!! Accounting 2015 - predictions, guesses, discussions, head-scratching ...

Armaghmagic

Private Limited Company for Accounting Q1 for both Higher and Ordinary level.

Pacman96

Accounting Prediction
Q1. Not sure because we dont do it in school
Q2.Farm
Q3.Debtors Control Account
Q.4 Revaluation
Q.5 Interpretation
Q.6Incomplete
Q.7 ?? Cash flow? Tabs?
Q.8 we dont do it
Q.9 straight forward cash budget

AnnaTorvFan

Departmental Accounts. Just wondering is it worth looking over these? Is there any small chance they'll be on the paper next month?

Seanb96cbc

AnnaTorvFan wrote: »

Just wondering is it worth looking over these? Is there any small chance they'll be on the paper next month?

Don't bother. If they do everyone in the country will be screwed

Anonymagician

Pacman96 wrote: »

Accounting Prediction
Q1. Not sure because we dont do it in school
Q2.Farm
Q3.Debtors Control Account
Q.4 Revaluation
Q.5 Interpretation
Q.6Incomplete
Q.7 ?? Cash flow? Tabs?
Q.8 we dont do it
Q.9 straight forward cash budget

More than likely a tab.

Can I ask how you don't do Q8? Is it that you leave out costing? I'm asking because I know there was a mixed costing/budgeting q in 2012.

Blue giant

Pacman96 wrote: »

Accounting Prediction
Q1. Not sure because we dont do it in school
Q2.Farm
Q3.Debtors Control Account
Q.4 Revaluation
Q.5 Interpretation
Q.6Incomplete
Q.7 ?? Cash flow? Tabs?
Q.8 we dont do it
Q.9 straight forward cash budget

Anonymagician wrote: »

More than likely a tab.

Can I ask how you don't do Q8? Is it that you leave out costing? I'm asking because I know there was a mixed costing/budgeting q in 2012.

Also I don't know why a teacher wouldn't cover Q1. Once you do a few of them they're not too bad and should be easily able to get more than 100 marks in it. I'd agree anonymagician as well. I think tab will come up. Q8 will be product costing I would say.

Pacman96

Blue giant wrote: »

Also I don't know why a teacher wouldn't cover Q1. Once you do a few of them they're not too bad and should be easily able to get more than 100 marks in it. I'd agree anonymagician as well. I think tab will come up. Q8 will be product costing I would say.

I just hate Q1 haha so im not doing it I feel better with 60 markers.
I dont do q8 because im doing q9 cash budget

Anonymagician

Our teacher reckons a cash & materials budget could appear this year. It might be a nice job costing for Q8 and I pray to god it will be.

AnnaTorvFan

Seanb96cbc wrote: »

Don't bother. If they do everyone in the country will be screwed

Thank you

randylonghorn

Some of the Accounting predictions etc. drawn together to one thread ...

Roxy Bensen

Hi there,

I'm struggling a little with some accounting question and would really appreciate if someone could help me out.

My problem is I'm a bit confused about drawings, where I have difficulty is figuring out where to put the drawings part. For example, in "Incomplete Records" when you work out the investment interest and some part of it includes drawings, then from looking at the solution the drawings is worked and only put in capital and reserves, no part of it is included in the interest due as current asset however for the debenture interest if there is amount due then it appears you include the drawings proportion in the current liabilities and again in capital reserves.

Sorry it's too long winded, finding it hard to explain what I mean but basically how come the drawing parts is included in debenture interest part cl but never with say "investment due" or "light and heat" due?

hopefully someone will be able to understand what I'm asking!

Also 2 more little questions that would appreciate if someone knew what the answer are:
1. in the ratios q do u always round up or down
2. if you were doing the ratios and couldn't remember which ratio it was and wrote both for one the q would the examiner mark the correct one and ignore the wrong one or would they cancel each other out?

Many thanks for any help and hope everyone's studying is going well we are nearly all done

DarraghF197

For the drawings, you do not take it away from anything due or prepaid. In the profit and loss account it is not put in as it is not an expense incurred or a gain received from the business. However, the business will pay for the amount due or prepaid in the future and so is included in the accounts.

