question book? can always do again to see what r the balances for those budgets.
i got (250) at the end for cash flow, anyone got this?
and net profit was 60750
--- End quote ---
lol i got (2250) cash balance and 62750 net profit, which is like a $2000 difference between your figures, are you sure you counted accrued wages properly... anyways im gonna redo it next week after my last exam on monday and ill post up my answers.
meanwhile its back to methods for me =)
--- End quote ---
i just redid my profit and loss and cash flow, please check them.
revenue 550000
cogs (324000)
gross profit 226000
less other expeneses:
wage+adm+vehicle 150000
bad debt 5500
disc.exp 2750
interest 7000
net profit 60750
operating cash inflow
cash sales 275000
debtors receipts 258750
less cash outflows
wage+admin+vehicle (150000-depre5000-accrued wage2000)=143000
interest 7000
prepaid admin 4000
payment to creditors330000
net operating cash flow= 49750
net investing outflow premisis (200000)
financing inflows:
loan 120000
capital 80000
outflows:
drawings 35000
loan 30000
net financing=135000
net increase(decrease) in cash = (15250)
add balance at start 15000
new balance (250)
Mystery:
--- Quote from: "123321" ---the accrued wages were for the begining of the reporting period so they go in the cash flow statement, not the profit and loss...as teh wages were incurred last reporting period....
--- End quote ---
The wages were incurred in the budgeted period, 2008, but not yet paid, hence accrued wages.
Wages expense in profit and loss st was wages paid plus accrued wages.
under wages,administration,vehicle(including dep'n vehicle) = 150,000 + 2000 - 4000(prepaid administration you deduct because it was not incurred it was left as presenting future economic benefits...) = 148000
in the Cashflow St. wages together with administration and vehicle (without dep'n vehicle) was $145,000
plus $4k prepaid admin etc etc..
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