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Author Topic: Accounting help ???  (Read 24960 times)

Offline ~ Miss Relina ~

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Re: Accounting help ???
« Reply #45 on: May 31, 2011, 10:10:42 am »
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!! :(
Thanks alot really appreciate ur help ;)
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Offline Dasith

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Re: Accounting help ???
« Reply #46 on: May 31, 2011, 10:13:42 am »
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



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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Offline ~ Miss Relina ~

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Re: Accounting help ???
« Reply #47 on: May 31, 2011, 10:15:01 am »
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.
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
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Offline Tohru Kyo Sohma

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Re: Accounting help ???
« Reply #48 on: May 31, 2011, 10:15:15 am »
Quote from: Relina on May 31, 2011, 10:10:42 am
Thanks alot really appreciate ur help ;)
ur welcome!
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Offline ~ Miss Relina ~

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Re: Accounting help ???
« Reply #49 on: May 31, 2011, 10:18:21 am »
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)
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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Offline Dasith

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Re: Accounting help ???
« Reply #50 on: May 31, 2011, 10:20:08 am »
Quote from: Relina on May 31, 2011, 10:15:01 am
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

Quote from: Relina on May 31, 2011, 10:18:21 am
omg Thanks i've really confused myself by looking at the info. the Q gave ur method is much faster and easier :) :D
Thanks

u r welcome ;D 
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Offline Crooked

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Re: Accounting help ???
« Reply #51 on: May 31, 2011, 02:05:47 pm »
Quote from: Relina on May 31, 2011, 08:32:40 am
ahhhhhhhhha ............... Thanks a lot now i got it so for stock valuation always calculate the cost and the net realisble value(selling price-sellingexpenses) then choose the lower and do what ever asked right ???
Precisely. =]
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Offline ~ Miss Relina ~

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Re: Accounting help ???
« Reply #52 on: May 31, 2011, 07:29:25 pm »
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Offline Tohru Kyo Sohma

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Re: Accounting help ???
« Reply #53 on: May 31, 2011, 11:12:03 pm »
Quote from: Relina on May 31, 2011, 07:29:25 pm
plz doubts again sorry for disturbing and Thanks in advance :
http://www.xtremepapers.me/CIE/Cambridge%20IGCSE/0452%20-%20Accounting/0452_w07_qp_1.pdf
Q 19
http://www.xtremepapers.me/CIE/Cambridge%20IGCSE/0452%20-%20Accounting/0452_s09_qp_1.pdf
Q 23
http://www.xtremepapers.me/CIE/Cambridge%20IGCSE/0452%20-%20Accounting/0452_w08_qp_1.pdf
Q 35
http://www.xtremepapers.me/CIE/Cambridge%20IGCSE/0452%20-%20Accounting/0452_w09_qp_1.pdf
Q 8 and Q 25
i think for qns 19 ...i ll try to explain with a simple example.....Purchase goods on credit for $30.....the double entry transaction is
puchases Dr.
   Creditor Cr.
u did purchases right...but instead of crediting $30 in creditors a/c u debit it.Therefore u get a debit balance b/d.....and hence the trail balance will have on the debit side $30 from purchases and $30 from creditors
hence ur answer is D that is total debits $60 more than total credits

qns 23....ok...so the answer here is B....because repairs is revenue expenditure....new tyre bought is revenue exp as well....whereas the others office equipments will be used for more than a year in the business.....and the carriage of OE.....is the cost along with it...therefore  they are cap exp....extension to building is aslso cap expenditure as it will used for a long time
sorry...im in a hurry....im not very good in explaining.....i have a business exam tomorrow!so i have to go
sorry again
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Offline Dasith

