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June 21, 2018 at 6:29 pm
Great lecture. A quick question about your example of errors which do not cause an imbalance on the trial balance. Referring to the last reason and the example at 20:03, you state that 2 transactions below; would effectively cancel each other out because they are £900 difference each. A little confused as the first transaction would make the debit side £900 lower, and the 2nd transaction would also make the debit side £900 lower, therefore wouldn’t there be a £1800 excess on the credit side in the trial balance?
CR cash 1,000
DR car 100
DR cash 2500
CR sales 3400
Thanks in advance.
John Moffat says
June 22, 2018 at 7:16 am
You are right – it was a silly of me to use that example. But I hope you got the idea I was trying to get across 🙂
June 22, 2018 at 4:03 pm
Yes, it now makes sense completely. Thanks a lot for clearing that up.
June 23, 2018 at 9:22 am
You are welcome 🙂
May 29, 2018 at 7:53 am
Hi. I think those errors are contradicting the errors put in the manual of bbp hence ot is confusing students like me … which one am I to consider true n which one am I to consider false.
May 29, 2018 at 4:46 pm
I have no idea which errors you are referring to. However everything in my lectures is 100% correct (and I am sure that BPP is correct also and that therefore it is you misunderstanding).
April 8, 2018 at 2:03 pm
Hi John quick question. In compansating errors example in dt we have 900 less and in cr side we have 900 more. So total 1800 dofference. Please could you elaborate on it. Thank you.
April 8, 2018 at 3:58 pm
I don’t know what it is you want me to elaborate, and your example is not a compensating error!
If the debits are 900 less and the credits are 900 more, then there is indeed a total error of 1,800.
March 8, 2016 at 11:38 am
Hi Mr John,
Your lectures are very helpful, easy to understand. I do have a question thought. Was trying to do other exercises but I got confused in the followings:
Receivables at 1 January 20×3 10,000 $
Receivables at 31 December 20×3 9,000$
Total Receipts during 20×3 (including sales of 5,000$) 85,000$
What are Sales on credit during 20×3?
I think it is 81, 000$ BUT wright answer is 79, 000$, which I am confused…. Could you please explain it?
March 8, 2016 at 11:56 am
In future you must ask questions like this in the Ask the Tutor Forum, and not as a comment on a lecture.
The cash received from credit sales = 85,000 – 5,000 = 80,000.
10,000 of this cash will be from receivables owing at the start of the year. That leaves 70,000 cash from this years sales.
At the end of the year we are still owed 9,000, therefore the total credit sales for the year must be 79,000.
March 11, 2016 at 11:10 am
ohh sorry! I will do it next time, I apologize for it.
I understand it now! Thank you for your response.
March 11, 2016 at 12:40 pm
December 2, 2015 at 6:01 pm
a quick question an expense account has the following transactions recorded in it: Opening debit balance of £100, Debit transaction of £500, Credit transaction of £150. What is the correct closing balance?
December 3, 2015 at 7:02 am
Debit balance of 450
Khoula Khan says
November 25, 2015 at 1:20 am
Amazing lecture. 🙂
I just wanted to ask that what you did in ”tidying up the owner” is it important? I did not understand it and if its important what’s the use of it?
November 25, 2015 at 7:01 am
It is not important for the exam.
It is important in ‘real life’ because we want to start the next year with the net figure for the amount owing to the owner.
November 25, 2015 at 12:01 pm
November 25, 2015 at 4:02 pm
November 9, 2015 at 6:02 pm
Thanks a lot
November 3, 2015 at 5:09 am
Thank you very much for ironing out the ruffles, John.
November 3, 2015 at 7:10 am
October 31, 2015 at 4:40 pm
the withdrawals in the A/C was $500. why is it a $100 in the SOFS? though, it balances correctly. have i missed something? :S
October 31, 2015 at 4:41 pm
Yes you have – look at comments further down this page 🙂
October 31, 2015 at 4:48 pm
sorry, i forgot what i saw yesterday. btw, thanks for the lectures and also for a quick reply. 😀
October 31, 2015 at 5:11 pm
November 3, 2015 at 4:45 am
I was thinking the same, but debit (DR) 500 and withdrawals 100, which leaves us with 400 as profit.
November 3, 2015 at 5:03 am
Oh, sorry, yes. The withdrawals was previously 100, then he explained of the mistakes that can be made. This is when 100 was changed to 500, for simple e.g
October 10, 2015 at 9:40 pm
What is the purpose of Nominal ledger and General Ledger? what types of transactions are recorded in both and what is the difference between both? Both have T account but what is the difference?
October 10, 2015 at 10:59 pm
The nominal ledger and the general ledger are different names for the same thing. There is no ‘official’ name, but in the exam it is called one of these two names.
October 11, 2015 at 10:09 am
thank you so much
September 17, 2015 at 9:47 am
First of all thanks for your great illuatration! Here I have a small question on the last task. See when you tidy up the capital account for owner, you got a balance 5300 $ on the debt side, why you wrote the balnce again on the credit side? I just want to confirm if this credit balance 5300$ is necessary to write down or not? If yes, why?
September 17, 2015 at 10:41 am
The missing figure is on the debt side, but we always carry it forward to the opposite side.
So we end up with a credit balance (the net effect of the entries in the account is a net credit), which makes sense because it is money owing to the owner.
September 17, 2015 at 1:27 pm
Ok, clear. thank you very much! !
August 19, 2015 at 10:51 am
Where did you get $500 for withdrawals?? Is it not $100?
August 19, 2015 at 10:53 am
You were not listening carefully enough. The drawings were 100 and when I changed it to 500 I was simply explaining the sorts of mistakes that the bookkeeper could make. 🙂
July 23, 2015 at 7:45 pm
Thank you so much for your fantastic lecture. It’s clear and very easy to understand!
I just have some small questions for you, sir. In the text book, it uses the word “SOPOL” instead of “balance”, so what does “SOPOL” stand for? And in the exam, is there any rule about using “SOPOL” instead of “balance” or vice versa?
July 23, 2015 at 9:18 pm
SOPOL means Statement of profit or loss. It does not mean balance (and is the new name for the Income Statement).
June 23, 2015 at 1:49 pm
Hey John, where can I get exercises for Chapters 1 – 3? And when can I take the mock exams?
June 23, 2015 at 3:17 pm
There are a few test questions at the end of most of the chapters in the lecture notes.
However you must buy a Revision Kit from one of the approved publishers because they contain lots of exam standard questions, and practice is vital.
You can take our mock exam (online) any time you want to. However it makes sense to wait until you have worked through all of the chapters in the lectures notes (and the lectures that go with them).
The test examines the whole syllabus (just as the real exam will), and because the program selects questions at random from a bank of questions, every time you attempt it you are likely to see different questions in Section A.
June 23, 2015 at 7:29 pm
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