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double entry

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › double entry

  • This topic has 3 replies, 2 voices, and was last updated 7 years ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • November 10, 2017 at 10:25 am #415074
    cindy7
    Member
    • Topics: 77
    • Replies: 33
    • ☆☆

    Which one of the following can the accounting equation can be rewritten as?
    A Assets + profit – drawings – liabilities = closing capital
    B Assets – liabilities – drawings = opening capital + profit
    C Assets – liabilities – opening capital + drawings = profit
    D Assets – profit – drawings = closing capital – liabilities

    the answer is C. am failing to find a way to get the right answer here, yet I know the accounting equations and business equation. for example, is B wrong because they deducted drawings, is D wrong because drawing were deducted, is A wrong because Drawing were deducted? please answer each of my questions. help me get the meaning.

    November 10, 2017 at 5:58 pm #415135
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54680
    • ☆☆☆☆☆

    I do not think you can possible have watched my free lectures on this!

    Closing capital = opening capital + profit – drawings

    Therefore:

    Assets – liabilities = opening capital + profit – drawings

    Subtract opening capital from both sides, and add drawings to both sides:

    Assets – liabilities – opening capital + drawings = profit

    November 12, 2017 at 6:19 am #415322
    cindy7
    Member
    • Topics: 77
    • Replies: 33
    • ☆☆

    am I correct sir?
    is B wrong because they deducted drawings,
    is D wrong because drawing were deducted,
    is A wrong because Drawing were deducted?

    is this ok to analyse the situation like this? I watched the lecture sir, where you talked about “what the company owns and what it owed? chapter 2 dual entry?

    November 12, 2017 at 11:17 am #415387
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54680
    • ☆☆☆☆☆

    B, D and A are wrong because none of them are arrived at by rearranging the original equation.
    There is no quick way of dealing with this sort of question – you need to learning the accounting equation and be able to rearrange it quickly as necessary.

    My lecture on Chapter 2 of the free lecture notes are not on ‘dual entry’ – they are on the SOFP and SOPL (and it in this chapter that I explain the accounting equation).
    The lectures on double entry booking are those covering Chapter 3 of the lecture notes (but are not relevant to the accounting equation).

  • Author
    Posts
Viewing 4 posts - 1 through 4 (of 4 total)
  • The topic ‘double entry’ is closed to new replies.

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