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nanook5

As per title above .

If I can't help you , someone else definitely can

yvngceebs

nanook5 wrote: »

As per title above .

If I can't help you , someone else definitely can

For the Q1 on paper 2, when doing the Creditors' Ledgers/General Ledgers, how would I know whether to use "balance" or "bank"?

Would wholeheartedly appreciate it if you could answer this question. If you can't, it's completely okay

S_Hick12

yvngceebs wrote: »

For the Q1 on paper 2, when doing the Creditors' Ledgers/General Ledgers, how would I know whether to use "balance" or "bank"?

Would wholeheartedly appreciate it if you could answer this question. If you can't, it's completely okay

Sorry, i can't help but i have a bit of advice, do not do that question.

yvngceebs

S_Hick12 wrote: »

Sorry, i can't help but i have a bit of advice, do not do that question.

I sort of, kind-of understand it. I understand the ACB, General Journal, Purchase Books and the Trial Balance. Then comes the General + Creditors' Ledgers. Grrrr.

nanook5

yvngceebs wrote: »

I sort of, kind-of understand it. I understand the ACB, General Journal, Purchase Books and the Trial Balance. Then comes the General + Creditors' Ledgers. Grrrr.

OK . I would also advise you not to do this but here's my answer to your question (Keep in mind I may be wrong)

From looking at the 2004 solutions it seems that balance is used for something that is outstanding e.g share capital because that needs to be paid back to the shareholders and bank is used when something is paid out/in e.g sales or purchases or VAT

Then Balance is used for balance b/d and balance c/d

I think that's right :P

yvngceebs

nanook5 wrote: »

OK . I would also advise you not to do this but here's my answer to your question (Keep in mind I may be wrong)

From looking at the 2004 solutions it seems that balance is used for something that is outstanding e.g share capital because that needs to be paid back to the shareholders and bank is used when something is paid out/in e.g sales or purchases or VAT

Then Balance is used for balance b/d and balance c/d

I think that's right :P

Thank you so much! ^.^

nanook5

yvngceebs wrote: »

Thank you so much! ^.^

No problem

Beca19

yvngceebs wrote: »

For the Q1 on paper 2, when doing the Creditors' Ledgers/General Ledgers, how would I know whether to use "balance" or "bank"?

Would wholeheartedly appreciate it if you could answer this question. If you can't, it's completely okay

I only write balance when it says the word balance (like they tell you to use it) eg. Post the balances from this general journal into ledgers

Then use bank from the rest, like all entries from the analysed cash book are put in the ledgers as 'bank'...
I think anyway.....

nanook5

I don't think they would penalise you heavily if you miss-used Balance/bank . They are really looking for the correct figures .

nanook5

Beca19 wrote: »

I only write balance when it says the word balance (like they tell you to use it) eg. Post the balances from this general journal into ledgers

Then use bank from the rest, like all entries from the analysed cash book are put in the ledgers as 'bank'...
I think anyway.....

That's a better explanation than mine

Kelly090

yvngceebs wrote: »

For the Q1 on paper 2, when doing the Creditors' Ledgers/General Ledgers, how would I know whether to use "balance" or "bank"?

Would wholeheartedly appreciate it if you could answer this question. If you can't, it's completely okay

You use "balance" when posting figures from the general journal to the ledgers.
You use "bank" when posting figures from the analysed cash book to the ledgers.
Hope this helps

yvngceebs

Kelly090 wrote: »

You use "balance" when posting figures from the general journal to the ledgers.
You use "bank" when posting figures from the analysed cash book to the ledgers.
Hope this helps

Helped so, so, so much! Thank you!!

Kelly090

yvngceebs wrote: »

Helped so, so, so much! Thank you!!

No problem :)oh and by the way you use GJ for the folio (in the ledgers) when posting from the general journal.
Use ACB in the folio when posting from the analysed cash book.
You probably already know that but just in case!

