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Hi Chris
First of all thank you SO much for your time!
I have just watched your FR lecture named “Revenue Example 7” (chapter 16, last lecture)
Please, pleease can you tell us what the debits and credits entries would be? I have tried and tried I promise. I do not dare to put write all my calculations here coz they do not balance and I think I am going mad 🙂Hi Zulma,
Thanks for the kind words, a lovely way to start the working week!
I’d not worry too much about the journal entries as you won’t be asked for them in an exam. A published company accounts question would just ask you to include the right numbers in the right places. The journal entries are a challenge but I think they look something like such:
Record revenue in SPL – DR Amounts due to customers 56,000 CR Revenue 56,000
Record costs in SPL – DR Costs 43,200 CR Amounts due to customers 43,200
Record costs to date that have been incurred in SFP – DR Amounts due to customers 52,000 CR Payables/Bank 52,000
Record progress payments – DR Receivables 45,000 CR Amounts due to customers 45,000
Hope that helps and best of luck with the studying.
Thanks
That is great! thank you for your swift reply. Very helpful indeed. It is now clear to me why we were using 2 different figures for the cost: one in SPL and another in SFP.
Have a lovely week.
Zulma
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