*AQA AS Accounting 17th of June Help*

Watch
PanEze
Badges: 0
Rep:
?
#1
Report Thread starter 4 years ago
#1
We all know the resources for A Level accounting are a bit.. hhh erm *sad face*. Basically we don't have an exam solutions ! We don't have an S- Cool ! I'm an A2 student doing Unit 1 again, been getting pretty close to full marks on the past papers I'm doing. If anyone needs help with a specific question from a book or paper, tell me the year or send a screenshot and I will try my best to explain how to answer it, plus tips for that specific topic area. Band together accounting students !!
0
reply
PanEze
Badges: 0
Rep:
?
#2
Report Thread starter 4 years ago
#2
(Original post by Ibitomilayo)
Hi, could you send me your revision notes please cus I'm self study and I've been finding it really hard to find any resources to help me
I'm very sorry but this isn't the type of help I said I could provide ! But what would you like me do for you? You could tell me specific topic areas in unit 1 that you're struggling with and I could make some notes/ give questions and techniques, But unfortunately I can't go over everything ! If you have a kindle, Brendon Casey's books are very good, a physical copy might not come on time


(((((((

Do loads of past papers and make notes on what goes wrong/ what requires extra skill !
0
reply
PanEze
Badges: 0
Rep:
?
#3
Report Thread starter 4 years ago
#3
(Original post by Ibitomilayo)
Okay, thanks. I just you could email me a copy of your revision notes as that might help me to go over last minute things and also clarify some things i don't know. Ehrm, I'm struggling with expense accounts and purchases ledger control account
Not being funny or anything, pleaase don't take offense but do you not have a textbook you are using? x(

I can quickly write up some notes for control accounts, and constructing an expenses T account, with accruals, prepayments, the bank aspect and the income statement aspect, alright?
0
reply
manishahjee
Badges: 10
Rep:
?
#4
Report 4 years ago
#4
hi, i need help in the following questions:
1)explain the ways in which sales ledger control account can act as an aid to managing the business? (8marks, 2 for QWC)
2)explain the ways in which purchase ledger control account can act as an aid to managing the business? (8marks, 2 for QWC)
0
reply
scienceconfused
Badges: 1
Rep:
?
#5
Report 4 years ago
#5
Hiii, I know this isn't from unit one but I'm really struggling with shares and bonus shares, dividends from unit 2...
Do you have any tips or anything that can help me understand
Thanks
0
reply
PanEze
Badges: 0
Rep:
?
#6
Report Thread starter 4 years ago
#6
(Original post by manishahjee)
hi, i need help in the following questions:
1)explain the ways in which sales ledger control account can act as an aid to managing the business? (8marks, 2 for QWC)
2)explain the ways in which purchase ledger control account can act as an aid to managing the business? (8marks, 2 for QWC)

Riight ! The main one, "verifies the arithmetical accuracy of the ledger accounts"

2. Makes it easier to construct final accounts, because for example you have all your sales and purchases totaled up within the control account

3. "management information" is easily accessible, for example if I want to know how much cheques I have received for goods

4. *Prevention of Fraud*, usually one member of staff prepares the individual ledger (double entry) accounts, and another prepares the control account. Separation of tasks like this makes it easier to detect and deter fraud
0
reply
PanEze
Badges: 0
Rep:
?
#7
Report Thread starter 4 years ago
#7
(Original post by PanEze)
Not being funny or anything, pleaase don't take offense but do you not have a textbook you are using? x(

I can quickly write up some notes for control accounts, and constructing an expenses T account, with accruals, prepayments, the bank aspect and the income statement aspect, alright?
*Control Accounts are The Master accounts of trade payables and trade receivables
*Sales Ledger Control Account is for trade receivables because you *sell* to them, Purchases Ledger Control Account is for Trade payables because you purchase from them.

*Sales ledger Control account, master trade receivables: When they purchase something, this account is debited, Dishonoured cheques increase the amount owing and are also debited... when they *return goods, or *pay off money they owe, the sales ledger control account is credited. *Therefore reducing the amount owing*

SL Control a/c: *Credit = reduce the amount owing* *Debit = increase amount owing*

Purchase Ledger control account, master trade payables: When you purchase goods from a supplier, their account is credited *they lose these goods and give them to you !* likewise, the purchase ledger control account is credited with purchases !, and debited with money you pay to them (just as if you were to receive money from a trade payable, your account would be debited)

PL Control a/c: *Credit = increase the amount owing* *Debit = decrease the amount owing*

Contras and Discounts: These values *reduce the amounts owing*

Sales Ledger Control account: put the contra on the credit side
Purchase Ledger control account: put the contra on the debit side

DISCOUNTS: Act in the same way and act to reduce the amount owed by you to a supplier, or a trade receivable to you !

