OCR Accounting Principles - 14th May 2014

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fullfredda
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#1
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#1
just wanted to ask did everyone get 5400 on the disposal figure in the prov for doubt debts and if your final accounts did balance what was your capital at year end/net assets ?
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tomtom2014
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#2
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hi I also done the OCR accounting unit one today, it was ok I suppose! My trial balance had a difference of 2300 I think this was because of the specific debt in the additional notes, I don't think that the second question was on bad debts! It was on depreciation and disposal of machinery!
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fullfredda
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#3
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(Original post by tomtom2014)
hi I also done the OCR accounting unit one today, it was ok I suppose! My trial balance had a difference of 2300 I think this was because of the specific debt in the additional notes, I don't think that the second question was on bad debts! It was on depreciation and disposal of machinery!
. Yeah your right I was wondering the disposal figure of the fixed asset in the prov for depreciation t account and yeah must be the bad debts you forgot to write off same as me
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tomtom2014
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#4
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#4
Hi again, for the bal b/d for last year of depreciation I got 5700 and I think I may have got 6900 on disposal of depreciation and I definitely know I got a gain(profit) from the disposal

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fullfredda
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#5
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#5
i got a profit aswell but mine was 5400 from recollection im not to sure if it is right or not though ? :/
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tomtom2014
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#6
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You must of taken into consideration the residual value of 10% but I didn't include that in because it didn't give you the amount of useful years of the asset, I'm not a teacher so you maybe right or I might be! No one knows!
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tomtom2014
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#7
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#7
In the tpl and b/s what did you get for the pdd for debtors??
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fullfredda
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(Original post by tomtom2014)
You must of taken into consideration the residual value of 10% but I didn't include that in because it didn't give you the amount of useful years of the asset, I'm not a teacher so you maybe right or I might be! No one knows!
Usually the residual is either a percentage or number of years of life so it had to be taken off not to sure if i can remember wut i got for the prov :/ wut did you get for it ?
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tomtom2014
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#9
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#9
Hi will reply tomorrow as busy doing revising for my maths exam for tomorrow
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tomtom2014
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#10
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(Original post by fullfredda)
Usually the residual is either a percentage or number of years of life so it had to be taken off not to sure if i can remember wut i got for the prov :/ wut did you get for it ?
I got taught that to work out depreciation with the residual value you get:

At cost - Residual value
divide by
The amount of useful years of the asset

Because the business had not given an estimated useful life/years of the asset, I just ignored that because I think it is a red herring, so I just depreciated how it normally would by using the method that had to be used!

BTW - this is only my suggestion maybe I'm wrong, so don't panic and good luck on unit two for this thursday!
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