How Did U All Go??

[Nick]

Whenever you like. But you won't get it until after August 4.

[costargh]

HEY WERE THERE ANY NARRATIONS REQUIRED? I DIDNT DO ONE AT ALL!!!

[clinton_09]

i'll have a look i have the exam with me

[gta007]

HEY WERE THERE ANY NARRATIONS REQUIRED? I DIDNT DO ONE AT ALL!!!

I don't so, because I didn't do any.

For the P&L Statement, are prepaid expenses and accrued expenses included?

[clinton_09]

nope you didnt have to do any narrations, how strange

[costargh]

MY QUESTION 1 ANSWERS (IN BRIEF...)

1.1.1 reporting period - loan abc (current)
        entity - cash at bank (very sure i got this wrong- i think the answer is capital but i still think its a stupid question lol)

1.1.2 current and non current because some of it will be repaid within next 12 months and other will be paid after 12 months (gave defintions etc here)

1.2.1 (there were 7 points here so ill say where i puit them and what columns)

1. GST Settlement CPJ. bank 2500 sundries 2500
2. Advertising CPJ bank 1320 sundries 1200 GST 120
3. Honda CPJ bank 3900 disc rev 100 creditors 4000
4.General Journal
Bad debt 700
    debtors control 700
    debtor - R johns                                     700CR
5. General Journal
Depreciation -shop fittings 1250
    acc dep shop fittings             1250
6. S May - SJ    bank 440 sales 400 gst 40 cost of sales 200
7. general Journal
stock loss 200
    stock control 200
(I totaled all journals)

1.2.2 CBF doing this one ... this was the one with four ledgers.... the first two u didnt have to balance the last 2 u did thou.

1.2.3 source documents allow for transactions to be verified and makes sure there free from bias or personal intervention / manipulation etc.

1.2.4
physical stocktake is compared to the stock control balance or the value of all stock cards. physical stock take is assumed to be correct. etc

1.2.5   point 1. summarises all transactions for easier posting to general ledger
         point 2 (probz wont get a mark) allows owner to see if cash receievd is adequate compared to cash paid and then to  make decisions if neceasry

1.3.1 P + L statements
Revenues
sales
less COGS
cost of sales
cartage in
gross profit
less stock loss
adjusted gross profit
add other revenues
disc rev
less other expenses
other expenses
dep- land and buildings
dep- shop fittings
advertising expense
wages
interest expense

Net profit      29400

1.3.2           
                P+ L SUMMARY
expenses   X               revenues Y
capital  29400

          X+ 29400                        Y     

               CAPITAL
                                balance   168700
balance 187400            P+ L Summary   29400
drawings 10700 
                                 balance      187400

1.3.3 disc rev is a rev because it is a savings in outflows of economic benefits (less cash paid to creditors) in the form of a decrease in liabilities which increases OE.

QUESTION 2 ANSWERS COMIN SOON...

[costargh]

HEY WERE THERE ANY NARRATIONS REQUIRED? I DIDNT DO ONE AT ALL!!!

I don't so, because I didn't do any.

For the P&L Statement, are prepaid expenses and accrued expenses included?

the prepaid advertising expense and accrued wages are not because it was POST-adjustment meaning they had already been added to the advertising expsne and wages expense... they are CA and CL respectively

[gta007]

the prepaid advertising expense and accrued wages are not because it was POST-adjustment meaning they had already been added to the advertising expsne and wages expense... they are CA and CL respectively

I knew the prepaid expense wasn't include but something told me the accrued wages had to be added to the wages.
I blame Keith King.

[costargh]

How can you blame keith king.... lol the POST adjustment is after all adjustemnets have been made and consideirng that any accrued wages for the month wood have been adjusted for it wood be included in wage expense already... thats what the post adjustment is... lol

[elaine]

when can you send in the form, 2moro?

lol yeah i'd so do that

[gta007]

How can you blame keith king.... lol the POST adjustment is after all adjustemnets have been made and consideirng that any accrued wages for the month wood have been adjusted for it wood be included in wage expense already... thats what the post adjustment is... lol

At the access seminar last week, he pointed out errors in the P&L, and told us you can't have Accrued Wages by itself, but it had to be added to wages. Oh well one mark lost there.

What about consequential errors when i post the incorrect expenses amount to be closed off to the ledgers.

[costargh]

Yeh if the accured wages is from the PRE adjusted trial balance or just trial balance if u prefer

this was a post adjusted

[costargh]

WHAT WAS THE ANSWER FOR 2.2.2 the one where u had to do the BDA for insurnace and then closing entry

[RD]

HEY WERE THERE ANY NARRATIONS REQUIRED? I DIDNT DO ONE AT ALL!!!

I don't so, because I didn't do any.

For the P&L Statement, are prepaid expenses and accrued expenses included?

the prepaid advertising expense and accrued wages are not because it was POST-adjustment meaning they had already been added to the advertising expsne and wages expense... they are CA and CL respectively

dammit screwed that up too

[AppleXY]

Now, now, now... remember, VCE Accounting is too intricate and relies on time management, accuracy and getting around the mind games. So don't get depressed, it's too early for that.