Accounting-Tabular statements question

Soby

just wondering when you "Receive 50,000 from the issue of the reamaining shares (from 1999 paper) you minus 50,000 in the bank and +40,000 in ord share capital and +10,000 in share premium..just wondering where the 40 and 10 000's figures come from......Cheers....:rolleyes:

md99

It works like this:

You had 40,000 Ordinary Shares left to issue. You weren't able to issue any more because you can only issue the amount of ordinary shares as preference shares...

You had 40,000 left to issue, and you receieved 50,000 for them - ie they were sold for more than €1, but the price doesn't matter.

+40,000 (Issued Shares)
+10,000 (Share Premium - The extra you receieved for these 40,000 shares)

Hope that helps.

CaoimheA

we have been told that there is absolutly no way tabs are coming up this year so don't bother

md99

CaoimheA wrote:

we have been told that there is absolutly no way tabs are coming up this year so don't bother

Tabular Statements have a decent chance of coming up...

Whoever your teacher is must be a pretty narrow minded person... Flexible Budgeting, Sole Trader etc all have a (lesser) but good chance of coming up...

It is not the Dept. of Educations aim to be predictable to teachers.

ninty9er

The department don't set exams anymore (in theory anyway)

But the SEC are an unpredictable bunch...I remember being told that Fhiannaíocht was def comin up in Irish, but sincce the teach was a muppet and I had a hunch it wouldn't revert I stuck with the Rúraíocht...first time it ever came up 2 years runnning.....

Accounting really screwed us....the teach refused to give tips withe "everything having an equal chance of coming up"....he said that one year there would be theory on every question "but it's unlikely to be this year"....there was theory on every question....viewed the script....damn theory robbed me of an A1

Never try to predict Accounting, it's not a difficlut subject so the paper won't be predictable

Donald-Duck

ninty9er wrote:

Never try to predict Accounting, it's not a difficlut subject so the paper won't be predictable

Wait, wait, what? Accounting is one of the most predictable exams on the leaving cert.

Mushy

Oh man, I've to start Tabular statements on Tuesday now:( I'm the only one doing honours accounting now in the year, so I'm on my own doing it(they've covered more than enough for OL).

Accounting is quite predictable. I'm only going to glance over Sole trader a small bit, just incase. Although what would happen if a departmental account came up?? And as for Budgeting questions, sure they only take about 15 mins anyway, so its not too much of a workload.

This year, if I remember my analysis of the paper, I'd go for:
1) Company Final account
2-4) dont care, wont be doing
5)Ratio Analysis(obviosuly)
6)Club/Service Account
7) Cash Flow
8)Job/Product Costing
9) Cash Budgeting

md99

Mushy wrote:

Oh man, I've to start Tabular statements on Tuesday now:( I'm the only one doing honours accounting now in the year, so I'm on my own doing it(they've covered more than enough for OL).

Accounting is quite predictable. I'm only going to glance over Sole trader a small bit, just incase. Although what would happen if a departmental account came up?? And as for Budgeting questions, sure they only take about 15 mins anyway, so its not too much of a workload.

This year, if I remember my analysis of the paper, I'd go for:
1) Company Final account
2-4) dont care, wont be doing
5)Ratio Analysis(obviosuly)
6)Club/Service Account
7) Cash Flow
8)Job/Product Costing
9) Cash Budgeting

Very well done, however sorely lacking the most tipped question of all, Incomplete Records (more likely than Cash Flow as it hasnt come up since 05)

I would also say Product Costing (with Stock Val.) will come up over Job, which came up in 05.

md99

Donald-Duck wrote:

Wait, wait, what? Accounting is one of the most predictable exams on the leaving cert.

Partially correct.

It is THE most predictable exam on the leaving cert....

But, even if it is completely and utterly predictable, it still could be your year that it becomes UNpredictable... So, better cover everything just in case. I know I am

Mushy

Cash Flows in Section 2 havent come up in ages, were hotly tipped for last year, and didnt happen, so thats why I'd be looking at it for this year. Incomplete and Cash Flow came up in S2 in my mocks, but was talking to gf while studying Incomplete, so forgot it by next morning, and could hardly remember cash flow. Lost way too many marks on that...but it woint happen again. Hopefully Club/Service dont come up though! Also hoping for a kind Ratio analysis question, can be easy enough once learnt well enough

timmywex

dont mean to change this around or anthing, but is accounting hard for the leaving cert??

ninty9er

no

md99

Mushy wrote:

Cash Flows in Section 2 havent come up in ages, were hotly tipped for last year, and didnt happen, so thats why I'd be looking at it for this year. Incomplete and Cash Flow came up in S2 in my mocks, but was talking to gf while studying Incomplete, so forgot it by next morning, and could hardly remember cash flow. Lost way too many marks on that...but it woint happen again. Hopefully Club/Service dont come up though! Also hoping for a kind Ratio analysis question, can be easy enough once learnt well enough

I scored an amazing 101/100 in incomplete records....

Shows you how well our pres were corrected.

As well as that, they forgot completely to correct part A of my Cash Budgeting...don't ask me why, they corrected part b and gave me full marks! Big dent in the grade tho!

md99

timmywex wrote:

dont mean to change this around or anthing, but is accounting hard for the leaving cert??

it's the kinda subject where, if you're any way good, you can often become VERY good very fast...

That said many great students still slip up in the Leaving, one question can throw you off and if you fail to do it properly it may affect your performance in the rest...

Mushy

md99 wrote:

I scored an amazing 101/100 in incomplete records....

Shows you how well our pres were corrected.

As well as that, they forgot completely to correct part A of my Cash Budgeting...don't ask me why, they corrected part b and gave me full marks! Big dent in the grade tho!

101/100...thats some good marking right there...also must have done it amazingly well, congrats. Cant believe they forgot to correct part A of Q9, speciaaly as its the part with the mos work involved.

Yeah, if your good, its easy to do well in, theres no inbetween at it, unless an alright student has an excellent day or a good student has a poor day. Thats what it would show in results

md99

Mushy wrote:

Yeah, if your good, its easy to do well in, theres no inbetween at it, unless an alright student has an excellent day or a good student has a poor day. Thats what it would show in results

True, I find it hard to believe how some seem to coast through it with a half knowledge of everything... How do they study it like that? Learn it to 50% knowledge and move on... I guess it's just laziness.

Mushy

md99 wrote:

True, I find it hard to believe how some seem to coast through it with a half knowledge of everything... How do they study it like that? Learn it to 50% knowledge and move on... I guess it's just laziness.

Hey hey now, thats pretty much my method. Although a bit more than 50% I hope. Turns out I was wrong, not doing Tabular statements now, started Correction of Error/Suspense accounts...all on my own. I'm confused!