Login

Welcome, Guest. Please login or register.

March 29, 2024, 09:31:55 am

Author Topic: VCE Accounting Question Thread!  (Read 374738 times)  Share 

0 Members and 3 Guests are viewing this topic.

Furbob

  • Victorian
  • Part of the furniture
  • *****
  • Posts: 1002
  • diagnosed with poo brain
  • Respect: +184
Re: VCE Accounting Question Thread!
« Reply #15 on: January 04, 2011, 02:30:19 pm »
0
huzzah I have a quick question regarding the Cambridge workbook Q3.4c

How did they get the figure ($17,800) for the Bank in the Trial Balance? I tried referring to the texbook but it didn't make sense? or is the book wrong? When I was footing the Bank Account I got $25900 so do I use that figure instead?
2011 : English | Accounting | MM CAS | Further | Japanese | MUEP Japanese
2012 : BA(Japanese&Chinese)/BComm @ Monash Clayton

_avO

  • Victorian
  • Part of the furniture
  • *****
  • Posts: 1915
  • Respect: +15
Re: VCE Accounting Question Thread!
« Reply #16 on: January 04, 2011, 02:46:44 pm »
0
huzzah I have a quick question regarding the Cambridge workbook Q3.4c

How did they get the figure ($17,800) for the Bank in the Trial Balance? I tried referring to the texbook but it didn't make sense? or is the book wrong? When I was footing the Bank Account I got $25900 so do I use that figure instead?
It is $17,800. Did you make sure you didn't DR/CR any credit related transactions or stock drawings in the bank account?
« Last Edit: January 04, 2011, 02:48:50 pm by _avO »
2011-2014: Bachelor of Commerce/Economics @ Monash Clayton

Furbob

  • Victorian
  • Part of the furniture
  • *****
  • Posts: 1002
  • diagnosed with poo brain
  • Respect: +184
Re: VCE Accounting Question Thread!
« Reply #17 on: January 04, 2011, 02:58:12 pm »
0
woops, when I was adding the figures I wrote 39,000 instead of 30,900 on the Debit side

how embarrassing :(
2011 : English | Accounting | MM CAS | Further | Japanese | MUEP Japanese
2012 : BA(Japanese&Chinese)/BComm @ Monash Clayton

nacho

  • The Thought Police
  • Victorian
  • ATAR Notes Superstar
  • ******
  • Posts: 2602
  • Respect: +418
Re: VCE Accounting Question Thread!
« Reply #18 on: January 04, 2011, 03:01:30 pm »
0
 
huzzah I have a quick question regarding the Cambridge workbook Q3.4c

How did they get the figure ($17,800) for the Bank in the Trial Balance? I tried referring to the texbook but it didn't make sense? or is the book wrong? When I was footing the Bank Account I got $25900 so do I use that figure instead?
These are my workings, from the ledgers:
Bank(A)                  
DR:                        
Aug 1. Capital:30,000
Aug 3. Sales:  400
Aug 9. Debtors Control: 500
TOTAL: 30900

CR
Aug 2. Premises: 10000
Aug 4. Shelving: 2500
Aug 7. Wages:  600
TOTAL: 13100

When i foot the account, my bank was 17800 (30900 - 13100)

EDIT: nvm, you've realised your fault
OFFICIAL FORUM RULE #1:
TrueTears is my role model so find your own

2012: BCom/BSc @ Monash
[Majors: Finance, Actuarial Studies, Mathematical Statistics]
[Minors: Psychology/ Statistics]

"Baby, it's only micro when it's soft".
-Bill Gates

Upvote me

_avO

  • Victorian
  • Part of the furniture
  • *****
  • Posts: 1915
  • Respect: +15
Re: VCE Accounting Question Thread!
« Reply #19 on: January 04, 2011, 03:01:40 pm »
0
My teacher always says if you can divide the difference between your answer and the actual answer by 9 and it comes to a whole number, then it is most likely that you made a calculator typo
« Last Edit: January 04, 2011, 03:09:50 pm by _avO »
2011-2014: Bachelor of Commerce/Economics @ Monash Clayton

Furbob

  • Victorian
  • Part of the furniture
  • *****
  • Posts: 1002
  • diagnosed with poo brain
  • Respect: +184
Re: VCE Accounting Question Thread!
« Reply #20 on: January 06, 2011, 12:50:26 pm »
0
another Q - on the Cambridge book - Textbook Exercise 4.6

