POA (updated 5 feb 09)
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'O' Levels don't have suspense accounts, debit note and credit note?
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Originally posted by maurizio13:
'O' Levels don't have suspense accounts, debit note and credit note?
debit and credit note have. suspense no have.
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Originally posted by xXBlack_RebelXx:
16 Oct
I read the re edited post and understand your explanation about the debit and credit balances which is linked to profit or losses? am I right?
So far I seem to understand.
the 1.1 exemplification.
What's a T account? Is that double entry?
I have a question,
quote:
Example. Let's start with assets. Let's say cash.
1 Oct - I put invested $50K cash,
2 Oct - I use $25K to purchase a van.
What you should see is in a T-account format is
Cash Account
Debit Credit
1 Oct - Owner's equity $50,000
2 Oct - Motor Vehicles Account $50,000
wouldn't the purchase of van entry be $25k credited under the cash account instead of $50k? Am I missing something?
I just need to read it about 10 times for it to really marinate and start making sense in my head.
Thanks.
on the side: shall I read up on my textbook.
hi sorry didn't know you edited your post.. yes T-account is like a format for writing double entries..
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Originally posted by maurizio13:
'O' Levels don't have suspense accounts, debit note and credit note?
they only need to know how to intepret the effects of credit and debit notes.. suspense don't have as deteq mentioned
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Tinuviel... youre gonna update more stuff?
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Originally posted by tinuviel07:
they only need to know how to intepret the effects of credit and debit notes.. suspense don't have as deteq mentioned
i really don't know cuz i didn't do any O or A level accounts.
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Originally posted by tinuviel07:
hi sorry didn't know you edited your post.. yes T-account is like a format for writing double entries..
Its cool.
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Originally posted by xXBlack_RebelXx:
Tinuviel... youre gonna update more stuff?
well i'll only update if you have questions abt a particular topic.. i feel it's impractical to type on all the topics
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vehicles a/c
dr - july1 balance b/d $61850 cr - oct 31 disposal for car $2800
- sep 30 cash $8600 - dec 31 disposal for tractor $2400
- oct 31 cash $10700 - mar 31 disposal for van $1900
- feb 28 cash $4000 - june 30 balance c/d $78050
depreciation for vehicles a/c(not provision for depreciation right.)
dr - june 30 provision for depreciation $15610 cr - june 30 Tr to P&L $15610
disposal for car a/c
dr - june 30 vehicles $2800 cr- june 30 provision for car (2800/5*4)$2240
- june 30 cash $300
- june 30 P&L $260
disposal for van a/c
dr - june 30 vehicles $1900 cr- june 30 provision for van(1900/5*3)$1140
- june 30 cash $420
- june 30 P&L $340
disposal for tractor a/c
dr - june 30 vehicles $2400 cr- june 30 provision for tractor (2400/5*3)$1440
- june 30 cash $540
- june 30 P&L $420
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how about the others? doing this on a computer is quite different from doing on paper though.
oh i realised the something about the disposal dates. anymore to take note?
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i realised something about depreciation. forgot the net book value thingy. anyway disposal also wrong?
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M13, help me in ExamWorld with POA as well? :D
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On 2nd thoughts, maybe I should take the time to study POA myself for the fun of it too... If not quite bored now that I hv started work...
Learning new things (or revising old things) is a fun thing to do when you are away from the stress of exams :D
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nevermind tomorrow is chem. poa coming liao then try again.
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Originally posted by maurizio13:
answer something wrong? for one, depreciation a/c dont have balance b/d or c/d. it should be provision for depreciation a/c in this case. second, disposal a/c must bring in their depreciation from provision for depreciation.so provision for depreciation debit side put disposal. disposal credit side put provision for depreciation. i dont know about your answer but it definitely looks wrong.
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they are two different accounts!
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if u like that do in exam your marks also shortcut from 100 to 10.
your method is definitely wrong and misleading to others taking o lvl.
exam got time de dont worry. usually in this section people score full marks de.
your disposal also something wrong. vehicles a/c also wrong( the particulars part). your whole presentation is wrong. maybe the values are right i dont know.
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Originally posted by maurizio13:
Also most importantly follow the requirements of the question.
"You are required to write up the accounts for the vehicles, vehicle depreciation and vehicle disposals."
that is the problem you are doing the depreciation a/c as provision for depreciation a/c so WRONG!