Qualification > Commerce
da AcCoUnTiNg PaPeR 3 zzz.zzz..zzz
CrEaTuRe_X:
--- Quote from: saiki on June 02, 2009, 02:57:05 am ---well i think 24hrs past now... (at least for me)...
about the paper
- revaluation = its like u call the garage/shop n ask them to value ur asset, (as if ur sellin it)
- control a/c bad debt recovered 300$ cash => in control a/c 1st dr bad debt recov 300, 2nd cr cash 300
- depreciation, one vehicle u charge for 8 months onli (1st JUL - 28 Feb)
- pnl, u dont hav gross profit since its service business-> so just rev (clients go in the revenue section), exp, np
n remember it said do "PnL a/c".. not "trading, Profit and Loss a/c"
http://books.google.com/books?id=YG8sqLZBXBUC&pg=PA129&lpg=PA129&dq=profit+and+loss+service+business+trading&source=bl&ots=PVElVNNsB2&sig=KAdD-PCUlym-6rfPTzWzhy5nVFE&hl=en&ei=KowkSuaVGc2GkAXw_dWqBw&sa=X&oi=book_result&ct=result&resnum=4#PPA129,M1 (scroll down a bit)
- subscription to InE = transfer $2500
- InE deficit
--- End quote ---
Bad debt recovered is not entered in control account. I asked the teacher about it.
saiki:
our teacher said u can do both dr300 bad debt recov AND cr 300 cash... or just ignore it (since they cancel out but dont write just one of them)... Our teacher said that...
in control a/c question it said - $300 cash recieved from debtor who was previously written off in sept 2007-
-hence 1st u reinstate the bad debt-> increasing the debtors amount -> hence in control a/c bad debt recovered dr 300
- 2nd if he pays 300 in cash, then his account is paid off rite? -> hence in control a/c cash cr 300
or you can ignore it
Navigation
[0] Message Index
[*] Previous page
Go to full version