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

 

 

[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]

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 

m

[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]

thanks very much monica i undestood wat u said :d but the other questions are fast ones so anybody is there for them plz

ill help u wait ill check them out!!

[7ooD]

cmon ppl the exam is after 2 days i helped alot of ppl and wasted many of my studying time to help and this wat we get noone help (except monica thank u) answer 1 question and get a free help for anything relating to ur mobile phone

[CrEaTuRe_X]

cmon ppl the exam is after 2 days i helped alot of ppl and wasted many of my studying time to help and this wat we get noone help (except monica thank u) answer 1 question and get a free help for anything relating to ur mobile phone

First of all, I think its quite funny how your rep decreased from some plus 2 to minus 2. Having said that, It would be a lot of help if you could post the actual link to all the passpaper doubts that you have,and I will solve all of em for you, since I am pro in accounts (:.

[master786]

in mayjune 03 question 2 i dnt see tht question
 are we taking atb paper 2 or 3 here ?

[7ooD]

paper 3 accounting and thanks creature u r on my head man really if u answer them all i have a special gift for it is a computer remote control from ur mobile phone which means u can control the computer cursor using the mobile phone and it is cracked i kno it is a small gift lol if u need to change it just order im a pro in mobile phones

@master it is paper 3 accounting cmon man i finished paper 2 long long ago

[master786]

i am dong as levels so i relaly dnt keep up with waht the ig students have done or watever
 

ok 7ood
the question clearly states .... use the "reducing balance method".... so thtis y the provision was deducted first nd then the percentage was applied on the Net Book Value ....

please read the question carefully ...

[7ooD]

so what if it was given straight line method would i do the same subtract provision then depreciate it?


down are the extra files cuz i couldnt download them from the first post maximum is 8

[master786]

straight line is done on cost... then u dnt subtract it

[7ooD]

thanks dude very much one question is down still 4 more to go By the way tell me what help u need in ur mobile phone in a private message and i will reply to u :d and plz continue answering the rest i want to complete studying my business

[7ooD]

lol r u alive answer meeeeeee dnt die man the world still have some good ppl 

[Monica]

haha ok here is my answer for the first one!!

there is no effect on the net profit, we will have to cancel the carriage outwards so ur right it would increase But remember that ur going to enter the same amount in the carriage inward so the gross profit will decrease by 15, which will have an affect on the net profit becuz net profit is sales-gross profit!! so anyway the net profit will not be effected becuz the 15 moved from the carriage outward to the carriage inward!! lol! i hope u understood this one!!