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Accounting AQA Unit 2 - 20th May 2016

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Original post by alhrona
i hope not , but debentures is a non-current liability which does not go into the equity

No i meant the interest on debentures ,,shouldnt that be subtracted from profut
yeah for t accounts i put provision for doubtful debts balance on the debit because it is a expense and trade rec on credit . For provisioon of depreciation i put it on the credit because i remember my teacher said it is always credit and put the noncurrent asset as cost on debit. and for rent recievable accrued i put it on debit because it is owned and put the rent recievable total on debit because it is a income. and then balanced them.
Original post by Sukhdeep007
No i meant the interest on debentures ,,shouldnt that be subtracted from profut


only intrest goes in the income statement which could be right but very unlikely due to never seeing that happen
just looked on the June 2014 Accn2 paper and i can confirm balance b/d on the debit for provision for depreciation( its a very similar question)
Original post by Iscodisco
What did you guys put for the last question? I used up the entire space with three different points (best two will be used). I said soemhing about holding invenotry for a shorter period by using systems such as just in time stock control.


I just guessed it

1. increase cost of sales as it increases the turnover, however it would only be beneficial is sales increase at a faster rate which increases gross profit.

2. Reduce prices as it increases sales (didnt elaborate)

Did i get it completely wrong?
Original post by qazxsw123
I just guessed it

1. increase cost of sales as it increases the turnover, however it would only be beneficial is sales increase at a faster rate which increases gross profit.

2. Reduce prices as it increases sales (didnt elaborate)

Did i get it completely wrong?


I got told putting increase/decrease cost of sales is too vague and you need to be more specific like decrease purchases by getting lower quality goods, but it depends on the mark scheme. Sorry:frown:
Someone please tell me whether thier new balance b/d went on the provision for doubtful debts went on the debit or credit.. and how many figures they had on the credit on the provision for depreciation t account and finally what did everyone got for the income statement transfer in the received t account thankss
Original post by BigblackKish
Someone please tell me whether thier new balance b/d went on the provision for doubtful debts went on the debit or credit.. and how many figures they had on the credit on the provision for depreciation t account and finally what did everyone got for the income statement transfer in the received t account thankss


income statement transfer?
Original post by alhrona
I got told putting increase/decrease cost of sales is too vague and you need to be more specific like decrease purchases by getting lower quality goods, but it depends on the mark scheme. Sorry:frown:


Damn, hopefully theyll give me a grammar mark
Original post by qazxsw123
Damn, hopefully theyll give me a grammar mark


don't worry they will give you some marks for it for the right explanation , i also just guessed and made stuff up i spent about 5-10 minuites just thinking what to write. But i also hope they read the additional information because i have two stars one leading to extra space on the booklet and one on the additional paper so i hope they read it
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Avatar for 87Mack
87Mack
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isnt the balance brought down on the credit side for provision for doubtful debts?
Original post by 87Mack
isnt the balance brought down on the credit side for provision for doubtful debts?


Just read my notes and yes it is a credit :frown:
I don't know if its right but for the last question, i put about lowering closing inventory through only buying purchases when it is needed, and i wrote about them stopping all sale returns, in order to keep closing inventory low.
Original post by 87Mack
isnt the balance brought down on the credit side for provision for doubtful debts?


So which sidd did you put trade recievables?
Original post by nadskjlfh
I don't know if its right but for the last question, i put about lowering closing inventory through only buying purchases when it is needed, and i wrote about them stopping all sale returns, in order to keep closing inventory low.


Sorry have no idea mate , your answer seems reasonable , ifyou explained it you will grt some marks even if its not speciffically on thd mark scheme
Original post by alhrona
income statement transfer?

There is a balance you need to work out that gets transferred to the income statement which is what you need to find out in the income reveived t account..
I justrealised rent resievable is an income so i should of put the trade recievable total inthecredit not debit sugar :frown:
Can i get marks for putting something on the wrong side for the t accounts?
Balance bd is on the cr side for doubtful debts and depreciation.
Original post by Iscodisco
Balance bd is on the cr side for doubtful debts and depreciation.


yeah i got that for depreciation but i put it on the debit for provision will i get method marks or something?

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