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Hi there just 3 days left. I have almost prepared all but when I see published accounts question I find no clue where to start from. Cud u please tell me if there are any simplest trick of solving it. I want to follow the same pattern for all questions so that it’s easy to remember in exams. Plz help.
After reading and analysing the question, solve step by step, adjustment 1, abt PPE solve and make entries, so that you will be knowing what will be posted where..in the end simply put the figures from the double entries into the B/S and I/S..
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@razraz first of all every question is not tackled in the same way, as far as final accounts’ question is concerned i would suggest the following steps:
1- read the trial balance or given accounts thoroughly and carefully.
2- now start solving adjustments one by one making the head and a note number for example . P.P.E note (1). now pass all double entries then mark each figure to be posted in b/s or i/s with a different color, like i make a circle around them with red ball pen.
3- simply post all relevant figures to the accounts.
Note: Remember always do a separate working for Cost of Sales and P.P.E.oh please dont mark with red pen in the paper..use abbreviations? Like if its a C.O.S/ I/S item or B/S item..
Thx fOr ur suggestions guys. I have practiced a lot an discovered a pattern in published if that’s helpful to others. Do the adustments by opening up retained earnings ( opening bal+pat-div paid)!!then collect the figures for ncl and cl. Then do a analysis of costs. Eg. Heading (cos) — opn bal(tb) + dep+ amort ect collect all cos charged then solve line by line. I like to avoid T accounts coz it consumes a lot of time. It’s all abt the time managemt in exam not what u actually know. Cheers n good luck all
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