JWM12

My advice is don't do the day books (Q1, Paper 2). They take a while and unless you're really good at them they'll wreck your head. You do 4 of 6 I think so I'll be having a stab at some of the other ones

yvngceebs

Kelly090 wrote: »

No problem :)oh and by the way you use GJ for the folio (in the ledgers) when posting from the general journal.
Use ACB in the folio when posting from the analysed cash book.
You probably already know that but just in case!

Thank you again!

LaLeche

yvngceebs wrote: »

I sort of, kind-of understand it. I understand the ACB, General Journal, Purchase Books and the Trial Balance. Then comes the General + Creditors' Ledgers. Grrrr.

not to be mean... but you can't learn the general and creditor ledger the night before....

yaEHya

Predictions for long answer questions tomorrow ?

nanook5

Well Paper 1 is:

Household budget
Club accounts
The consumer
Banking
People at work
and another one ..... (that I can't think of)

Paper 2 :
Ledgers(Which most people don't do)
Bookkeeping and documents and invoices
Final accounts
Cash flow forecast is likely(My friend told me today,I'm not sure)
Marketing is likely also


The rest of P2 is pretty unpredictable but I haven't looked at what can com up

I just go with the (cash)flow :P

yaEHya

Would I be okay not doing club accounts ?

VG31

nanook5 wrote: »

Well Paper 1 is:

Household budget
Club accounts
The consumer
Banking
People at work
and another one ..... (that I can't think of)

Economics

nanook5

yaEHya wrote: »

Would I be okay not doing club accounts ?

Yes . You should be fine but I would suggest doing them

yaEHya

nanook5 wrote: »

Yes . You should be fine but I would suggest doing them

I know how to do the shop account ones but theres other harder ones that come up sometimes?

nanook5

yaEHya wrote: »

I know how to do the shop account ones but theres other harder ones that come up sometimes?

Bar trading account , Receipts and payments account(Summary of analysed cash book) , Balance sheet and income and expenditure account

delaad

yvngceebs wrote: »

For the Q1 on paper 2, when doing the Creditors' Ledgers/General Ledgers, how would I know whether to use "balance" or "bank"?

Would wholeheartedly appreciate it if you could answer this question. If you can't, it's completely okay

Don't be too concerned about what goes in the Details column in the ledgers. The marks are given for writing in the amounts of money on the correct side of the accounts.

And remember when you post/transfer an amount from the Cash Book to the Ledgers, the amount changes side: Debit in the Cash, Credit in the Ledgers, and vice.

yaEHya

Any tips for the short answers only got 30 In the mock which brought me down too a c

nanook5

yaEHya wrote: »

Any tips for the short answers only got 30 In the mock which brought me down too a c

GO PRACTICE THEM NOW!!!!

Know what goes in trading account,P&L,Balance sheet , Debtors/creditor control accounts

delaad

yaEHya wrote: »

Any tips for the short answers only got 30 In the mock which brought me down too a c

Go over the previous years questions. You'll soon notice that a fair number of them come round year on year, with only the names and numbers changing.

nanook5

VG31 wrote: »

Economics

That was it

LaLeche

A note of advice, the examiner will bend you over with a rusty spork if you try to do the club accounts using business account templates and headings, also don't piss of the examiner by doing all the section i and 2 questions. Thats an ordinary level move...

LaLeche

yaEHya wrote: »

Any tips for the short answers only got 30 In the mock which brought me down too a c

Heres a great tip, you're ****ed now boy. Lol its the night before come on! The short questions cover the whole entirety of the course and don't say it brought you down. They are not huge marks the short questions

LaLeche

delaad wrote: »

Don't be too concerned about what goes in the Details column in the ledgers. The marks are given for writing in the amounts of money on the correct side of the accounts.

And remember when you post/transfer an amount from the Cash Book to the Ledgers, the amount changes side: Debit in the Cash, Credit in the Ledgers, and vice.

