Help with accounting!!!

Bryan4president

Anyone know how to get the interest for the drawings in incomplete records type b? Thats the one that didn't come up last year.

orangetictac

well you get the interest payable by ( for eg 5% of 200,000 and if loan was got at end of september 31/09/07 then you get 3/12 of the 10,000 and thats int payable) then drawing is watever % they tell you of that

blue-army

Could anyone tell me the best way to remember which items go on which side in Suspense Accounts.....We spent about 2 classes doing Suspense, and nobody really understood......... and I always get confused as to what goes on what side.

Petie_Pie

Actually i believe it would be multiplied by 4/12 beause all the repayments are made on the last month..
Therefore 31/9 30/10 30/11 and 31/12

just taught i would tell ya... cant be loosin marks:P

Slashman X

blue-army wrote: »

Could anyone tell me the best way to remember which items go on which side in Suspense Accounts.....We spent about 2 classes doing Suspense, and nobody really understood......... and I always get confused as to what goes on what side.

It's just a double entry from your workings

orangetictac

Petie_Pie wrote: »

Actually i believe it would be multiplied by 4/12 beause all the repayments are made on the last month..
Therefore 31/9 30/10 30/11 and 31/12

just taught i would tell ya... cant be loosin marks:P

ya oops its should have been loan at start of october(thats how they ask it)

seanie44

does any1 know what to do with a contingency liability that it is likely in published accounts. what action is taken in the balance sheet

orangetictac

throw it down after debentures

add contingency liability

i think(pretty sure)

seanie44

cheers

BCawley

Could someone tell me how to get the Total Wages and Variable costs in part (c) Production Cost / Manufacturing budget, of a Production Budget?

Bryan4president

seanie44 wrote: »

does any1 know what to do with a contingency liability that it is likely in published accounts. what action is taken in the balance sheet

As far as I know you don't put in the balance sheet. You just have to write a note on it after the balance sheet.

louis626

Bryan4president wrote: »

As far as I know you don't put in the balance sheet. You just have to write a note on it after the balance sheet.

Yea thats right. :cool:

abcxyz123

orangetictac wrote: »

throw it down after debentures

add contingency liability

i think(pretty sure)

THIS IS 100% CORRECT!!

Throw it into 'Admin' and in the balance sheet

Petie_Pie

BCawley wrote: »

Could someone tell me how to get the Total Wages and Variable costs in part (c) Production Cost / Manufacturing budget, of a Production Budget?

Em find out the hours work.... eg gold has 7900 units sold... and then 2 hours per unit.. therefore 15,800 multiplied by the cost of labour per hour will give you your variable cost.....

Does that help??
Ahhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh accountin in an hour:(

BCawley

Petie_Pie wrote: »

Ahhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh accountin in an hour:(

Lol I know, my least favourite subject...:mad:
But anyway the figures were right in front of me so I copped on eventually, thats what'll happen when you cut into sleepy time do study