Mr John Moffat, You are a star sir, your lectures are really great and has help me alot in understanding. I am actually studying from home and then just giving acca exams without taking classes or tutions from a institute, just your lectures helped me pass f1 and now looking forward to f3 exams.
respected sir….. sir in the free lecture notes provided by open tuition,in the page where it describes about terminology,Being a car as a non-current asset,If it was met with an accident at the age of 11 months,then what will be the treatment done in financial statements…will it be concluded or converted into a current asset as it is below 12 months or any other treatment is done?
Because part )e) of the question says they paid out 3,000 cash for a car. Since they had 7,000 before, then the pay out 3,000 they are left with 4,000.
Part (g) of the question says that they sold ‘the remainder of the goods’. Therefore he sold everything they had bought, and the total of what they had bought was 1,500.
Had you not downloaded the lecture notes with the question in them before you watched the lecture?
Congratulations on passing F2 – that is great news 馃檪
With regard to the receivables, have you downloaded the free lecture notes? Because part (g) of the question says that they sell goods for $2,800 on credit – so there are receivables of $2,800.
Thanks teacher, very helpfull lecture. But just one question, in last one k) can i put profit 800?? i mean i did income Statment with withdrawals there. Thank you for your help.
Thank you so much for providing such valuable materials free of charge. I managed to successfully pass the Exam F1 through learning this website and currently preparing myself for the exam F3, which is going to be on 13th of October.
I just started studying the introduction note and I find it helpful .
Yet whenever it comes to recording the transactions I find it is difficult to decide which amount has to go to debit and which to credit ,since in the financial position statement I find that the capital is recorded as debit but in the trial account it was recorded as credit as well as in the capital T-account !!!!!!!??
would you please clarify that to me since I am so confused about the . Thanks in advance .
This chapter is just explains what we are trying to achieve and the terminology involved. In the next chapter (and the lectures that go with it) I go through the double entry and the rules involved in detail 馃檪
If you listen at the very start of the lecture, you will hear that we use our own Lecture Notes which you can download free of charge – the link is above the lecture on the right-hand side.
Regarding the working for (f) the goods sold for $2400 for cash, it mentioned half the goods sold only. The working for the (f) on profit shouldn’t it be 2400 – 750?
I work for a charity and need to be able to prepare consolidated financial statements so I’m just starting on F3 through Opentuition. I know F3 doesn’t cover fund accounting but I think I understand how that is dealt with. Thank you so much for all of these excellent resources you provide for free.
saimrehman7 says
Mr John Moffat,
You are a star sir, your lectures are really great and has help me alot in understanding.
I am actually studying from home and then just giving acca exams without taking classes or tutions from a institute, just your lectures helped me pass f1 and now looking forward to f3 exams.
John Moffat says
Thank you for your comment 馃檪
srkrishna says
respected sir…..
sir in the free lecture notes provided by open tuition,in the page where it describes about terminology,Being a car as a non-current asset,If it was met with an accident at the age of 11 months,then what will be the treatment done in financial statements…will it be concluded or converted into a current asset as it is below 12 months or any other treatment is done?
John Moffat says
No – it is not converted into a current asset. It was bought with the intention of keeping and that is all the matters.
srkrishna says
Ok sir.Thank you…….
John Moffat says
You are welcome 馃檪
khizranzehraa says
Sir why did we take cash 4000 in part e of the statement of financial position(lecture A)
And why did we take the COGS 1500?
John Moffat says
Because part )e) of the question says they paid out 3,000 cash for a car. Since they had 7,000 before, then the pay out 3,000 they are left with 4,000.
Part (g) of the question says that they sold ‘the remainder of the goods’. Therefore he sold everything they had bought, and the total of what they had bought was 1,500.
Had you not downloaded the lecture notes with the question in them before you watched the lecture?
khizranzehraa says
Okay got it Sir thank you ?
Yes I have downloaded the lecture notes
John Moffat says
You are welcome 馃檪
hammad7867 says
I’ve successfully passed f1 with 54 marks, thanks opentution.
