Post Your Problems

[Tutor]

Post any problem that you may have in this subject and we shall reply to you.

[BAYO]

hi sir. i'm a student. i'm taking part for the hsc exams for june. so sir can u tell me some chapters that can come or ur forecast.

[ACCA_Tutor]

Hi!

The best way to get good results is to study the whole syllabus.

Of course, towards the end of your preparation, you can try to study past exam papers to see which questions have not come up for the last few sittings.

You should spend enough time mastering the preparation of financial statements, especially for companies. Also, the main problem encountered by students is that they are not able to complete the exam paper in the time allocated (especially for Papers 2 and 4). Hence, you should practice a lot to increase your speed.

However, if you want to get better grades, you should learn your notes as well. There are now many marks for discursive questions such as interpretation of ratios, explanation for variances, investment appraisal, etc.

You will be best prepared for your exams by working regularly through past exam papers and revising your notes side by side. Many students have problems with answering multiple choice questions. Working and re-working as many as you can will increase your confidence as the exam approaches.

Feel free to ask other questions should you have any.

Regards,
ACCA Tutor

[girish]

hi a humble requested to you sir,
                                          well im getting problem on the whole chapter on correction of errors  if you could help plzzzzz

   THANKS

[ACCA_Tutor]

Hi!

Students who have not mastered double entry bookkeeping are likely to get problems in chapters like suspense account, correction of errors and re-draft balance sheet.

The first thing you should do is to start by learning your double entries. When you know the correct way of recording a transaction, only then will you be able to correct an error for that transaction.

When answering a question on correction of errors, you have to follow the following steps:

1. What is the correct double entry for that transaction?

2. What error has been made?

3. What double entry should be made to correct that error?


Example 1:
The purchase of furniture in cash has been debited to Purchases A/c

Step 1: What is the correct double entry?

Dr Furniture A/c
Cr Cash A/c

Step 2: What error has been made?

Purchases A/c has been debited in error and the Furniture A/c not debited.

Step 3: How to correct the error?

Dr Furniture A/c
Cr Purchases A/c

The Purchases A/c was debited in error. Therefore, to correct the error, the Purchases A/c has been credited.

Furniture is a Fixed Asset. Assets have debit balances. Therefore, debit Furniture A/c.


Example 2:
Goods purchased in cash for $100 were debited to both Purchases A/c and Cash A/c

Step 1: What is the correct double entry?

Dr Purchases A/c
Cr Cash A/c

Step 2: What error has been made?

Cash A/c has been debited in error.

Step 3: How to correct the error?

Dr Suspense A/c by $200
Cr Cash A/c by $200


Example 3:
The purchases account was understated by $50 for goods purchased in cash

Step 1: What is the correct double entry?

Dr Purchases A/c
Cr Cash A/c       

Step 2: What error has been made?

The debit side of the Purchases A/c has been understated by $50.

Step 3: How to correct the error?

Dr Purchases A/c $50
Cr Suspense A/c  $50

We do not correct the cash account as no error has been made in this account.

Should you require more help on this topic, feel free to tell us!


Regards,
ACCA Tutor

[kovi]

hi sir ..need sme help on the chapter business purchase plzz.
thnks in advance

[SEVERINE]

Hi,im severine and im actually in hsc exams..
so can u tell me what shld i revise for the forthcoming accounting examinations n wat are the possible chapters that can come out??!!!plzzz
REALLY NEED HELP...
THX!

[kat]

Dear sir am having problems wiz cash and credit sales.please help me.thk u..........

[ACCA_Tutor]

Dear Kat

Kindly provide more details on the problem you are having.

Thank you.

Regards
ACCA Tutor

[jen92]

Hi sir, hmm.. i'm having problems on budget. Can you help me plz? And also, could you summarise what are the steps needed. What must i look at first? How must i undertake the question?