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July 24, 2015 at 7:24 pm
Sir, I just had a general question from this lecture.
What is a Journal entry for payment of electricity bill through credit card?
Do you open a new account for credit card or Credit bank account?
John Moffat says
July 24, 2015 at 7:36 pm
Assuming that the credit card is one that sends a monthly statement to pay, then you would credit an account for the credit card.
(Some credit cards take the money directly from your bank account, in which case you would credit cash).
However, as I do say in the lectures, credit card transactions are not examined in Paper F3. The reason is that we are looking at businesses, and although some businesses do use credit cards, in most cases they are used by individuals (who might then claim from the business).
July 20, 2015 at 10:07 pm
Just found the reason to be confident of finally getting going with ACCA. Great, engaging Lecturer. Excellent for self study 🙂
February 3, 2015 at 9:14 am
Sir, i have a doubt. The Foll. is a T- account- capital a/c. What should i understand when income statement is 400 and how do I know when to write this?
Drawings 100 Cash 5000
Income Statement 400
February 3, 2015 at 9:59 am
In future please ask questions in the Ask the Tutor Forum – not as a comment on a lecture about something completely different 🙂
In the exam you can not be asked to prepare t-accounts – sometimes they are useful in your own workings, but that is really all.
The amount owed to the owner (the capital) increases due to any profit (from the income statement) and decreases due to any drawings. That is all that is happening here.
You should watch the lecture on chapters 2 and 3 of the Lecture Notes where this is all explained.
February 3, 2015 at 10:06 am
thanks so much Sir. I will make sure that qns are asked in the right place. 🙂
May 3, 2014 at 11:34 am
i would like to buy lecture videos for F4 to F7 for December session,and use course notes from open tuition.
kindly advise if i can buy.
May 3, 2014 at 1:23 pm
Our lectures are free of charge, but can only be viewed online.
November 24, 2013 at 6:47 pm
it realy helps thanks
September 11, 2013 at 12:41 pm
May 7, 2013 at 7:31 pm
January 2, 2013 at 9:56 am
Where was this lecture done?
September 30, 2012 at 2:34 pm
love the lecture!
September 9, 2012 at 3:01 pm
i have problum in solving bank recuncilation
August 4, 2012 at 5:02 pm
thank you sir
April 12, 2012 at 5:08 pm
so funny and interesting
April 9, 2012 at 4:35 pm
March 31, 2012 at 3:32 pm
February 14, 2012 at 5:07 pm
January 22, 2012 at 10:13 am
December 10, 2011 at 3:00 pm
Absolutely loved your rant about the cheques in Lithuania and the the American spelling of cheque! Bravo sir!
December 5, 2011 at 11:03 pm
November 22, 2011 at 6:34 am
Thank You Very Much 🙂
November 7, 2011 at 9:33 am
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