Discounts in the sales ledger control account: This is the master debtor account, the master account of people who owe you money. The discount you will therefore be concerned with are discounts you allow to them.. "discounts allowed" and, in order reduce the amount owing on this account (as discounts are intended to do), *Credit with discounts allowed and the amount*

Discounts in the purchase ledger control account: This is the master creditor account, the master account of people you owe money to. The discount you will therefore be concerned with are the discounts you have received from them.. discounts received ! and, in order to reduce the amount owing on this account (as discounts are intended to do) you *debit the purchase ledger control account with discounts received*

Benefits: Accuracy, prevents fraud (as the preparation of individual ledger accounts and the master control account are usually done by 2 separate people), Management information such as how many people are owing you money (Trade receivables), and helps you to construct final accounts

Errors not revealed by control accounts: Commission, omission, compensating, original entry.

Remember information goes from, source documents, to books of original entry, then to the ledger accounts (which are used to construct.. the purchase and sales ledger control account) therefore if something was not put in a day book, it would not have entered the ledger and would therefore not affect if the control balances or not !

Someone should check if this is all right... ask any questions you need to
0
reply
matt-mag
Badges: 1
Rep:
?
#8
Report 4 years ago
#8
Any predictions on what may come out? I'm thinking control accounts, and bank reconciliation. Errors perhaps ?
0
reply
PanEze
Badges: 0
Rep:
?
#9
Report Thread starter 4 years ago
#9
(Original post by Ibitomilayo)
Okay, thanks. I just you could email me a copy of your revision notes as that might help me to go over last minute things and also clarify some things i don't know. Ehrm, I'm struggling with expense accounts and purchases ledger control account
This is confusing, look at the thread for what i wrote about control accounts. Expense accounts, okay, you have several aspects, or pieces of an expense account.. one "piece" may be missing and you might have to use the difference between the 2 sides of the expense T account to find it: The pieces are

*opening prepayment
*opening accrual
*bank aspect (how much you paid towards this expense from your bank)
*closing prepayment
*closing accrual
*income statement
They'll give you enough information to properly construct the accounts

1. opening prepayment/ accruals go on the opposite side to what you would assume. Accruals increase an expense, so you would think that maybe the opening accrual would again go on the debit side of the expense account (as expenses have a debit balance).. opening accruals actually start off on the opposite side ! they are credited. Prepayments reduce the amount of expense, so you would think that the opening prepayment would go on the credit side, against the debit value of the expense.. it is in fact the opposite ! opening prepayments actually start off on the debit side !
2. Bank aspect, any money paid towards an expense will be debited to that account (as the bank is credited in order to pay for it)
3. closing prepayments/ accruals, they go on the side you would naturally assume they should. Accruals increase expense, therefore closing accruals are debited to the expense account. Prepayments reduce expense, so yes, the closing prepayments are in fact credited to the expense account !
4. Income statement, this is typically the balance on the expense account (the difference between the two sides) after filling in everything, this will usually be the missing figure they ask you to find.. it has to be there. It is credited from the expense account *to the income statement* where it has a debit balance ! phew! I hope this is all correct
0
reply
PanEze
Badges: 0
Rep:
?
#10
Report Thread starter 4 years ago
#10
(Original post by matt-mag)
Any predictions on what may come out? I'm thinking control accounts, and bank reconciliation. Errors perhaps ?
Hmm, no nobody knows what the future holds fam. But I'd focus on firming those 3, making sure I can construct income statements and balance sheets in my sleep, and looking at mark schemes and examiners reports for the written questions.

You really have to work at them past papers, note down anything particularly tricky or that you struggled with

Here's what I do yeah: write down what I need to do with each bit of the additional information, yknow.. those 1 - 7 bits under the questions. "For example, there was an 1500 of trade receivables that will never be recovered"
so I would need to, charge this as an expense, and remove this from trade receivables.
put a tick box next to each of these 2 actions and don't tick them until they're done ! what do you think? Good for unit 1 and 2 maybe, 3 and 4 or more messy so its harder to do it this way x(

maybe you have a technique you wanna share ! y is accounting so hard tho
0
reply
matt-mag
Badges: 1
Rep:
?
#11
Report 4 years ago
#11
(Original post by PanEze)
Hmm, no nobody knows what the future holds fam. But I'd focus on firming those 3, making sure I can construct income statements and balance sheets in my sleep, and looking at mark schemes and examiners reports for the written questions.

You really have to work at them past papers, note down anything particularly tricky or that you struggled with

Here's what I do yeah: write down what I need to do with each bit of the additional information, yknow.. those 1 - 7 bits under the questions. "For example, there was an 1500 of trade receivables that will never be recovered"
so I would need to, charge this as an expense, and remove this from trade receivables.
put a tick box next to each of these 2 actions and don't tick them until they're done ! what do you think? Good for unit 1 and 2 maybe, 3 and 4 or more messy so its harder to do it this way x(

maybe you have a technique you wanna share ! y is accounting so hard tho
Yeah thats exactly what i do whilst doing past papers, tick off the notes at the bottom of the income statement or balance sheet. Haven't go much problem on those; gotta work on those written questions, ill have a look at the examiners reports! thanks forget to check them.

