• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Ask AI
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

20% off ACCA & CIMA Books

OpenTuition recommends the new interactive BPP books for March and June 2025 exams.
Get your discount code >>

BPP Revison Kit question.

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › BPP Revison Kit question.

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by John Moffat.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • November 23, 2017 at 7:20 pm #417679
    shahmir101
    Member
    • Topics: 14
    • Replies: 4
    • ☆

    I had a question about question 4.1 and 4.4 of BPP F3 revision kit.
    Q. Marshalls opening cash balance was $224 and an overdraft of $336, the following transactions took place in that month:
    May 1, Sold $160 of goods to P Dixon on Credit
    May 1. WIthdrew $50 from the business
    May 2. Purchased goods from A Clarke on Credit for $380 less 15% trade discount
    May 2. Repaid a dept of $120 owing to R Hill, taking advantage of a 10% settlement discount. The payment was by cheque
    May 3. Sold $45 of goods for cash
    May 4. Sold $80 of gods to M Maguire on credit, offering a 12.5% discount If payment made within 7 days. Marshall expects Maguire to take up the discount
    May 4, Paid a phone bill of $210
    May 4. Received a cheques from H Larkin for $180
    May 5. Sold $304 of goods to M Donald on credit.
    May 5. Purchase $315 of goods from Honour Co by Cheque
    May 6 Recieve a Cheque from D Randle for $482
    May 6 Purchased $100 of goods from G Perkins

    Q4.1 What is the total of the sales day book?
    A$544
    B$589
    C$534
    D$579
    The right answer is C
    I picked D but according to the explanation the sales on May 3 arent considered as a sale, which I don’t understand why.

    Q4.2 What is the total of the purchase day book?
    A$880
    B$823
    C$1033
    D$958
    The right answer is B
    I picked D and again the explanation doesn’t include the purchase of goods on May 5 in the purcahse day book. I dont know why they arent included. Could someone explain that to me?
    Thanks

    November 24, 2017 at 8:40 am #417754
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54662
    • ☆☆☆☆☆

    Q4.1 Only sales on credit appear in the sales day book. Cash sales appear in the cash book, not the sales day book.

    Q4.2 Only purchases on credit appear in the purchase day book. Cash/cheque purchases appear in the cash book.

    I do suggest that you watch my free lecture on Books of Prime Entry where I explain with a full example what goes in which books (and why).

    The lectures are a complete free course for Paper F3 and cover everything needed to be able to pass the exam well.

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • The topic ‘BPP Revison Kit question.’ is closed to new replies.

Primary Sidebar

Donate
If you have benefited from our materials, please donate

ACCA News:

ACCA My Exam Performance for non-variant

Applied Skills exams is available NOW

ACCA Options:  “Read the Mind of the Marker” articles

Subscribe to ACCA’s Student Accountant Direct

ACCA CBE 2025 Exams

How was your exam, and what was the exam result?

BT CBE exam was.. | MA CBE exam was..
FA CBE exam was.. | LW CBE exam was..

Donate

If you have benefited from OpenTuition please donate.

PQ Magazine

Latest Comments

  • Nashra30 on CIMA E1 Chapter 3 Test
  • azubair on Financial Performance Measurement – ACCA Performance Management (PM)
  • rishitxx on ACCA BT Chapter 1 – The nature and structure of organisations – Questions
  • j.akshaya on Group SFP – Example (Basic consolidation) – ACCA Financial Reporting (FR)
  • rishitxx on ACCA BT Chapter 1 – The nature and structure of organisations – Questions

Copyright © 2025 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in