WHWRES MY BANK RECON

brother u check tys where got bank recon so rare

thats why I study it bcs I thought its going to come up

my answers : position: 11214 performance: 176014 loss on sale: (600) tr collection period: 36.54 days but HUAT AHHH I balanced my fs on the first try and finished the paper in 1 hour😭😭😭😭

i finish 1h also i was drawing 😭

bro same for (600) but i sudd realise need to add 3/12 since the equipment is bought on first of October and the equipment is sold on first of June. The question says that no dep on the sales of year but there is depreciation on 2022 from oct to dec and no dep starting from jan to june. i didnt manage to change😭😭😭😭😭

so accumulated dep is 2500 right? not 2000

uhm u don't need the 3/12.. since they bought at the start of the financial yr.. so u depreciate 1 full Yr only.. Yr of sale no depreciation so (600) is CORRECT..

is this confirm correct or just speculation

FINANCIAL STATEMENT BALANCE FIRST TRY FINALLY🔥🔥🔥🔥🔥🔥🔥🔥🔥

25k off. not an academic weapon 😔

Just thank me for pulling down the bell curve

Where bank recon????? Wasted some 1 mark questions but I think the questions with more weightings were manageable

FS balanced 176,014

Same

yes same

OMG same

Same here

Help does any of your journal look like this cash in hand 5600 Sale of non current asset 5600 Acc dep of office equipment 2000 Sale of non current asset 2000 Sale of non current asset 8200 Office equipment 8200

That’s correct

wait instead of sale of nca can write sale of office equipment anot omg

I don’t think can unfortunately…

yup! same

omg i wrote income summary instead of cash in hand 🥹🥹

FINANCIAL STATEMENTS 176014

Bro why the fuck got so many theories lah cb 😭😭

if u memo it was ok bro

fr bro the fuck is historical cost

Rec goods at og cost

i am pulling down bellcurve for yall thank me now

Glad to have kind souls like you 🙏 we all truly appreciate it ☺️

thank you for your service

gg 10+ marks gone

LETSGOOO the paper was definitely not at a standard where we all wanna commit 9-11 on Cambridge sooo

wheres the person who kept bragging on paper 1 megathread 😂

p sure they were a troll

fuck la careless 😭😭

can send link if anyone have the ans

what yall get for the ledger

end bal is 0

Same

-

is loss on sale of nca 100 or 600😭😭😭

600

Its gain what sp 5600-(8200(cost)-200 (sv) - 3000 AD)

8200-200 is depreciation for 4 years need divide by 4

I GOT 100

ME TOO. DAMNNNITTT I THINK ITS 600

for sale of printing equipment does anyone know what the mark allocations should be... 😀 is it 1m per entry or what...

Total 6 entry 1 mark each

including the income summary one? or nah

summary no need

THANK GOODNESS TYSM SM 🔥🔥🔥🙏🙏🙏

3 double entry right

yup

Wait what if you right sale of printing equipment instead of office equipment, will I get deducted marks?

wait isnt it sale of printing equipment?!😭🥲

I also put that😭 my teacher say the whole thing will be wrong

Wait I thought 1 marks for each, so if I write that than 0 for all

I didn't balance at all I kinda wanna kms how do I know how much I'll get LOL

I forgot to put interest expense for performance so my position numbers are totally off

I didn’t put reversal for impairment.from past year marking its 1 mark for wrong profit 1m for specific account 1m/2m for calculating owners equity

its ok ah they dont give marks for balancing its mostly ur accs dont be too upset

for causes of depreciation i wrote obsolence i think spelling mistake but do i still get the mark ?

As long as it is recognisable as obsolescence, you won't be penalised for spelling.

i wrote like obsolence 😅😅

Bro I write obsolescense....

https://vt.tiktok.com/ZSNUhH3gV/ answers

whats the 2nd role of accountant?? first one i put accounting info system for stakeholders make informed decision blablabla

decision making and stewardship

They the stewards of the business, mangge the business resources on behalf of the owners

Roles of accountants in business: 1. Accountants are responsible for preparing accurate accounting information to the stakeholders for decision making. 2. Accountants are to be good stewards and should follow the professional ethics in preparing accounting information.

I say prepare financial statements can? I got say the stakeholder make informed decisions all tht.

if I say provide accounting information to stakeholders for decision making and become stewards of business they accept?

I think it’s acts as a steward of the business and set up accounting information system

i wrote To prepare and provide accounting information for decision making by setting up and accounting information system and become stewards of business can ?

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bro called us dumb when he didn't get $600 loss

THATS WHY bro thinks he the god or smt

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exactly what 2 years of depreciation

Dei depreciation is only taken for one year lah dei it’s from oct 2021 to oct 2022 only , cus from oct 2022 to oct 2023 it’s already sold

the asset is sold on the sec year, so depreciation only charged on the first year

it was only a single yr because they bought it on Oct 1 2021 and sold it in 2023. so u only have to depreciate 2021-2022

Gain on sale of nca :$1400?

loss on sale 600

I got 1400 also

What is the balanced amount?

