IGCSE/GCSE/O & A Level/IB/University Student Forum
Qualification => Subject Doubts => IGCSE/ GCSE => Commerce => Topic started by: 7ooD on June 01, 2009, 03:25:13 pm
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ey guys wat's up accounting paper 3 was coolie just missed up in the profit and loss i added wages downstairs instead of putting it wiz da cost of goods sold and for the subscriptions account the amount transferred to the income and expenditure was 2500 but on the income and expenditure account itself the adjustment for subscriptions i did it 2300 and that expenses as percentage of sales i subtracted % of gp and np for da depreciation at da question 1 extract from the balance sh*t u just have to add the net book value of the second machine and the first machine subtract one year depreciation and add it wiz the net book value of the second machine and then add the depreciation total for both of them which was 4050 i think then net book value was 16430 i thinkz too
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lol in our school we messed up too...
shortage of time..was another prob. :-\
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huh shortage of time it was enough man i was on time wat were ur problems and answers
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probs were many i really dnt remeber..but almost same as yours..
and yea now m studying economics..wats don't its don't..
hope the tharashhold falls..
we'd get good grades then... :D
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ya By the way the tommorowz paper for eco is not wats written in the statement of entry they switched case study wiz da analyze and critical
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so its ?case study ??? not critical???
o thanx loadz man@!!!!
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ya that's all my eco friends said today check wiz ur eco friends or here but im sure that what they said
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da paper was cool...da p&l was confusin buh it was just 9marks...definately will get sam marks der...God's wit us...we will b da best batch ever
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ey guys wat's up accounting paper 3 was coolie just missed up in the profit and loss i added wages downstairs instead of putting it wiz da cost of goods sold and for the subscriptions account the amount transferred to the income and expenditure was 2500 but on the income and expenditure account itself the adjustment for subscriptions i did it 2300 and that expenses as percentage of sales i subtracted % of gp and np for da depreciation at da question 1 extract from the balance sh*t u just have to add the net book value of the second machine and the first machine subtract one year depreciation and add it wiz the net book value of the second machine and then add the depreciation total for both of them which was 4050 i think then net book value was 16430 i thinkz too
Depreciation was 4060 and 4 2years it was 8120.
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shan2391..i got the same answer for it!
hope it's ryte..
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ey guys wat's up accounting paper 3 was coolie just missed up in the profit and loss i added wages downstairs instead of putting it wiz da cost of goods sold and for the subscriptions account the amount transferred to the income and expenditure was 2500 but on the income and expenditure account itself the adjustment for subscriptions i did it 2300 and that expenses as percentage of sales i subtracted % of gp and np for da depreciation at da question 1 extract from the balance sh*t u just have to add the net book value of the second machine and the first machine subtract one year depreciation and add it wiz the net book value of the second machine and then add the depreciation total for both of them which was 4050 i think then net book value was 16430 i thinkz too
What are you talking about man? "äccount the amount transferred to the income and expenditure was 2500 but on the income and expenditure account itself the adjustment for subscriptions i did it 2300" This makes no sense, how can income and exp have 2500 but on the account itself 2300? I think you mean in the subscriptions, the total was 2500, yes, But I checked my answer with the teacher, it was 2200. not 2300. Netbook value, I dont remember, but dont think it was 16430, remember, the 2nd machine was bought on July 1st, I think, so you cant charge dep for whole year, it was 8months (also confirmed with teacher). I did the same thing for the sales percentage as you did.
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I wanna discuss the paper but its not allowed until 24 hours, but i found the paper not very easy and not very hard, i am an A student in accounts and relating to my standard i found the theory part a bit hard but the rest was ok. :)
I think the curve for this year would be low hopefully because the majority said the paper was tough, just calm down people!! :) :) :)
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I wanna discuss the paper but its not allowed until 24 hours, but i found the paper not very easy and not very hard, i am an A student in accounts and relating to my standard i found the theory part a bit hard but the rest was ok. :)
I think the curve for this year would be low hopefully because the majority said the paper was tough, just calm down people!! :) :) :)
I would seriously think that a person would have a malfunction in their heads if they were still stressing over accounts when you have a cluster *censored* of a paper 2morrow: Economics.
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yer i got the confusion in the income and exp how can the two values for subscriptions be different in subscriptions and income account and shoushou fokak el emta7an kheles men zaman wel ppl eli bey2oli matetkalemosh 3ala el paper dol 3obet 3ady 2olili 3amelti eh fel depreciation fel private message if u r still khayefa menohom lol we thanksss ya shoushou for helping me in accounting alotzz ;D ;D ;D ;D ;D ;D rabina yekhaliki le egyptz +repzzzz for u :D
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hey...iz the expenses 15% and 12%?!
