Qualification > Commerce
Accounting help ???
~ Miss Relina ~:
--- Quote from: mimiswift on May 31, 2011, 09:24:34 am ---ok
qns 22.....first find what was the error...they said that purchase of stationary was entered in the purchases a/c....this means the credit entry of cash/bank was entered correctly.....therefore to rectify the error...u must credit purchases and debit the correct entry...therefore u get debit stationary and credit purchases....answer is B
qns 9....i dont know.....sorry!! :(
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Thanks alot really appreciate ur help ;)
Dasith:
--- Quote from: Relina on May 31, 2011, 10:09:19 am ---ok plz also Q 26 in http://www.xtremepapers.me/CIE/Cambridge%20IGCSE/0452%20-%20Accounting/0452_w03_qp_1.pdf
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hmm its 15000, P/L is on accrual basis & not cash basis , so rent for 9 months from april to december!
9/12 x 20000 = 15000(for 9 months)
~ Miss Relina ~:
--- Quote from: Dasith on May 31, 2011, 10:00:45 am ---Question 9 ans , shuld be c , i.e 38000 becoz 2000 is drawings for personel use , i.e not used in the business!,
so owner introduces 40000 capital initially & uses 2000 for his own private use so the business dosent get any benifit / the bought asset is not recorded in business accounts. so it reduces capital.(just like in capital a/c)
but the addition of course is a extention for the shop , the addition is recorded in business books probable as a fixed asset so its a part of capital.
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mmmmm then u mean that the drawings will reduce capital and the extension is not cosidered a drawing so capital not affected :D
Thanks alot
Tohru Kyo Sohma:
--- Quote from: Relina on May 31, 2011, 10:10:42 am ---Thanks alot really appreciate ur help ;)
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ur welcome!
~ Miss Relina ~:
--- Quote from: Dasith on May 31, 2011, 10:13:42 am ---hmm its 15000, P/L is on accrual basis & not cash basis , so rent for 9 months from april to december!
9/12 x 20000 = 15000(for 9 months)
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omg Thanks i've really confused myself by looking at the info. the Q gave ur method is much faster and easier :) :D
Thanks
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