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Author Topic: help in accounting paper 3 plz  (Read 14022 times)

Offline 7ooD

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help in accounting paper 3 plz
« on: May 30, 2009, 05:32:52 pm »
Plz answer those questions 1 day is left for accounting 


my first 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

 

 
« Last Edit: May 30, 2009, 09:01:15 pm by 7ood »
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Offline Bani

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Re: help in accounting paper 3 plz
« Reply #1 on: May 30, 2009, 06:41:53 pm »
For the first question, if you think of it, Bank balance can either be a debit (representing the amount of money left in the bank) or a credit balance (representing bank overdraft<more money withdrawn than allowed>). Ok, now, to find out the bank balance upto this year, you would add to the previous year's bank balance the receipts (the money you have earned) and take away the payments (the money going out of the business) to get whats now remaining in the bank. Lets say if 2005's bank balance was a credit balance, then you would simply put it as a negative figure in brackets in ur calculator. SO, (-3150)+(receipts)-(payments) to get the final bank balance.
Then, about the second part, Assets-Liabilities represents how much would've left with after the business pays its debts. Its basically like the working capital of a trading organisation I think, representing the available funds for day-to-day expenses, after debts have been cleared.
I hope this made any sense. I'll move onto ur second question and try to work it out. :)
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Offline Bani

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Re: help in accounting paper 3 plz
« Reply #2 on: May 30, 2009, 07:40:45 pm »
For the second question, Im assuming you asked about the Sales Ledger CONTROL ACCOUNT :) instead of the Sales Ledger. Ok, so, the Sales Ledger Control Account (a.k.a Debtors Ledger Control Account) always starts off with a debit balance (as the people you sell goods to are the debtors). The format goes like this:
               Balances (Total of Debtors' balances)              A debit balance
               Balances (Debtors with credit balances)           A credit balance
               Credit Sales                                                A debit balance
               Sales Returns                                              A credit balance
               Cheques recieved from Debtors                       A credit balance
               Dishonoured cheques                                    A debit balance
               Overpayments refunded                                 A debit balance
               Discounts Allowed                                         A credit balance
               Bad Debts written off                                    A credit balance
               Interest Charged to Debtors on overdue Accounts  A debit balance (because this would INCREASE the amount the debtors owe)
               Transfers (set offs)                                      A credit balance

      I hope you understand these transactions; any confusion, ask. I'll move onto your third question. :)
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Monica

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Re: help in accounting paper 3 plz
« Reply #3 on: May 30, 2009, 08:05:30 pm »
hahahahaha!! Bani ur answering him here and i am answering him in the other thread!! hahaha!! 7ood!!
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Offline Bani

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Re: help in accounting paper 3 plz
« Reply #4 on: May 30, 2009, 08:08:23 pm »
Quote from: Monica on May 30, 2009, 08:05:30 pm
hahahahaha!! Bani ur answering him here and i am answering him in the other thread!! hahaha!! 7ood!!

Haahahaha!!! 7ood,which thread do you want us to answer ur queries?  :D ;D :)
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Offline 7ooD

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Re: help in accounting paper 3 plz
« Reply #5 on: May 30, 2009, 08:10:31 pm »
dude this lol
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Monica

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Re: help in accounting paper 3 plz
« Reply #6 on: May 30, 2009, 08:10:51 pm »
now both of us answered the same question!! lol!! divide the work between us atleast!!lol!!
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Offline 7ooD

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Re: help in accounting paper 3 plz
« Reply #7 on: May 30, 2009, 08:13:18 pm »
ì have posted this in many threads cuz everyone come & say i will answer ur question and suddenly go out of charge or fuel :d
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Offline Bani

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Re: help in accounting paper 3 plz
« Reply #8 on: May 30, 2009, 08:15:29 pm »
Quote from: 7ood on May 30, 2009, 08:13:18 pm
ì have posted this in many threads cuz everyone come & say i will answer ur question and suddenly go out of charge or fuel :d

hahaha :D ok ;) Now, Monica, which one out of Q3 and Q4 do you want to answer? You choose one, I'll choose the other
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Offline Bani

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Re: help in accounting paper 3 plz
« Reply #9 on: May 30, 2009, 08:17:42 pm »
Quote from: Bani on May 30, 2009, 08:15:29 pm
Quote from: 7ood on May 30, 2009, 08:13:18 pm
ì have posted this in many threads cuz everyone come & say i will answer ur question and suddenly go out of charge or fuel :d

hahaha :D ok ;) Now, Monica, which one out of Q3 and Q4 do you want to answer? You choose one, I'll choose the other

haha I just realised there are only 3 questions :D lets both answer this, it will be good practice for exam :)
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Monica

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Re: help in accounting paper 3 plz
« Reply #10 on: May 30, 2009, 08:18:48 pm »
ok, lets both answer... :D
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Offline Bani

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Re: help in accounting paper 3 plz
« Reply #11 on: May 30, 2009, 08:22:44 pm »
Quote from: Monica on May 30, 2009, 08:18:48 pm
ok, lets both answer... :D
haha and I just realised that the 2nd question was erased, the one about Sales Ledger Control Account. 700d, tell me if Im mistaken. Bec I remember answering that :)
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Offline 7ooD

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Re: help in accounting paper 3 plz
« Reply #12 on: May 30, 2009, 08:23:42 pm »
hey guys after u answer those questions i have a really hard one im scared it may come in the exam lol :P a blue house is made from blue bricks a red house is made from red bricks a yellow house is made from yellow bricks what a green house is made from?
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Offline 7ooD

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Re: help in accounting paper 3 plz
« Reply #13 on: May 30, 2009, 08:25:12 pm »
yes i removed the questions answered so that u can concentrate more and nobody answer the question twice :P
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Offline Bani

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Re: help in accounting paper 3 plz
« Reply #14 on: May 30, 2009, 08:38:19 pm »
Quote from: 7ood on May 30, 2009, 08:25:12 pm
yes i removed the questions answered so that u can concentrate more and nobody answer the question twice :P

But I have answered question 1 too. Don't you wanna remove it too? :D
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