the way you go through these questions, you make it seem so easy. when im in an exam i find it so difficult to be able to read the questions and know the dual effect and such. How can i contain all this information in my head and not overthink the question.

@aqaaccountingteacher

2 ай бұрын

Practice is the key! You can’t memorise everything but if you know how to apply the “rules”, and know your layouts, you can solve anything!

Hi, good video, thanks. I was just wondering if you have a video on limited company accounts, i cant seem to find one

@aqaaccountingteacher

3 ай бұрын

Yes, there are several videos going through past exam questions on this topic such as this one: Limited Company Income Statement Massaro Limited Q2 ACCN2 AQA A Level Accounting June 2018 kzread.info/dash/bejne/fG19srV7otKoeZM.html Here’s a link to the playlist: kzread.info/head/PLBHwxDxca95HPqEk8Z1WRJ7qSPl-8dz3r&si=GB7qBkGyiij1wv-J

@r451_

3 ай бұрын

@@aqaaccountingteacher Thank you

@r451_

3 ай бұрын

@@aqaaccountingteacher Sorry to be a pain, but do you also have a playlist on the verification of accounting records?

@aqaaccountingteacher

3 ай бұрын

@r451_ no, but you can search my channel for bank reconciliation, control accounts or trial balance and there should be a few to choose from.

@r451_

3 ай бұрын

@@aqaaccountingteacherok thank you

Thanks so much for the video I just wanted to ask for question 4b error 4 why did profit go up

@aqaaccountingteacher

3 ай бұрын

It’s because discounts received (income) had been treated as discounts allowed (expense). When it’s corrected, profit increases by twice that amount as it’s a reversal of entries.

@aqaaccountingteacher

3 ай бұрын

It’s because discounts received (income) had been treated as discounts allowed (expense). When it’s corrected, profit increases by twice that amount as it’s a reversal of entries.

I don't understand why you don't take off the cash discounts when working out the 1 month and 2 month credit?

@aqaaccountingteacher

Жыл бұрын

Because they only qualify for cash (prompt payment) discount if they pay faster than 1 or 2 months.

Isn’t credit sales an asset so crediting the customer would be ok?

@aqaaccountingteacher

Жыл бұрын

No, sales are a type of income, so they are always credited to the sales account. For credit sales the double entry is Debit Customer’s Account (trade receivables = current asset) Credit Sales Revenue (income account) For cash sales: Debit Bank or Cash (current asset) Credit Sales Revenue (income) Have a look at these videos for the rules of double-entry: kzread.info/dash/bejne/aYBr0cuwn7y4ac4.html kzread.info/dash/bejne/d6eox6Z6Y8SdZNo.html

what if the question says “show the journal entry to correct the above errors” and not general journal?

@aqaaccountingteacher

6 ай бұрын

It means the same thing but journal is an old term. More recent exams should refer to the general journal entries rather than just journal entries.

@anareezzm6734

6 ай бұрын

@@aqaaccountingteacher ohh thank you!

Hi there. Thanks for the upload. 4b question 2, caught me off guard a bit lol. Do happen to have a video going through the errors of a suspense account? I’m particularly interested in how to correct a ‘balance transfer error’ - when ledger balance is either misstated or omitted from the trial balance 🙂

@aqaaccountingteacher

3 ай бұрын

Hello. Yes there are three or four if you search “suspense” on my channel. Including this one …. Q15 7127-1 2021 "Peter" Correction of Errors, Suspense Account and General Journal kzread.info/dash/bejne/fHp2zLKOhtbPZ5s.html

@JoOt-yf1hl

3 ай бұрын

@@aqaaccountingteacherthanks