** LC accounting 2014 - predictions , discussion, etc **

Isitthough?

Cashflow

Is everyone doing ratios just incase kinda thing? I have all the Q6 and 7's done except published and Incomplete A(last years Q's) Not sure if I have time....

Saskatchewan

Tabular

Isitthough? wrote: »

Is everyone doing ratios just incase kinda thing? I have all the Q6 and 7's done except published and Incomplete A(last years Q's) Not sure if I have time....

have a quick look through the ratios. Worst case you'll get the 50m for them and maybe bluff another 15-20m on b. Its better than being stuck if they do put published up. Unlikely but there's still a chance...

robman60

Published

Hi guys, could someone explain this Suspense piece to me please?

2008 Q7 (ii) O' Shea sold privately owned jewellery to a debtor of the business on credit for €2,800. This sale had been treated in error as a cash sale of stock. O' Shea intended that the proceeds of this sale were to be retained by the business.


He is a boutique owner, so would jewellery be considered as purchases like a car would be for a garage owner? I've seen the solution but I still don't understand it so I'd appreciate assistance.

123corby

Would it be safe enough to leave out manufacturing, it couldn't possibly come up again!?

jwcurtin

Cashflow

123corby wrote: »

Would it be safe enough to leave out manufacturing, it couldn't possibly come up again!?

I think I'll leave it out, do the two 60 markers instead.

Isitthough?

Cashflow

robman60 wrote: »

Hi guys, could someone explain this Suspense piece to me please?

2008 Q7 (ii) O' Shea sold privately owned jewellery to a debtor of the business on credit for €2,800. This sale had been treated in error as a cash sale of stock. O' Shea intended that the proceeds of this sale were to be retained by the business.


He is a boutique owner, so would jewellery be considered as purchases like a car would be for a garage owner? I've seen the solution but I still don't understand it so I'd appreciate assistance.

Hmm..take it out of cash cause it was sold on credit not cash so 2800 cr side of cash to decrease it...privately owned jewellary into the business is capital being brought into the business so add 2800 to capital which is a cr balance...was sold on credit therefore they havnt paid us yet so 2800 increase for debtors which is a dr balance so put in dr to increase debtors...Now I see what your saying but we arnt actually purchasing anything as a business. I had a watch at home and someone saw it on me one day and wanted to buy it He offered 2800 for it and Im like sure. Im not buying anything my customer is so its treated as a sale for this question not a purchase cause were selling it so we increase sales by 2800 and sales is Dr balance so increase it by putting 2800 on Dr side.

Im sorry if that doesnt explain it well Im not good at explaining things thats why I'd never be a teacher :pac:

gclaire

Cashflow

any predictions for section 3 anyone??

Kyro

Tabular

gclaire wrote: »

any predictions for section 3 anyone??

Banking on a production budget.

Isitthough?

Cashflow

Kyro wrote: »

Banking on a production budget.

yeah but im ok with cash too worst case would be a mix we havnt seen before or a cash B that hasn't come up in a full ques since 2002:pac:

gclaire

Cashflow

Kyro wrote: »

Banking on a production budget.

do you think they cud through anything else in there?

flump_master

Cashflow

robman60 wrote: »

Hi guys, could someone explain this Suspense piece to me please?

2008 Q7 (ii) O' Shea sold privately owned jewellery to a debtor of the business on credit for €2,800. This sale had been treated in error as a cash sale of stock. O' Shea intended that the proceeds of this sale were to be retained by the business.


He is a boutique owner, so would jewellery be considered as purchases like a car would be for a garage owner? I've seen the solution but I still don't understand it so I'd appreciate assistance.

As far as I can tell the trick is you didn't sell it. It's as if O'Shea was out one night, a friend offered to buy his watch for €2800 and O'Shea said "Sure, but pay the money to my company". So it wasn't a sale- debit sales by €2800. It wasn't the receipt of cash- credit cash by €2800. Credit capital and debit sales to account for the money being put into the business, and that you have yet to get it

gclaire

Cashflow

Isitthough? wrote: »

yeah but im ok with cash too worst case would be a mix we havnt seen before or a cash B that hasn't come up in a full ques since 2002:pac:

Yeah or im thinkin they might throw in where u have to work out the closing stock unit cost?

Isitthough?

Cashflow

gclaire wrote: »

do you think they cud through anything else in there?

Cash Budgeting.

Isitthough?

Cashflow

gclaire wrote: »

Yeah or im thinkin they might throw in where u have to work out the closing stock unit cost?

