The Statement of Financial Position and Income Statement (part c)

26 Comments
View all ACCA F3 / FIA FFA lectures >> This ACCA F3 / FIA FFA lecture is based on OpenTuition course notes, view or download here>>

Comments

  1. Avatar of solomia solomia says:
    January 28, 2013 at 10:11 pm

    Hi, could anybody help me with this question please? Aubrey made a profit for the year of $345.687 and has closing net assets of $435.195. During the financial year, capital of $60.000 was introduced which consisted of $40.000 in cash and €20.000 in non -current assets. Drawings of $6.000 were taken out of the business each month. What was the opening capital balance? After watching a fantastic lecture on open tuition, I tried to use the formulae but am not really understanding if I’m using it right. So here it is… 435.195= 60.000+345.687-72.000 then 435.195 less 333.687 =101.508 Does that look right as I don’t really understand if that’s anywhere close to the answer? Many thanks in advance…

  2. Avatar of farhanandrebecca107 farhanandrebecca107 says:
    January 25, 2013 at 5:03 am

    Thanks :)

  3. Avatar of andrewdhushantha andrewdhushantha says:
    January 15, 2013 at 2:05 pm

    Surely other factors from withdrawals, increase in capital and increase in profit can change the net assets figure for a company: such as an increase in the value of buildings owned i.e. appreciation…

    • Avatar of johnmoffat johnmoffat says:
      January 25, 2013 at 1:55 pm

      Appreciation will only be relevant if there is a revaluation. This is not something that will happen often. If is really only limited companies that will do this, and it is dealt with in a letter chapter (on limited companies).
      For a sole trader there is nothing else that will change net assets other than what is dealt with in this lecture.

  4. Avatar of akwesi akwesi says:
    September 12, 2012 at 2:44 pm

    the lectures are simple to understand its really helpful to me

  5. Avatar of shareef82 shareef82 says:
    June 16, 2012 at 4:48 pm

    thanks alot

  6. Avatar of reisha reisha says:
    May 20, 2012 at 2:29 am

    Hi Admin,

    the answers for the test aren’t to the end….. please let me know how I I I can get them please,

    thanks a mil

  7. Avatar of r08923z r08923z says:
    April 12, 2012 at 5:29 pm

    im struggling on question 3 , is there a worked solution to question 3 please , somebody help

    • Avatar of hwaliji hwaliji says:
      May 30, 2012 at 10:02 am

      @r08923z, the ans is C bcoz at the year end net assets is worth 64800 so what u need to find is net assets at the begining of the financial year so use the eqn
      closing net assets= opening net assets+capital introduced+netprofit-drawings

  8. Avatar of amskendi amskendi says:
    March 19, 2012 at 6:29 pm

    helpfull

  9. Avatar of thekhalid thekhalid says:
    February 1, 2012 at 4:56 pm

    i am directly following the OT . i mean i am not getting any coaching from any college so i heard the lectures which were no doubt absolutely great and easy to understand but in the end of chapter 2 there are three test questions which were very tough and out of my understanding specially the third one i am very disappointed in myself :(

  10. Avatar of aminah2010 aminah2010 says:
    November 29, 2011 at 5:05 am

    how can we match the answers of test questions?
    can’t solve question 3

  11. Avatar of y119 y119 says:
    October 20, 2011 at 5:28 pm

    thanks

  12. Avatar of katimoses katimoses says:
    June 9, 2011 at 11:32 am

    By definition, capital expenditure is spending on acquiring assets while revenue expenditure is spending on expenses. Inventory is an asset, how is spending thereon classifies?

    • Avatar of mmikhaylova mmikhaylova says:
      November 11, 2011 at 10:05 pm

      By definition, capital expenditure is spending on acquiring assets while revenue expenditure is spending on expenses. Inventory is an asset, how is spending thereon classifies?

      I am not sure but I think if you spend money on bying an inventory (assets not bills ) it could be capital expenditure.

  13. Avatar of nicoladevine nicoladevine says:
    February 25, 2011 at 6:24 pm

    thanks a mill great revision

  14. Avatar of natella natella says:
    February 18, 2011 at 7:40 am

    Dear Admin, I’m new in learning ACCA topics. I started with F3 (financial accounting). Firstfull thanks for providing all nesessary materials.
    Just i finish listening Chapter 2, and was working on a test at the end. i would ask you if i did it right? Q1-A, Q2- D, Q3-C.
    Is it correct? Thanks in advance

  15. Avatar of admin admin says:
    January 25, 2011 at 3:01 pm

    No, lectures are on line only, not offline(download)

  16. Avatar of robin01 robin01 says:
    January 25, 2011 at 2:52 pm

    Is it possible to download lectures and slides onto ipod touch.

  17. Avatar of DLS DLS says:
    December 29, 2010 at 11:59 pm

    Didnt take really long is finish off the entire chapter as per the given videos and practice questions, though I was using it as a revision material!

    Thanks opentuition.com!

Leave a Comment