Igcse edexcel accounting

Milena1810

Who else is studying accounting? I am so scared for the exam :frown:

Scroll to see replies

Reply 1

cc16cp02

Hey i am.

there's only 3 days left i'm really scared. It's hard isn't it?

Reply 2

Milena1810

Original post by cc16cp02

Hey i am.

there's only 3 days left i'm really scared. It's hard isn't it?

How did you find it? What did you get for the trial balance? I didn't know how to calculate the sales?

Reply 3

Dilshi_3

Original post by Milena1810

How did you find it? What did you get for the trial balance? I didn't know how to calculate the sales?

Heyy I just did my accounts paper today as well, and the balance sheet just messed me up, the debenture part

Reply 4

Milena1810

Original post by Dilshi_3

Heyy I just did my accounts paper today as well, and the balance sheet just messed me up, the debenture part

Don't worry you wouldn't have lost much if it didn't balance as long as you put the other elements in. What did you do for the trial balance? And what did you get for the capital figure? Which items did you debit and credit?

I made a mistake on not deducting the trade discount from the list price so yeah

Reply 5

Dilshi_3

Original post by Milena1810

I dont exactly remember my capital. WAAAITTT we had to deduct trade discount:/ they didn't give any narration on that though? What was your capital? I think my one was 400,000 something, not entirely sure

Reply 6

Dilshi_3

Original post by Milena1810

Just letting you know though, i talked to my teacher and like from everyone who did the accounting paper here most of them messed up the debenture part and the trial balance, so well lets just hope the grade boundaries get set lower. And hey im sure you did great:')

Reply 7

Milena1810

Mine was like 200000 or something. Yeah, i didn't deduct it either so i lost about 8 marks. were you able to calculate the sales and net profit. I didn't have a clue?

Reply 8

Dilshi_3

Original post by Milena1810

Mine was like 200000 or something. Yeah, i didn't deduct it either so i lost about 8 marks. were you able to calculate the sales and net profit. I didn't have a clue?

Thing is, i dont really recall seeing a trade discount? As in in the trial balance was given, and we were just asked to record it as either debit or credit right? Yeah i just kinda guessed it tbh. I just did the gross profit into 25% and then deducted the gross profit from the answer i got, and i used that as my sales figure

Reply 9

cc16cp02

Original post by Dilshi_3

where did you put your closing stock? I think it's supposed to be on the debit side, but i credited it because in the 2011 june marking scheme, this one trial balance had its closing stock on the credit side. and do you kno about the balance sheet? it only came for 6 marks and there wasn't space for anything

Reply 10

Dilshi_3

Original post by cc16cp02

Closing stock is always a credit figure, i mean all the papers closing stock is creditted, and i do remember doing that 2011 paper, so im sure thats correct. Also, the balance sheet since they gave so little space, i just extended my lines making sure i didn't go over the border.
And, the trial balance, it didn't have a trade discount, did you mean the t account?

Reply 11

Milena1810

Original post by Dilshi_3

Yeah, the T account for the debtor had trade discount. I debited closing stock. Ooh great, so i didn't get full marks on this then aha

Reply 12

Dilshi_3

Original post by Milena1810

Yeah, the T account for the debtor had trade discount. I debited closing stock. Ooh great, so i didn't get full marks on this then aha

I dont think I did that:3 I guess we've both lost marks on that then, but hey im guessing everyone had this problem, i mean the balance sheet was a problem for many and the mark up thing, so im sure grade boundaries will be lower

Reply 13

Milena1810

Original post by Dilshi_3

Lets hope as the grade boundaries went up by 9 marks for each grade in January 2016

Reply 14

Milena1810

Also, btw guys, did you end up having a prepayment c/d and accural c/d at the end of the month and P and L on the debit side?

Reply 15

Dilshi_3

Original post by Milena1810

Also, btw guys, did you end up having a prepayment c/d and accural c/d at the end of the month and P and L on the debit side?

You're talking about the rent received account? Also, according to a lot of people who did the paper here, they got their sales as 1,200,000
Anndd the last question, writing whether it was an increase/decrease/no effect, idk if this is right but again according to a lot of people it was increase, decrease, no effect

Reply 16

cc16cp02

Guys the trade discount for the debtor was supposed to be on the credit side written as discount allowed.

Reply 17

cc16cp02

Original post by Dilshi_3

that last one was just 3 marks. But i really do hope they lower the grade boundaries, i really need that A*. And as for the sales, i think it wasn't 1200000. i mean many people got that but think about it, gross profit= 240000, mark up= 25%, so cost of sales had to be 240000/ 25 and therefore the sales had to be cost of sales+ gross profit.

Reply 18

Milena1810

Original post by Dilshi_3

Yeah, i am talking about the rent received a/c. So did you get that? I was the only one at my school taking the exam so I can only ask people on here lol?

Reply 19

Dilshi_3

Original post by Milena1810

Yeah, i am talking about the rent received a/c. So did you get that? I was the only one at my school taking the exam so I can only ask people on here lol?