Accounting Paper 22 - Discussions after 24 hours

[Sarah Paul]

Its Sri Lankan slang for awesome..
Though the literal meaning is cow milk Sinhala is a funny language

Hahaaha ok

 

[CЯeScɘnt]

In sha Allah dont worry!

Why sis dnt say that. Wat if we are wrong. God knows
All the best to u too dnt be demotivated pls
Yes sure my paryers are there fr u

thnx guys luv u

 

[Sarah Paul]

thnx guys luv u

 

[Waleed007]

What was the answer to that non current asset due to passage of time?

 

[:: A^]

What was the answer to that non current asset due to passage of time?

The correct answer was that leasehold assets. What did you put?

 

[Waleed007]

Lease hold over 5 years like that..

 

[Waleed007]

The correct answer was that leasehold assets. What did you put?

Nd what was the answer for that non current asset turnover ? Which increase from 3.4 to 4

 

[mania _ manal]

What about the loan of $30000 it was s current lusbility of $900 and non current liability of $ 300000?

 

[mania _ manal]

Nd yeah the ans to what will cause the trial balance not tobalance wont it be discount allowed written as discount received as DA is debit nd DR is credit the credit side will be higher ?

 

[:: A^]

Nd what was the answer for that non current asset turnover ? Which increase from 3.4 to 4

Dep charge higher than cost purchased. Was C i think.

What about the loan of $30000 it was s current lusbility of $900 and non current liability of $ 300000?

Yes.

Nd yeah the ans to what will cause the trial balance not tobalance wont it be discount allowed written as discount received as DA is debit nd DR is credit the credit side will be higher ?

Can be, but my point on that was, what if discount allowed had been entered on the debit side of the DR account? They haveent mentioned any sides so cant jump into any conclusions. Not saying its wrong, but.. ah.. idk..
Any idea why transposition can be wrong??

 

[mania _ manal]

Thanks umm to be honest i really dun knw what tranposition error is ?

 

[:: A^]

Thanks umm to be honest i really dun knw what tranposition error is ?

850 entered as 805 like that.

 

[mania _ manal]

I chcked google it says tranposition errors donot affect the trial balance :/

 

[Sarah Paul]

The correct answer was that leasehold assets. What did you put?

Im nt sure if i put this as the answer or the other one
Bt i think this was my ans

 

[:: A^]

I chcked google it says tranposition errors donot affect the trial balance :/

Transposition error while extracting the trial balance. not in the entry itself.

 

[Waleed007]

Transposition error while extracting the trial balance. not in the entry itself.

And what was the answer to that 10000 loan was to be repaid before the next financial year. So was it current liabilty??

 

[:: A^]

And what was the answer to that 10000 loan was to be repaid before the next financial year. So was it current liabilty??

yes

 

[AlphaBeta]

Transposition error while extracting the trial balance. not in the entry itself.

transposition error in this sense > like we put transposition error in both the entries .. so TB would still balance
anyway no use discussing these answers

 

[Muhammad Bhikhu]

Guys what was the answer to num 27..it was about fixed costs?

 

[mania _ manal]

yes

why wuld it be current liabilty current liabilities have to be paid with the financial year ie wiithin 12 mnths wont it be non current \??