accounting paper 22 discussion

[Unknown :)]

Yes... That is why the balance b/d in suspense account was on the credit side.

 

[Sarah Paul]

So wat was thwe balance for suspense?

 

[Unknown :)]

So wat was thwe balance for suspense?

926

 

[Sarah Paul]

Really? never mind

 

[Sarah Paul]

thank you

 

[Bachelor]

can anybody tell me how to prepare the rent and insurance account.....anybody balance sheet got equal??????...... my balance sheet was not equal.......

can anybody tell me how to prepare the rent and insurance account.....anybody balance sheet got equal??????...... my balance sheet was not equal.......

NO PROBLEM DUDE MINE ALSO DIDNT BALANCE YAAR..
INSURANCE AND RENT ACCIOUNTS ARE EXPENSE ACCOUNT SO THE B/D ADVANCE WILL COME ON DEBIT SIDE AND C/D ON CREDIT SIDE AND B/D ARRERS WILL COME ON CREDIT SIDE WHERE AS C/D OPN DEBIT SIDE...
THE ENTIRE PAYMENT KNOWS AS BANK WILL COME ON DEBIT AND I/E AMOUNT WILL COME ON CREDIT SIDE....JUST POST THE AVAILABLE FIGURES AND GET THE VALUE..

 

[Bachelor]

can anybody tell me how to prepare the rent and insurance account.....anybody balance sheet got equal??????...... my balance sheet was not equal.......

What was to be done in the first question, journal one about capital, how was its value taken?​

In that question about journal entries, first three were suspense account credit and last was debit. Right?​

What was net profit and what was the balance on balance sheet?​

Lastly, tell me about that suspense account? It was having balance b/d on debit side as 926 right?​

in the first question u just had to write in narrative form how to calculate capital i.e assets minus liabilities and just put the values in order to get the capital value..
yes u r right regarding suspense account thing.. it was hell easy
i dnt remeber netprofit bt i know thjat mine didnt balance lol
yes becox it was clearly written in the question..

 

[happyperson]

in the first question u just had to write in narrative form how to calculate
yes becox it was clearly written in the question..

Thanks alot! actually i was confused in that suspense account one, my balance came 926 (or whatever the value question stated) on debit side, as it was given in question. The credit of journal in suspense was debit in suspense account which means only one entry(last one was debit) whereas the first three (commisison etc ) were credit in suspense account so the balance b/d came on debit side.
Just clear is it what was to be done, right? (thanks in advance).

 

[happyperson]

in the first question u just had to write in narrative form how to calculate capital i.e assets minus liabilities and just put the values in order to get the capital value..

I did it by putting all values in space by listing and then entering their values on debit or credit appropriately (just like a trial balance ) and then i took the balancing figure as capital which came on credit side of that question and in last i wrote the narrative statement, capital figure was something like 136...(or i don't remember exactly). Is it fine? or i did it the wrong way?

 

[Bachelor]

I did it by putting all values in space by listing and then entering their values on debit or credit appropriately (just like a trial balance ) and then i took the balancing figure as capital which came on credit side of that question and in last i wrote the narrative statement, capital figure was something like 136...(or i don't remember exactly). Is it fine? or i did it the wrong way?

no buddy its alright u will surely get marks.....chill man..

 

[Bachelor]

Thanks alot! actually i was confused in that suspense account one, my balance came 926 (or whatever the value question stated) on debit side, as it was given in question. The credit of journal in suspense was debit in suspense account which means only one entry(last one was debit) whereas the first three (commisison etc ) were credit in suspense account so the balance b/d came on debit side.
Just clear is it what was to be done, right? (thanks in advance).

no problem yaar any time..

 

[muddi78]

yaar if i had tick a box in capital nd revenue receipt question nd then i cut that tick because i was doubtful and then i once again tick that box so will I get the mark if I have put the tick in the right box?????? I put both the ticks in the same box

 

[Bachelor]

yaar if i had tick a box in capital nd revenue receipt question nd then i cut that tick because i was doubtful and then i once again tick that box so will I get the mark if I have put the tick in the right box?????? I put both the ticks in the same box

cant say anythng about that cux i never diod that..bt im sure tnhey will award u marks if ur cut was clean..

 

[muddi78]

cant say anythng about that cux i never diod that..bt im sure tnhey will award u marks if ur cut was clean..

my cut was very clear enough to be seen.

 

[muddi78]

In the ratios question, the answer to first 3 parts were sales 112500, purchases 100000 nd net profit 10125??????????

 

[Bachelor]

In the ratios question, the answer to first 3 parts were sales 112500, purchases 100000 nd net profit 10125??????????

yes...

 

[muddi78]

There is no problen if I have made my journal by writing total assets debit nd total liabilities credit nd not every asset nd liability separately bcz I did not had space for writing my narration, huh??????????

 

[Bachelor]

There is no problen if I have made my journal by writing total assets debit nd total liabilities credit nd not every asset nd liability separately bcz I did not had space for writing my narration, huh??????????

i guess u will get marks stop worrying dude just chill....

 

[muddi78]

the answer to purchases in the ratios question is 96318 as I have calculated it from the question paper. I s it right?????????

 

[Bachelor]

the answer to purchases in the ratios question is 96318 as I have calculated it from the question paper. I s it right?????????

its common sense that if ur netprofit is right then evrythng else wud also be right because evrythng is interlinked..