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Re: Accounting help ???
« Reply #54 on: June 01, 2011, 02:54:18 am »
Quote from: Relina on May 31, 2011, 07:29:25 pm
plz doubts again sorry for disturbing and Thanks in advance :
http://www.xtremepapers.me/CIE/Cambridge%20IGCSE/0452%20-%20Accounting/0452_w07_qp_1.pdf
Q 19
http://www.xtremepapers.me/CIE/Cambridge%20IGCSE/0452%20-%20Accounting/0452_s09_qp_1.pdf
Q 23
http://www.xtremepapers.me/CIE/Cambridge%20IGCSE/0452%20-%20Accounting/0452_w08_qp_1.pdf
Q 35
http://www.xtremepapers.me/CIE/Cambridge%20IGCSE/0452%20-%20Accounting/0452_w09_qp_1.pdf
Q 8 and Q 25


the rest of the ans ;) :D

last one Q 8

                    Stationary a/c
[/b]DR:                                                                 CR:

balance b/d        60                                        Profit & loss   220
cash                250                                        Balance c/d    90



question 25


Cost of assets as @ 1 jan 2008 = 18000 + 12000
                                           =  30000

Depreciation st.line @ 25% of cost(not book value ;)  )=  30000 x 25/100
                                                                          = 7500

 
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Offline Dasith

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Re: Accounting help ???
« Reply #55 on: June 01, 2011, 03:00:25 am »
ohh yea & the ans for  35th Q

ans i   (D) i think

because all others relate to debtors or sales, which is needed to calculate sales , but the last one is returns outwards,
i.e for suppliers , which is to do with purchases , so its not usually taken when calculating sales
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Offline ~ Miss Relina ~

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Re: Accounting help ???
« Reply #56 on: June 01, 2011, 10:23:53 am »
Quote from: mimiswift on May 31, 2011, 11:12:03 pm
i think for qns 19 ...i ll try to explain with a simple example.....Purchase goods on credit for $30.....the double entry transaction is
puchases Dr.
   Creditor Cr.
u did purchases right...but instead of crediting $30 in creditors a/c u debit it.Therefore u get a debit balance b/d.....and hence the trail balance will have on the debit side $30 from purchases and $30 from creditors
hence ur answer is D that is total debits $60 more than total credits

qns 23....ok...so the answer here is B....because repairs is revenue expenditure....new tyre bought is revenue exp as well....whereas the others office equipments will be used for more than a year in the business.....and the carriage of OE.....is the cost along with it...therefore  they are cap exp....extension to building is aslso cap expenditure as it will used for a long time
sorry...im in a hurry....im not very good in explaining.....i have a business exam tomorrow!so i have to go
sorry again
oh no problem dear Thanks alot By the way u are good at explaining  ;D
ah and good luck with ur business exam  :D hope u do good  :)
« Last Edit: June 01, 2011, 10:27:38 am by Relina »
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Offline ~ Miss Relina ~

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Re: Accounting help ???
« Reply #57 on: June 01, 2011, 10:25:10 am »
Quote from: Dasith on June 01, 2011, 02:54:18 am

the rest of the ans ;) :D

last one Q 8

                    Stationary a/c
[/b]DR:                                                                 CR:

balance b/d        60                                        Profit & loss   220
cash                250                                        Balance c/d    90



question 25


Cost of assets as @ 1 jan 2008 = 18000 + 12000
                                           =  30000

Depreciation st.line @ 25% of cost(not book value ;)  )=  30000 x 25/100
                                                                          = 7500

 

Thanks alot i thuoght no one will do that reaally appreciate ur help  :D
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Offline ~ Miss Relina ~

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Re: Accounting help ???
« Reply #58 on: June 01, 2011, 10:26:28 am »
Quote from: Dasith on June 01, 2011, 03:00:25 am
ohh yea & the ans for  35th Q

ans i   (D) i think

because all others relate to debtors or sales, which is needed to calculate sales , but the last one is returns outwards,
i.e for suppliers , which is to do with purchases , so its not usually taken when calculating sales

u know when i first looked at ur first post i thought u forgot to answer the previuos one then i realised that u remembered .....lol  ;)
By the way Thanks alot
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Offline Dasith

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Re: Accounting help ???
« Reply #59 on: June 01, 2011, 11:02:23 am »
Quote from: Relina on June 01, 2011, 10:26:28 am
u know when i first looked at ur first post i thought u forgot to answer the previuos one then i realised that u remembered .....lol  ;)
By the way Thanks alot

haha ,lol na its u r way of asking questions , it was a bit too condusing ! lol ;) , i thaught it was first the question & then the link lol !! , & then i realised ;)
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