For me its just doing every single past paper there is. Then going over the mark scheme and writing exactly what the mark scheme says (written qs) Another thing I've done is just like copy out the ratios, errors, BS and IS, until it becomes natural and repetitive.
0
reply
PanEze
Badges: 0
Rep:
?
#12
Report Thread starter 4 years ago
#12
(Original post by scienceconfused)
Hiii, I know this isn't from unit one but I'm really struggling with shares and bonus shares, dividends from unit 2...
Do you have any tips or anything that can help me understand
Thanks
hhhh erm, I know a bit about this stuff but not a lot because I got a b in unit 2 and that's enough I never wanna see it again ! x) jk

I started typing, but then I realised I'd probably be telling you stuff you already know ! Please, help me.. help us. Be specficcc
0
reply
PanEze
Badges: 0
Rep:
?
#13
Report Thread starter 4 years ago
#13
(Original post by matt-mag)
Yeah thats exactly what i do whilst doing past papers, tick off the notes at the bottom of the income statement or balance sheet. Haven't go much problem on those; gotta work on those written questions, ill have a look at the examiners reports! thanks forget to check them.

For me its just doing every single past paper there is. Then going over the mark scheme and writing exactly what the mark scheme says (written qs) Another thing I've done is just like copy out the ratios, errors, BS and IS, until it becomes natural and repetitive.
Sounding promising !
0
reply
scienceconfused
Badges: 1
Rep:
?
#14
Report 4 years ago
#14
(Original post by PanEze)
hhhh erm, I know a bit about this stuff but not a lot because I got a b in unit 2 and that's enough I never wanna see it again ! x) jk

I started typing, but then I realised I'd probably be telling you stuff you already know ! Please, help me.. help us. Be specficcc
Ahhh I see. Well atm I'm just confused about which bits of info to take from questions to answer dividends questions and retained profit kinda stuff. Name:  image.jpg
Views: 232
Size:  499.1 KB

Like this. Also I don't get inventory valuation, any tips on how to tackle these questions. Unit two is like my worse nightmare as these things really confuse the hell out of me
0
reply
PanEze
Badges: 0
Rep:
?
#15
Report Thread starter 4 years ago
#15
(Original post by scienceconfused)
Ahhh I see. Well atm I'm just confused about which bits of info to take from questions to answer dividends questions and retained profit kinda stuff. Name:  image.jpg
Views: 232
Size:  499.1 KB

Like this. Also I don't get inventory valuation, any tips on how to tackle these questions. Unit two is like my worse nightmare as these things really confuse the hell out of me

Hmm, well the dividends question is only 3 marks so don't let it scare ya !*20p per share, that's the key to working out how many shares there are, and ultimately how many dividends there are. Divide that 1250 by 20p, and thats the amount of shares ! Then multiply by the dividend amount to get the amount of dividend paid.

hhh and the other bits? *nervous face* I'm not doing unit 2 but I know I ought to firm my knowledge on this stuff x(

But let me try and explain a bit (mark schemes and examiners reports are life savers though)

1) This is the amount of dividends per sharee
2) This amount is added to the revaluation reserve (and the asset's value goes up?)
3) After you work out how many shares are initially issued (using the 20p),you create 50 additional shares for every one share issued...
*reserves maintained in their most distributable form* when there is a bonus issue, it has to be "financed" from reserves... when it says "reserves maintained in their most distributable form" it's kind of saying "don't touch retained earnings" because that's the only reserve that can (legally?) be distributed as dividends. Must be financed from capital reserves like share premium, revaluation and the general reserve. They don't come from "normal trading activities"

yknow? Share premium, the "little bit extra" on top of the nominal value of shares, revaluation from revaluing assets, general reserve the amount of retained earnings that directors "set aside". They don't arise from trading, they can be used to fund the bonus issue !

4. This is the, interim? dividend.. "all shares in issue" is telling me to issue dividends on the amount of shares I calculated using the 20p, plus the shares from the bonus issue.. 30p on all of em.

I'm just waffling a bit, but for realz mark schemes and examiners reports. Brendon casey's books are also p great. No idea when the unit 2 exam is but if you an't get a physical book on time, kindle it? Good luck
0
reply
PanEze
Badges: 0
Rep:
?
#16
Report Thread starter 4 years ago
#16
(Original post by scienceconfused)
Ahhh I see. Well atm I'm just confused about which bits of info to take from questions to answer dividends questions and retained profit kinda stuff. Name:  image.jpg
Views: 232
Size:  499.1 KB

Like this. Also I don't get inventory valuation, any tips on how to tackle these questions. Unit two is like my worse nightmare as these things really confuse the hell out of me
And inventory valuation? do you mean unit 3 accounting orrr
0
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Back
to top
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

Do you have the space and resources you need to succeed in home learning?

Yes I have everything I need (157)
60.62%
I don't have everything I need (102)
39.38%

Watched Threads

View All