1st Year BBS accounting case study

Poxyshamrock

Anyone else just completely lost? :P

skeleton_boy

A tad. Not put much effort into it either mind :P

1huge1

I was no better off last year, just go to the labs and ask as much questions as possible.

KombuchaMshroom

Haven't started it yet but ive been helping my friends a bit with it, it doesn't seem to bad to be honest if you did accounting for leaving cert.

Poxyshamrock

KombuchaMshroom wrote: »

Haven't started it yet but ive been helping my friends a bit with it, it doesn't seem to bad to be honest if you did accounting for leaving cert.

Exactly :P

Risteard

I've only done the original entry. Some bits are tricky but I did accounting for the Leaving Cert. I can see how if you didn't do it, it would be difficult.

thomond2006

Piece of advice: GO TO THE EXCEL LABS!

Tues-Thurs
6-7/7-8

KBS1 Computer Rooms

Myself and Risteard have been going to him, they're gold.

Make sure you get a good tutor though, our lad is a legend!

skeleton_boy

On closer inspection I'm alot more lost then I thought. Gonna have to do some serious study this weekend.

Mallox

skeleton_boy wrote: »

On closer inspection I'm alot more lost then I thought. Gonna have to do some serious study this weekend.

me too
only have original entry done and terrified of double entry .. started goin to labs alrite tho there very helpful :cool:

Gael23

Im not doing accounting for my leaving . Am I going to be completly lost?

ninty9er

I did LC Accounting and got an A2 and still managed to be completely lost with this thing....it was mainly the formula inputting that screwed me over.

DJCR

ryanf1 wrote: »

Im not doing accounting for my leaving . Am I going to be completly lost?

No..... I didn't do it either although be prepared to put in a few extra hours in you weak subjects....... for me it was accounting ..... you never know.. you might just get it and be ok with the subject!!

Don't worry ..... what ever you decide to do you will always find some subject more difficult of the others!!

THEDUDEINWHITE

HELP!

For section one, do the figures include VAT or do we add the 25% ourselves??

thomond2006

VAT included. :rolleyes:

THEDUDEINWHITE

So i've to reduce the ammount by 25%? and thats my NET?

skeleton_boy

Na mate the amount includes the VAT e.g A sale for €100 would be €75 + €25 VAT

Mossin

skeleton_boy wrote: »

Na mate the amount includes the VAT e.g A sale for €100 would be €75 + €25 VAT

No a sale for €100 would be €80 + €20 VAT!

And I did marketing :rolleyes:

sceptre

skeleton_boy wrote: »

Na mate the amount includes the VAT e.g A sale for €100 would be €75 + €25 VAT

Your VAT rate is suddenly 33%

Mossin's is 25%.

Don't forget what the 'A' stands for.

I'm assuming that the 25% is made-up for the project but anyhoo...

skeleton_boy

Yeah I see what I was doing wrong, doi! Needly to say I don't intend on going down the accounting path :P

Poxyshamrock

Eg. page 5
paid cheque no. 23993, €3200 to O'Connor. discount received 200

Is that 200 already discounted (i.e. 3400), or do you take it away? Leaving 3000

Risteard

Where are you putting it? In the O' Connor Account, I put it as two seperate entries e.g. Bank 3200 and Discount received 200. In the Cheque payments I put the 200 in the discount rec. column, 3200 in the '€' column and then 3400 in the creditor column.

I thought of it this way. You get discounts, generally when you pay so you've already sent the cheque for 3200 and then they give you 200 off the rest of what you owe them.

Another hint is that when your customers are paying off their accounts at the end it says 'xxxx paid the balance on their account less discount' where the entries before that said 'received cheque from xxxx for €xxxx and allowed discount.'

That's the way I interpreted it, I hope it's right.

shivaan

You know when you are posting payments to creditors in the cheque payments general ledger is i for example on Mar. 19
Disc rec-200, €-2000 and Creditors-2200 or is the creditors 2000 and the €- 1800 because its really confusing me!

galwayu

Is this the LM050 business course??:If so whats it like and how do ye find it so far???

sceptre

galwayu wrote: »

Is this the LM050 business course??:If so whats it like and how do ye find it so far???

Take it to a different thread please - it'll only throw this one off-topic for no reason. There are a number of already-existing threads that'll give you some info - just click the search button at the top of this page and search this forum for "business". I don't want to come across as overly harsh as it's your first time posting but it really has nothing to do with this discussion.

alexcorb1991

Ive been spending all weekend on this and ive gotten barely anywhere. I have no clue what to do after the sales, returns purchases bit:(.

I found that the library is pretty good for books on double entry(which i still have yet to tackle)

Is it necessary to use vlookup and all that or is manually typing numbers ok?

And what the hell do you do withh a general journal

Poxyshamrock

What goes into section two part two?

just purchases, purchases returns and the cheque payment books?

ninty9er

alexcorb1991 wrote: »

Is it necessary to use vlookup and all that or is manually typing numbers ok?

You must use vlookup. That's the hardest part of the whole thing. You really need to go to the labs.

You'd nearly be better off just handing up the workbook and taking an 87.5% final exam

Mossin

ninty9er wrote: »

You'd nearly be better off just handing up the workbook and taking an 87.5% final exam

I did this and it was the best decision I ever made! It halved my workload, gave me less stress, and I managed an A1 in the module overall...I find sitting the exam easier as it repeats itself

skeleton_boy

How long does this take start to finish, would I get it done in a night?

