Accounting AQA Unit 1 - 17th May 2016

Yeah that's what I did, but I do it the other way round

Yeah this is what i did, but I started from balance as per cash book

I started doing that but it confused me as I kept adding something I felt like I needed to subtract, so I just started with the bank balance.
Can you lot remember what the cash book had in it?I know it was b/d 32 credit. But i can't remember anything else in it :'D

Reply 101

Jaijames

I ended up with something completely different which I now believe to be wrong but:
Updated cash book balance - £4005
+2105
+450
-18
-5500
= 1042, which was that given in the bank statement?

Reply 102

Accountantlolks

2

Original post by NikitaPond

For my bank rec I got:
Balance as per bank 1042
Add bank error 18
add Wendy's Wardrone 5500
Add Forgotten cheque 450
Less expense 2105
Balance as per cash book 4905.

You dont addd the error , because it was completely ommitted, it was neither in the cash book or bank rec. so

Reply 103

NikitaPond

1

For the general journal I did the Bad Debt, the discount received, and the discount allowed. I put in all the discounts allowed, though you could theoretically ignore the £70 I think as you post it on both sides to cancel it.

Reply 104

NikitaPond

1

Original post by Accountantlolks

You dont addd the error , because it was completely ommitted, it was neither in the cash book or bank rec. so

Yes it was? In the cash book it appeared as 220, in the bank statement it appeared as 202. The first adjustment was "The bank apologizes for the error"

Reply 105

Accountantlolks

2

Original post by NikitaPond

Yes it was? In the cash book it appeared as 220, in the bank statement it appeared as 202. The first adjustment was "The bank apologizes for the error"

I meant the 'forgotten cheque' sorry

Reply 106

NikitaPond

1

Original post by Accountantlolks

I meant the 'forgotten cheque' sorry

Ahh right.I do still think we would include it, but we have to include it in both as it doesn't appear in either? I might be wrong, but it makes sense to include it in the cash book, and if you include it in the cash book you have to include it in the bank rec or the 2 wouldn't balance

Reply 107

Accountantlolks

2

Original post by NikitaPond

Ahh right.I do still think we would include it, but we have to include it in both as it doesn't appear in either? I might be wrong, but it makes sense to include it in the cash book, and if you include it in the cash book you have to include it in the bank rec or the 2 wouldn't balance

Nah , my teacher said you dont , but that does make sense, im sure alot of people did that

Reply 108

eloisa_braith

1

For 1c did we just have to work out current liabilities or something else as well? There seemed to much info for it to be so simple? I have done soooooo bad

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Reply 109

alhrona

9

Original post by df2397

I wrote bad debts to and contra
I only wrote contra cause it was 3 marks so I thought I might as well guess something else

I getf where you are going , its just that it dpoes not say that the bank corrected it said they just appoligised , i think they are doing it to throw you out

Reply 110

MLBBoy123

9

Original post by Muhammad_AK

Sales returns should be on credit

For the Receivable account or the Sales Return Account?

Reply 111

qazxsw123

1

Original post by Saint150

Did everybody put the amount in March (one of them were 78000 or something)as bal b/d in the purchase and sales ledger account??

I think so, I put the March 31 balances as the bal b/d of 1 April. Debit on the sales ledger, credit on the purchases ledger. Anyone else do the same?

Reply 112

jenny01

9

For question 1 I was doing a normal income statement, I basically found gross profit and added discount rec. minuses the expenses then I realised it was just till gross profit. I think I have mistaken cross out the expense and the discount received. I would definitely lose a mark right?

Reply 113

YuroStar

6

Original post by alhrona

I getf where you are going , its just that it dpoes not say that the bank corrected it said they just appoligised , i think they are doing it to throw you out

Nope I asked my teacher and he said that what the examiners are trying to tell you is that it wasnt the business' error but instead it was the bank's error. The fact that the bank apologised shows that they are admitting that they were at fault and it was there error and so you must include the £18 in the answer.

Reply 114

MLBBoy123

9

Original post by jenny01

For question 1 I was doing a normal income statement, I basically found gross profit and added discount rec. minuses the expenses then I realised it was just till gross profit. I think I have mistaken cross out the expense and the discount received. I would definitely lose a mark right?