OpenTuition.com Free resources for accountancy students
Free ACCA lectures and course notes | ACCA AAT FIA resources and forums | ACCA Global Community
View ACCA F3 / FIA FFA lectures | Download F3 notes
Khoula Khan says
November 25, 2015 at 1:20 am
I just wanted to ask that what you did in ”tidying up the owner” is it important? I did not understand it and if its important what’s the use of it?
John Moffat says
November 25, 2015 at 7:01 am
It is not important for the exam.
It is important in ‘real life’ because we want to start the next year with the net figure for the amount owing to the owner.
November 9, 2015 at 6:02 pm
Thanks a lot
November 3, 2015 at 5:09 am
Thank you very much for ironing out the ruffles, John.
November 3, 2015 at 7:10 am
You are welcome
October 31, 2015 at 4:40 pm
the withdrawals in the A/C was $500. why is it a $100 in the SOFS? though, it balances correctly. have i missed something? :S
October 31, 2015 at 4:41 pm
Yes you have – look at comments further down this page
October 31, 2015 at 4:48 pm
sorry, i forgot what i saw yesterday. btw, thanks for the lectures and also for a quick reply. 😀
October 31, 2015 at 5:11 pm
November 3, 2015 at 4:45 am
I was thinking the same, but debit (DR) 500 and withdrawals 100, which leaves us with 400 as profit.
November 3, 2015 at 5:03 am
Oh, sorry, yes. The withdrawals was previously 100, then he explained of the mistakes that can be made. This is when 100 was changed to 500, for simple e.g
October 10, 2015 at 9:40 pm
What is the purpose of Nominal ledger and General Ledger? what types of transactions are recorded in both and what is the difference between both? Both have T account but what is the difference?
October 10, 2015 at 10:59 pm
The nominal ledger and the general ledger are different names for the same thing. There is no ‘official’ name, but in the exam it is called one of these two names.
October 11, 2015 at 10:09 am
thank you so much
September 17, 2015 at 9:47 am
First of all thanks for your great illuatration! Here I have a small question on the last task. See when you tidy up the capital account for owner, you got a balance 5300 $ on the debt side, why you wrote the balnce again on the credit side? I just want to confirm if this credit balance 5300$ is necessary to write down or not? If yes, why?
September 17, 2015 at 10:41 am
The missing figure is on the debt side, but we always carry it forward to the opposite side.
So we end up with a credit balance (the net effect of the entries in the account is a net credit), which makes sense because it is money owing to the owner.
September 17, 2015 at 1:27 pm
Ok, clear. thank you very much! !
August 19, 2015 at 10:51 am
Where did you get $500 for withdrawals?? Is it not $100?
August 19, 2015 at 10:53 am
You were not listening carefully enough. The drawings were 100 and when I changed it to 500 I was simply explaining the sorts of mistakes that the bookkeeper could make.
July 23, 2015 at 7:45 pm
Thank you so much for your fantastic lecture. It’s clear and very easy to understand!
I just have some small questions for you, sir. In the text book, it uses the word “SOPOL” instead of “balance”, so what does “SOPOL” stand for? And in the exam, is there any rule about using “SOPOL” instead of “balance” or vice versa?
July 23, 2015 at 9:18 pm
SOPOL means Statement of profit or loss. It does not mean balance (and is the new name for the Income Statement).
June 23, 2015 at 1:49 pm
Hey John, where can I get exercises for Chapters 1 – 3? And when can I take the mock exams?
June 23, 2015 at 3:17 pm
There are a few test questions at the end of most of the chapters in the lecture notes.
However you must buy a Revision Kit from one of the approved publishers because they contain lots of exam standard questions, and practice is vital.
You can take our mock exam (online) any time you want to. However it makes sense to wait until you have worked through all of the chapters in the lectures notes (and the lectures that go with them).
The test examines the whole syllabus (just as the real exam will), and because the program selects questions at random from a bank of questions, every time you attempt it you are likely to see different questions in Section A.
June 23, 2015 at 7:29 pm
You must be logged in to post a comment.
OpenTuition.com is dedicated to providing all accountancy students throughout the world with the resources they need to study for the major … Learn more