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The Statement of Financial Position and Income Statement (part b) - ACCA (FA) lectures

73 Comments

  1. Daennera
    Your video has no sound. All the other videos I watched today were fine, but this one has no sound.
  2. Daennera
    never mind. fixed it
  3. FARH
    ITS TRULY HELPFULLL THANK YOU SO MUCHHH, MAY ALLAH BLESS AND PROTECT YOU. (Aamiinn)
  4. shayansss
    Are these lectures upto date ? In youtube it's showing 7 to 6 years before? Is there any changes in the syllabus?And one more thing, in the notes I find some text missing when I go through the PDF or is it like that?
  5. John MoffatTutor
    The lectures are all up-to-date for the current syllabus (we only re-record lectures on topics for which the syllabus changes).

    It is only in 1 chapter that there are blank spaces in the notes and as is made clear in the lecture this is deliberate - the spaces are for you to fill in while watching the lecture.
  6. Kerlene
    Really appreciate your explanations Sir.
  7. Zohrab
    Thanks
  8. Mirza Yasir
    There are inventories which business buys it and it stays for long time, more than an year. Lets say a furniture store buys sofa which cannot be sold for more than year. Why we can't call such products (Current Inventory & Non-Current Inventory) ?
  9. Olya
    I believe this is because the concept of inventory is defined as goods for resale. Therefore, how long they will be on sale is not so important.
  10. Tony
    Dear Professor, I find the phrase "8% loan" in Non-current liabilities confusing.

    Is $25,000 only the interest gained by the bank for 8% loan and we have to pay more for our loan or that money is the total money (loan + 8% interest) that we have to pay?
  11. John MoffatTutor
    The non-current liability is the original amount of the loan. The interest will be paid each year and so is an expense in the SOPL but because it will have been paid is not a liability in the SOFP. (If they are late paying the interest then it will be a current liability in the SOFP).
  12. Mohamed
    Nice lectures sir, Easily put and easy to understand.
  13. John MoffatTutor
    Thank you for your comment :-)
  14. harryamoatey
    Anything the owner takes is called drawings and should not be treated as expense. Is it because the owner and the business are the same?
  15. John MoffatTutor
    Yes (as I explain in the first chapter of our free notes, and the lecture on that chapter).
  16. sikander
    hi sir
    sir in compulsry liquadation in case of debt while weare not able to pay debt so creditor apply to court while in case ofjust and equitable member apply to the court as it right or wrong and the second is that sir what is the answer of below question andi can't understand please explain?

    4 Which of the following persons or bodies can petition to the court for a compulsory
    liquidation?
    A The company itself
    B Any creditor
    C Any director

    5 When a liquidator is appointed, he becomes the agent of which of the following?
    A The members
    B The creditors
    C The company
  17. John MoffatTutor
    These are Paper LW questions, not Paper FA. And you should be posting questions in the Ask the Tutor Forums and not as comments on lectures!
  18. Jakub
    By the rule owner and business are separate entities, and because they are separate drawings are treated as an expense and as other expenses, they increase on debit and decrease on credit . So if the owner took the money it will be deducted from the asset (Credit asset ) and added to Drawings ( goods taken by the owner ) It's like the business paid money to the owner ( Like expense ). i don't know if this was helpful
  19. Md
    Thank you Sir , it's amazing it was conceptual session by you. All doubts clear.
  20. Md
    Thank you Sir, this was a conceptual lecture my all doubts has been cleared.
    Again Thanks to you sir.
  21. John MoffatTutor
    Thank you for your comments :-)
  22. Enid
    Thank you for the amazing lectures . Really appreciate ?
  23. John MoffatTutor
    Thank you for your comment :-)
  24. ammie
    nice lectures sir, well appreciated.
  25. John MoffatTutor
    Thank you for your comment :-)
  26. Haruna
    Sir I'm a bit confused, when we subtract drawings from capital the next day we still record the same amount of capital . I thought it should reduce
  27. John MoffatTutor
    We record capital and drawings separately until the end of the year, and at the end of the year the drawings are subtracted from the capital.
  28. Buzurgmehr
    Thank you very much, you are the best teacher
  29. John MoffatTutor
    Thank you for your comment :-)
  30. PRISONER
    GREAT STUFF
  31. John MoffatTutor
    :-)
  32. Hermela
    Sir i have a question... if the business owner pay for his workers is that drawing or expense?
  33. John MoffatTutor
    An expense.
  34. Somadina
    Expense Sir
  35. John MoffatTutor
    Yes, and expense as I wrote before (and as I explain in the lecture).
  36. jonathan
    I like the pace,it makes it simple and clear,am following every bit of it God bless you.
  37. John MoffatTutor
    Thank you for your comment :-)
  38. Andrew
    if the owner takes a monthly salary, does it go under drawings ?
  39. Salman
    No. It goes under expenses on profit or loss statement.
  40. Salman
    Sorry my mistake. In sole trader, if the owner takes money its drawings.
  41. Nenad
    Very clear and precise
  42. John MoffatTutor
    Thank you :-)
  43. zhu
    I cannot watch the video, so saaaaaaaaad
  44. John MoffatTutor
    Some people manage to get round the block in China by using a VPN.
  45. tabeth
    thank you for the lecture, truly enlightening
  46. John MoffatTutor
    Thank you for your comment :-)
  47. Asif
    Hello sir, fantastic lecture !