The best way to think about it is to apply the double entry concept (best way for anything, really).

You remove drawinga from light and heat in the profit and loss account, but you must balance this by removing it in the drawings section. A gain and a loss respectively, in a way.

You don't remove it from the due or prepaid part as you'd have to balance that to somewhere else. When you actually pay for the item due or prepaid, you then balance that off with the bank.

I hope this makes sense (and is right!). As for the ratios, I don't really do them. But for question 1, don't you round off to the correct two decimal places

Roxy Bensen

thanks so much for your reply. its just in the incomplete records like you said the "loan interest due" in bs includes the drawings so yeh you dont remove it but for some reason the drawings part is actually removed from the "rent prepaid" and "rates prepaid"?

Do u take away the proportion that the company has paid from the total Light and Heat used including drawings to get amount due or do you take away the paid amount from the Light and Heat after you take away drawings?

We didnt actually do the double entry for these things believe it or not we did it all note form which i think is coming back to haunt all my class now cause we are all confused about certain things

DarraghF197

Roxy Bensen wrote: »

thanks so much for your reply. its just in the incomplete records like you said the "loan interest due" in bs includes the drawings so yeh you dont remove it but for some reason the drawings part is actually removed from the "rent prepaid" and "rates prepaid"?

Do u take away the proportion that the company has paid from the total Light and Heat used including drawings to get amount due or do you take away the paid amount from the Light and Heat after you take away drawings?

We didnt actually do the double entry for these things believe it or not we did it all note form which i think is coming back to haunt all my class now cause we are all confused about certain things

You have to do two separate things. I think I see where you're getting a bit confused.

For light and heat, you're almost always given the drawinga percentage for light and heat USED. So, for this one, you calculate what drawings have been used, oil at the beginning +; oil at the end (-); electricity bill due at the end +, until you get the figure for drawings USED. Then you calculate drawings and subtract drawings from used to get the P+L balance.

However, for L+H due, that would simply be the electricity due and oil at the end, stuff like that. No drawings taken away from here as you only apply drawings when they're USED, and from what I've already mentioned.

Then you have interest payable. They will tell you drawings is say 25% of payable, not used. So you calculate the interest payable and then drawings from that. The difference is the P+L balance. Then the interest due is the interest payable minus anything paid. The drawings are not taken away from this as what I said: there must be a balancing act. This occurs somewhere in the future where the interest due is paid for, and then also the bank reduces its balance.

It's a bit of a long-winded post that will inevitably make it more daunting to comprehend, but in summary, it will tell you when you take drawings away in one of the workings. And you take away drawings in the profit and loss accounts but not in the asset and liabilities accounts.

Roxy Bensen

Thanks again for all your help, you're making it a lot clearer for me!

Just confused about when you say: "However, for drawings due, that would simply be the electricity due and oil at the end". But isn't electricity due already used? So then would you not include some part of drawings in this?

DarraghF197

Roxy Bensen wrote: »

Thanks again for all your help, you're making it a lot clearer for me!

Just confused about when you say: "However, for drawings due, that would simply be the electricity due and oil at the end". But isn't electricity due already used? So then would you not include some part of drawings in this?

Yeah sorry, I fixed one piece of that. I meant light and heat due. I see where you're coming from yes! My mistake, I didn't make that clear.

For oil at the end of year, you don't remove drawings, as it's not been used yet.

For the electricity due, you don't. It has been used, yes. But the firm has to pay for it and is therefore an amount due for the company, regardless of whether it is the company's or persons.


If you reduce the electricity due, you'd have to balance that somewhere else. You wouldn't balance it in the drawings account as you've already accounted for the amount drawn from business.

In the future, you will pay for the amount due, and the bank will reduce by X amount and electricity due by X amount. Consequent effect on B/S, nothing. That's where the balancing occurs.

I'm getting into all sorts of tangles trying to explain this haha hope it makes Sense now!

