VCE Stuff > VCE Accounting
exam thoughts+ answer
joechan521:
--- 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 ---
you need to reduce accrued wage in cash flow, because its not paid
accrued wage is at 31 DEC 2008
joechan521:
--- Quote from: "Mystery" ---
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...)
in the Cashflow St. wages together with administration and vehicle (without dep'n vehicle) was $145,000
plus $4k prepaid admin etc etc..
--- End quote ---
hey, you dont deduct 4000 from 150000 in profit and loss, because
admin exp already excluded prepaid.
also in cash flow i got 143000, because u need to less the accrued wage, because wage paid in cash= wage expense minus accrued wage
AppleXY:
yup. Exactly.
Mystery:
--- Quote from: "joechan521" ---
--- Quote from: "Mystery" ---
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...)
in the Cashflow St. wages together with administration and vehicle (without dep'n vehicle) was $145,000
plus $4k prepaid admin etc etc..
--- End quote ---
hey, you dont deduct 4000 from 150000 in profit and loss, because
admin exp already excluded prepaid.
also in cash flow i got 143000, because u need to less the accrued wage, because wage paid in cash= wage expense minus accrued wage
--- End quote ---
I see what you mean...
I'll redo myne laterz... i cbf atm, methods is clouding my mind =X
but I can see what your saying, must have been under pressure and assumed wrongly >.<, looks like your up for 90/90?, how'd you go in mid year?
joechan521:
--- Quote from: "Mystery" ---
--- Quote from: "joechan521" ---
--- Quote from: "Mystery" ---
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...)
in the Cashflow St. wages together with administration and vehicle (without dep'n vehicle) was $145,000
plus $4k prepaid admin etc etc..
--- End quote ---
hey, you dont deduct 4000 from 150000 in profit and loss, because
admin exp already excluded prepaid.
also in cash flow i got 143000, because u need to less the accrued wage, because wage paid in cash= wage expense minus accrued wage
--- End quote ---
I see what you mean...
I'll redo myne laterz... i cbf atm, methods is clouding my mind =X
but I can see what your saying, must have been under pressure and assumed wrongly >.<, looks like your up for 90/90?, how'd you go in mid year?
--- End quote ---
i fked up question 2.5, i didnt take into account that gst was 1500 >.<
also i think i put debtors as creditor instead... can't remember, very very vague.
mid year was A+, dunno the exact marks
good luck with methods
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