Can someone explain what the "Days Outstanding" and "Amount Outstanding" means? :(
2011 : English | Accounting | MM CAS | Further | Japanese | MUEP Japanese
2012 : BA(Japanese&Chinese)/BComm @ Monash Clayton

nacho

  • The Thought Police
  • Victorian
  • ATAR Notes Superstar
  • ******
  • Posts: 2602
  • Respect: +418
Re: VCE Accounting Question Thread!
« Reply #21 on: January 06, 2011, 11:42:38 pm »
0
I have a question Textbook Exercise 6.11
If you look at the General Ledger, in the GST account, my credit and debits were as follows:
DR
July. 31 - Bank - 120
July. 31 - Creditors Control - 520
July. 31 - Balance - 1170
                         ______
                          1810
                         ______
CR
July. 1 - Balance - 610
July. 31 - Bank - 400
July. 31 - Debtors Control - 800
                                ________
                                 1810
                                ________
Aug. 1 - Balance - 1170

This does not match the solutions, and i cannot figure out why..
(solution attached)


EDIT: Nvm, i completely missed the GST settlement in the purchases journal, it camouflaged so well.
However, I've got another question, if you could refer to the Capital account (which i've attached below) the solutions have omitted a DR of 1000, as the owner withdraws 1000 in the CPJ, is there any reason as to why this is?


Anyways, the next exercise has done the same thing, I thought Drawings reduced capital?
« Last Edit: January 07, 2011, 04:53:33 pm by nacho »
OFFICIAL FORUM RULE #1:
TrueTears is my role model so find your own

2012: BCom/BSc @ Monash
[Majors: Finance, Actuarial Studies, Mathematical Statistics]
[Minors: Psychology/ Statistics]

"Baby, it's only micro when it's soft".
-Bill Gates

Upvote me

Furbob

  • Victorian
  • Part of the furniture
  • *****
  • Posts: 1002
  • diagnosed with poo brain
  • Respect: +184
Re: VCE Accounting Question Thread!
« Reply #22 on: January 07, 2011, 06:52:09 pm »
0
^ how much of exercises are you trying to cover before school starts? I was planning to finish off the first 7 chapters (almost finished chapter 5~ but its too bloody hot to keep on working atm)
2011 : English | Accounting | MM CAS | Further | Japanese | MUEP Japanese
2012 : BA(Japanese&Chinese)/BComm @ Monash Clayton

eeps

  • Victorian
  • ATAR Notes Superstar
  • ******
  • Posts: 2533
  • Respect: +343
Re: VCE Accounting Question Thread!
« Reply #23 on: January 07, 2011, 10:00:03 pm »
0
However, I've got another question, if you could refer to the Capital account (which i've attached below) the solutions have omitted a DR of 1000, as the owner withdraws 1000 in the CPJ, is there any reason as to why this is?

Anyways, the next exercise has done the same thing, I thought Drawings reduced capital?

Yes, Drawings reduces Capital. It's probably just an error in the solutions - it's best to confirm with your teacher, when you get back to school about it.

@Furbob (though the question was not directed at me specifically), cover the whole of Unit 3, if you can. Though it may be tedious doing it now in the holidays, trust me, it's worth it in the long run.

nacho

  • The Thought Police
  • Victorian
  • ATAR Notes Superstar
  • ******
  • Posts: 2602
  • Respect: +418
Re: VCE Accounting Question Thread!
« Reply #24 on: January 07, 2011, 11:39:01 pm »
0
^ how much of exercises are you trying to cover before school starts? I was planning to finish off the first 7 chapters (almost finished chapter 5~ but its too bloody hot to keep on working atm)
Yea i know, i got really lazy, i should ahve finished unit 3 before january started, but now i'll probably aim to finish it before the 11th. Then i'll jump straight into checkpoints, neap and practice exams when school starts
OFFICIAL FORUM RULE #1:
TrueTears is my role model so find your own

2012: BCom/BSc @ Monash
[Majors: Finance, Actuarial Studies, Mathematical Statistics]
[Minors: Psychology/ Statistics]

"Baby, it's only micro when it's soft".
-Bill Gates

Upvote me

Furbob

  • Victorian
  • Part of the furniture
  • *****
  • Posts: 1002
  • diagnosed with poo brain
  • Respect: +184
Re: VCE Accounting Question Thread!
« Reply #25 on: January 08, 2011, 12:00:08 am »
0
woah now you're making me feel like a bum :( I'm just worried that i'll end up using most resources way before the exam comes~ but I will have completed all Unit 3 exercises before term 1 ends

what would you do during class when everyone is doing the exercise? (if you get time)

