acct 1001 practice set (4 Viewers)

Emily.

Pro-VSU
Joined
Sep 30, 2004
Messages
2,019
Location
Newcastle!
Gender
Female
HSC
2004
ok tb is DONE

the thing i dont get is:
they give the closing stock that they counted in the stocktake, but we dont have opening stock (only for 31st of May) so how do i work out cogs??
am i able to just take the opening stock for 31st of may, only add the purchases that were made in that month and then subtract closing stock?

and also, this new amount for inventory, i changed the inventory amount in the balance sheet, is there anywhere else i have to adjust for this difference? cos i dont think the balance sheet is going to balance if i dont change something else (havent tried yet but i didnt think itd work)

anyone able to help with this?? if they wanna help me add me to msn (twistedsista001@hotmail.com) thanks, help would be MUCH appreciated!!!
 

jpr333

Member
Joined
Dec 19, 2003
Messages
478
Gender
Undisclosed
HSC
2003
Holy Hell! Don't bump old threads you had me worried this had been handed in already!
 

Emily.

Pro-VSU
Joined
Sep 30, 2004
Messages
2,019
Location
Newcastle!
Gender
Female
HSC
2004
ok im thinking i understand where that will come back into the other side of the balance sheet: when i work out the P&L summary from the statement of financial performance, that will go under owners equity to increase retained profits, so it will all balance.....hopefully

am i on the right track??
 

xiao1985

Active Member
Joined
Jun 14, 2003
Messages
5,704
Gender
Male
HSC
N/A
to work out cogs, try using payment journal and see how much u purchased... and how much is it left and how much was there initially...

i am quite certain there should be an opening balance of inventory...
 

Emily.

Pro-VSU
Joined
Sep 30, 2004
Messages
2,019
Location
Newcastle!
Gender
Female
HSC
2004
yeah i figured it out, cos the opening inventory is gonna b the same as the inventory reported at 31st of may cos its periodic system so its not updated until 30th june. im so dumb sometimes!
 
Joined
Jan 24, 2004
Messages
2,907
Location
northern beaches
Gender
Male
HSC
2004
yo
i've got this transaction i dont understand..
june 1- paid amount owing to NAP. issued cheque no.432

i checked the 'schedule of accounts payable' and it said that the credit terms were '1/15, n/30'
do i record this under the GL in 'purchase discounts' account??
 
Joined
Jan 24, 2004
Messages
2,907
Location
northern beaches
Gender
Male
HSC
2004
omg..this is so f*ing confusing.
when we credit something in our ledgers...do we take away that credited amount from the balance?
 

fush

Member
Joined
Feb 11, 2004
Messages
441
Location
Sydney
Gender
Male
HSC
2004
wow slow down...

Since a cash payment was made you only use the cash reciept journal
so in the cash receipt journal you dr acct. payable, cr cash and cr purchase discount


about the ledgers, when you finish all of ur posting, then you work out your closing and opening balance and you then use that for your trial balance
 
Joined
Jan 24, 2004
Messages
2,907
Location
northern beaches
Gender
Male
HSC
2004
fush said:
wow slow down...

Since a cash payment was made you only use the cash reciept journal
so in the cash receipt journal you dr acct. payable, cr cash and cr purchase discount


about the ledgers, when you finish all of ur posting, then you work out your closing and opening balance and you then use that for your trial balance
cash receipts journal?..are you sure it's not cash payments journal?

nah, what i meant was...you know how there is a running balance and each time an amount is debited or credited, your balance is updated yeah?...
so would a credit DECREASE the balance or would it INCREASE the balance?
 

011

Serious Performance
Joined
May 12, 2004
Messages
607
Gender
Undisclosed
HSC
N/A
Oh crap my unadjusted TB won't balance.

All journals seem to have correct recording, it's really very weird. Any ideas anyone? =P
 
Last edited:

fush

Member
Joined
Feb 11, 2004
Messages
441
Location
Sydney
Gender
Male
HSC
2004
yea sorry i meant cash paymeny journal

and for the running balance, you need to know the normal balance for each account

for example assets have debit normal balances so a credit decreases the balance and a debit increases it
 

fush

Member
Joined
Feb 11, 2004
Messages
441
Location
Sydney
Gender
Male
HSC
2004
YES! i finally got my unadjusted trial banace to balance, i was gettin pissed off cause it wouldnt balance then i found a really crap error in my calculations
 

011

Serious Performance
Joined
May 12, 2004
Messages
607
Gender
Undisclosed
HSC
N/A
Wow, 2 hours passed and still trying to find errors.
 
Last edited:

xiao1985

Active Member
Joined
Jun 14, 2003
Messages
5,704
Gender
Male
HSC
N/A
just curious when's practice set due?!
i am not donig acct 1a this yr so i don't know...
 

ressul

Mr
Joined
Mar 17, 2004
Messages
94
Gender
Male
HSC
2004
Just feel very confused about the answer!

Originally posted by teehee
sales revenue - $561,030 CR
sales returns and allowances - $6,920 DR
purchases - $243,255 DR

How could the answer be like that? I mean, in the book, it already shown you that the opening balance of purchase is 566640,(see P31,500), how could the answer below that that?
 

Users Who Are Viewing This Thread (Users: 0, Guests: 4)

Top