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  1. 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.

  2. 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.

  8. 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.

  9. 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.

    • 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 .

      • 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

  13. 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?

  14. 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.

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