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Anyone who does A LEVEL (AQA) ACCOUNTING- wanna be study buddies? Watch

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    We could help each other on questions and all that good academic stuff
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    Sorry you've not had any responses about this. Are you sure you've posted in the right place? Here's a link to our subject forum which should help get you more responses if you post there.


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    (Original post by TSR Jessica)
    Sorry you've not had any responses about this. Are you sure you've posted in the right place? Here's a link to our subject forum which should help get you more responses if you post there.


    Just quoting in Fox Corner so she can move the thread if needed :wizard:
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    Hi I'm currently studying the AS units through ukdlp because my college didnt offer it and would definitely appreciate someone i could study with as i dont have anyone to go to for help- so yeah, id love to be study buddies!
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    (Original post by jamesKnightlk)
    Hi I'm currently studying the AS units through ukdlp because my college didnt offer it and would definitely appreciate someone i could study with as i dont have anyone to go to for help- so yeah, id love to be study buddies!
    Great. By the way, i'm doing A2 accounts now so i'll definitely be able to help you with AS. You can pm me whenever on here or maybe we can contact each other via Whatsapp, up to you.
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    (Original post by mavrick388)
    Great. By the way, i'm doing A2 accounts now so i'll definitely be able to help you with AS. You can pm me whenever on here or maybe we can contact each other via Whatsapp, up to you.
    brilliant sounds great, i dont have whatsapp or anything similar so i'll just pm you whenever im stuck with something, which will probably be pretty often since im still struggling with unit 1 stuff
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    (Original post by jamesKnightlk)
    brilliant sounds great, i dont have whatsapp or anything similar so i'll just pm you whenever im stuck with something, which will probably be pretty often since im still struggling with unit 1 stuff
    cool. What are you on so far?
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    (Original post by mavrick388)
    cool. What are you on so far?
    well ive started looking at creating suspense accounts and how errors can change profit. I thought i was doing ok until i looked at q4 a) on the last year's paper where the mark scheme seems to pull £560 from nowhere

    i've emailed my course tutor asking whats going on but he hasnt got back to me yet
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  1. File Type: pdf AQA-ACCN1-QP-JUN15.PDF (250.6 KB, 44 views)
  2. File Type: pdf AQA-ACCN1-W-MS-JUN15.PDF (147.7 KB, 41 views)
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    (Original post by mavrick388)
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    Just realized that (1) is an error of omission (so doesn't affect the TB balance) hence ignore it- the OB balance should then be 465+95=650.
    As for the general journal entry for (1), it should actually be:
    Expenses DR 95
    Cash CR 95

    The question doesn't ask you to do general journal entries but i thought i'd show you them to help you see how you get each entry in the suspense a/c.
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    (Original post by mavrick388)
    Just realized that (1) is an error of omission (so doesn't affect the TB balance) hence ignore it- the OB balance should then be 465+95=650.
    As for the general journal entry for (1), it should actually be:
    Expenses DR 95
    Cash CR 95

    The question doesn't ask you to do general journal entries but i thought i'd show you them to help you see how you get each entry in the suspense a/c.
    wow that really helps thanks, i get it now. i've been going mad for about a week with this, looks like i can finally move on
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    hi it's me again, just another quick question. my textbook shows the sales ledger being split into the individual accounts for different people. why exactly is it put in debit when sales would usually be in credit? my guess is because it would be considered an expense for the people named above the accounts but i just wanted to make sure

    also i would normally ask my tutor this but he still hasn't responded to my last question which you've already answered :/
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    (Original post by jamesKnightlk)
    hi it's me again, just another quick question. my textbook shows the sales ledger being split into the individual accounts for different people. why exactly is it put in debit when sales would usually be in credit? my guess is because it would be considered an expense for the people named above the accounts but i just wanted to make sure

