ACCA F3 Accruals Example 4
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Where can I find the answers for the Accruals and Prepayment Test Questions? Please.
If you are meaning our online tests, then the answers appear in pop-up windows after you submit your answer.
Hello Mofat Sir,
How the Prepaid and accrued income entries are done? as i have find it in the lectures ( examples are only for expenses) but its in the exam kit questions.
Thank you.
sir, in the T double entry account, I thought the 950 accrued expenses should be debit in accruals account and credit to cash account instead of telephone account. thanks
The end result is exactly the same if you think about it 🙂
Hi John,
If cash was to be credited, wouldn’t the telephone expense be 950 lower?
If we pay an expense we credit cash and debit the expense account, which makes the expense higher!
Sorry I wasn’t clear with the question. I was following on from kennyaragbs question above, @ 7 minutes. you debit the Accruals account for 950 and credit the telephone A/c. If instead, you DR the accruals and CR the cash, you said to kennygrabs the end result would be the same. But then wouldn’t the telephone Ac be 950 lower? as the CR of 950 went to cash? hope I made sense.
Sorry to clarify the question I asked above, what I was meant to ask is wouldn’t the telephone expense be 950 higher? if 950 was cr to cash instead of telephone expense?
Hi,
can you explain how you got $1500 for that 3 months please
Have you not downloaded the free lecture notes?
The question specifically says that $1500 is owing – it is not for you to calculate.
There is no point in watching the lectures without having the free lecture notes in front of you ?