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August 15, 2017 at 2:58 am
i am not able to start the question because the start quiz button dosent appear ?
could you help me ?
John Moffat says
August 15, 2017 at 6:03 am
Please ask on the support page – then admin might be able to help you.
(The link is above)
August 18, 2017 at 4:17 am
Thank you john, Appreciate your prompt respose
August 18, 2017 at 11:02 am
You are welcome 🙂
July 15, 2017 at 12:45 pm
Thanks Mr John!!! Your lectures,practice questions was a great help for me!!!
I sat my F3 paper on 13/7 and i pass it. Can’t do it without you again.
July 15, 2017 at 5:27 pm
Thank you for the comment, and many congratulations on passing 🙂
July 1, 2017 at 6:33 am
Hello, I don’t understand the reasoning behind the solution of Question 1 and Question 3.
In Question – 1 : The correct answer had ‘Capital Introduced’ subtracted while the ‘Drawings’ were added, shouldn’t it be the other way around with drawings being subtracted and capital introduced treated as an addition ?
In Question – 3 : I did everything correctly but I subtracted Drawings ( Less : Withdrawal ) while the correct answer had (Add : Withdrawals). Isn’t Drawings something that owner withdraws from the business ? Then why isn’t it treated as a subtraction ?
July 1, 2017 at 9:41 am
The pop-up answers to both questions are correct.
they are both applications of the accounting equation: increase in net assets = capital introduced plus profit less drawings.
This is explained in full in the free lectures, and you should watch the lectures before attempting the tests. The lectures are a complete free course for Paper F3 and cover everything needed to be able to pass the exam well.
Magdalin Divya says
May 26, 2017 at 9:30 am
I really feel regret that I didn’t know about this website earlier. I got to know about this website just a couple of weeks earlier from our management. Besides, I don’t have any basics on accounting and also I couldn’t understand my class lecturer. But now I just went through this two chapters and now on wards I’m feeling confident that I can do this exam better. All the credit goes to you Sir! Thank you for that.
May 26, 2017 at 3:49 pm
Thanks you for your comment.
June 4, 2017 at 6:09 am
This is a wonderful site to help students. A lot of time is required to find and read the notes and download the lectures.
I have the following suggestions:
a. both readers and tutor time will be saved if the Lecture Notes and Lecture Videos can be downloaded by pressing a button
b. the other interactive parts can be left as they are, e.g. the Mock Exam Questions, Quiz, etc.
June 4, 2017 at 8:03 am
There is a button for downloading the notes above each lecture, and they obviously only need downloading once.
Lectures cannot be downloaded – they can only be watched online. That is the only way that we can keep this website free of charge. (You will find the same applies on paid for websites also)
May 26, 2017 at 9:26 am
Very helpful questions. Thnkyou Sir! 🙂
February 2, 2017 at 4:47 pm
Please Review question number 3 , you said that 960$ is withdrawn per month but haven’t given the period or specify it. ( ddoes it strt to withdraw from august or february, there is ambigiuty )
February 3, 2017 at 8:02 am
No – there is no ambiguity.
He withdraws 980 per month. We are looking at the period from 1 February 2007 to 31 January 2008, which is 12 months.
Unless the question said differently, you would assume it was 980 for each of the 12 months.
(This was actually a past exam question)
December 3, 2016 at 3:45 pm
Hi, I tried to watch your free lectures for this chapter, but I couldn’t reach it! please provide the link
December 3, 2016 at 4:00 pm
If you click on F3 on the bar at the top of this page (underneath the red bar) then you will get a page listing all of our free resources for Paper F3.
If you scroll down the page you will find a button saying “View all F3 lectures” – if you click on it then you will get a page listing all of the lectures, including those for this chapter.
(The lectures are a complete free course for Paper F3 and cover everything needed to be able to pass the exam well.)
October 19, 2016 at 1:05 pm
Thank you very much, very helpful for revision.
October 19, 2016 at 2:08 pm
October 7, 2016 at 7:28 am
can you please tell me how to solve question number 3?
October 7, 2016 at 12:28 pm
You need to use the accounting equation (I assume that you have watched my free lecture on this before attempting the test?)
You know that the profit is (30,600); you know what the capital introduced is (7,200); and you know what the drawings are (12 months at 960, plus 840, so a total of 23,360)
If you put these in the accounting equation then you will know the increase in net assets over the year.
You know what the net assets are at the end of the year ((64,800) and so if you subtract the increase over the year you will have the net assets at the start of the year.
