POA (updated 5 feb 09)
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i think thats what i will do. but i will do out the question after i revised my chem today and post my answer here first. maybe you can also try do it again in the proper way. not saying you or what alright? no offence friend
but i dont want other people misleaded. thanks. -
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its the answer not the question
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Originally posted by maurizio13:
i really don't know cuz i didn't do any O or A level accounts.
iayoyo, you say you have an accountancy degree. sure or not. You don't even know how to do debit and credit entry properly.
Deteq, print out his answer and bring it to your teacher and remember to ask your teacher to mark out his mistakes in RED INK and then post it in the forum for all to see. OK.
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eh sorry wasn't following the conversations. what's going on here now huh?
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Originally posted by maurizio13:
Let's look at the item purchase sales manager car for $10,700 at 31 Oct X9.
But there is no where in the question that says how the company pays for the purchase of the sales manager's car. Ok. Let's assume it is paid for by cheque.
The first entry in the accounting books will be in the journal.
Dr Vehicles a/c $10,700
Cr Bank a/c $10,700
Being the purchase of sales manager's car (Mr Tan Jin Gu S1873782Z) of $10,700 as at 31 Oct X9 and paid for by OCBC bank cheque number 522-1-26738.
Next, this will be posted to the debit side in the Vehicles a/c of the general ledger and credit side in the bank a/c in the cash book.
The key issue is you write in your answer sales manager's car in the vehicles a/c. Is there a sales manager's car account in the general ledger ? There cannot be a sales manager's car account in the general ledger since the purchase of the sales manager car is paid for by cheque !
Ok, there are more mistakes in your answer. I will let Deteq's teacher to mark out the mistakes in RED INK and then he will post it in the forum for all to see. OK.
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Originally posted by Lee012lee:
Let's look at the item purchase sales manager car for $10,700 at 31 Oct X9.
But there is no where in the question that says how the company pays for the purchase of the sales manager's car. Ok. Let's assume it is paid for by cheque.
The first entry in the accounting books will be in the journal.
Dr Bank $10,700
Cr Vehicles a/c $10,700
Being the purchase of sales manager's car (Mr Tan Jin Gu S1873782Z) of $10,700 as at 31 Oct X9 and paid for by OCBC bank cheque number 522-1-26738.
Next, this will be posted to the debit side in the Vehicles a/c of the general ledger and credit side in the bank a/c in the cash book.
The key issue is you write in your answer sales manager's car in the vehicles a/c. Is there a sales manager's car account in the general ledger ? There cannot be a sales manager's car account in the general ledger since the purchase of the sales manager car is paid for by cheque !
Ok, there are more mistakes in your answer. I will let Deteq's teacher to mark out the mistakes in RED INK and then he will post it in the forum for all to see. OK.
Good one!!!
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i think me as a student should be able to identify the mistakes so as to make sure my a1 is even more secured.
as i have said(and the others had pointed out), the particulars part in your vehicles is wrong. because it doesnt make sense if you work out the whole double entry.
you are doing the depreciation a/c wrongly. the most obvious mistakes being it should not have any balances at all. second, you cant debit to car or van or tractor. instead you should debit to their respective disposal a/c(note that this should be done in the provision for depreciation a/c and not the depreciation a/c).
i dont know about the shortcut when u put every type of vehicles into one disposal a/c. this way u cant see whether there is a gain or loss in disposal for each vehicle.( i am not sure about this as for o lvl we usually have only one kind of thing to deal with)
assuming your calculations are correct, i think there is no more major mistakes. my conclusion is that you are weak in double entry.maybe some editing to your answer would make it a model answer.
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perhaps the way POA students and tertiary accounting students think are different..I, for one, immediately can identify with M13's working..though Provision a/c and normal a/c are separate accounts altogether, the provision balance can be immediately be brought forward as an opening or closing balance for that account you have provided provision for..as easier understanding for subsequent B/S and other statements.
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Originally posted by Master -_-:
perhaps the way POA students and tertiary accounting students think are different..I, for one, immediately can identify with M13's working..though Provision a/c and normal a/c are separate accounts altogether, the provision balance can be immediately be brought forward as an opening or closing balance for that account you have provided provision for..as easier understanding for subsequent B/S and other statements.
oh. thanks. so i might have misunderstood M13's working. however do you agree with the double entry?
and this is really important - can i request that people helping the poa students to do their working in o lvl standard? many thanks :)
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Originally posted by deteq:
oh. thanks. so i might have misunderstood M13's working. however do you agree with the double entry?
and this is really important - can i request that people helping the poa students to do their working in o lvl standard? many thanks :)
hehe some may not have taken POA before..like mebut i do have some top notch o lvl POA exam papers somewhere in the train wreck, i call my room..
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Originally posted by Lee012lee:
Let's look at the item purchase sales manager car for $10,700 at 31 Oct X9.
But there is no where in the question that says how the company pays for the purchase of the sales manager's car. Ok. Let's assume it is paid for by cheque.
The first entry in the accounting books will be in the journal.
Dr Vehicles a/c $10,700
Cr Bank a/c $10,700
Being the purchase of sales manager's car (Mr Tan Jin Gu S1873782Z) of $10,700 as at 31 Oct X9 and paid for by OCBC bank cheque number 522-1-26738.
Next, this will be posted to the debit side in the Vehicles a/c of the general ledger and credit side in the bank a/c in the cash book.
The key issue is you write in your answer sales manager's car in the vehicles a/c. Is there a sales manager's car account in the general ledger ? There cannot be a sales manager's car account in the general ledger since the purchase of the sales manager car is paid for by cheque !
Ok, there are more mistakes in your answer. I will let Deteq's teacher to mark out the mistakes in RED INK and then he will post it in the forum for all to see. OK.
Hehehe......
You finally corrected yourself?
Lucky I quoted your first reply.
The first entry in the accounting books will be in the journal.
Dr Bank $10,700
Cr Vehicles a/c $10,700
How'd I wish that accounting works the way you initially said it would?
Everytime I buy something, I get richer.
You are still unsure of your debit and credit.
Also, you should read the requirements of the question. If the questions ask you to do vehicles a/c, depreciation a/c and disposal a/c, don't tell me you 画蛇添足?
Very importantly, always always remember to answer to the requirements of the question and not to what you "think" you want the answer to be. The extra legs you draw on the snake will not get you any marks.
The question was taken from book.
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The key issue is you write in your answer sales manager's car in the vehicles a/c. Is there a sales manager's car account in the general ledger ? There cannot be a sales manager's car account in the general ledger since the purchase of the sales manager car is paid for by cheque !
In both entries, I have written this will be posted to the debit side in the Vehicles a/c of the general ledger and credit side in the bank a/c in the cash book.
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Originally posted by Master -_-:
hehe some may not have taken POA before..like mebut i do have some top notch o lvl POA exam papers somewhere in the train wreck, i call my room..
Can contribute both questions and solutions to ExamWorld
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Also, you have written lorry, delivery in your vehicles a/c.
Are the purchase of the lorry by cash, cheque or instalments to a finance company XYZ Ltd ?
If it is paid for by cash, you should write cash in the vehicles a/c
If it is paid for by bank, you should write bank in the vehicles a/c
If it is paid for by instalments, you should write XYZ Ltd in the vehicles a/c.
This is the basic of proper double entries.
I think you better have some lessons from the POA moderator Tinuvel07 first.
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Originally posted by maurizio13:
You sure there is sales manager car a/c in general ledger?
You write sales manager's car in the debit side in the vehicles account in your answer.
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M13, please lah, after what I told you the proper ways of doing the double entries for lorry, delivery van and sales manager's car, you edited your entry.
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