[Zuzie]

After reading your response I did IRR of the cash flows and got 18%, so I didn’t need to do the 20% guess after all.

Great, thanks so much!

[Zuzie]

Please ignore

I was looking at the advanced tax book

[Zuzie]

Ok I understand, the £2K swallows up the £1.8K

Thanks

[Zuzie]

I have figured it out

Thanks

[Zuzie]

Thanks Vijay

Got it

[Zuzie]

I passed my exam but it wasn’t easy. Thanks to the students who suggested using opentuition lectures and Mr Moffat: I am so grateful would definitely not have done it without you.

I would advise that you give more time revising section B because that can potentially score you more marks.

[Zuzie]

I think my confusion is when I incorporate double entry which leads me to exclude the suspense account, but I need to concentrate only on the error entry and correct that. I will have to practice more on this section.

Thanks John, really appreciate your help

[Zuzie]

Hi John

Is it because I’m looking at correcting the accounts receivable error so I:

Dr Accounts receivable
Cr Suspense account

But what about the sales account?

Thanks for all your help

[Zuzie]

Hi John

I’ve got it now, the £1,000 is specific as it had already been written off during the year, so I include it separately

Thanks

[Zuzie]

Thanks

[Zuzie]

Got it thanks John

[Zuzie]

Hi John

In relation to the original thread here one of the options C was:

$3,000 Paid for repairs to plant has been debited to the plant asset account.

My workings would be:

Dr Suspense 3,000
Cr Plant Asset 3,000

This too would reduce the balance. Is this correct?

[Zuzie]

Thank you John

BTW I have passed both my F1 & F2 exams

I am now dealing with F3

So just wanted to express my gratitude for your lectures & support

[Zuzie]

I was just browsing through this forum and saw this post. Shocker!

Definitely an error as I was not aware that I has posted here

Sorry about that

[Zuzie]

yes will do

thank u

[Zuzie]

Hi John

I did watch the lectures but obviously need to go through them again!

Thank you for your help, ur the best 🙂

[Zuzie]

Yes thank you I have now been able to check the answers

Thanks much!

[Zuzie]

thank you 🙂

[Zuzie]

🙂 Thank you

[Zuzie]

Yes Sir thanks I was wondering why it is incorrect

I understand now.

In this question they do not mention that it is reciprocal apportionment

Thank you very much

[Zuzie]

Good Day Sir

I use the formula as it’s the best way I understand it:

IRR=L+(NL/(NL-NH)(H-L)

=0.10+(50/50+30)(0.11-.10)
=0.10+.625(.01)
=.10625
=10.6%

I am using 30 as the question stated that NPV fell by $20

[Zuzie]

Thank you Sir

I will try the question again

Regards,
Zuzie

[Zuzie]

Yes indeed I realised that just cramming the formulae and not understanding the concept is not so much of a good idea.

Thank you so much, appreciate your help

[Author]

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