John Moffat says
Congratulations – that is great 馃檪
hassanzaheer2008 says
Sir.. lectures are amazing.. you rock.. thanks alot
John Moffat says
Thank you for the comment 馃檪
nightskyastar says
I passed F2 with your lecture.
Thank you so much
My question is…. how could I calculate receivables $2800 ???
Sorry for this silly question…………
John Moffat says
Congratulations on passing F2 – that is great news 馃檪
With regard to the receivables, have you downloaded the free lecture notes? Because part (g) of the question says that they sell goods for $2,800 on credit – so there are receivables of $2,800.
tusharmatiur says
Sir, where is the effect of withdrew ,, in the capital or in the profit,,, please explain it ??
John Moffat says
It is explained in the lectures (and is stressed a lot – it reduces the capital and does not affect the profit)
patitrish says
Thanks teacher, very helpfull lecture. But just one question, in last one k) can i put profit 800?? i mean i did income Statment with withdrawals there. Thank you for your help.
John Moffat says
Withdrawals (drawings) never ever appear in the Statement of profit or loss.
I explain why in the lectures 馃檪
patitrish says
ohh ok thank you very much 馃檪
John Moffat says
You are welcome 馃檪
likurg2 says
Thank you so much for providing such valuable materials free of charge. I managed to successfully pass the Exam F1 through learning this website and currently preparing myself for the exam F3, which is going to be on 13th of October.
John Moffat says
Thank you for your comment, and congratulations on passing F1 馃檪
supernovae1 says
I’ve just started watching lectures and found them very interesting , I am going to pass F3 an hope that this site will helm me to do my best ^^
John Moffat says
I hope you do well 馃檪
marieee says
Hi Mr. John,
I just started studying the introduction note and I find it helpful .
Yet whenever it comes to recording the transactions I find it is difficult to decide which amount has to go to debit and which to credit ,since in the financial position statement I find that the capital is recorded as debit but in the trial account it was recorded as credit as well as in the capital T-account !!!!!!!??
would you please clarify that to me since I am so confused about the .
Thanks in advance .
John Moffat says
This chapter is just explains what we are trying to achieve and the terminology involved.
In the next chapter (and the lectures that go with it) I go through the double entry and the rules involved in detail 馃檪
ak97 says
Which book do you use?
Isn’t it BPP material?
John Moffat says
If you listen at the very start of the lecture, you will hear that we use our own Lecture Notes which you can download free of charge – the link is above the lecture on the right-hand side.
abenapokua says
please is there a way to download these videos?
John Moffat says
No – they can only be watched online.
It is the only way that we can keep this website free of charge.
julianhoyl says
Regarding the working for (f) the goods sold for $2400 for cash, it mentioned half the goods sold only. The working for the (f) on profit shouldn’t it be 2400 – 750?
John Moffat says
Why 750? From (c) and (d) they had bought goods for a total of 3,000. When they sell half of them, the cost is half of 3,000 which is 1,500.
pauljh says
I work for a charity and need to be able to prepare consolidated financial statements so I’m just starting on F3 through Opentuition. I know F3 doesn’t cover fund accounting but I think I understand how that is dealt with. Thank you so much for all of these excellent resources you provide for free.
John Moffat says
Thank you for the comment 馃檪
Sabahat says
Thank you for these great videos.
Really helpful and really well explained.
John Moffat says
Thank you for the comment 馃檪
priya088 says
Why can’t I watch the video … What set-up is required please?
John Moffat says
Maybe try a different browser, because the videos are working fine 馃檪
acca776 says
Thank you for explaining this clearly.
John Moffat says
You are welcome 馃檪
kudzanaimusara says
does this F2 paper help to revise for a undergraduate fincancial accounting exam?
meeena says
I want video lectures because most of time I don’t have access to the internet is there any solution please?
John Moffat says
Our lectures can only be watched online – it is the only way that we can keep this website free of charge.