Honours Accounting

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......

xnightwishx

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.

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?

Just put 4800 in the bank and also in the P&L. Your total at the end of the year must be the prepaid for next year. That's 2000 in the total. So in december you take out 4300. (1500+4800 + the 4300 = 2000)

UnitedIrishman

Cheers xnightwishx. This is how far I've got. Sorry bout my stupidity but what does in the Insurance Column for may? Bloody useless at this note!

fatal

UnitedIrishman wrote:

Cheers xnightwishx. This is how far I've got. Sorry bout my stupidity but what does in the Insurance Column for may? Bloody useless at this note!

you put in the TOTAL you paid in may for the insurance.............4800 and take that 4800 out of the p+l

DonaldDuck

UnitedIrishman wrote:

Cheers xnightwishx. This is how far I've got. Sorry bout my stupidity but what does in the Insurance Column for may? Bloody useless at this note!

4800 goes into insurance and out of bank in may
Then in december you get the months worth of insurance,and add to the total(resulting in 4300 in this case) and take it out of insurance and out of P/l AC

UnitedIrishman

DonaldDuck wrote:

4800 goes into insurance and out of bank in may
Then in december you get the months worth of insurance,and add to the total(resulting in 4300 in this case) and take it out of insurance and out of P/l AC

Ah cheers. Get it now. So it's..

Insurance 1500

---

4800

---

(4300)

---

2000
========================================================
Bank

---

4800

---

P+L

---

(4300)

---

If this comes up, I'd get you a pint...but that'd be a bit impossible. So a thanks will do, right?

fatal

il explain it as best as i can.......
firstly your bank is on the liability side so if you buy/pay for something it will increase the overdraft(because its on the liability side)...
you paid 4800 in insurance (which is paying for something and is increasing your overdraft) put it into bank AND in the may column for insurance.
Then it says that the insurance is paid until a certain date next year(may the 31st)............calculate how many months for next year you are paying it(4800/12x50and take it from 4800 and because you have 1500 paid at the start of the year add this onto the 4800-next years prepaid amount-this is your insurance charge for the year.So in the decemeber column put this [4800-2000(next years prepaid amount)+1500] in as minus figure in the insurance column and also it reduces your p+l aswell in december because its an expense

UnitedIrishman

fatal wrote:

il explain it as best as i can.......
firstly your bank is on the liability side so if you buy/pay for somthing anything you add on will increase the overdraft(because its on the liability side)...
you paid 4800 in insurance which is paying for something and is increasing your overdraft so put it into back AND in the may colum for insurance.
Then it says that the insurance is paid until a certain date next year............calculate how many months for next year you are paying it and take it from 4800 and because you have 1500 paid at the start of the year add this onto the 4800-next years prepaid amount and this is your insurance charge for the year.So in the decemeber column put this (4800-next years prepaid amount+1500) in as minus figure and also it reduces your p+l aswell in december because its an expense

Just edited. The brackets around the bank weren't meant to be there. Mistake.

fatal

UnitedIrishman wrote:

Just edited. The brackets around the bank weren't meant to be there. Mistake.

makes sense now????
if you can do that question you can do pretty much everyone of them.O yea il mention that is one a few years back from that has another slighty difficult workin about you owing a creditor 1800 but him accepting equipment which now has a book value of 1000....have a look at that one too and if you do that one tabular is sorted!

DonaldDuck

UnitedIrishman wrote:

Just edited. The brackets around the bank weren't meant to be there. Mistake.

I assumed you had bank in current assets,my teacher told us to switch it as its more convenient!My bad

UnitedIrishman

fatal wrote:

makes sense now????
if you can do that question you can do pretty much everyone of them.O yea il mention that is one a few years back from that has another slighty difficult workin about you owing a creditor 1800 but him accepting equipment which now has a book value of 1000....have a look at that one too and if you do that one tabular is sorted!

Yeah makes sense. Cheers to everyone for the help.

willowmegs

eep guys i'm so scared! i've only revised sole trader, marginal costing, flexible budgeting, club, and had a glance over tabular and incomplete type b! i'm so scared incase they try to catch us out and give us all yucky stuff like manufacturing?!? ahhh!!!! major cramming will begin soon.

Faerie

willowmegs wrote:

eep guys i'm so scared! i've only revised sole trader, marginal costing, flexible budgeting, club, and had a glance over tabular and incomplete type b! i'm so scared incase they try to catch us out and give us all yucky stuff like manufacturing?!? ahhh!!!! major cramming will begin soon.

Me too! I doubt Manufacturing will come up though.....hopefully!
I'm actually thinking of doing a departmental just in case!

willowmegs

We never even DID Departmental! My class is a mix of higher and ordinary and I'm the only one of the higher part doing the long question! :-|

Nerd007

whats departmental?? I haven't got a clue! Maybe we just use another word for them??

Faerie

They're another type of question 1 that has never come up in higher level. It's doubtful they'll come up (and if they do we had so better get a 100m club to balance out!) but I don't want to take any chances because we didn't do the 60m questions like revaluation and control accounts.
willowmegs there are a few examples in the book you could glance over if you're really worried and the adjustments are actually even easier than the other question 1s ; it's just getting the layout really!

Nerd007

are they on the higher level course??? i've never even heard of them before!

yes they are, they involve dividing out the expenses and games between different departments.

Faerie

Nerd007 wrote:

are they on the higher level course??? i've never even heard of them before!

Yeah they are but teachers tend to leave them out because they've never come up. I think (not certain) that they've actually come up in ordinary level.
They're easier than the other question 1s so maybe that's why they haven't come up in higher. My teacher said that it's never been officially guaranteed that they won't come up but then it's never been officially guaranteed that we get interpretation every year. He only told us about them like a month or so ago and we just did one question that he made up himself!

willowmegs

but i dont like revaluations and control accounts, hence why im sticking to q1. think im gonna go study now....

fatal

departmental will not come up...........think of the uproar that it would generate.......