October 12, 2016 at 10:11 pm
hi I do not understand question number 3. Can you please explain Thanks a lot.
October 13, 2016 at 7:01 am
But I have explained in my previous reply!
Have you watched my free lectures on the accounting equation?
October 17, 2016 at 5:08 pm
Thank you sir
October 18, 2016 at 7:46 am
September 16, 2016 at 8:00 am
I don’t understand question 1. For example – OB – 10, Drawing – 5, Capital introduced – 10 and CB (obviously) – 15. If we use the formula above 15-5+10-10 = 0 but that’s not true because net profit = 10-5 e.g 5
September 16, 2016 at 11:01 am
If by OB and CB you mean opening net assets and closing net assets, the profit using your figures is certainly not 10 – 5!! The profit on your figure would be 0 because the increase in net assets using your figures is equal to the capital introduced minus the drawings.
I do not think you can have watched the free lectures before attempting the test, and I suggest that you do.
September 16, 2016 at 4:22 pm
I’m sorry for the stupid question. I thought for net assets instead net profit…that’s my mistake. Thanks for helping.
September 17, 2016 at 12:16 pm
No problem 🙂
August 4, 2016 at 7:54 pm
Please help me and explain to me question quiz No.5. i have not understood.
August 5, 2016 at 3:23 pm
Have you watched the free lectures for this chapter of our lecture notes? (My lectures are a complete free course for Paper F3 and cover everything needed to be able to pass the exam well.)
This is testing you on the accounting equation.
Increase in net assets = capital introduced + profit – drawings
The net assets at the end of the year are 34,000 – 8,000 = 26,000. Therefore the increase in net assets = 26,000 – 23,000 = 3,000.
Therefore, using the accounting equation:
3,000 = 2,000 + profit – (12 x 500) = 2,000 + profit – 6,000 = profit – 4,000
Therefore profit = 3,000 + 4,000 = 7,000
July 28, 2016 at 9:09 pm
July 29, 2016 at 7:05 am
July 18, 2016 at 4:12 pm
Can we treat retained earnings as a profit on accounting equation concept?
July 18, 2016 at 6:08 pm
For a sole trader, the retained earnings at the start of the year are part of the total capital at the start of the year (retained earnings for a sole trader are not show separately).
For a limited company (which is dealt with in later chapters) the retained earnings at the start of the year (together with the share capital and other reserves) are always equal to the net assets at the start of the year.
In either case, the change in the net assets over the year is only ever equal to any capital introduced during the year plus the profit for the year less the drawings for the year (or in the case of limited companies, the dividends paid in the year).
July 19, 2016 at 9:14 pm
July 20, 2016 at 5:41 am
Habibullah Habibi says
June 11, 2016 at 5:42 am
I have attempt this question many times, eventually I got it that “Net Asset= Closing Net Asset- Opening Net Asset”, am I right? anyone can help me?
June 11, 2016 at 7:42 am
You do not say which question!
And no – you are not right.
The increase in net assets = closing net assets – opening net assets.
(Have you watched my free lectures on this? Our lectures are a complete free course.)
July 30, 2016 at 12:55 pm
Thank you very much
July 30, 2016 at 2:18 pm
June 3, 2016 at 3:03 pm
How to study f3 plzz any one can help me or suges me.
June 3, 2016 at 4:31 pm
Our free lectures are a complete course for Paper F3.
Lolo Lox says
June 3, 2016 at 2:17 am
If I had you as my Tutor from few years back would have been a PwC senior partner by now. 🙂
June 3, 2016 at 7:50 am
Thank you 🙂
Mahdi khaliif says
May 25, 2016 at 3:58 pm
I need link F3 past exam
May 25, 2016 at 5:36 pm
The ACCA does not release past exams, so I cannot give you a link.
Assuming that you have a Revision Kit from one of the approved publishers (as we recommend), then you will have more than enough exam standard questions to practice 🙂
Sandy Babra moyo says
April 28, 2016 at 3:30 pm
am enjoying this
April 29, 2016 at 8:16 am
April 23, 2016 at 2:01 pm
March 19, 2016 at 2:31 pm
thank you for this questions.
March 19, 2016 at 5:32 pm
February 25, 2016 at 6:33 pm
February 25, 2016 at 7:39 pm
February 8, 2016 at 3:24 pm
When pressing start nothing comes.
January 29, 2016 at 1:07 pm
January 29, 2016 at 8:34 pm
January 23, 2016 at 9:16 am
This is very nice for quick revision.
January 23, 2016 at 3:22 pm
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