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    (Original post by AccountingHelp)
    Yeah that's what I did, but I do it the other way round
    (Original post by df2397)
    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
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    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?
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    (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
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    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.
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    (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"
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    (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
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    (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
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    (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
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    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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    (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
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    (Original post by Muhammad_AK)
    Sales returns should be on credit
    For the Receivable account or the Sales Return Account?
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    (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?
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    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?
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    (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.
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    (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?
    All you needed to do is the Gross Profit and adjust it with discount received which I forgot to do and you find your adjusted gross profit...
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    Anyone found or have the paper?
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    (Original post by df2397)
    Wrong, sales go up on the credit, sales return make sales go Down
    Are you talking about the receivable account or the return inwards account in the back page.
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    Guys you do know the trade receivables accounts were all part of the Paul Elliot account, so it's part of his perspective view.
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    (Original post by Accountantlolks)
    I meant the 'forgotten cheque' sorry
    But surely that forgotten cheque has to be recorded somewhere? I put it in the cashbook as that's where a cheque would usually go
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    (Original post by MLBBoy123)
    All you needed to do is the Gross Profit and adjust it with discount received which I forgot to do and you find your adjusted gross profit...
    You dont add discount received i think , becuase its not gross profit , they asked for only the gross profit
 
 
 
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