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As regards your second question:
Here is answer is correct. The original cheque will have been entered in the cash book just as all cheques will have been entered. This will include the cheque that was dishonoured because this will only be discovered later.
All that has not been recorded is the ‘correction’ when they found out that the cheque had been dishonoured.
This is sensible if you think about it – they wouldn’t delay entering cheques to wait until finding out whether or not they were dishonoured.
As regards your first question:
The depreciation entry has not been made and so the trial balance will balance.
What the answer is saying is that you would notice this when looking at the TB because there would be no listing of the depreciation expense.
I would ignore this question because it is a very silly one indeed.
I don’t know where you found the question, but as you have typed it then it would seem that it is an error of omission and therefore would not be detected by extracting a trial balance.
Members of the IFRS Advisory Council are appointed by the Trustees of the IFRS Foundation. The IFRS Foundation’s Trustees – the governing body responsible for oversight of IFRS standard-setting – select and appoint all Advisory Council members. The nominations typically come via the Trustees’ Nominating Committee, which identifies candidates and makes recommendations to the Trustees for appointment.
Partnership accounting is not currently examinable in the ACCA exams. The accounting entries will be examinable for Paper FA in 2027 and we will upload relevant lectures later this year.
The day book is not part of the double entry.
For the double entry we take the total from the day book and enter that total in both Payables and Vehicles. So although both of the accounts will be wrong, they will both be wrong by the same amount.They are lecture notes and it is in the free lectures that I explain the advantages and disadvantages 🙂
When using the reducing balance method, the residual value is not relevant.
So the depreciation in the first year is 1,000 (I do not know why you write ‘CA’) and the written down value is 4,000 (I do not know why have you written ‘DEP”).
The opening balance on 1 October is indeed a credit balance of 11,900, and it is this that should appear on the trial balance on 1 October.
So the correct answer is D.
For receivables the opening balance is on the debit side.
The closing balance appears on the credit side of the account as the balancing figure (and is carried forward to the debit side as the opening balance of the next period.All in reverse for the payables account.
This is all explained in my free lectures.
Thanks.
I think this previous reply of mine will explain it:
https://opentuition.com/topic/pault-co-sep-dec-16/#google_vignetteNo, there is no lecture.
It is not a common topic although it was relevant in one past question.
If you remind me of the date of the question then I will explain what they have done and why 🙂
What you have written for the three scenarios is OK.
As far as the value attributable to the acquiree is concerned, the depending on the scenario it is either the increase in the value of the equity or the increase in the value of the firm. If it is the increase in the value of the firm then this will be the same as the increase in the value of the equity assuming that the debt in the acquired is unchanged.
We have not changed anything and have no control over it.
Either clear the cache on your browser or try a different browser.
I don’t know how you are arriving at your tax loss. Have you checked your answer against the printed answer?
Please do not expect instant replies – I always reply within 24 hours but I do not sit permanently at my computer 🙂
If the question gives contract sizes then you should use contracts. (If the instruments are ‘over the counter’ (so there are no contract sizes given) then we use the exact amount.
We do not supply a Revision Kit. You need to buy one from BPP or Kaplan (and from this Friday our students can get a 40% discount on BPP books).
We do not supply a Revision Kit. You need to buy one from BPP or Kaplan (and from this Friday our students can get a 40% discount on BPP books).
