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Q 10.8 FA BPP Sep 2020 to Aug 2021

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Q 10.8 FA BPP Sep 2020 to Aug 2021

  • This topic has 6 replies, 3 voices, and was last updated 4 years ago by John Moffat.
Viewing 7 posts - 1 through 7 (of 7 total)
  • Author
    Posts
  • October 6, 2020 at 6:17 pm #587487
    Asif110
    Participant
    • Topics: 70
    • Replies: 125
    • ☆☆

    Hello sir,

    This question is quite challenging for me. We are given both bills paid and bills received.

    What should one focus for while calculating the expense ? And also in the T table ? Bills paid or Bills received ?

    How do we reach the correct charge ?

    I know that we pay $600 per month automatically, totaling $7200.

    $200 was paid excess last year, so we add it to the expense this year (Reverse prepayment).

    And that all the bills received add up to $6800.

    October 6, 2020 at 6:31 pm #587488
    Asif110
    Participant
    • Topics: 70
    • Replies: 125
    • ☆☆

    Sir…I think I figured it out.

    Under Gas expense A/C

    Dr 200 (Reverse Prepayment)
    Dr 7200 (Cash)
    Total : 7400

    Cr 600 (Prepayment)
    C/d 6800
    Total: 7400

    Bal b/d : 6800
    Cr 6800 to close account
    Dr 6800 SOPL

    What do you say ?

    October 7, 2020 at 8:26 am #587551
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54705
    • ☆☆☆☆☆

    Correct 🙂

    November 13, 2020 at 8:47 pm #594938
    mzgabe
    Participant
    • Topics: 5
    • Replies: 6
    • ☆

    I just have a query. In questions like these we should just ignore the prepaid amount of $200 and add the invoices to get the expense for the period then? Because initially I added the $200 to the $6800 to get the amount to be posted to the P&L account.

    November 14, 2020 at 10:10 am #594970
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54705
    • ☆☆☆☆☆

    Every question is different and it depends on the exact wording.

    We need to cost of the gas used during the year, and in this question we know the total charged – the total of the four invoices.

    The prepayment and the cash paid during the year do not affect the expense for the year. The only affect the amount overpaid at the end of the year, which is not needed for this question/.

    November 14, 2020 at 1:43 pm #594999
    mzgabe
    Participant
    • Topics: 5
    • Replies: 6
    • ☆

    Ok thanks a lot John

    November 14, 2020 at 3:12 pm #595010
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54705
    • ☆☆☆☆☆

    You are welcome 🙂

  • Author
    Posts
Viewing 7 posts - 1 through 7 (of 7 total)
  • The topic ‘Q 10.8 FA BPP Sep 2020 to Aug 2021’ is closed to new replies.

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