Qualification > Commerce
plz the exam is after 1 day answer the questions 4 r left go to page 2 directly
7ooD:
HI EVERYONE I KNO U ARE ALL TIRED STUDYING AND EATING AND SLEEPING THEN STUDYING AND EATING AND SLEEPING SO I HOPE THAT EVERYBODY GETS A* I HAVE THE FOLLOWING DOUBTS IN ACCOUNTING SO PLZ ANSWER THEM THE EXAM IS AFTER 3 DAYS SO PLZ SOMEONE ANSWER THEM ALL I REALLY NEED THEM
1-this is repeated in many exams eg may june 2006 question 3 he gave me information about a judo club and the confusion is for the adjustments he made for the balance sheet in which he added we were given the previous financial year 2005 bank xxxxx debit (xxxx means the amount of money) then added this amount under the current assests and add all the receipts during the current financial year 2006 and subtracted all payments im just confused is it a rule that we have to follow just add receipts and subtract payments or there is a reason behind that and what does it mean by bank----- xxxxx debit wat if it was credit. second part is under accumalated funds there is opening balance in which he calculated the value of it by adding all the assets of the previous year 2005 and subtracting all the liabilities again is it a rule i just follow or there is a reason too behind it lol
2 a fast question where an interest charged on overdue account will appear in the sales ledger cuz i never found this in the book and in the mark scheme they say it will be entered at the debit side why is that and under wat catogory of those enteries which appear in the debit side does it lie *opening balance b/d * sales on credit * cheques dishonored *cash refunded to debtors my book is (igcse accounting catherin coucom 2002 version)
3 another fast question on may june 2007 question 4 extraction from the exam---------------> a dude named peter mpho started his business on 1 February 2006. after the preparation of his trading and p&l a/c for his first year of trading. the following balances remained on his books at 31 january 2007 bank------- 300 debit the following matters were discovered the bank statment received on 31 january showed that the bank had debited the business
s bank a/c wotj cjarges of 1050.this had not been recorded in the accounting records
the problem is that under the balance sheet mark schemes answers said that the bank 300 debit should be under the current liabilities and subtracted the bank charges 1050 from it i dnt understand why they did this cuz in the question 1 which i asked up he gave me the same piece of information bank xxxxxx debit and was entered under current assests also in the same exam paper 2007 may june question 5 was entered under current assets but over here was under current liabilities and last thing is why they subtracted from it the charges instead of adding it cuz it will increase his liabilities then.
finally my last questionn it is a fast one on nov 2005 question 5 b)3) ebor's current a/c showed a credit balance of 10000 it was agreed that he should transfer half of this to his capital a/c in the mark scheme they debited the current account and credited the capital but on may june 2008 question 3) 4) the partners decided that the debit balance of 2200 on amina's current account should be transferred to her capital account. this had not been recorded in the mark scheme they debited the capital a/c and credited the current a/c for the correction of error of this entry i dnt understand this how can they be opposite while they look the same in the two papers
;D ;D ;D ;D ;D ;D ;D ;D ;D ;D
Monica:
ok let me start by the first one:
i have no idea if ur gonna get wat i am sayin or not but just try to understand...
4)First of all in any type of error try to first make the correct transaction. So the correct transaction should be like that
CORRECT: CASH 14
DISCOUNT RECEIVED 14
ERROR: CASH WAS CORRECTLY ENTERED SO JUST LEAVE IT ASIDE, BUT the discount allowed had to be credited to cancel the error made, and the discount received was credited because u still didn't enter it( it was omitted from the general ledger)and always the discount received is credited, so now it is time u enter it in da credit side, and becuz u did this u need to have an equal amount in da debit side and this would be the suspense.... i know u got nothin but just try thinkin of it!
5)ok in this one make the correct tranasaction first:
CORRECT: JOE JONES 95
CASH 95
ERROR: THEY DIDNT MENTION ANY THING ABOUT CASH WHICH MEANS IT WAS CORRECTLY ENETERED IN THE CASH BOOK SO LEAVE THE CASH ASIDE. NOW, when they said that the amount is recorded in the purchases ledger this means that joe jones paid 95 not received(here is the error becuz he recieved not paid) and so we will have to cancel the 95 which was credited in error by debiting it, in addition to this we anyway have to enter the amount recived that is the 95 which should be debited, so we have to add 95(which cancel the error) and another 95(which is the correct amount).. then ull just have to add the same amount in the suspense....
HOPE U UNDERSTOOD ANYTHING FROM WAT I WROTE LOL!!
ill just try the others later and when i get the answer ill try to explain it...
Monica:
--- Quote from: 7ood on May 29, 2009, 02:08:55 am ---
2- in paper mayjune 2003 question 2 it gave me a P&L A/C they gave me motor vehicles at cost 8000 and provision amount and the depreciation percentage so in the mark scheme to calculate the depreciation they did the following they subtracted the provision from the orginal cost and then depreciated the answer so is it a rule that i have to follow or there is some understandability for that? cuz i cnt find it in the book
--- End quote ---
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7ooD:
thanks very much monica i undestood wat u said :d but the other questions are fast ones so anybody is there for them plz :'(
Monica:
--- Quote from: 7ood on May 29, 2009, 01:49:52 pm ---thanks very much monica i undestood wat u said :d but the other questions are fast ones so anybody is there for them plz :'(
--- End quote ---
ill help u wait ill check them out!!
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