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- March 17, 2014 at 9:00 pm #162554
thanks very much!!
March 17, 2014 at 8:26 pm #162547so what statement does a revaluation account appear in? last one… ill start a new thread next
March 17, 2014 at 8:04 pm #162545i see the thanks the 800 is already deducted and made 640 for the trade discount.. its just when i read that discount allowed can be both trade&cash discount i assumed both should appear in discounts allowed.
i have a few more questions.
1) what happens in a trial balance if the cash account has a negative value of say 800 does this appear as DR (800) negative value or appear somewhere else i.e overdraft?
2) Is revaluation reserve Statement profit or loss? & revaluation a/c capital? only in your lecture (example 5 depreciation) profit on revaluation is debit side of revaluation account and credit side of revaluation reserve?
thanks again and im now watching all your lectures 🙂
March 17, 2014 at 3:10 pm #162500both B
March 8, 2014 at 5:45 pm #161807i don’t understand the second sentence of answer 10)?
thanks very much!March 8, 2014 at 12:44 pm #16178710) When asset is re-valued the new depreciation minus old gets transferred to
DR revaluation reserve CR accumulated profits?
What statements contain accumulated profits? and why are we DR revaluation?I’m almost there thanks to your excellent help
March 8, 2014 at 12:43 pm #161786Other questions
8) Are all types of dividends shown on the face of the statement of cash flows except proposed dividends?
9) Is the only difference (relevant to F3) between statement of comprehensive income and Statement of Profit or Loss is that SOCI contains all of statement of profit or loss but with one extra bit the revaluation profit and loss? Or just profit?
March 6, 2014 at 5:38 pm #161655thank you !!
I wanted your answer as they are the best just think im asking too much
thanks again john!
March 6, 2014 at 3:01 pm #161635if someone could tell me all the correct accounts associated with these ill be very grateful.
thanks again!March 6, 2014 at 11:10 am #161617thanks for this John! i was about to rip the book up but
you didn’t remove any post but the entire topic 🙂 it was a mess anyway so i don’t mindMarch 6, 2014 at 9:23 am #161604you removed my post but i was correct.
Accrued Interest = A term used to describe an accrual accounting method when interest that is either payable or receivable has been recognized, but not yet paid or received. Accrued interest occurs as a result of the difference in timing of cash flows and the measurement of these cash flows.
so the interest would have been an accrual at 31 Dec
March 5, 2014 at 4:55 pm #161557ok so it doesn’t say in the question anything other than “met criteria” so i assume benefits have not started
March 5, 2014 at 4:35 pm #161553or is this because they dont have to capitalise it straight away?
March 5, 2014 at 4:32 pm #161551project B
A project to develop a new process which will save time in the production of widgets.
the project was started on the 1 Jan 2005 and met the capitalisation criteria on 31st Aug 2005.project B cost to 31 Aug $78870
project B cost from 31 Aug 2005 $27,800here they have not amortised the $27,800 does amortisation only start when sales commence i thought it was as soon as items are capitalised as an asset?
thanks
March 5, 2014 at 12:31 pm #161502thanks!
March 5, 2014 at 12:31 pm #161501of course what was i thinking..
thanks again!
March 3, 2014 at 6:10 pm #161379oh i see it will have already gone into accumulated depreciation from depreciation expense and therefore the amount included in accumulated depreciation on the right side of the trial balance?
March 3, 2014 at 5:55 pm #161376im sorry why wont I usually see it then? are you saying depreciation expense will only appear as an adjustment and not a regular entry?
March 3, 2014 at 5:48 pm #161372so they wont adjust the expense only the accumulated depreciation side?
March 3, 2014 at 5:40 pm #161369“depreciation is one”?
March 3, 2014 at 5:37 pm #161367thanks!
March 3, 2014 at 5:27 pm #161364i meant to say i didn’t know they both appeared on the trial balance!
February 26, 2014 at 5:59 pm #160459i think im confusing the correction with the opening balance thanks
February 26, 2014 at 5:46 pm #160455by process of elimination i got D also.
However the question says the balance in the suspense account is DR which means the correction would have been a CR in the purchases account (reduce expense)) this is wrong surely.Also this says balance in suspense account & not the suspense account figure in the trial balance?
February 25, 2014 at 6:35 pm #160065ok thanks
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