Honours Accounting

Zapp Brannigan

Faerie wrote:

You'll actually find that really easy once you do!
For pref didvidends you're given something like:
8% Pref Div 100000
So the total for the year is 8000
And then you're usually given the figure paid in the Trial Balance like:
6 months pref divs paid 4000
So the figure due is 4000.
The 8000 goes into the P&L and 4000 goes into the B/S. Although remember to show in the P&L the paid figure and the due figure - you have to spilt them up.
And for the Ord Divs:
You're given the paid:
6 months ord divs paid 12000
And you're also given:
Ord Divs 300000
Then in the adjustments you're told:
Total ord div brought up to 12% of ord shares
So the total figure for year is 36000 (12% of 300000)
And then the due is 24000.
36000 goes into P&L (split it up) and 24000 goes into B/S.

I hope that helped at all! I'm bad at explaining stuff!

Okay I get that, but what happens if its only given to you as "Interim Dividends Paid"?

Faerie

Slurms wrote:

Okay I get that, but what happens if its only given to you as "Interim Dividends Paid"?

sorry I forgot that part!
You just take off the pref figure which you can get from knowing the % and the no of months and then you have ord paid.

SQgal

anyone help me with suspense? ive dat kums up as a 100m im dead!! hoping to avoid it if its 60m..help! mayb i shud do Q5 incase its 100m..

NADA

willowmegs wrote:

Me!

Me too. It's easy enough. Make sure you analyse the accounts in the last section under at least these four headings

Gearing
Liquidity
Profitability
Dividends/dividend policy.

DonaldDuck

SQgal wrote:

anyone help me with suspense? ive dat kums up as a 100m im dead!! hoping to avoid it if its 60m..help! mayb i shud do Q5 incase its 100m..

Which adjustment do you need help with ? Give year and part and I'll do it out in paint.You should pray if it comesu p as 100markers,you get 40marks for just recorrecting the balance she they give you!

Nerd007

ahhh.... im so worried that published is gonna come up as a 100marker. tried one this afternoon and didnt have a clue! any tips on how to do them?

willowmegs

Nerd007 wrote:

ahhh.... im so worried that published is gonna come up as a 100marker. tried one this afternoon and didnt have a clue! any tips on how to do them?

it came up last year i think so prob wont come up this year

DonaldDuck

Nerd007 wrote:

ahhh.... im so worried that published is gonna come up as a 100marker. tried one this afternoon and didnt have a clue! any tips on how to do them?

My tip is cry.Ive decided to leave them out since theyre to damn difficult

xnightwishx

Does anyone have the manufacturing accounts revised? Would they be so cruel? Coz if they do I'm fuked!! They've been really cruel with some papers this year, what do you think? If they change everything I'm DEAD! I got the DIT best student award thingy and I got 87% in the mocks but if they change it it's all going to go downhill...

NADA

xnightwishx wrote:

Does anyone have the manufacturing accounts revised? Would they be so cruel? Coz if they do I'm fuked!! They've been really cruel with some papers this year, what do you think? If they change everything I'm DEAD! I got the DIT best student award thingy and I got 87% in the mocks but if they change it it's all going to go downhill...

There are alot of us going to drown if that boat goes down. Everybody is praying they wont. The apprehension mounts.

belinea06

these wont come up in section2 cause they came up there last year. it can only come up in section1 - make sure u know the layout cause u lose quite a lot of marks if headings arent in the right place.

Rob30888

I'm PRAYING Manufacturing account doesn't come up (and Departmental while we're on it, but nobody really knows what they are ) I've never really seen why people find Published so difficult It's basically just Q1, but you put everything into a working and the notes are so easy, basically just explain the working

If anyone needs help with anything, just shout and I'll try my best

Nerd007

i've been told that published comes up twice every 3 years so it could come up this year! im sooo worried about accounting!

well if manufactoring comes up, im completly f**ked. But everyone else will be so... thats a positive thing, right??

tried a suspense and a tabular this evening and its just not working for me! would someone explain the simple rules to me?? cos im totally lost!

Thanks

claire h

Don't try to predict the paper. They can and do repeat stuff that has come up the previous year that everyone thought they'd be safe leaving out. They're sneaky like that.

Nerd007

claire h wrote:

Don't try to predict the paper. They can and do repeat stuff that has come up the previous year that everyone thought they'd be safe leaving out. They're sneaky like that.

your are so right, but that means i have a whole course to study in 3.5 days. is there anything i can leave out?

claire h

Nerd007 wrote:

your are so right, but that means i have a whole course to study in 3.5 days. is there anything i can leave out?

Sure you *can*, but you do run the risk of getting screwed over. Mmm, accounting is fun, isn't it? :rolleyes:

DonaldDuck

claire h wrote:

Sure you *can*, but you do run the risk of getting screwed over. Mmm, accounting is fun, isn't it? :rolleyes:

Accountings been very predictable for a few years:

Nerd,if youre doing question 1 you can leave out:
Control A/Cs
Revaluation
Depreciation

Nerd007

did i ever mention how much i LOVE accounting....

