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AQA Accounting (ACCN2) - 2014

The exam is a few months away yet, but I thought it would be good just to have a thread for any questions/help e.t.c

Talk Away :smile:

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Ugh!~

My class spent too much time on Unit 1 and hardly Unit 2
Dont know what to do now D:

What main stuff/basics that I should know!~ Pls help ^_^
Original post by chocolattelee
Ugh!~

My class spent too much time on Unit 1 and hardly Unit 2
Dont know what to do now D:

What main stuff/basics that I should know!~ Pls help ^_^


:smile:
AS Accounting Unit 2 notes.docx61.6KB
Original post by martin3425
:smile:


Oh my god! I dont know how to thank you because a simply sentence type over the internet is simply not enough. YOU SAVED MY LIFE. THANK YOU :biggrin:
Reply 4
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exams2k
Im screwed for unit2 my unit 1 tomorrow and i thought i was ready untill now :frown:
Reply 5
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nicole20
Are the Income Statements and Balance Sheets the same layout for Sole Trader and Partnerships or are there some differences?
Original post by chocolattelee
Oh my god! I dont know how to thank you because a simply sentence type over the internet is simply not enough. YOU SAVED MY LIFE. THANK YOU :biggrin:


No Worries :tongue:
Original post by nicole20
Are the Income Statements and Balance Sheets the same layout for Sole Trader and Partnerships or are there some differences?


As far as I know there are NO partnership Income statements or Balance sheets in Unit 2 (So ignore the phrase 'Sole Trader' for the income statement and Balance sheet part of the notes as it is irrelevant). You don't have to worry about that until Unit 3 when you have to do partnership capital accounts, profit splitting etc.
does anyone have just a list of topics for unit two, as all i can think of is the ratios, concepts, shares, business equity, cash budget, what else is there which is not from unit 1, also how do the balance sheet/income statement change from unit 1 too? thanks!
does anyone have just a list of topics for unit two, as all i can think of is the ratios, concepts, shares, business equity, cash budget, what else is there which is not from unit 1, also how do the balance sheet/income statement change from unit 1 too? thanks!
Reply 10
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wallbanks
OP
3
Original post by ryanarvaez97
does anyone have just a list of topics for unit two, as all i can think of is the ratios, concepts, shares, business equity, cash budget, what else is there which is not from unit 1, also how do the balance sheet/income statement change from unit 1 too? thanks!


Unit 2 basically covers:
- Types of ownerships i.e sole trader/partnerships/limited liability companies & pros & cons for all
- Accounting Concepts (Remembered by GOCOMPARE)
- Bad debts recovered & Income received in advance and due
- Provision for doubtful debts
- Reducing balance depreciation
- Sales & re-evaluation of non-current assets
- Capital and revenue expenditure
- Shares inc. rights issues & bonus shares
- Ratios
- Impact of ICT
- Cash Budgets

As for Income statements & Balance sheets, any of the above would be in the additional info, particularly depreciation, bad debts e.t.c
If this test is anything like the ACCN1, I may aswell pack by bags and go back to the old country; with my cousin Dmitri.
Reply 12
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zsdz
Please can someone explain how to do the rights issue/ bonus issue questions
Original post by zsdz
Please can someone explain how to do the rights issue/ bonus issue questions


do you mean the whole method start to finish or just the recording of the issue??


can someone give me a hand on disposal of NCAs, provision for tax and benefits/drawbacks of ICT
Reply 14
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zsdz
Original post by katiexmc
do you mean the whole method start to finish or just the recording of the issue??


can someone give me a hand on disposal of NCAs, provision for tax and benefits/drawbacks of ICT


The whole method start to finish would be good
okay...
Q: the business will issue 2 for every one share at a price of 25p as a
rights issue


ordinary shares at 20p each 100,000
share premium 50,000
revaluation reserve 150,000
300,000

first you need to work out how many shares the business has...
so if it says ordinary shares at 20p each and £100,000 then you do 100,000/0.2 to get 500,000. this is how many shares the business already has issued.

If the question says they will issue 2 shares for every 1 there is already at 25p then you will do 500,000 x 2 =1,000,000 (this is how many shares will be issued )
now, 20p was the original share price but notice it has gone up by 5p to 25p

so in the new share issue you will have 1,000,000 x 0.2= 200,000 (this is the finance raised through the share issue
and 1,000,000 x0.05 = 50,000 this is the share premium.

now.. If the question says its a share issue then the new finance raised will be added to the ordinary shares in the equity section 100,000 + 200,000 = 300,000
and the share premium will be added to the original share premium in the equity section 50,000 + 50,000 = 100,000

equity section
shares at 20p each 300,000
share premium 100,000
evaluation reserve 100,000
500,000


ever if the question says it will be a bonus issue It will be at the same as the original share price ( In this case 20p )
if the business is offering again 2 for everyone one and they have 500,000 shares in issue. as before,the new issue is 1,000,000 shares

so we will do 1,000,000 x 0.2 = 200,000 which is the new value of the bonus issue

equity section before bonus issue

shares at 20p each 100,000
share premium 50,000
revaluation reserve 150,000
300,000

tion after bonus issue

shares at 20p each 300,000 (old + bonus issue)
share premium -
revaluation reserve -
300,000


basically in a bonus issue the value of the bonus issue (here £200,000 ) is added to what was there originally to make £300,000
then the sections below (share premium and revaluation reserve) are subtracted until the value of the bonus issue 200,000 has been subtracted. which will leave the same balance as was there originally in the equity section


hope this helps!!!
(edited 9 years ago)
Reply 16
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Hanmoo
Original post by katiexmc
do you mean the whole method start to finish or just the recording of the issue??


can someone give me a hand on disposal of NCAs, provision for tax and benefits/drawbacks of ICT


Hey for the disposal, if you imagine the disposal account. On the debit is the cost of the NCA that was sold and a profit made on sale if there is one. On the credit is the amount of deprecation of that particular asset, how much it was sold for labelled as bank and then any loss if there is one, hope this helps :smile:
Reply 17
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jei1
Hey guys I honestly just find the whole shares and cash budgets hard. .I completely dont understand it :, (. Im scared xos I totally flopped unit 1..any ways I could try and understand them?

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Anyone know what's likely to come up in the paper ?
Original post by Qasim1786
Anyone know what's likely to come up in the paper ?


I could do with some idea too. Feel like I've got loads to revise, done a couple of past papers this morning but could do with some predictions of what will be on it 😕


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