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Hi Ken, Any plans for opentuition FA & MA 1 & 2 video lectures? My daughter is taking up ACCA in a couple of months time after her GCSE. Nothing like Opentuition lectures to back her up.
Mathews
Dear Mr. Moffat,
The question says
” He is registered for sales tax and therefore has charged only the net amount to his statement of..”
I believe means that he charged $400 to the P&L (Not $470 or $70) ?
Secondly 52 weeks @ $100/week his salary was $5,200.
Therefore, should his adjusted profit not be $38,100/=? (32,500+5,200+400)
Could you please clarify for me?
Regards
Mathews
Thank you Sir, guess I mis-red as four “quarterly” payments instead of annual. Careless of me. Thank you for assisting me.
Regards
Mathews
Dear Mr. Moffat, in the above, one year from the reporting date is 30th Sep 200×7. Therefore after the reporting date 3 of 25K instalments are falling due. I.e, 1/1/x7, 1/5/x7, 1/9/x7. Is it correct to take 75K as current liability on the loan and balance 25K as long term? Look forward for your kind assistance.
Regards
Mathews.
Dear Mr. Moffat, thank you very much for clearing my doubts. The question was copy pasted from a pdf. Both margin related answers in the book seem to be wrong. This is the Kaplan question bank question 49 & 52. Its available for download in pdf form. I will surely check out the video lectuers. Thanks again.
Best regards
Mathews
Dear Mr. Moffat,
Please help me understand why the correct answer is A as per the answer guide for this question.The following information is available about the transactions of Rascal, a sole trader who
does not keep proper accounting records:
$
Opening inventory 75,000
Closing inventory 86,000
Purchases 840,000
Gross profit margin 30%Based on this information, what is Rascal’s sales revenue for the year?
A $580,300
B $255,300
C $1,106,300
D $248,700since the question is asking for the sales revenue, my calculation was,
Cost of sales (829,000/70)100 which is 1,184,285.XX which is non of the choices.
Dear Mr. Moffat,
Thank you for your reply. I used the T-accounts as it makes it easier for me to understand in Dr/Cr form. However as you say I will practice without T-account to save time.
Following your explanation I Credited the Expense account with $300 at the beginning of the year and Debited the payments in full which were made during the year (600 + 720 + 900 + 840). These are the actual cash payments before the year end. Since the last payment is after the f/y I need to Debit $560 to the expense account and accrue same for year end?
Hope I got my thinking pattern straight
Regards
Mathews
Dear Mr. Moffat,
Thank you for your prompt reply, as you always do. 🙂
Doubt is cleared.
Your advice on using approved books and OpenTuition is well received…. Thank you.
Best Regards
Mathews
Thank you sir. This means the study text sure needs to revise its answer!
Regards
Mathews
Thank you Mr. Moffat for replying promptly. – I’m taking this opportunity to thank you and Opentuition for all the effort going in to this site and for keeping it free for thousands of students. Since I’m married and also working I don’t have time for tuition classes. So the way forward for me would be Opentuition. Thank you
Hi Guys, I have a question. I registered in 2008 but could not take up even one exam up to now. However if I start off now, I’m left only with 3 years to complete. The ACCA live chat advised that there will be changes to the 10 year rule and said “we will no longer deny students the opportunity to complete the examinations if they fail to complete within a timeframe” , but did not specify the exact change.
I’m not removed from the register- but only suspended. They advised me to re-register and start up. However I’m hesitant because I’m not very sure if the change of rule applies in my case as well since I have to start from scratch.
Can someone please advise?
