Accounting Discussion

[Meg]

guys can someone explain how to calculate credit sales
and give me good notes on control accounts?
Please..... i'd really appreciate it.

I lost the paper link :/
Link the paper here..I'll help you understand it

 

[Abhishek Sunil]

I love your signature
So much.
But unfortunately not allowed animated things in signatures (no idea why :|)

Does it say on the rules page or something ? Cause' i didn't know xD

 

[ThatReallyReallyWeirdDude]

OMG :O
Listen!
Goodwill has a value ofcurz!
It comes FIRST in the Fixed Assets list -_-
But most of the time, the goodwill account is written off so it doesnt feature in the balance sheet!
No value?
What is wrong with u lol

I know it has value, obviously, and since in our syllabus goodwill accounts aren't present that means we don't have to worry about it being in balance sheet

 

[Meg]

http://www.scribd.com/doc/9767393/Control-Account

That'll help you

Thanks ^^

 

[Abhishek Sunil]

guys can someone explain how to calculate credit sales
and give me good notes on control accounts?
Please..... i'd really appreciate it.

You COULD also say that anything that increases debtors goes in debit (from the trial balance) and vice versa (for SLC)

 

[Meg]

Okay yay ^^
Listen..what are the imp chaps coming fr tmr's exam?
Its already 1am here -_-

I know it has value, obviously, and since in our syllabus goodwill accounts aren't present that means we don't have to worry about it being in balance sheet

 

[Meg]

fifooo Is this the paper u want help in? http://www.xtremepapers.com/papers/CIE/Cambridge IGCSE/Accounting (0452)/0452_s11_qp_11.pdf

 

[ThatReallyReallyWeirdDude]

Does it say on the rules page or something ? Cause' i didn't know xD

Actually yes :| I had this awesome .gif of a baby being fed a grapefruit then sorta freezing and falling back xD
Then CaptainPlanet messaged me and told me it's against rules to have animated things in signature :|

 

[fifooo]

Meg yes question 3a....

 

[Abhishek Sunil]

Actually yes :| I had this awesome .gif of a baby being fed a grapefruit then sorta freezing and falling back xD
Then CaptainPlanet messaged me and told me it's against rules to have animated things in signature :|

If it is that big of an issue i'll wait for him to message me if not .. well xD

 

[Meg]

Actually yes :| I had this awesome .gif of a baby being fed a grapefruit then sorta freezing and falling back xD
Then CaptainPlanet messaged me and told me it's against rules to have animated things in signature :|[

Answer this question 3a.
http://www.xtremepapers.com/papers/CIE/Cambridge IGCSE/Accounting (0452)/0452_s11_qp_11.pdf

 

[Meg]

Meg yes question 3a....

See..first of all, to calculate credit sales..you need to make a debtor's account.
You have been given the opening and closing balance rght?
wait..il do it on a word and attach it fr u

 

[ThatReallyReallyWeirdDude]

Credit Sales = Receipts from Debtors + Difference in Trade Receivables (i.e. +Closing - Opening)
(+Bad Debts + Discount Received)

 

[Meg]

See..first of all, to calculate credit sales..you need to make a debtor's account.
You have been given the opening and closing balance rght?
wait..il do it on a word and attach it fr u

Okay see

First..calculate total credit deposits.
You can do that by taking the total deposits and reducing it by cash sales
Then add the closing stock of debtors and less it with the opening stock
that's it

 

[Meg]

Credit Sales = Receipts from Debtors + Difference in Trade Receivables (i.e. +Closing - Opening)
(+Bad Debts + Discount Received)

I tried the sum with the ledger but its coming wrong!
Why is that happening? :/
Have I written the opening and closing balance on the wrong sides?

 

[Abhishek Sunil]

I tried the sum with the ledger but its coming wrong!
Why is that happening? :/
Have I written the opening and closing balance on the wrong sides?

I just did the sum without the T format , i did 15270-2680 = 12590 .. then i did <-- that ans + 4080 - 5140 = 13530

 

[sasq111]

guys can someone explain how to calculate credit sales
and give me good notes on control accounts?
Please..... i'd really appreciate it.

this is for the credit sales:
receipts from debtors
less debtors at the beginning
plus debtors at the end
you ll get the credit sales
and if the cash sales is given deduct it from the debtors receipts

 

[fifooo]

Thankk you alll I love you guys so much :')

 

[sasq111]

i hope we all get A* INSHALLAH!

 

[AhmedMans]

How do I calculate opening capital employed in limited companies?