How did you think you went?

[gta007]

Someone scan the exam and tell Apple to do it. Then we can check the answers off him

[sheepz]

i really hope that his teacher is right coz i got that >.< anyway im sure A LOT of people will get that ques wrong... i bet the percentage of people who got it right is like less than 10%... maybe 5%? so dont worry too much about it =) your ranking should still be alright if you didn't many other careless mistakes!

costa: i think the reporting period is for the quarter oct - dec so the wages expense for the end of oct and dec won't be accrued.

for the vehicle rego one the first entry was: (don't look if you don't wanna know lol)

DR Vehicle 30000
DR Prepaid vehicle registration 675
CR Capital 30675

[sheepz]

haha if someone does scan it can they send a copy to me too? i'll ask my uni accounting friends to do it XD

[costargh]

i really hope that his teacher is right coz i got that >.< anyway im sure A LOT of people will get that ques wrong... i bet the percentage of people who got it right is like less than 10%... maybe 5%? so dont worry too much about it =) your ranking should still be alright if you didn't many other careless mistakes!

costa: i think the reporting period is for the quarter oct - dec so the wages expense for the end of oct and dec won't be accrued.

for the vehicle rego one the first entry was: (don't look if you don't wanna know lol)

DR Vehicle 30000
DR Prepaid vehicle registration 675
CR Capital 30675

Yeh that makes sense now... i shooda realised the reporting period was every 3 months but like it didnt say it soo i just did every months which is stupid because why wood u have the journals for 3 months if the reporting period was every month!!1 FUCK I FEEL DUM NOW

and that one i did wrong i know already
i did

vechile  30000
   capital            30000
Prepaid Reg   600
     capital                600 (BUT IT shOOD BE 675 )

[sheepz]

yeah for the last question i kept re-reading it and flipping pages in front to find out the reporting period lol. in the end i wrote a note saying 'assuming the reporting period is for 3 months' because that was like the only way it would make sense... especially with the ledger account balance at 1 oct...

ohh that was what i did at first and then the third point was to write off the expense for the month so im like 'oops' n changed it

[Noblesse]

Nah the correct answer is:
Wages/ accrued wages    chq no. a  bank 10000        wages 5000    sundries 5000
Wages/ accrued wages    chq no. b  bank 10000        wages 10000   
Wages/ accrued wages    chq no. c  bank 10000        wages 10000   
Totals                                                 30000                25000                5000

according to my friend's teacher who is one of the best in victoria apparently haha

If this is right, ah curse it! The only difference between mine and this one is the wages and accrued being on the same line and I put 15000 bank for the first entry, oh well hopefully I will get consequential marks.

[RD]

i really hope that his teacher is right coz i got that >.< anyway im sure A LOT of people will get that ques wrong... i bet the percentage of people who got it right is like less than 10%... maybe 5%? so dont worry too much about it =) your ranking should still be alright if you didn't many other careless mistakes!

costa: i think the reporting period is for the quarter oct - dec so the wages expense for the end of oct and dec won't be accrued.

for the vehicle rego one the first entry was: (don't look if you don't wanna know lol)

DR Vehicle 30000
DR Prepaid vehicle registration 675
CR Capital 30675

Yeh that makes sense now... i shooda realised the reporting period was every 3 months but like it didnt say it soo i just did every months which is stupid because why wood u have the journals for 3 months if the reporting period was every month!!1 FUCK I FEEL DUM NOW

and that one i did wrong i know already
i did

vechile  30000
   capital            30000
Prepaid Reg   600
     capital                600 (BUT IT shOOD BE 675 )

What I did here was

Vehicle 30000
Pre-paid Reg 600 (or wait maybe it was 675 can't remember)
      Capital 30600 (or 30675)

is that still correct if the reg total is the right one?

[xoxo.]

Haha, i accidentally closed and balanced the wages and accrued wages account for the last question... could have used that time to recheck my work. lol..
and i think if u picked "cash at bank" for the entity principle it is also right..

[RD]

picked "cash at bank" for the entity principle it is also right..

ughh.. I picked Mortgage Loan. 

[xoxo.]

I picked Loan-ABC , but i think if you can explain the entity principle, then either of them should be right.. :S hopefully LOL

[RD]

yeah I'm hoping my explanation was adequate.

[sheepz]

another friend of mine just brought up a question...

for ques 2.2.2 with the balance day adjustment and closing entry for prepaid insurance, what figures did you guys use? i used $1200 i think for the BDA but my friend said wouldn't it be $3600 since its annual insurance (so the business would have paid and consumed the insurance before oct)

[xoxo.]

I only used $3600 but i think its wrong..

I think you had to subtract 3600 from 4720 and add that amount to 2400 as insurance expense :S
so insurance expense should be 3520...

[RD]

I cant even remember what I put.

[sheepz]

lol i didnt even use the 4720... darn i should have detected something was weird there