Qualification > Commerce
help in accounting paper 3 plz
Bani:
Ok, for your last question, in Oct/November 2005, the question says that half of the credit balance of the person's account needs to be transferred. Right now, its 10000 credit in the current account. We want 5000 credit balance in the current account. The rest of 5000 needs to be debited to the capital account. Therefore, we will debit the current account with 5000 (which would mean 10000 (credit)-5000(debit), leaving 5000 credit in the current account.)
In M/J 08 paper, the whole amount neds to be transferred to capital a/c from current a/c. This means that the right now 2200 debit balance in the current account should be credited with 2200, to get the balance to 0, as the WHOLE 2200 is needed to be transferred to the capital a/c. Consequently, the capital a/c will be debited with 2200.
I hope all is cleared. Any more confusion, met me know.
P.S Im a she :D So u better not call me dude :D :) ;D
Monica:
ok bani y did u answer??!! >:( >:(
lol just kidden thx anyway for answering him...lol i already answered 3 questions b4!!
thx 7ood these questions made me practice!!
Bani:
To make it more easier for you to understand, for the Oct/Nov question, once you understand why we debit the current account, then, just think that for every debit entry, there has to be a credit entry. Therefore, when we debit the current account with 5000, we will have to credit it somewhere else, which is obviously the capital account. And for the M/J 08 question, the same applies. We credit the current account (to get the a/c balance to 0). Then, for this credit entry, there has to be a debit entry, which is the capital account.
I hope this made it clearer :)
Bani:
--- Quote from: Monica on May 30, 2009, 09:26:48 pm ---ok bani y did u answer??!! >:( >:(
lol just kidden thx anyway for answering him...lol i already answered 3 questions b4!!
thx 7ood these questions made me practice!!
--- End quote ---
hehehe :P
Oh yeah, me too, thanks 700d, I also got more practice. If you have any more questions, please feel free to ask. We'll get more practice then :D ;D
7ooD:
THANKZZZZ......Zzz...ZzZ ladies so much ya i have a small doubt that in provision for doubtful debts if we had been given last year provision which for example was 200 and this year 150 i memorized the enteries in the provision accöunt but never understood them the enterie r deßit balance c/d 150 and credit ßalance b/d 200 so do i have to memorize it or there is a point behind dat
Navigation
[0] Message Index
[#] Next page
[*] Previous page
Go to full version