How was your Principle Of Accounts paper???

[hashim2]

what was the source document for wages paid in cash? I wrote payroll.

 

[perfect1]

what was the source document for wages paid in cash? I wrote payroll.

Payslip is the correct answer, 50/50 chance they may give u the mark.

 

[mrmt]

$24000

it was 29000 , the one in the company appropriation account!

 

[MustafaMotani]

what was the source document for wages paid in cash? I wrote payroll.

I wrote payslip...

Paper was really too easy.. My balance sheet balanced.. but I made one SILLY mistake
While charging dep of the land and buildings I didnt add 20000 to 125000 though I did add that to final figure while taking it to the B/s
thus my balancing figure was 299200 (400 difference due to not charging dep )
hoW much should I lose ..:/

 

[muzirox]

it was 29000 , the one in the company appropriation account!

That ws fr the partnership a/c

 

[MustafaMotani]

That ws fr the partnership a/c

no partnership profit was somethng like 50000

 

[muzirox]

no partnership profit was somethng like 50000

I mean residual profit yr

 

[MustafaMotani]

I mean residual profit yr

xD

 

[mrmt]

That ws fr the partnership a/c

the residual profit was 24000 and that in company a/c was 29000. I think u are mixing it up!!

 

[saadat_shakeel]

Guys which principle was broken in first part? was it prudence , matching or both ?

 

[saadat_shakeel]

and Q4 last part... the one in which we had to state how current assets and liablities will be affected after given transactions.. did any one of u take notice of that bank overdraft ?

 

[muzirox]

Guys which principle was broken in first part? was it prudence , matching or both ?

Matching

 

[saadat_shakeel]

Matching

But Matching and Prudence usually go together man... matching insists dividing the cost of asset over its useful life to get accurate figure of both assets and profits each year which is also what prudence says..

 

[muzirox]

But Matching and Prudence usually go together man... matching insists dividing the cost of asset over its useful life to get accurate figure of both assets and profits each year which is also what prudence says..

Yp u can bt when i write that

 

[mrmt]

Matching

materiality or prudence ! matching too to some extent! the most appropriate answer was materiality, since it states that material items should be reported correctly(in i/s or b/s) in financial statements

 

[mrmt]

Guys which principle was broken in first part? was it prudence , matching or both ?

it was materiality or prudence or matching too to some extent. The most appropriate was materiality since it states that material items should be reported correctly in financial statements(i/s or b/s)

 

[saadat_shakeel]

one more question.. is bank deposit a fixed asset or a current asset?

 

[mrmt]

one more question.. is bank deposit a fixed asset or a current asset?

current asset

 

[MustafaMotani]

matching concept was most accurate... matching concept states that all expenses of that year should be matched wid its revenues ... as fixed asset was used for more than one accounting period thats y it is broken...

My sir told us to write bank deposts between fixed assets and current assets ..

Prudence is also rite to some extent

 

[unkidd]

How many marks can u lose if u want to get an A*.I mixed the accounting concepts entirely,one in source documents and one in correction of wrong entries.and will there be a error carry forward in accounting concepts question