Roxy Bensen

Thanks DarraghF197, very much appreciate your help!

Hope the leaving cert goes well for you

davidk11811

For those doing Q1, what are you going to cover? Company question and Manufacturing question I presume?

DarraghF197

Roxy Bensen wrote: »

Thanks DarraghF197, very much appreciate your help!

Hope the leaving cert goes well for you

No problem! Same to you!

Blue giant

davidk11811 wrote: »

For those doing Q1, what are you going to cover? Company question and Manufacturing question I presume?

Once you can do one of them you can do them all I feel. The only real difference is the manufacturing account.

gingerme123

Hey lads, what do ye expect to be on the accounting paper this year?

ranchero42

Q1: Company account
Q6 & 7: Two of Incomplete B, Club account, Tab statement, cash flow
Q9: Hopefully just a cash budget

Gandhai

i dont get how cash flow is likely if it came up last year in section 1 ? wudnt they want to avoid putting up the same topic twice in a row especially since they did that with published accounts just recently? or maybe i cud b wrong

Jason_H

1- Company
2/3/4- Revaluation/Debtors control/farm/club/incomplete A
5- Interpretation
6/7- Club/ tab/ cash flow/ incomplete A
8- Product
9- Cash budgeting

My teacher says it's 100% incomplete A (cash/bank/payments) and not B (balance sheet first)

Gandhai wrote: »

i dont get how cash flow is likely if it came up last year in section 1 ? wudnt they want to avoid putting up the same topic twice in a row especially since they did that with published accounts just recently? or maybe i cud b wrong

Cash flow and published are the new parts of the new course, so one of them has been on every year... So it's likely we'll get a cash flow.

Blue giant wrote: »

Also I don't know why a teacher wouldn't cover Q1. Once you do a few of them they're not too bad and should be easily able to get more than 100 marks in it. I'd agree anonymagician as well. I think tab will come up. Q8 will be product costing I would say.

Question 1 is easy to get 100 in yeah, but it's almost impossible to get the full 120, while the two 60 markers (if you know what you're doing) are so easy to get full marks in

Blue giant

Jason_H wrote: »

Question 1 is easy to get 100 in yeah, but it's almost impossible to get the full 120, while the two 60 markers (if you know what you're doing) are so easy to get full marks in

I wouldn't say it's almost impossible to get full marks in it. It is difficult but it's definitely possible. I'd be quite disappointed if I didn't end up getting full marks in it. There's also a lot less study to do for it also. There's only 3 possible types (excluding departmental as it has never come up) of question with 2 of them being far more likely. There's a lot more types of questions to study for the 60 markers.

Scirpt

I have no exams until Accounting on monday and I haven't done anything in it until now but I'm confident I can get a lot done. I plan to cover these topics and I just want to see if there's anything else you think I should have covered.

Q1 - Company and Manufacturing
Q5 - Interpretation
Q6/7 - Club, Tabular, Incomplete A and B,
Q8 - Product
Q9 - Cash

Anything else I should cover? I'm hoping one of product or cash will appear.

Gem957

Cash Flows are a likely possibility for Q6/7 also

Scirpt

Gem957 wrote: »

Cash Flows are a likely possibility for Q6/7 also

Didn't they come up in section 1 last year? It'd be strange to have it up again.

Gem957

It's happened in the past with published (02/03) (08/09) (13/14) , tabs in (06/07) , I wouldn't say it's the most likely but our teacher and revision course I went to thinks it's possibility ( so im learning it because i want to avoid ratios... veins of my existence)

Scirpt

Gem957 wrote: »

It's happened in the past with published (02/03) (08/09) (13/14) , tabs in (06/07) , I wouldn't say it's the most likely but our teacher and revision course I went to thinks it's possibility ( so im learning it because i want to avoid ratios... veins of my existence)

I'm trying to avoid them as well. I'll give it a look over if I have time!

Luke Armstrong

60m
Debtor's
Revaluation/depreciation
farm/club
100m
Interpretation
Incomplete B
Tabular
Cash Flow