We record for the business as if it is separate from the owner. So if I give money to the business so that it has cash in the bank and can afford to buy machines etc., then I have lent money to the business and the business owes that money to me. It is not the dividend (for a sole trader there are not dividends – there are drawings. The lecture does stress this.). If the owner gets money back from the business then there is less owing to the owner.
Hi, I am studying for Diploma in IFRS, December 2014. A friend has suggested that I follow the lectures for F3, F7 and P2 to clear that exam. However, please advise, if that would be sufficient or do we have separate tutorials for the diploma exam?
Your friend is correct (although you do not need all of the lectures – best is to have the DipIFRS syllabus in front of you). It is mostly F7 and P2 (F3 is only a few IFRS’s and is fairly basic) – F7 and P2 get more advanced,
We do not have separate lectures for the Diploma, I’m afraid.
Let me add my take on this. I totally agree with John – but would go further and say that a thorough understanding of the F7 material should be sufficient.
There’s not a lot in DipIFRS that goes beyond F7
rajibsays
how can i download the lecture videos from open tution?
Thanks Mr. John I personally follow your lecture videos, and so far I did my F2 and F3 but I successfully passed all of them. I want to seize this opportunity once again to thank you, keep up the good work.
Hi. In part f) why is cost of sales recorded as 1500? That was the QUANTITY of goods that was sold, so why is it reflected as the “cost” of goods sold?
In part (c) they bought goods for $1,000. In part (d) they bought more goods for $2,000.
So the total cost of the goods they have is now $3,000.
In (f) they sell half of them and so we have absolutely no choice but to assume that if all of them cost $3,000, then half of them must have cost $1,500.
It means that in the financial statements we should show the true economic effect of a transaction (the substance) even if it is different from the legal position (the form).
This is covered in the later chapter and lecture on accounting conventions.
Greetings Kind Sir. I just wanted to say THANK YOU SOOOOOOO MUCH. I find your videos very intuitive. With your effective teaching methodology, I was able to solve a question regarding the equation of financial position (Assets= Capital + Liabilities) in a revision kit of mine (BPP Publications) . I honestly can’t thank you enough, you truly deserve a round of applause, a standing ovation even. Hats off to you sir! Why I must say I’d give you a hug right now if I could. Oh, and the lecture notes indeed are a bonus! I’m currently doing CAT and once I came across this heavenly website, I was simply too bewildered to think that such a marvel even exists! The lectures on Cost Accounting too have made my life pretty easy. My lecturer isn’t particularly helpful for Management Accounting, and the videos posted under the F2 Lectures were more than helpful for me to be self-reliant in revising, all thanks to you good sir. Keep up this spirit, may you be blessed for all your merits!! 馃榾
hi, In the 2nd chapter of F3,regarding the example , i did the trail balance for that.But in trail balance in debit side i get 16400 and in credit side i get 16800.Please let me know what is the mistake i would have done. but the income statment, i did right.I got gross profit 2200 and net profit as 2000 as you did in the lecture. Help me out please. Tks
Hi, Iam not able to find answer.Iam giving my trail balance below. Trail balance DEBIT CREDIT Cash 5800 10000 capital shop 2000 1400 payable purch. 3000 5200 sales car 3000 200 electricity receiva 1400 ble
But in the second chapter there are no debits and credits, and no trial balance!!
Watch the next lecture to see how we do the debits and credit and how we prepare the trial balance (it is trial balance, not trail balance 馃檪 )
(I don’t know why you bothered with debits and credits and a trial balance, but anyway the electricity is a debit not a credit. Then it will balance 馃檪 )
Yankubasays
I want to access the video but it can’t go please help me.
adnan says
Are there notes for ‘The qualitative characteristics of financial information’
Or video?
Thanks.
John Moffat says
No – not at present.
It is not such a major topic but for the time being you will have to use your Study Text for this.
adnan says
Oh ok thanks!
馃檪
punk 1 says
i can’t view the video
John Moffat says
The video is playing fine, so the problem must be at your end.
Please look for help on the support page – the link is above.
anonymous says
Hi Sir
could you pls. explain what is meant by the business owing the owner? it is the capital but what is it? is it the dividend?
John Moffat says
We record for the business as if it is separate from the owner.
So if I give money to the business so that it has cash in the bank and can afford to buy machines etc., then I have lent money to the business and the business owes that money to me.
It is not the dividend (for a sole trader there are not dividends – there are drawings. The lecture does stress this.). If the owner gets money back from the business then there is less owing to the owner.
anonymous says
ok I got it Sir. Thank you very much
bomoe says
Thanks for everything ! But i like to download those files .
John Moffat says
Sorry, but you cannot download them.
It is the only way that we can keep this website free of charge.
vickash23 says
hello i want to know if i follow the course online will it be the same as in a class.
John Moffat says
Yes it will 馃檪
Rohit says
Hi, I am studying for Diploma in IFRS, December 2014. A friend has suggested that I follow the lectures for F3, F7 and P2 to clear that exam. However, please advise, if that would be sufficient or do we have separate tutorials for the diploma exam?
