1st Year BBS accounting case study

Poxyshamrock

Anyone else just completely lost? :P

skeleton_boy

A tad. Not put much effort into it either mind :P

1huge1

I was no better off last year, just go to the labs and ask as much questions as possible.

KombuchaMshroom

Haven't started it yet but ive been helping my friends a bit with it, it doesn't seem to bad to be honest if you did accounting for leaving cert.

Poxyshamrock

KombuchaMshroom wrote: »

Haven't started it yet but ive been helping my friends a bit with it, it doesn't seem to bad to be honest if you did accounting for leaving cert.

Exactly :P

Risteard

I've only done the original entry. Some bits are tricky but I did accounting for the Leaving Cert. I can see how if you didn't do it, it would be difficult.

thomond2006

Piece of advice: GO TO THE EXCEL LABS!

Tues-Thurs
6-7/7-8

KBS1 Computer Rooms

Myself and Risteard have been going to him, they're gold.

Make sure you get a good tutor though, our lad is a legend!

skeleton_boy

On closer inspection I'm alot more lost then I thought. Gonna have to do some serious study this weekend.

Mallox

skeleton_boy wrote: »

On closer inspection I'm alot more lost then I thought. Gonna have to do some serious study this weekend.

me too
only have original entry done and terrified of double entry .. started goin to labs alrite tho there very helpful :cool:

Gael23

Im not doing accounting for my leaving . Am I going to be completly lost?

ninty9er

I did LC Accounting and got an A2 and still managed to be completely lost with this thing....it was mainly the formula inputting that screwed me over.

DJCR

ryanf1 wrote: »

Im not doing accounting for my leaving . Am I going to be completly lost?

No..... I didn't do it either although be prepared to put in a few extra hours in you weak subjects....... for me it was accounting ..... you never know.. you might just get it and be ok with the subject!!

Don't worry ..... what ever you decide to do you will always find some subject more difficult of the others!!

THEDUDEINWHITE

HELP!

For section one, do the figures include VAT or do we add the 25% ourselves??

thomond2006

VAT included. :rolleyes:

THEDUDEINWHITE

So i've to reduce the ammount by 25%? and thats my NET?

skeleton_boy

Na mate the amount includes the VAT e.g A sale for €100 would be €75 + €25 VAT

Mossin

skeleton_boy wrote: »

Na mate the amount includes the VAT e.g A sale for €100 would be €75 + €25 VAT

No a sale for €100 would be €80 + €20 VAT!

And I did marketing :rolleyes:

sceptre

skeleton_boy wrote: »

Na mate the amount includes the VAT e.g A sale for €100 would be €75 + €25 VAT

Your VAT rate is suddenly 33%

Mossin's is 25%.

Don't forget what the 'A' stands for.

I'm assuming that the 25% is made-up for the project but anyhoo...

skeleton_boy

Yeah I see what I was doing wrong, doi! Needly to say I don't intend on going down the accounting path :P

Poxyshamrock

Eg. page 5
paid cheque no. 23993, €3200 to O'Connor. discount received 200

Is that 200 already discounted (i.e. 3400), or do you take it away? Leaving 3000

Risteard

Where are you putting it? In the O' Connor Account, I put it as two seperate entries e.g. Bank 3200 and Discount received 200. In the Cheque payments I put the 200 in the discount rec. column, 3200 in the '€' column and then 3400 in the creditor column.

I thought of it this way. You get discounts, generally when you pay so you've already sent the cheque for 3200 and then they give you 200 off the rest of what you owe them.

Another hint is that when your customers are paying off their accounts at the end it says 'xxxx paid the balance on their account less discount' where the entries before that said 'received cheque from xxxx for €xxxx and allowed discount.'

That's the way I interpreted it, I hope it's right.

shivaan

You know when you are posting payments to creditors in the cheque payments general ledger is i for example on Mar. 19
Disc rec-200, €-2000 and Creditors-2200 or is the creditors 2000 and the €- 1800 because its really confusing me!

galwayu

Is this the LM050 business course??:If so whats it like and how do ye find it so far???

sceptre

galwayu wrote: »

Is this the LM050 business course??:If so whats it like and how do ye find it so far???

Take it to a different thread please - it'll only throw this one off-topic for no reason. There are a number of already-existing threads that'll give you some info - just click the search button at the top of this page and search this forum for "business". I don't want to come across as overly harsh as it's your first time posting but it really has nothing to do with this discussion.

alexcorb1991

Ive been spending all weekend on this and ive gotten barely anywhere. I have no clue what to do after the sales, returns purchases bit:(.

I found that the library is pretty good for books on double entry(which i still have yet to tackle)

Is it necessary to use vlookup and all that or is manually typing numbers ok?

And what the hell do you do withh a general journal

Poxyshamrock

What goes into section two part two?

just purchases, purchases returns and the cheque payment books?

ninty9er

alexcorb1991 wrote: »

Is it necessary to use vlookup and all that or is manually typing numbers ok?

You must use vlookup. That's the hardest part of the whole thing. You really need to go to the labs.

You'd nearly be better off just handing up the workbook and taking an 87.5% final exam

Mossin

ninty9er wrote: »

You'd nearly be better off just handing up the workbook and taking an 87.5% final exam

I did this and it was the best decision I ever made! It halved my workload, gave me less stress, and I managed an A1 in the module overall...I find sitting the exam easier as it repeats itself

skeleton_boy

How long does this take start to finish, would I get it done in a night?

Mossin

Its possible, but I wouldnt recommend it..

Does the lecturer still give out certain figures in the lectures?
For example the Debtors Control a/c figure?

Risteard

Mossin wrote: »

Its possible, but I wouldnt recommend it..

Does the lecturer still give out certain figures in the lectures?
For example the Debtors Control a/c figure?

He does, he gave us all the Sales and Purchases and the returns, the Cheque Payments account and the Control Accounts.

I couldn't imagine doing it in one night, it would be very stressful.