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Double Entry Bookkeeping (part b) – ACCA Financial Accounting (FA) lectures

VIVA

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  4. sir in previous lectures you said if Im not wrong trial balance(statement of profit and loss) shows income and expenses to calculate profit
    but in this lecture i see capital, asset(car) which is suppose to sofp if im not wrong can clarify a bit thanks

  5. I really appreciate your lectures, the way you teach is really detail and understandable. I think not only me but other people who watch your video finds it really helpful. Thank you a lot for all the knowledge that you bring to us ?

    Janice

  6. I really appreciate your lectures, the way you teach is really detail and understandable. I think not only me but other people who watch your video finds it really helpful. Thank you a lot for all the knowledge that you bring to us ?

    Janice

  8. Hi Mr Moffat, I hope that you are well.

    I was wondering why the inventory/purchases were not credited were sales were made by Kristine?

    This is what I did to account for the sale of inventory. How is it wrong?

    Before sales

    Inventory account

    DR Bank 500
    DR Payables 600

    After sales

    Inventory

    DR side: Bank 500 and Payables 600
    CR side: 550 COS and 550 COS

    Cost of sales account

    DR 550 Inventory 550 Inventory

  9. Dear John Moffat,

    Thank you for lecture, quite enough helpful to understand topic.

    Could you please correct me if I am wrong for section of two or more errors’ opposite effect: There is 1800 credit balance, not cancelling out (net effect is not zero)

  10. Hi, thanks for the lecture always.
    I have one question why not all accounts are balanced?
    For example, capital account’s debit and credit is remained as not balanced (same thing to car/ rent/ drawing).

  11. thank you for your great work. in the example where net effect of two or more mistakes is zero, i am wondering if the sales is supposed to be 1600 instead of 3400. or may be i am on the wrong side

      • Good day Sir. I have the same concern with ADINIGHT. I read your reply but my concern remains. For the trial balance of the Sales, Cash and Car accounts given in the example at 20:38 minutes of the lecture to have a net effect of zero, the sales account should have a Credit balance of 1 600 instead of 3 400.
        With a 3 400 credit balance, the trial balance for these three accounts does not have a net effect of zero:

        DR CR
        Car 100
        Cash 1 500
        Sales 3 400

        1 600 3 400

        If we consider the example as part of the previous exercise, the net effect of the trial balance wouldn’t still be zero.

  15. “They asked me to check the trial balance, this is before calculators. It shows how old i am” XD haha..

    Thank you for being passionate enough to lecture us on accounting sir. Though not many people comment their thoughts. You have the gratitude of many people for these lectures and the assistance on Forums.

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