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Sir when I solving I calculated it something like this,
$18,750 × 0.794 = $14,887.50
Because I had the impression that if it started from Year 3 then it probably should have been discounted with the 3rd year discount rate at 8% but the answer discounted it for 2 years. I am still confused as to how this was discounted for 2 years.
Sir I would be grateful if you could kindly help me in detail because that might be kind of easy for me to grab what is being asked.
Thank you.
Thank you so much for replying.
I’m so sorry I’ve accidentally posted here. Actually I’m an old user but maybe because I was rushing I might have posted it here.I’ll make sure that I won’t do this again (actually because this is twice that I did this).
Sir actually I am still having difficulty solving the problem. Could you kindly help me with this please? Sir, if you’ll allow I can post this back in Ask the Tutor Forum.
And I’ve started watching your lecture videos. And I must say that I highly appreciate what you have done for us. It’s invaluable that too with high quality information.
Thank you for helping students like us and it’s an honor to learn from you Sir. Both ACCA and to be a kind person in life. Actually you’ve in some way been a role model in teaching students how to be selfless at the same time. Thank you for everything and I’m sorry for writing that long.Thank you
In this chapter example 1,
The solution to the example provided was:Note: each unit is expected to take 40/80 = 0.5 hours
Was it supposed to be like this:
80/40 (Units divided by hours)
I’m kind of confusedThank you so much again Sir. I must say that you are undoubtedly an amazing teacher. We are glad to have a tutor like you Sir.
I’ve got the same answer but in the exam kit the answer is different.
Thank you so much for all the help.I’ve recently attempted the FA2 exam and I’ve scored 90.
Thanks to Sir Ken and opentuition for all the help.
Thank you so much Sir Ken. Your way of explaining is just wonderful I must say.
Thank you so much for the instant reply.
I got to know that interest on drawings are added to net profit while arriving for appropriation of profits. Why is it added instead being deducted?
Thank you so much for the reply.
Could u also help me with different VAT schemes please… actually I found this one on Bpp and got quite confused….
Annual accounting scheme and Flat rate scheme…. I wanna knw what are the roles of these schemes plus when exactly are the returns paid on each
Thank you so much for your assistance and moreover enduring patience to my certainly annoying queries.
My doubts are cleared completely…. Thanks to you and opentuition for instant replies.
And yes looking forward to trouble you again with my annoying queries.
Once again Thank you very much.
Thank you so much for the reply. It has solved my problems quite a lot. I have just one more query.
If there were any bank charges, let’s say, the one we discussed above and it’s going to be settled, how the entries are gonna be? And how will it affect the accounting equation?
Is it the asset that’s going to be affected?
I am sorry I made a slight mistake:
It’s assets=decrease liabilities=decrease
Not, assets = decrease
Capital= decreaseWhy can’t assets be reduced instead of capital being reduced?
For eg: “the business finds it has been overcharged $50 for some furniture it bought on credit”
The answer here is Assets=decrease Capital=decrease.
on the other hand, “a gas bill of $200 is received by the business” it says capital decreases while liabilities increase…so why can’t it be assets decrease instead of capital?
Thank you so much for your help. That solves my problem quite a lot. I just have one more query.
If there’s a bank charge like the one above which reaches a settlement, how are we gonna put the double entry plus what will be the effect on the accounting equation?
Will it affect the assets after the payment or will it affect the capital?