PS. I wouldn't call not-finishing-12-chapters-worth-of-exercises-before-Jan "really lazy" :o
« Last Edit: January 08, 2011, 12:02:23 am by Furbob »
2011 : English | Accounting | MM CAS | Further | Japanese | MUEP Japanese
2012 : BA(Japanese&Chinese)/BComm @ Monash Clayton

nacho

  • The Thought Police
  • Victorian
  • ATAR Notes Superstar
  • ******
  • Posts: 2602
  • Respect: +418
Re: VCE Accounting Question Thread!
« Reply #26 on: January 08, 2011, 12:18:20 am »
0
woah now you're making me feel like a bum :( I'm just worried that i'll end up using most resources way before the exam comes~ but I will have completed all Unit 3 exercises before term 1 ends

what would you do during class when everyone is doing the exercise? (if you get time)

PS. I wouldn't call not-finishing-12-chapters-worth-of-exercises-before-Jan "really lazy" :o
Well, class time will be used to complete study guides, and re-enforce the stuff i was having difficulties with,
don't worry about the resources, there are like 50+ accounting exams on this forum lol
And damn, correcting entries is hard.
But yea, I was lazy in that I could have finished unit 3 a lot earlier if I worked on it properly..

EDIT: Could someone help me with ex 7.10?
It's so hard for me... I made the correct corrections, but in the answer they use 'cleaning expenses' in the details whilst I used 'cleaning supplies', as the book clearly states "$120 of equipment was incorrectly debited to cleaning supplies."
« Last Edit: January 08, 2011, 02:19:09 pm by nacho »
OFFICIAL FORUM RULE #1:
TrueTears is my role model so find your own

2012: BCom/BSc @ Monash
[Majors: Finance, Actuarial Studies, Mathematical Statistics]
[Minors: Psychology/ Statistics]

"Baby, it's only micro when it's soft".
-Bill Gates

Upvote me

Hellhole

  • Victorian
  • Trendsetter
  • **
  • Posts: 140
  • Respect: +1
Re: VCE Accounting Question Thread!
« Reply #27 on: January 08, 2011, 08:23:29 pm »
0
woah now you're making me feel like a bum :( I'm just worried that i'll end up using most resources way before the exam comes~ but I will have completed all Unit 3 exercises before term 1 ends

what would you do during class when everyone is doing the exercise? (if you get time)

PS. I wouldn't call not-finishing-12-chapters-worth-of-exercises-before-Jan "really lazy" :o
Well, class time will be used to complete study guides, and re-enforce the stuff i was having difficulties with,
don't worry about the resources, there are like 50+ accounting exams on this forum lol
And damn, correcting entries is hard.
But yea, I was lazy in that I could have finished unit 3 a lot earlier if I worked on it properly..

EDIT: Could someone help me with ex 7.10?
It's so hard for me... I made the correct corrections, but in the answer they use 'cleaning expenses' in the details whilst I used 'cleaning supplies', as the book clearly states "$120 of equipment was incorrectly debited to cleaning supplies."

Use 'cleaning supplies.' A lot of the text books I had tend to show the wrong entries, but they were generally along the same lines as each other. You did make the correct entries though, didn't you? (Sorry, I don't have the text book - just thought I'd throw it out there).

eeps

  • Victorian
  • ATAR Notes Superstar
  • ******
  • Posts: 2533
  • Respect: +343
Re: VCE Accounting Question Thread!
« Reply #28 on: January 08, 2011, 09:49:34 pm »
0
There are heaps of exams and practice tasks on one of the other threads. That's the least of your worries. My school gave me 20+ practice exams for Unit 3 and 4, in addition to the stuff I found on VN. Also, as what has been said, it doesn't matter if you don't necessarily fully understand a concept now - when you get back to school and hear it from your teacher a second time, you'll no doubt get it then. You'll come to see as the year progresses, you really only lose marks in Accounting for stupid mistakes/careless errors which can be easily avoided OR on theory questions (i.e. not answering the question fully).

Tan

  • Victorian
  • Trendsetter
  • **
  • Posts: 138
  • Respect: +1
Re: VCE Accounting Question Thread!
« Reply #29 on: January 09, 2011, 11:21:29 am »
0
Not sure if I missed this somewhere in the book but just a general sort of question, for stock cards.. how do you a credit sales/purchase from a cash sale/purchase? Specifically i'm doing exercise 8.8 atm.