    I have to say though, I have somethings for you to clear regarding Prepayments that is slightly confusing me, although you have said you would cover more on it later on, but I have a simple issue.

    First of all, did you mean to say $12,000 insurance for the entire year instead of $1200 ? Because you mentioned $3000 for the first 3 months.

    Secondly, if $3000 has been used up, shouldn’t the balance $9000 be recorded as Prepayment - as that is the amount yet to be used up, and that would be like Service to be yet Receivable.

    Thanks
  48. John MoffatTutor
    What I was meaning is that maybe we have already paid $3,000 for the first 3 months of next year. That would mean we had overpaid and therefore have a prepayment.

    However, be patient - I explain accruals and prepayments in detail in Chapter 4.
  49. Kok Hue
    I got the very importance concept today,
    the definition of drawing and different between wages.

    The example of the non-current and current liabilities also helpful ,
    before this i really can't tell where should i categorize the installment of a non-current loan,
    now i got a basic concept .

    2 more steps closer .
  50. Leanew
    It was an outstanding lecture
  51. John MoffatTutor
    Thank you for your comment :-)
  52. hesham
    your lectures are awesome thank you too much
  53. John MoffatTutor
    Thank you for your comment :-)
  54. sahl
    Thanks for the lectures.It is very simple and can easily follow through.
    Thanks open tuition.
  55. John MoffatTutor
    Thank you for your comment :-)
  56. kandiero
    Enjoying and understanding the lectures.
  57. umar8775
    I have a question in this lecture. You mentioned that anything the owner draws out from the business is "withdrawl" Even her mother gets something it will be counted as "drawing". Understood. Now what if the owner says that he is giving his days and nights to the business and wants to withdraw a salary on monthly basis in lieu of his services provided to business. So will it still be counted as withdrawl or we can adjust it in expense as a fixed salary. Otherwise, he would have to hire someone to do the same work and will have to pay a salary.
  58. Joyce
    Simplified,thank you
  59. John MoffatTutor
    You are welcome :-)
  60. Lilian
    Hello Sir, please i have this same question in mind but i cant seem to see your reply here. could you send it again please?
  61. John MoffatTutor
    I do stress in the lecture that for a sole trader anything the owner takes is called drawings - whatever he/she calls it, or whatever the reason for taking it.
  62. lakshmi123
    Thank you sir for this class your language was simple so it catch easily
  63. John MoffatTutor
    Thank you for your comment ?
  64. livingbodies
    I really love the pace of the Instructor.
    I really love the simplicity in his approach.
    This is great.
  65. John MoffatTutor
    Thank you for your comment :-)
  66. jwang8
    the lecture is brilliant, thank you so much.
  67. John MoffatTutor
    Thank you for the comment :-)
  68. nuruh2019
    This is the most helpful examination site of all iv ever visited.
    Thanks alot guys
  69. John MoffatTutor
    Thank you for your comment :-)
  70. n_attafuah
    Dear All, I am just starting the ACCA course and noticed that there was a lot of terminology in the first chapter. I had wanted to ask if other students thought there was a lot of terminology all the way through or if once we got a basics, we come across the same terms through out most of the course? (Basically, I am going to learn a ton of new words or will the basics take me all through?)
  71. John MoffatTutor
    Most of the terminology is in the first few chapters :-)
  72. Alfat
    Thank you so much for your lectures John Moffat. I have passed the FA exam with higher distinction and I got a certificate of achievement in FA from ACCA.
    Your work is highly appreciated, you are one of the best lecturers I have ever seen.
  73. John MoffatTutor
    Thank you for your comment, and many congratulations on passing the exam ?

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