    also i would normally ask my tutor this but he still hasn't responded to my last question which you've already answered :/
    The sales ledger is a ledger containing the accounts of debtors to the business. Debtors are assets and asset a/cs have a debit balance, hence why a credit sale for a given customer is entered as a debit in their a/c. Remember the double-entry bookkeeping system used in accounts. For example Jim buys £40 of goods from the business on credit.You would record this transaction in the Sales Day Book (not part of the double entry, just a book of original entry). Now for the actual double-entry: Dr 40 in Jim's a/c in the Sales Ledger and Cr 40 in the sales a/c in the Nominal Ledger (ledger for impersonal a/cs). If it was a credit sales return of £40 of goods instead, you would Cr 40 in Jim's a/c (because less of an asset is a credit) in the Sales Ledger and Dr 40 in the sales a/c in the nominal ledger or sales returns (doesn't matter which).
    Note: normally you don't look at the individual balances of each debtor and post it to the sales a/c separately- instead you sum up all the balances from the debtors' a/cs (this is done in the debtors' control a/c) and post to the sales a/c as a total sum in the Nominal ledger.
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    (Original post by mavrick388)
    The sales ledger is a ledger containing the accounts of debtors to the business. Debtors are assets and asset a/cs have a debit balance, hence why a credit sale for a given customer is entered as a debit in their a/c. Remember the double-entry bookkeeping system used in accounts. For example Jim buys £40 of goods from the business on credit.You would record this transaction in the Sales Day Book (not part of the double entry, just a book of original entry). Now for the actual double-entry: Dr 40 in Jim's a/c in the Sales Ledger and Cr 40 in the sales a/c in the Nominal Ledger (ledger for impersonal a/cs). If it was a credit sales return of £40 of goods instead, you would Cr 40 in Jim's a/c (because less of an asset is a credit) in the Sales Ledger and Dr 40 in the sales a/c in the nominal ledger or sales returns (doesn't matter which).
    Note: normally you don't look at the individual balances of each debtor and post it to the sales a/c separately- instead you sum up all the balances from the debtors' a/cs (this is done in the debtors' control a/c) and post to the sales a/c as a total sum in the Nominal ledger.
    If the control a/c bit confused you- read over the chapter that covers it. Also i'd recommend this book, if you haven't got it that is--->https://www.amazon.co.uk/AQA-Accounting-2nd-David-
    Austen/dp/1408515571/ref=sr_1_1?ie=UTF8&qid=147483364 2&sr=8-1&keywords=aqa+accounting
    ^I used this book adn the one in that photo
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    Ah good I didn't realise it was control accounts I'll have a look over them. I really do appreciate the help as well - so far you've been about two days faster answering than my tutor

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    (Original post by jamesKnightlk)
    Ah good I didn't realise it was control accounts I'll have a look over them. I really do appreciate the help as well - so far you've been about two days faster answering than my tutor

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    And i appreciate your appreciation lol. Just give everything time and you'll see how all the content clicks and links to each other.
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    hey im back - hope everything's good with you

    just finished covering unit 1 and was wondering if you had any handy exam tips seeing as you did them last year: like how to answer explain questions or common mistakes people make with calculation ones. also if you know of any good places to get example questions that'd be great because im going to run out of past papers pretty quickly

    cheers
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    (Original post by jamesKnightlk)
    hey im back - hope everything's good with you

    just finished covering unit 1 and was wondering if you had any handy exam tips seeing as you did them last year: like how to answer explain questions or common mistakes people make with calculation ones. also if you know of any good places to get example questions that'd be great because im going to run out of past papers pretty quickly

    cheers
    I just have one exam tip- keep a cool head and think logically, just stick to what you've learnt.
    With explaining questions, it's just recalling points really. They're generally straightforward.
    For common mistakes made you could have a look at examiner reports.
    Doesn't that book you have, have enough questions (i know because i have it and never got to doing even half of the questions for each chapter? :P
    And it sounds like you're getting on well. Unit 2 isn't too long. Could get it done in a month comfortably. It's the understanding that takes time. Once you get through that i found myself only needing a couple days to revise the whole of unit 1&2.

    I still haven't started working properly on my subjects :/. Should be soon though. From what i'm seeing, you're working way harder than i did so i'm sure you'll get that A (i got A btw).

    CHEERSSSSSSSSSSSSSSSSS
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    (Original post by mavrick388)
    I just have one exam tip- keep a cool head and think logically, just stick to what you've learnt.
    With explaining questions, it's just recalling points really. They're generally straightforward.
    For common mistakes made you could have a look at examiner reports.
    Doesn't that book you have, have enough questions (i know because i have it and never got to doing even half of the questions for each chapter? :P
    And it sounds like you're getting on well. Unit 2 isn't too long. Could get it done in a month comfortably. It's the understanding that takes time. Once you get through that i found myself only needing a couple days to revise the whole of unit 1&2.

    I still haven't started working properly on my subjects :/. Should be soon though. From what i'm seeing, you're working way harder than i did so i'm sure you'll get that A (i got A btw).

    CHEERSSSSSSSSSSSSSSSSS
    Well thanks its good to hear that from someone who knows what theyre doing. I guess ill just go through the book and past papers like you said. Ill probably end up needing help with unit 2 but ill start that in a month or so

    Until then congrats on the A and gl with a2



    CHEEEEEEYYYYEEEEEEEEEEEEEEEEEEER RRRS
 
 
 
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