Rob30888

Nerd007 wrote:

i've been told that published comes up twice every 3 years so it could come up this year! im sooo worried about accounting!

well if manufactoring comes up, im completly f**ked. But everyone else will be so... thats a positive thing, right??

tried a suspense and a tabular this evening and its just not working for me! would someone explain the simple rules to me?? cos im totally lost!

Thanks

Deffo, I'll be ****ed beyond belief if it's a manufacturing account!

Suspense is basically that for every debit entry, there's a correspoding credit entry. Eg. If we pay out money for a fixed asset, we're crediting the bank (reducing it) and debiting the fixed assed account (increasing it). Once you've balanced out the figures/errors, if there's any money that's still unaccounted for (ie the debit entries you made didn't cancel the credit ones or vice-versa) then it goes to suspense.

Hope that helped, sounded simple till I read it back

xnightwishx

Acutally, I just learned a manufacturing account there and it's actually quite easy! Just learn the order of the M a/c and then the adjustments are the same...but with less complications!
Suspense, I hated in 5th year but now that we've got all the basic concepts they're quite easy to do, as are tabulure, but I hate that you never know if you're right or wrong for either! At least with final accounts, service firms, club accounts etc we know if it's worked or not! I'm praying for a Sole Trader, Q5, Club a/c, cash budget or marginal costing. Or flexible budgeting, easiest question ever!!

fatal

happydance wrote:

Personally I love interperatation! I used to find it impossabl to do weel but then I tried printing off a few solutions from the last 2 years and baseing my answers on that, it really works!

co-sign

xnightwishx

It probably works because they're the actual answers...:P

brianfiel

Watch Out For Incomplete 60 Marker!!!!!

tweetypie

Okay so i have looked through the papers back until 1997 and there seems to be a definate pattern

2005- Manufacturing
2004-Company
2003-Sole
2002-Company
2001- Manufacturing ect...

So judging by that i reckon company is the most likely...but a sole trader did come up on the pre.

Manufacturing should definately not come up..if it does thats another fail in the bag for me:(

What do you reckon will be the most likely Q6 and Q7 questions?

willowmegs

I have done no study for it today :-( Better start soon

NADA

willowmegs wrote:

I have done no study for it today :-( Better start soon

Me too but I was busy getting an a1 in German(I hope). I ****ing hate this subject with a passion. It reminds me of horse racing.

Rob30888

tweetypie wrote:

Okay so i have looked through the papers back until 1997 and there seems to be a definate pattern

2005- Manufacturing
2004-Company
2003-Sole
2002-Company
2001- Manufacturing ect...

So judging by that i reckon company is the most likely...but a sole trader did come up on the pre.

Manufacturing should definately not come up..if it does thats another fail in the bag for me:(

What do you reckon will be the most likely Q6 and Q7 questions?

Cashflow
Suspense
Tab
And the more I look at it, the more I think the other method of Incomplete Records (NOT the one that came up last year)

willowmegs

Rob30888 wrote:

Cashflow
Suspense
Tab
And the more I look at it, the more I think the other method of Incomplete Records (NOT the one that came up last year)

the backwards one?

Rob30888

willowmegs wrote:

the backwards one?

Yup, it came up after the control account method a few years back...

Faerie

Rob30888 wrote:

Yup, it came up after the control account method a few years back...

Interesting...I never thought of that! Isn't that the really easy one?

willowmegs

Faerie wrote:

Interesting...I never thought of that! Isn't that the really easy one?

it is

Nerd007

Incomplete Records II - is that the one where you work from the Balance Sheet to the Trading, Profit and Loss??? Sorry, Accounting really isn't my thing!!!

How's the study going for everyone? I have an accounting filled weekend ahead of me - how exciting!!!

Still can't do Tabular! Getting better at Suspense though! I really wanna leave out Tabular but I know that if i leave it out, it'll come up! I wish someone here had the paper - how helpful would that be!!!! Darn... :mad: :mad: :mad: :mad: :mad:

DonaldDuck

Nerd007 wrote:

Incomplete Records II - is that the one where you work from the Balance Sheet to the Trading, Profit and Loss??? Sorry, Accounting really isn't my thing!!!

How's the study going for everyone? I have an accounting filled weekend ahead of me - how exciting!!!

Still can't do Tabular! Getting better at Suspense though! I really wanna leave out Tabular but I know that if i leave it out, it'll come up! I wish someone here had the paper - how helpful would that be!!!! Darn... :mad: :mad: :mad: :mad: :mad:

Tabulars are very straight forward,theres no tricks in them so dont look for any.Take every entry as you see it
"Revalued buildings at 500000"
Add to buildings value so it reaches 500000 (call this A)
Remove depreciation(Call this
Add a reval reserve in expenses part as the total of A+B

Any particular adjustment giving trouble?

xnightwishx

Yeah, the things most likely to come up are:
Company, Suspense, cash flow, revaluation of fixed assets (short questions) then tabular, club, interpretation or the balance sheet incomplete. Then marginal costing and cashbudget or flexible.

