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September 9, 2022 at 11:39 pm
Please explain question4
John Moffat says
September 10, 2022 at 8:49 am
You can see the workings for the answer if you click on ‘review quiz’ after submitting your answers.
September 30, 2022 at 1:22 pm
Sir I didn’t even understand question 3. Can you please please assist me
September 30, 2022 at 6:10 pm
(I assume that you did watch the free lectures before attempting the test?)
August 15, 2022 at 4:23 pm
For question 5, could you briefly explain how to get to the answer.
August 15, 2022 at 8:04 pm
They are receiving rent. The cash received during the year was 2,003,040.
11,520 of the cash was rent they were owed at the start of the year, so subtract it. At the end of the year they are owed 20,880, so add it.
At the start of the year they had received 323,040 in advance – this is this years income so add it. At the end of the year they had received 346,560 in advance – this is next years income so subtract it 🙂
August 21, 2022 at 1:18 pm
Sir please explain question 3 and 4
August 22, 2022 at 10:28 am
Have you clicked on ‘review quiz’ after submitting your answer, because the workings for the answer will then appear 🙂
August 15, 2022 at 1:41 am
For Q1… Why is the $29,376 be included in the SOFP ending Dec 2008, when the loan is going to be repaid in the following financial year?
August 15, 2022 at 7:24 am
Because we are owed the money as at 31 December 2008, so it is a receivable.
July 25, 2022 at 8:49 am
Hello sir how are you? Thanks to all lecture.
?n question number6 what 1154880 does represent ? ? thought it is total recievable but if it is why we add 68880 and 44160 if it is included on 1154880
July 25, 2022 at 2:07 pm
It is the total cash received. So we need to adjust it for the rent over or under paid at the start and end of the year to get the total rental income for the year.
August 7, 2022 at 6:33 pm
*Good evening sir, question number 4 why did say 3÷4×25920+1÷4×28800
And also for the prepayment why did we say 3÷4×28800
August 7, 2022 at 6:40 pm
*and question number 5 also m a bit lost
August 8, 2022 at 8:39 am
Because the year end is 30 June but the payments were for 12 months ending on 13 March. So ro months of the first payment and 9/12 of the second payment are in our year. 3/12 = 1/4, and 9/12 = 3/4
July 23, 2022 at 7:41 pm
It certainly can be tested in the exam, but it is not in the lectures because the logic is identical to the logic behind accrued and prepaid expenses 🙂
July 23, 2022 at 1:31 pm
Just one question have crossed my mind.
In this chapter Accrual income and Prepaid income was not covered. Is it going to be covered in future lectures, or it was not covered because we are not going to be tested on it during the exam?
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