VCE Stuff > VCE Accounting

Accounting VCAA 2005 2.2.1

(1/1)

costargh:
I don't know why I am getting a different answer to them for the Receipts from Debtors.
The bits that are bold are the bits that I think are the bits relevant to working out receipts from debtors but maybe I am missing something...
The unbolded bits you should be able to ignore, unless there is something there that I shouldnt have ignored which is changing the answer!

-------------------------------------------------------------------------------------

2.2   Belinda has provided the accountant with the following estimates for the 3 months (quarter) ending
31 March 2006.
•
* Bank ledger account balance at 1 January 2006 is $16 000 (credit).•
* Sales for the quarter are expected to be $230 000, of which 30% will be on credit.•
* Cost of Sales will be 50% of sales.•
* Stock purchases for the quarter are expected to be $150 000. 80% of stock purchases are on credit.•
* Creditors are owed $40 000 at 1 January 2006 and the expected balance at 31 March is $30 000.•
* The Debtors balance at 1 January 2006 is $24 000. This balance is expected to increase by $10 000 over the quarter.•
* Expenses are budgeted to be 20% of total sales for the quarter.    These expenses include
–               Depreciation expense on Fixtures and Fittings of $4 000
–               Bad Debts expense of $2 000
–               Customs Duty on stock purchases of $1 000
–               Interest on Loan and Bank Overdraft of $6 000
              – Wages paid of $29 300 (Accrued wages at 1 January 2006 are $800 and at 31 March 2006 are $500)
–               Office expenses of $4 000.
•
* Apart from wages, there are no other prepayments or accruals.•
* In addition to the interest payments, a further $5 000 is repaid each month from an existing loan.•
* Drawings for the quarter are expected to be $22 000 (cash) and $2 000 (stock).-----------------------------------------------------------------------------------------
This is how I worked it out.

Debtors balance at Start + Credit Sales= y
24,000 + (230,000*0.3) = y
24,000 + 69,000= 93,000

x= Receipts from debtors,

Debtors balance at end= y - x

34,000 = 93,000 - x
34,000 - 93,000 = -x
-34,000 + 93,000= x
x= 59,000

But the answer in VCAA Assessment Report 2005, page 7 is :
57,000

What am I doing wrong??? :(

costargh:
Edit: Fuck im dumb.
Didnt read Bad debts of 2000

Fuck, So stupid. Fuck

Answer now known. Thanks anyway

Navigation

[0] Message Index