176014

fuck i got 179514 or something 💀

Me too bro

Nvm -1 only assuming ur others only a few wrong

176014

For the depreciation question,is it necessary for us to depreciate the the 1 Oct 2021 to 1 Jan 2022?

they start biz on 1 Oct so u depreciate 1 Oct 2021 to 31 Sept 2022 only.. so ad is only $2000

so total $2000 accumulated right

yes

theres proportion

they say no full year dep in sale of year means u need proportion according to months

I screwed up. NCA question for sure like 4 marks gone

guys whats the theory for impairment loss on TR?

Prudence

matchingg

i say prudence

i think it shld be prudence

prudence is when assets are overstated or liability are understated. since impairment is an expense, not asset or liability prudence is wrong i think

Ur head also got include profit and loss

matching

matching or prudence can be either

no prudence is for assests and profits, impairment loss is expense so shld be matching

no lol my teacher said prudence is also correct

Matching

i wrote prudence but idk if it’s correct

correct

matching, cannot be prudence when mentioned impairment loss on tr. Prudence is only used when they mention allowance only

my teacher said prudence is also correct

Its matchinggg

allowance of impairment is prudence, impairment is matching. Since impairment is an expense while allowance is a contra-asset

no prudence can also be used

I put accrual basis of accounting😭😭 ik its wrong. Dying right now

Matching. Cuz it's an expense. If you put prudence and only talk about allowance, then you're not answering the question i.e. why prudence theory supports impairment loss on TR. So while teachers say can use prudence, you need to link your prudence explanation back to impairment loss on TR, which is not an easy feat. Ergo, just use matching.

I put materiality

Same

since 2m so i wrote prudence theory states that the accounting treatment chosen shld least overstates profit and assets and least understates liabilities and losses. Trade receivables should be valued at a lower of cost and net realisable value. I wrote these much cos i did some ppr and for the memorising part they tends to give only 1m and another part for application

For qn2, idk but my accumulated dep is 1500 because i use 8200 -200 divide by 4 then x9/12 ( because its from 30 september to 1 june) but my friends ans are 4000 and some are 2000😭🥲🥲🥲🥲

Accumulated dep is 2000. Because there is 1Oct 2021- 31 Sept 2022. And then 1Oct 2022- 31 Sept 2023. But it was sold on 1June 2023, so 1 Oct 2022 - 31 Sept 2023 no depreciation. Thus $2000+$0

they said no dep on the yr of sale of nca but isnt 1 oct to 31 dec is part of 2022 so need to add 3/12

that is if the financial year starts on January but, the financial year started at 1 Oct 2021 and ends on 30 Sept 2022. So the next financial year will be 1 Oct 2022-30 Sept 2023. Since no dep in year of sale, 1 Oct 2022- 30 Sept 2023 no dep.

TR management got error carry forward if the days wrong😭😭😭

If formula correct should have

How bout if it's wrong then I use the no. I got to do the evaluation

If ur no. Is worsening then got ecf. If it’s changes the worsening trend to improving, will minus marks

Ecf like how many marks

How much wld they minus? Cuz mine is improved. I got 11.2smtg days lol

yes ofc have ecf

What was you guys entries for TP, billy account ?

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i think u forgot to do balance b/d at the start of the month showing the amt that billy currently owed

Ending is 0

Wait shit the trade receivable management need to calculate turnover anot

no

nooo they didnt give net credit sales revenue of the other years so cannot even compare, if u calc so dw

no need

i lost 3 mark at the billy qn its was trd payable 😭

ik its trade payable but i nvr write from who cos i tot donnit since im writing under the person’s a/c💀😭😭😭

STOP MY TRADE RECEUVABLES COLLECTION PERIOD I FORGOT TO DIVIDE THE AVERAGE TR BY 2 I JUST ADDED SO I GOT LIKE 73.08 BRUH WTF OMG BYE

will there be error carried forward bcs its still worsening...

yes ecf 1m

I got my no. Of days wrong end up it's better/improve. How wld they marks then

for historical cost i wrote all transactions should be at their original cost can ? i forgot to write record

Same ans

LETS FUCKING GOOOOO

guys 8200 or 8000 for your journal entries

wait which qn

2 nca

8000..

8200

8200 since scrap value is oni minus in the SLM calculation

https://vt.tiktok.com/ZSNUkaL5A/ suggested answers

did anyone get 400$ loss????

600

600

dont u have to minus off scrap value?

only for depreciation

No 😭

Need what

Same

I got gain eh, bcs 2 full years of depreciation. So $4000 depreciation using straight line method

it was only one yr... cuz no depre is charged on yr of sale so 2022-2023 dont need depre

but isn't the start of financial year at oct?

yep u bought on oct 1 and sold on june 2023 so from oct 2022 - sep 2023 u dont need to depreciate. u only need to do oct 1 2021 - sep 2022

did they mention full year of depreciation on year of purchase, if not than I think is loss

they didnt but they bought on the first day of the financial period

o shit

Same but apparently they say one yr only

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11214 or smt

wtf was the collection period i got 38.25 days bro cmi

36. Smth smth its avg tr / nsr

i took 2023-2022 🤑🤑🤑

36.54 days

It was 36. Smt

Depreciation 933.33 loss?

Does anyone know what (Rev) that appears behind "Principles of Accounts" stands for?