A reply would be much appreciated. Thanks!
John Moffat says
Your friend is correct (although you do not need all of the lectures – best is to have the DipIFRS syllabus in front of you). It is mostly F7 and P2 (F3 is only a few IFRS’s and is fairly basic) – F7 and P2 get more advanced,
We do not have separate lectures for the Diploma, I’m afraid.
Rohit says
Thanks for the prompt reply. Much appreciated.!
MikeLittle says
Let me add my take on this. I totally agree with John – but would go further and say that a thorough understanding of the F7 material should be sufficient.
There’s not a lot in DipIFRS that goes beyond F7
rajib says
how can i download the lecture videos from open tution?
opentuition_team says
You can only watch lectures on line,
Yankuba says
Thanks
Yankuba says
Hello,
Mr. John I want to ask upon completion of my FAB can I be exempted? If yes what is the charges if any?
John Moffat says
What is FAB?
Yankuba says
Foundation in accountant in business
John Moffat says
Sorry – that was stupid of me!!
FAB is the same exam as Paper F1 of the ACCA Qualification.
However, for exemptions and prices, you need to look at the ACCA website:
http://www.accaglobal.com
Yankuba says
Thanks Mr. John I personally follow your lecture videos, and so far I did my F2 and F3 but I successfully passed all of them. I want to seize this opportunity once again to thank you, keep up the good work.
John Moffat says
Thank you very much 馃檪
bentzion says
Hi. In part f) why is cost of sales recorded as 1500? That was the QUANTITY of goods that was sold, so why is it reflected as the “cost” of goods sold?
Thanks
John Moffat says
In part (c) they bought goods for $1,000.
In part (d) they bought more goods for $2,000.
So the total cost of the goods they have is now $3,000.
In (f) they sell half of them and so we have absolutely no choice but to assume that if all of them cost $3,000, then half of them must have cost $1,500.
tariqkath says
Nicely explained 馃檪
XXY says
Please explain me ”Substance over form” what does it mean
John Moffat says
It means that in the financial statements we should show the true economic effect of a transaction (the substance) even if it is different from the legal position (the form).
This is covered in the later chapter and lecture on accounting conventions.
Rita says
I have just started listening to your lectures, so far the concept is very good!
Thank you! 馃檪
Muntazir says
how can i download these lectures ?
John Moffat says
The lectures can only be watched online – it is the only way that we can keep this website free of charge.
Bhagat says
Greetings Kind Sir.
I just wanted to say THANK YOU SOOOOOOO MUCH. I find your videos very intuitive. With your effective teaching methodology, I was able to solve a question regarding the equation of financial position (Assets= Capital + Liabilities) in a revision kit of mine (BPP Publications) . I honestly can’t thank you enough, you truly deserve a round of applause, a standing ovation even. Hats off to you sir! Why I must say I’d give you a hug right now if I could. Oh, and the lecture notes indeed are a bonus! I’m currently doing CAT and once I came across this heavenly website, I was simply too bewildered to think that such a marvel even exists! The lectures on Cost Accounting too have made my life pretty easy. My lecturer isn’t particularly helpful for Management Accounting, and the videos posted under the F2 Lectures were more than helpful for me to be self-reliant in revising, all thanks to you good sir. Keep up this spirit, may you be blessed for all your merits!! 馃榾
John Moffat says
Thank you 馃檪
1234 says
hi,
In the 2nd chapter of F3,regarding the example , i did the trail balance for that.But in trail balance in debit side i get 16400 and in credit side i get 16800.Please let me know what is the mistake i would have done.
but the income statment, i did right.I got gross profit 2200 and net profit as 2000 as you did in the lecture.
Help me out please.
Tks
John Moffat says
I don’t know what you did wrong! Try checking with the answer – the answers are at the back of the Course Notes.
1234 says
Hi,
Iam not able to find answer.Iam giving my trail balance below.
Trail balance
DEBIT CREDIT
Cash 5800 10000 capital
shop 2000 1400 payable
purch. 3000 5200 sales
car 3000 200 electricity
receiva 1400
ble
TOTAL 16400 16800 TOTAL
1234 says
Thank you.
John Moffat says
But in the second chapter there are no debits and credits, and no trial balance!!
Watch the next lecture to see how we do the debits and credit and how we prepare the trial balance (it is trial balance, not trail balance 馃檪 )
(I don’t know why you bothered with debits and credits and a trial balance, but anyway the electricity is a debit not a credit. Then it will balance 馃檪 )
Yankuba says
I want to access the video but it can’t go please help me.
John Moffat says
If you are trying to download, this is not possible.
If you have problems watching online then go to the technical support page – the link is above.
Priya says
Sorry, this was indeed a stupid question.
I got the answer.
Thanks.
joty2009 says
i know what u meant.lol
Priya says
Hello all,
Can you please advise where can I get the Opentuition lecture notes so as it becomes easier for me to follow the videos.
Thank you.
Regards,
Priya