Yeah That came up In DEB paper didnt know what to do with it I do know though.:P

robman60

Published

Isitthough? wrote: »

Hmm..take it out of cash cause it was sold on credit not cash so 2800 cr side of cash to decrease it...privately owned jewellary into the business is capital being brought into the business so add 2800 to capital which is a cr balance...was sold on credit therefore they havnt paid us yet so 2800 increase for debtors which is a dr balance so put in dr to increase debtors...Now I see what your saying but we arnt actually purchasing anything as a business. I had a watch at home and someone saw it on me one day and wanted to buy it He offered 2800 for it and Im like sure. Im not buying anything my customer is so its treated as a sale for this question not a purchase cause were selling it so we increase sales by 2800 and sales is Dr balance so increase it by putting 2800 on Dr side.

Im sorry if that doesnt explain it well Im not good at explaining things thats why I'd never be a teacher :pac:

flump_master wrote: »

As far as I can tell the trick is you didn't sell it. It's as if O'Shea was out one night, a friend offered to buy his watch for €2800 and O'Shea said "Sure, but pay the money to my company". So it wasn't a sale- debit sales by €2800. It wasn't the receipt of cash- credit cash by €2800. Credit capital and debit sales to account for the money being put into the business, and that you have yet to get it

Thanks a lot guys, I understand it now. I just couldn't understand why it was being put into the sales account. I just had to think of it as you guys said. Some random person asking to buy the watch and saying to give the money to the business.

sinead18

Tabular

Please god let revaluation/depreciation/control/suspense/published/club/service/farm pleaseeee

onethreefive

Can somebody please tell me how to find out debenture interest due in final accounts of a company

Lara_15

Published

onethreefive wrote: »

Can somebody please tell me how to find out debenture interest due in final accounts of a company

Its just the P+L figure minus anything you paid during the year

SheilaM

Tabular

My predictions: Cashflow, suspense, control, service, ratio, Cvp, total prod cost budget

robman60

Published

Revision done, just have to do sole trader tomorrow morning and I should be set.

I think it'll be cash flow instead of service or suspense, just an inkling. I think question 8 will be like the 2006 one. Anyone who's unsure and does Q8 I'd advise you to revise the method for preparing a profit and loss statement under marginal and absorption principles, I think it'll appear.

SoundInfluence

Club

Control, revaluation, cash flow/farm- ratio,suspense, service-marginal/flexi mix and a production budget.

Might have a club instead of service and incomplete A in 60m, aswell as cash flow as a 100m if one service or suspense doesn't appear.

Calvin

Published

Praying for controls, cash flow, reval/club, service, suspense and marginal on its own or production budget!

Currently learning off everything that goes into a cash flow statement....don't think I'll learn the 100m version.

sallycoolgal

Published

if a 100m farm account was to come up, is there anything specific id need to know for the balance sheet?

onethreefive

Can someone explain how to work out Capital employed.. Getting desperate Now haha

GalwayCovers1

Cashflow

What's everyone hoping for or predicting this year?

Q1. Sole Trader (Even though our teacher reckons it's going to be a higher level departmental this year)

Section 2. Has to be a tabular in there somewhere & a Club/service firm would be nice

Section 3. A Nice cash budgeting or Job costing would do the trick


What does everyone else think?

mrtommcandrew

Does anyone know if it would be possible to go fro HL to OL on the day? (Like is ol the same thing in a simpler form, or would you have had to practice OL questions before doing the exam?

GalwayCovers1

Cashflow

I know there's usually no problem dropping to ordinary on the day. But a lot of the time you will come out a lot better if you stick with the higher, unless you really think you are in danger of failing.

For accounting the paper is fairly similar with a lot less adjustments etc. But there can be different questions on the paper such as departmental that could come up.

robman60

Published

onethreefive wrote: »

Can someone explain how to work out Capital employed.. Getting desperate Now haha

Long term loans + issued capital + reserves + revaluation reserve (if it's there, may not be in ordinary level) = capital employed

mrtommcandrew

GalwayCovers1 wrote: »

I know there's usually no problem dropping to ordinary on the day. But a lot of the time you will come out a lot better if you stick with the higher, unless you really think you are in danger of failing.

For accounting the paper is fairly similar with a lot less adjustments etc. But there can be different questions on the paper such as departmental that could come up.

Thanks fella

Microphone Head

Waiting outside the exam centre. The suspense is killing me.