Worst case scenario:
Manufacturing account, long questions: published a/c, incomplete bank ac style, suspense, and production budgets etc.!

MB44

i was really worried that manufacturing mught come up so i said to myself whats the point in worrying when i can stil have time to study them. They are just like company and if you spend a few hours on them your sorted.

willowmegs

i'll try them tomorrow. im busy going to a jobs fair thingy today. i'll work at accounting all day tomorrow and monday morning, though. i'm hoping for sole trader.

Nerd007

If published accounts came up and you hadn't studied them and you just did all the adjustments and perhaps tried the profit and loss and balance sheet, would you get any marks?

fatal

Nerd007 wrote:

If published accounts came up and you hadn't studied them and you just did all the adjustments and perhaps tried the profit and loss and balance sheet, would you get any marks?

yea you would get marks but i dunno why people think its so hard...its the same as question one except you do the workings separately and put the final figures in only

Nerd007

i just have a mental block against the whole of accounting!!!

tweetypie

Nerd007 wrote:

i just have a mental block against the whole of accounting!!!

lol! You must be like me then!:)

tweetypie

Okay..another question- really struggling here Okay..so a tabular statement seems pretty likely to come up this year..do you reckon it will be in section 1 or 2? Also..is there any major differences between the 60mark and 100mark tabulars??

starz87

Ya was just wonderin ya know in club the theory
Q. Advice youd give the treasure bout an extension of 100,000?
wat more do ya say than security of assets, viability etc???

Oh and the three iv been told to watch out4 to throw a spanner in the works:
service,incomplete II(balance sheet backwards) ,Published 60 --fun fun!

DonaldDuck

tweetypie wrote:

Okay..another question- really struggling here Okay..so a tabular statement seems pretty likely to come up this year..do you reckon it will be in section 1 or 2? Also..is there any major differences between the 60mark and 100mark tabulars??

Tabulars usually come up as 60,but there is little difference.The difference seems to be
a)Bad debts provision added into debots
b)An adjustment involving selling of shares without telling you of the premium which you ahve to find
c)Rent as well as insurance adjustment for december
d)about 3 or 4 more adjustments than a 60 mark question

tweetypie

DonaldDuck wrote:

Tabulars usually come up as 60,but there is little difference.The difference seems to be
a)Bad debts provision added into debots
b)An adjustment involving selling of shares without telling you of the premium which you ahve to find
c)Rent as well as insurance adjustment for december
d)about 3 or 4 more adjustments than a 60 mark question

Okay thats great! Thanks for your help! I hope they come up as a 100 mark question along with the interpretation and a club a/c...my dream paper!

Faerie

Nerd007 wrote:

If published accounts came up and you hadn't studied them and you just did all the adjustments and perhaps tried the profit and loss and balance sheet, would you get any marks?

The actual figures and stuff are not hard, it's all the bloody theory! You have to have all the proper titles and stuff and the notes at the end are just annoying! It wouldn't be hard to just sit down for half an hour and learn them if you're really worried, but I really don't think they're going to come up! Anyway I'm just allergic to learning theory in Accounting!!

madmazz89

about a month ago our accounting teacher has become quite concerned that service will come up and our class genious ie:100% in accounting reckons it wil swel. this has startled me cuz wid just 2 days to go iv jus realised if dey do appear in sect.2 i can kiss my a/b goodbye!! pleez sum1 whoz got a gud inckling help me out on dis????!!!!!!

Nerd007

what you mean service?

UnitedIrishman

Nerd007 wrote:

what you mean service?

Service firm. Same as club accounts really. Main difference's is that with a Service firm, there might be a shop as part of the firm e.g Health Shop. All you have to do is do like a Bar trading account for the shop (Sales,Purchases,Opening+Closing Stocks AND there could be expenses). No need to worry about it.They're easy enough.

I have a question or two:
Q1 - How do I start published accounts? I really can't remember the layout and I may have been absent at the time. Just a general starting point. I'll no straight away when someone says it.

Q2 - In a Tabular statement, I've never ever gotten this part.


What do I do for that?

Nerd007

UnitedIrishman wrote:

Service firm. Same as club accounts really. Main difference's is that with a Service firm, there might be a shop as part of the firm e.g Health Shop. All you have to do is do like a Bar trading account for the shop (Sales,Purchases,Opening+Closing Stocks AND there could be expenses). No need to worry about it.They're easy enough.

Thanks

Sorry, but I can't help you with the other parts....I haven't got a clue!!

madmazz89

i tink ive done dat b4! let me chek up on my old acc's n i'll post dee solution up in dee morn k! oh nd i knw hw 2 do dee service itz jus dere so dam long to write up ya knw? do u reely tink deyl cum up?? cz ni1 ere seems to av mentioned it much? will a quik glance trew it covr me or shud i spend gud bitta time on it?? im jus wryn as time seems to be ticking u knw......