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yer i got the confusion in the income and exp how can the two values for subscriptions be different in subscriptions and income account and shoushou fokak el emta7an kheles men zaman wel ppl eli bey2oli matetkalemosh 3ala el paper dol 3obet 3ady 2olili 3amelti eh fel depreciation fel private message if u r still khayefa menohom lol we thanksss ya shoushou for helping me in accounting alotzz ;D ;D ;D ;D ;D ;D rabina yekhaliki le egyptz +repzzzz for u :D
hahaha!! tyb ana ill send u a private message..lol bel 3akes ana 2osoli thank u 3ashan u made me practice more!! hmmm we enta tab3an akeed maseri!! MASER MASER!!lol!! +rep for u too!!
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hi i have also given account paper today and wanna discuss on that ,,,,,whats is revaluation method of depricaiton
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7aram 3aleki ya moftariyaaaaaa enti 3amelti -rep :D anywayz hateradelak sooon muhahaha :P jking we ay khed3a 3ala el practicing do u take physics or busbis cuz in physics relly if u need any help just whistle bas ;D
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revaluation is in the accounting book it wasn't an alien question
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@ igcse hater!
yer it was u just had to subtract da gp from np
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won't discuss any questions yet...but the paper was good.
but i surely doubt some of the answers being put up.
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7aram 3aleki ya moftariyaaaaaa enti 3amelti -rep :D anywayz hateradelak sooon muhahaha :P jking we ay khed3a 3ala el practicing do u take physics or busbis cuz in physics relly if u need any help just whistle bas ;D
la2 ana!! i never do -rep to people!! walhai 3amaltelik +rep!! matkhalaneesh adrabak >:(!!
lol!! i still didnt take physics bas ill take in Nov inshalla..i take business
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hi i have also given account paper today and wanna discuss on that ,,,,,whats is revaluation method of depricaiton
The question was for two marks, inorder to get 2, you needed these two points ( Saw them in previous passpaper question) Its measured with a fixed percentage (1) and the amount charged changes every year (1)
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lol Thanks 700d....atleast sumone answered my question! *sniff* *sniff*
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@CrEaTuRe_X
u r talking about the reducing balance.The revaluation method is the decrease in value of the asset when revalued at the end of the year.
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o and u noe da question in which dey r like how does the % epenses to sales effect the effiency of da business..
i rote dat as cuz it decreases the gross profit and net profit % also decreases which decreases da efficinecy of da business...iz dat rite?!
and also...da question where debtos payin us...how does it effect da workin capital?! i wrote it stays da same cuz ur debtors r decreasin and at da same time ur cas is increasin...
and my lsat question...the debots and creditos period thingy..how does tht effect the liquidity?! i sed tht although they r getin cash from debtos after a long time...they r still able to pay their creditos meanin the liquidity is high??
ooo...LAST one...was it a deficiet of 490?!
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this exaam waaaz stupid.... i thought most of da meanings and da concepts come in p2
we had p3 chemistry sooo we didnt study on either waaayz
sooo it waz all aloooot of mess but i did fyn except for the meanings i wrote wat ever came on ma mind because some of them we didnt even hear abt them. ??? ??? ???
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Damn .. it was very very hard paper .. most of things i didnt knew how to solve them .. and moreover i was very sleepy during the examination ..
I hate it
They should have told us about the new pattern of the exams >> in the old pattern at least we could gain some marks but in this one it is totally BULL**** ..
Duhhhh ..
anyhow .. lets try best for the next Exam .. Insha'allah we will pass
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Damn .. it was very very hard paper .. most of things i didnt knew how to solve them .. and moreover i was very sleepy during the examination ..
I hate it
They should have told us about the new pattern of the exams >> in the old pattern at least we could gain some marks but in this one it is totally BULL**** ..
Duhhhh ..
anyhow .. lets try best for the next Exam .. Insha'allah we will pass
By the way the multiple choice for accounting would only count if u gain less than C grade.
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well i think 24hrs past now... (at least for me)...
about the paper- just some tricky questions=>
- 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 AND 2nd cr cash 300 OR ignore it completely (since they cancel out)
- control a/c - dont include provision for doubtful debts
- 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 (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 $2500
- InE deficit
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well i think 24hrs past now... (at least for me)...
about the paper
- revaluation = its like u call the garage/shop n ask them to value ur asset, (as if ur sellin it)
- control a/c bad debt recovered 300$ 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 (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
Bad debt recovered is not entered in control account. I asked the teacher about it.
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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