Mossin

Its possible, but I wouldnt recommend it..

Does the lecturer still give out certain figures in the lectures?
For example the Debtors Control a/c figure?

Risteard

Mossin wrote: »

Its possible, but I wouldnt recommend it..

Does the lecturer still give out certain figures in the lectures?
For example the Debtors Control a/c figure?

He does, he gave us all the Sales and Purchases and the returns, the Cheque Payments account and the Control Accounts.

I couldn't imagine doing it in one night, it would be very stressful.

Mossin

Risteard wrote: »

He does, he gave us all the Sales and Purchases and the returns, the Cheque Payments account and the Control Accounts.

I couldn't imagine doing it in one night, it would be very stressful.

Yeah I thought as much, thats good of him though as it provides direction to whether you are on the right track or not.

I used to have notes from when I did that module, but I gave them away to someone last year who needed them...

alexcorb1991

Risteard wrote: »

He does, he gave us all the Sales and Purchases and the returns, the Cheque Payments account and the Control Accounts.

I couldn't imagine doing it in one night, it would be very stressful.

What are the figures for cheque payments and the control accounts. I know my day books are fine thank god.

Is it to late to go to a lab and say i need help?

So im better off just doing it in the book? That does seem likely as i stopped going once he started doing the trial balance in the labs since i wasnt that far and i found it a waste of time siiting there for an hour when it had no relevance to me

Risteard

Cheque Payments is €70331 and Discount Rec. is €1350

Debtors Control: €28150 I think and the Creditors Control is €8750

If you haven't been doing the excel, I'd say you're better off to just leave it and focus on the book.

alexcorb1991

Ive been doing excel its just some prepayment stuff got me confused so i fell behind. Is it ok to do vlookup so it does an individual cell or are you suppose to use it so it fills the entire debtors ledger? Sorry iff im confusing the issue here

Risteard

I used the Vlookup to fill the Debtors and Creditor's ledger from the Books of Original Entry.

alexcorb1991

yes but did you enter the formula in each cell or is there a way where you enter the formula once and it fills the entire account?

Risteard

For one account e.g. O'Leary, I filled in one cell and dragged it down and it filled in the Sales part. Then for the Sales returns, I had to fill in another and drag it down to fill in the Sales Returns.

emma20

hey.....does anyone have the balance sheet done, fixed asset register and cash flow? it's impossible my figures balanced for preliminary trial b and adjusted trial b but final trial bal not balancing??:(

This case study is the bane of my life:(

skeleton_boy

Everyone,

I am extending the case study deadline to Week 12:

Thursday November 26, 4pm, S104

Regards

John

KombuchaMshroom

anyone have the income statement a/c in nominal done?
im not sure if mine is right!

imfreein09

any one want to tell me how to do vlookup got very confused in the lab!! if not can i just type all the figures in maually?

Mossin

Its nice to see a lecturer give an extension to a project.
Especially when it appears that a lot of students are struggling with it.

I peer mentor some 1st year students, and I cant believe that the current BBS class [and law and accounting] are doing the same case study I did when I was in 2nd year [the new BBS course has John Heneghan in 1st year]
What a lazy *ahem* he is...he could at least update his material! :rolleyes:

Unfortunately, I cannot give solutions to anyone, as I dont have the case study anymore, I did search for it though!

Best of luck with it all...afaik the preliminary trial balance is 181,721 iirc [or at least something very close to that...its late right now]

Risteard

Mossin wrote: »

Best of luck with it all...afaik the preliminary trial balance is 181,721 iirc [or at least something very close to that...its late right now]

Yep, we were given that figure in the labs. Now I just have to make it work.

thomond2006

I got an e-mail from the lecturer saying that the deadline has been extended to Thur 4pm next week.

I've emailed him to ask if this applies to the Excel submission also.

Re: Mossin

Yeah, that makes sense. Loads of people (including myself) at a loss to the workings of the Case Study i.e double entries for some transactions.

Edit: The E-mail I received:

Everyone,



I am extending the case study deadline to Week 12:



Thursday November 26, 4pm, S104



Regards



John

THEDUDEINWHITE

Any one got any more figures?:o

Poxyshamrock

How the fook do you do the Bank recon statement on pg 37

thomond2006

Your balance as per bank statement is the last balance figure in the bank statement.

Look for the cheques (by way of cheque numbers) that are not included in the bank statement. They are 23999, 24002 and 24003 for the record.

And hey presto.

Your balance as per Nominal Ledger should be a credit balance.

Hope this helps.

KombuchaMshroom

thomond2006 wrote: »

Your balance as per bank statement is the last balance figure in the bank statement.

Look for the cheques (by way of cheque numbers) that are not included in the bank statement. They are 23999, 24002 and 24003 for the record.

And hey presto.

Your balance as per Nominal Ledger should be a credit balance.

Hope this helps.

Think your going to too many accounting lectures, your sounding like John

thomond2006

KombuchaMshroom wrote: »

Think your going to too many accounting lectures, your sounding like John

I'm just handing out the jewels here people.....:pac:

KombuchaMshroom

Is 181,721 the balance for the preliminary trial balance or the extended one?

And whats the difference between the 2? Because you need some of the post trial balance adjustments to get figures for the preliminary trial bal.

Or are you not supposed to do that?