Hi this is terrible advice, honestly you lose a lot of marks for that sort of ordinary level carry on.
When coming from the cash book, you use bank otherwise balance

Fifii

LaLeche wrote: »

A note of advice, the examiner will bend you over with a rusty spork if you try to do the club accounts using business account templates and headings, also don't piss of the examiner by doing all the section i and 2 questions. Thats an ordinary level move...

What do you mean by Doing all the section i and 2 questions?:)

Blue giant

JWM12 wrote: »

My advice is don't do the day books (Q1, Paper 2). They take a while and unless you're really good at them they'll wreck your head. You do 4 of 6 I think so I'll be having a stab at some of the other ones

Having done my JC last year I would strongly disagree with this advice. This question is very easy to get good marks in once you know what to do. And it really doesn't take long to do despite what you may be told. I did an extra question and still left with 25 mins left. Probably not best to try it now though if you have never "got it" .

LaLeche

Blue giant wrote: »

Having done my JC last year I would strongly disagree with this advice. This question is very easy to get good marks in once you know what to do. And it really doesn't take long to do despite what you may be told. I did an extra question and still left with 25 mins left. Probably not best to try it now though if you have never "got it" .

Agreed

Liordi

Is anyone else actually going to do the ledger question?

smiles_1998

Liordi wrote: »

Is anyone else actually going to do the ledger question?

Me Our teacher is really good and explained the question sooo well! It's really handy because I have 3 of 4 questions on paper 2 next to guaranteed to come up (ledger, documents and final accounts).

Liordi

smiles_1998 wrote: »

Me Our teacher is really good and explained the question sooo well! It's really handy because I have 3 of 4 questions on paper 2 next to guaranteed to come up (ledger, documents and final accounts).

Our teacher is appalling but I think I should be alright for it.

nanook5

smiles_1998 wrote: »

Me Our teacher is really good and explained the question sooo well! It's really handy because I have 3 of 4 questions on paper 2 next to guaranteed to come up (ledger, documents and final accounts).

They are guaranteed 100%

darman124

how do you know which dates to put in?

nanook5

darman124 wrote: »

how do you know which dates to put in?

Its usually the end and start of the month AFAIK

Eims14

Yano for the q on government spent is all you have to do just fill on capital income and spending take them away from each other and then say whether its a surplus or deficit?

Liordi

Eims14 wrote: »

Yano for the q on government spent is all you have to do just fill on capital income and spending take them away from each other and then say whether its a surplus or deficit?

Usually, yeah.

Eims14

Liordi wrote: »

Usually, yeah.

Thanks it just seemed too easy

Liordi

Eims14 wrote: »

Thanks it just seemed too easy

It is.
Theory part is the worst, imo..

Beca19

Liordi wrote: »

Is anyone else actually going to do the ledger question?

Me I'm alright except for the general journal I forget how to do those..

Chloee98

Identify 2 legal requirements that must be satisfied when opening a bank account? And the definition for limited resources?

Mr Rhode Island Red

Liordi wrote: »

Is anyone else actually going to do the ledger question?

Yes, along with TPL, Sales documents, and then chance my arm at something else

Mr Rhode Island Red

Chloee98 wrote: »

Identify 2 legal requirements that must be satisfied when opening a bank account? And the definition for limited resources?

Proof of Identity eg. Passport
Proof of address eg. Telephone/ESB bill

Limited resources (presuming this is referring to the government) means that the government doesn't have enough money to pay for/buy everything they would like to, so they have to budget and allocate their money and resources to the most important departments/expenses

Oisin4

How do you calculate bad debts?

Liordi

Oisin4 wrote: »

How do you calculate bad debts?

Depends on the question.
Typically it's just a percentage of the debt they own.
e.g "John is bankrupt and owes Mary €10 000 and agrees to pay her .30 cent for every €1 he owes."

10000 x .30 = €3000 (amount John paid to Mary)
Mary has to write off a bad debt of €7000.
i.e, the cost of the bad debt is €7000.

roisiny

Ive the whole theory course covered... theres only like 7 pages of key words does that sound about right? And which accounts should I focus most on now, apart from the ledger as I'm pure brutal at that.