Author Topic: Accounting HELP !!!  (Read 18923 times)

Offline contraentry

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Re: Accounting HELP !!!
« Reply #45 on: June 04, 2010, 11:51:01 am »
I have a feeling that it'll be similar to the Principles of Accounts P2, (GCE-O-Level) that took place on June 3rd. I did P1(2), IGCSE CIE, which is variant 2 FYI.
According to the predictions my friends and I laid out, these topics are most likely to appear in the Paper 2 :

Limited Liability Company (Like DUH!! :P)
Non-Trading Organisations
Incomplete Records (involves preparation of SL Control & PL Control)
PettyCash / Cashbook (Not Really sure on that one)
Manufacturing
Asset Disposal Maybe?
A Simple Sole Trader's PnL & Balance Sheet (With those adjustments of Prepayments & Outstandings)


Offline contraentry

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Re: Accounting HELP !!!
« Reply #46 on: June 04, 2010, 11:52:48 am »
I'm not sure which variant you do and the differences between the two, but I did variant 2, and there wasn't any real journal error correction questions or such, like usual, but there were indirect journal entry questions (like making an entry in the journal for bad debts, or provision for doubtful debts), so do you think a journal entry would come? No, right?


In that trial balance question there was something to do with errors, If I recall clearly..

Offline K_M

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Re: Accounting HELP !!!
« Reply #47 on: June 04, 2010, 12:11:34 pm »
Wait, by non-trading organizations, you basically mean Clubs and Societies, right?

Yep!

Offline K_M

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Re: Accounting HELP !!!
« Reply #48 on: June 04, 2010, 12:12:31 pm »
Can someone please help me find sums on BRS please

Offline contraentry

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Re: Accounting HELP !!!
« Reply #49 on: June 04, 2010, 01:17:29 pm »
Hmm...you're right actually, that's a really good list. (I did Variant 2 too, fyi)
I was trying to remember the topics that came in P1 but I'm failing miserably..lol.

So I remember there was a trial balance, I think Partnership was there too?
Wasn't there a really long account we had to make or something? Or like a long calculation?
Did we have to make a Provision for Depreciation account? I don't think so, right?
We did have to make a Provision for Doubtful Debts... and a Bad Debts?
What else?

(That way we know what WON'T come on Paper 2..)

Depreciation was tested upon in the last question involving the capital and revenue expenditure remember? However, there was no Prov. For Dep. A/C. There was something to do with provision for bad debts and bad debts, Partnership came and there were two ratios (RoST & CPP).

That list was made by some friends and me, right after the paper 1[v2], so we made sure we remembered everything that came.

Offline contraentry

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Re: Accounting HELP !!!
« Reply #50 on: June 05, 2010, 09:46:09 am »
The way we've been taught is to start off with the balance as per the updated cashbook.

i.e: This is the format we've been taught.

Balance as per updated cashbook :       XXX

+ UnPresented Cheques                      XXX

- Bank lodgments                              (XXX)
                                                     ______
Hence Balance as Per Bank Statement   XXXX

I remember our teacher saying something about another method, but she told us to use the method I documented above.

Offline syedz123

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Re: Accounting HELP !!!
« Reply #51 on: June 05, 2010, 01:27:53 pm »
The way we've been taught is to start off with the balance as per the updated cashbook.

i.e: This is the format we've been taught.

Balance as per updated cashbook :       XXX

+ UnPresented Cheques                      XXX

- Bank lodgments                              (XXX)
                                                     ______
Hence Balance as Per Bank Statement   XXXX

I remember our teacher saying something about another method, but she told us to use the method I documented above.


the other method is starting with the bank balance..bt this time you rather add uncredited cheques and less Unpresented cheques....

Limited Company will by all means come for sure in p2...also i hv a STRONG feeling manufacturing and BRS will come in our p2 c0z they came for the yr 08 bt didnt come in 09...

Offline syedz123

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Re: Accounting HELP !!!
« Reply #52 on: June 05, 2010, 01:56:08 pm »
to be honest...i hv always been confused bout the sets off in control ac/s t0o...
this is hw i know it..sets off in sales ledger control a/c is always on the credit side
and in the purchases ledger control a/c its in the debit side
this is what i always do n nerver gotten it wrong b4...

Offline contraentry

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Re: Accounting HELP !!!
« Reply #53 on: June 05, 2010, 02:00:26 pm »
Look at a purchase ledger control account as a one big creditors account.

So, now, One Big Creditor is also your Debtor. Now you agree to set off the monetary value of what he provides you in Purchases against what you sold him.

So you post the amount ($90 in your case) on the Debit side of the purchases account as "Set off against sales ledger"(so it reduces the amount you owe him for purchases), and post that amount ($90) on the Credit side of the sales ledger (so it reduces the amount he owes you for sales [to him]).

Offline syedz123

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Re: Accounting HELP !!!
« Reply #54 on: June 05, 2010, 02:06:55 pm »
Look at a purchase ledger control account as a one big creditors account.

So, now, One Big Creditor is also your Debtor. Now you agree to set off the monetary value of what he provides you in Purchases against what you sold him.

So you post the amount ($90 in your case) on the Debit side of the purchases account as "Set off against sales ledger"(so it reduces the amount you owe him for purchases), and post that amount ($90) on the Credit side of the sales ledger (so it reduces the amount he owes you for sales [to him]).

ooh..kk Thanks nw i undrstnd it better lol

Offline contraentry

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Re: Accounting HELP !!!
« Reply #55 on: June 05, 2010, 02:10:06 pm »
ooh..kk Thanks nw i undrstnd it better lol

Glad I could be of help! :)

Offline contraentry

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Re: Accounting HELP !!!
« Reply #56 on: June 05, 2010, 05:18:20 pm »
Ok lets see.....

Supposing I sell goods on credit to you, I become your Creditor Right?
The same way, I also buy goods (on credit) from you, I become your Debtor Right?

Now I want to compensate for what I bought from you against what I sold you. WHY would I do it the other way, as in increase what I owe you and Increase what you owe me? That'd be like selling you more stuff and buying more stuff from you at the same time.

Offline contraentry

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Re: Accounting HELP !!!
« Reply #57 on: June 06, 2010, 12:23:45 pm »
@aangel42

Read through this booklet:


Offline contraentry

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Re: Accounting HELP !!!
« Reply #58 on: June 06, 2010, 12:28:13 pm »
Your welcome :)

Offline dahlia

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Re: Accounting HELP !!!
« Reply #59 on: June 06, 2010, 12:37:19 pm »
What are all the things we need to know about Limited Liability companies?