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*** 2013: Accounting Before/After ***
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20? I'm not going for medicine hahaha. i hate the health centre plus no jobs
Interpretation is awful! Just have it as a back up in case they throw Tab or Suspense on Have a look at exam papers and see what are the most popular ratios, although you generally need them all for comparison in part b of the question. Its a right pain! 0 -
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AndreaEgan wrote: »Interpretation is awful! Just have it as a back up in case they throw Tab or Suspense on Have a look at exam papers and see what are the most popular ratios, although you generally need them all for comparison in part b of the question. Its a right pain!
There's 3. Looking for a mortgage, for the debenture and share holders i think, 0 -
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outnumbered wrote: »In the 2005 question7 incomplete, Can anybody properly explain the rent figure of 1200 in the workings?
I am sooo lost with it!
Hey so firstly you split the 2400 between drawings (800) and eh non-drawings (1600) :P, then with this 1600 you then split that again between prepaid, 1200, and paid for this year, 400 (which goes in the P+L) 0 -
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outnumbered wrote: »Thanks. But I don't understand why there is Prepaid of 1200??
Ok, so the figure for rent is at €1600 now. You see in the question that the building rented was on the 1/10/04. That leaves 3 months for the P+L (as it's THIS YEARS), and you'll have 9 months prepaid for the next year, so that will go into the Balance sheet as a current asset. 0 -
outnumbered wrote: »Thanks. But I don't understand why there is Prepaid of 1200??
Oh right I think it's cos the 1600 was payment for a whole year but then in the question it says that he rented the building on the 1/10/04 so then you'd have 3 months paid for 04 and 9 months prepaid for 05 which turns out to be 1200
Edit: Same as above :P0 -
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Ye know for the words in the accounts like "Debtors" and "creditors", would it be acceptable as abbreviating them, as in maybe "Drs" and "Crs"? I always do it in class, but I'm not sure if it's acceptable in an exam. Obviously one wouldn't be able to do that in the published account, but I mean other accounts like Q1's and incomplete? :P
I think it depends on how others are doing. So if people are doing very well, they will start making it tougher and give marks for headings etc.
I'd assume it's at the discretion of the examiner. 0 -
outnumbered wrote: »I think it depends on how others are doing. So if people are doing very well, they will start making it tougher and give marks for headings etc.
I'd assume it's at the discretion of the examiner.
Alright sound
If a manufacturing comes up as Q1, I know I'll be rushing to get the whole exam finished so I'd probably abbreviate then. If it's a sole trader I'll be grand with time, hopefully!0 -
Alright sound
If a manufacturing comes up as Q1, I know I'll be rushing to get the whole exam finished so I'd probably abbreviate then. If it's a sole trader I'll be grand with time, hopefully!
Ah I don't do question 1.
You know for Published, words, headings, order are absolutely crucial!0 -
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outnumbered wrote: »Hey there!
Okay this is a confusing one but follows the same steps each time.
Mccarthy(himself) won 30000 euro van. And he gave this van to the business. He then took a van of 22500 from the business for private use (treat these as two seperate events).
So in the "was" bit, you have a debit in the cash book of 22500.
Now, when you give something of your own to the business, it is called "capital". this is strangely treated as an expense account. So capital will go up by 30000 on the credit side.
Now he then took from the business 22500 euro, this is called "drawings". drawings account is the opposite to the capital account and thus increases by 22500 on the debit side.
Then the next bit possibly confuses you.... You have to open a "purchases" account. You treat the win as if you bought something, and you treat the 22500 as if you sold it. so the purchases account will be 30000 debit, 22500 credit.
The later part is catchy, but yo have to learn this. My teacher couldn't explain it.
I hope this helped.
Sorry to post again on this, I was looking over this earlier and in the marking scheme they use bank instead of drawings? Does anyone know why? I think the figure is 7500. I would have used drawings and there aren't any similar ones in the revise wise so I can't work it out. Thanks!0 -
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CookieMonster.x wrote: »Sorry to post again on this, I was looking over this earlier and in the marking scheme they use bank instead of drawings? Does anyone know why? I think the figure is 7500. I would have used drawings and there aren't any similar ones in the revise wise so I can't work it out. Thanks!
Okay I better stop answering questions haha.
Our teacher DID however tell us that you can do it either way.
I stand to be corrected x 0
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