OCR Accounting Principles - 14th May 2014Watch
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!
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 ?
At cost - Residual value
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!