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Author Topic: help in accounting paper 3 plz  (Read 10112 times)

Offline Nanavel

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Re: help in accounting paper 3 plz
« Reply #45 on: May 31, 2009, 07:54:53 am »
where did the 10000 came from ??? its killing me ???
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Offline saiki

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Re: help in accounting paper 3 plz
« Reply #46 on: May 31, 2009, 07:59:34 am »
lol

in prov for depn a/c

sept 30, depreciate the 2 vehicles at 25 % = credit 9000
apr 1, remove the depreciation of the vehicle being sold = debit 4000 (transfer to disposal) n balance is 5000 cr
sep30, depreeciate the remaining vehicle at 25% of its cost = 25% * 20000=5000, cr 5000, hence bal 10000 cr

remember he bought 2 cars, sold 1, still has 1 left that needs to be depreciated.
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Offline Nanavel

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Re: help in accounting paper 3 plz
« Reply #47 on: May 31, 2009, 08:10:07 am »
Hey saiki .. I really sorry for bothering you ...

actually I used to get 10000 but something is wronge with me I couldnt see it ... I havent slept in days .. I am getting teh right answers but I cannot see it .. I am thinking the whole time that i am wronge and whatsoever .. Jsut now i realised that i have did ALMOST everything you told me .. but I could not think properly .. I have did everything already but i couldnt see it .. Damn it >> i didnt knew that NO SLEEP will do this to me .
I really should get some sleep havent slept since past 2 days .. ** actually i cannot sleep ** when i am nervous or in stress ,Tension.

Anyhow .. Thanx 1000 times for your help .. I will definitly read your posts for me Again  :-*   (+rep) for you

HUGS
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Offline Aodian

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Re: help in accounting paper 3 plz
« Reply #48 on: May 31, 2009, 11:20:32 am »
hey anyone can help with the mark up quesiton for october november 2008 question 3C? how the hell do we do the mark up thing?
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Monica

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Re: help in accounting paper 3 plz
« Reply #49 on: May 31, 2009, 11:40:46 am »
this one is on general....i expalined it yesterday under the thread called accounting..

gross profit margin= gross profit mark up( by subtracting  one from the dominator)

so if gross profit=20%=20/100= 1/5

so the gross profit mark up = 1/4(becuz i subtracted one from the dominator)

now gross profit mark up= Gross Profit/ cost of sales

cost of sales= 9500+22000 -17500=14000

mark up= GP/14000
1/4= GP/14000
GP=3500

NOW GET THE SALES EASILY BY= 3500+14000= 17500

HOPE U UNDERSTOOD ANYTHING!!LOL!!
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Monica

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Re: help in accounting paper 3 plz
« Reply #50 on: May 31, 2009, 11:43:08 am »
and here is the rest of the explanation go under the thread accounting on the next page by shan and ull see the questions he asked!!

gross profit mark up= gross profit margin( by adding 1 to the dominator)

mark up= 20%= 20/100= 1/5

so gross profit margin will be 1/6 (remember that i added one)

now gross profit margin= gross profit/sales
1/6                         = GP/60000
GP = 10000

u can then get the closing stock....
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Offline cockyxrocker

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Re: help in accounting paper 3 plz
« Reply #51 on: May 31, 2009, 12:00:23 pm »
Hey can anyone explain me question 5 - o/n/2003
error no. 2
Thanks
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Offline saiki

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Re: help in accounting paper 3 plz
« Reply #52 on: May 31, 2009, 12:35:19 pm »
remember the prudence concept- not overstate assets, n understate liabilities - stock valued at lower of cost or net relisable value (selling price) - n in error 2, the stock has been valued at selling price which is higher than cost hence is an error
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Offline 7ooD

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Re: help in accounting paper 3 plz
« Reply #53 on: May 31, 2009, 12:47:42 pm »
and it is a closing stock and closing stock is directly proportional to net profit which means when it increase net profit increase over here it decreased so net profit is decreased
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Offline 7ooD

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Re: help in accounting paper 3 plz
« Reply #54 on: May 31, 2009, 12:49:31 pm »
hey can anybody give me the journal entries for income
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Offline Aodian

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Re: help in accounting paper 3 plz
« Reply #55 on: May 31, 2009, 01:16:14 pm »
Quote from: Shoshou on May 31, 2009, 11:43:08 am
and here is the rest of the explanation go under the thread accounting on the next page by shan and ull see the questions he asked!!

gross profit mark up= gross profit margin( by adding 1 to the dominator)

mark up= 20%= 20/100= 1/5

so gross profit margin will be 1/6 (remember that i added one)

now gross profit margin= gross profit/sales
1/6                         = GP/60000
GP = 10000

u can then get the closing stock....
thanx a lot you're a lifesaver!!! haha.. now i can rest assured that im prepared for almost everything in paper 3! thanx again! oh and whoever is taking accounting and chem tomoro good luck.. I only haev 15 minutes break between the papers.. which is ugh... thanx again + rep!  :D
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Offline saiki

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Re: help in accounting paper 3 plz
« Reply #56 on: May 31, 2009, 01:27:55 pm »
7ood- what u talking about? wat u mean by income?
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Offline 7ooD

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Re: help in accounting paper 3 plz
« Reply #57 on: May 31, 2009, 02:33:13 pm »
ok in the clubs and societies accounts subscription accounts any subscription recieved is credited in the subscription account that's why i want the journal entry behind that for example the journal entry for rent paid is rent 300 debit
                                                                                                                          cash 300 credit

and is entered in the rent account as a debit cash 300

« Last Edit: May 31, 2009, 02:34:51 pm by 7ood »
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Offline saiki

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Re: help in accounting paper 3 plz
« Reply #58 on: May 31, 2009, 03:21:45 pm »
subscriptoon =revenue... if u recieve money from it ->

dr bank xx
cr subscription xx

n then in bank a/c  u enter dr subscription xx... in sub a/c u enter cr bank xx


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Offline 7ooD

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Re: help in accounting paper 3 plz
« Reply #59 on: May 31, 2009, 03:28:19 pm »
thanks man one last thing i don't understand how they corrected this error in 2008 nov paper page 8 the question is

4 On 15 September 2008, $50 had been received from W Lee. This amount was
incorrectly debited to the bad debts account and credited to W Lee’s account.
W Lee’s account had been written off as a bad debt on 30 June 2008.

and the correction is cash 50 (debit)          bad debt recovered 50 (credit)
                             W lee 50 (debit)        bad debts 50 (credit)
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