Best Of
Re: Xero Help
Hi
Re Pension accounts
Employees' contribution liability account and Employer's Contribution liability account use use a Pensions Payable account (B/S code)
Employer's contribution expense account use Pension Costs (P&L code)
When pension contributions are made reconcile them to the Pensions payable code
Hope that makes sense
J
Re Pension accounts
Employees' contribution liability account and Employer's Contribution liability account use use a Pensions Payable account (B/S code)
Employer's contribution expense account use Pension Costs (P&L code)
When pension contributions are made reconcile them to the Pensions payable code
Hope that makes sense
J
Re: Decision and control: assessment 1 task 1.2
Material
Total Material Direct Cost Variance
Actual Production (units)
Should cost
did cost
variance (£)
Material Price Variance
Actual purchases (kg)
Should cost
Did cost
variance (£)
Material Usage Variance
Actual production (units)
Should Use
Did Use
Variance (kg)
Standard cost per kg
Variance (£)
Labour
Total Direct Labour Cost Variance
Actual production (units)
Should cost
Did cost
Variance (£)
Labour efficiency Variance
Actual production (units)
Should use
Did use
Variance (hrs) Standard cost per hour
Variance (£)
Labour Idle Variance
Actual hours paid
Actual hours worked
Variance (hrs)
Standard cost per hour
Variance (£)
Labour Rate Variance
Actual hours paid
Should cost
Did cost
Variance (£)
Total Material Direct Cost Variance
Actual Production (units)
Should cost
did cost
variance (£)
Material Price Variance
Actual purchases (kg)
Should cost
Did cost
variance (£)
Material Usage Variance
Actual production (units)
Should Use
Did Use
Variance (kg)
Standard cost per kg
Variance (£)
Labour
Total Direct Labour Cost Variance
Actual production (units)
Should cost
Did cost
Variance (£)
Labour efficiency Variance
Actual production (units)
Should use
Did use
Variance (hrs) Standard cost per hour
Variance (£)
Labour Idle Variance
Actual hours paid
Actual hours worked
Variance (hrs)
Standard cost per hour
Variance (£)
Labour Rate Variance
Actual hours paid
Should cost
Did cost
Variance (£)
Re: Examiner Report
I find the Examiners reports very useful, It's a massive advantage to find out in what areas marks are being lost... and better yet finding out the specific reasons for the lost marks!
Re: Examiner Report
I always recommend that my students take time to read the examiner report for each unit not to see what will be tested (that's where the unit standards come in) but to establish common mistakes and indications for what is being asked for.
My recommendation: read them!
My recommendation: read them!
Re: Examiner Report
Hi @DannyT90 ,
Examiners Report gives a guide of what sort of questions are being asked, it gives an idea of what subject / area of studies each question relates to. Examiners Report won't provide you with an exact questions but it will give you an idea of what will come up in the exam.
Examiners Report gives a guide of what sort of questions are being asked, it gives an idea of what subject / area of studies each question relates to. Examiners Report won't provide you with an exact questions but it will give you an idea of what will come up in the exam.
Re: Assessment 2 question 1.7
Hi @Rose20,
Optimal Production Units;
You have 1,600kg of Material Available. The first product you will produce is the product that has higher contribution per limiting factor rate. Therefore Product Y will be the 1st product we will produce, then Z & X. Okay so we have 1,600 kg material, to produce Product Y in full we need 480kg, we have 1,600 kg available, therefore we can produce all 600 required units of Product Y. Now we have left 1,120 kg of material available. To produce product Z we need 720kg, we have that therefore we can produce product Z in full aswell, Now we are left with 400kg of available material. To produce Product X in full we need 800kg of material, however we only have 400kg therefore we can only produce half of product X (200units).
Maximum Profit;
Product Y - 600 produced units x £1.60 = £960
Product Z - 400 produced units x £2.70 = £1,080
Product X - 200 produced units x £2.50 = £500
Profit; £2,540
Fixed Costs; £755
Revised Profit; £1,785
P.S. You are probably wondering why we are using Contribution Per Unit £ cost when working out the profit rather than Contribution Per Limited Factor £ cost, it's because the contribution we will receive in regards of profit is measured by Contribution Per Unit cost. Contribution Per Limited Factor cost is only used when we have limited availability of material or labour to see which product is most beneficial in producing in respect of material / labour shortage.
Hope this helps.
Optimal Production Units;
You have 1,600kg of Material Available. The first product you will produce is the product that has higher contribution per limiting factor rate. Therefore Product Y will be the 1st product we will produce, then Z & X. Okay so we have 1,600 kg material, to produce Product Y in full we need 480kg, we have 1,600 kg available, therefore we can produce all 600 required units of Product Y. Now we have left 1,120 kg of material available. To produce product Z we need 720kg, we have that therefore we can produce product Z in full aswell, Now we are left with 400kg of available material. To produce Product X in full we need 800kg of material, however we only have 400kg therefore we can only produce half of product X (200units).
Maximum Profit;
Product Y - 600 produced units x £1.60 = £960
Product Z - 400 produced units x £2.70 = £1,080
Product X - 200 produced units x £2.50 = £500
Profit; £2,540
Fixed Costs; £755
Revised Profit; £1,785
P.S. You are probably wondering why we are using Contribution Per Unit £ cost when working out the profit rather than Contribution Per Limited Factor £ cost, it's because the contribution we will receive in regards of profit is measured by Contribution Per Unit cost. Contribution Per Limited Factor cost is only used when we have limited availability of material or labour to see which product is most beneficial in producing in respect of material / labour shortage.
Hope this helps.
Re: Balance Brought down vs Closed Down
Hello there!
I am currently studying that at the moment and have my first exam in 2 weeks.
I can help you on this. Balance carried down is always on the “lowest” total side, and whatever the difference is between the total transactions on the lower side and the “equal totals” along both (the highest total) is the balance carried down.
Balance brought down is always below the line (“b”rought down “b”elow the line), and equals to the same amount that is carried down.
So in your bank account, you have 20,000 + 800 + 150 + 400 = £21,350 on the debit side.
On the credit side, you have 1200 + 800 + 500 + 300 + 100 + 350 + 200 = £3,450.
£21,350 is the highest total of both sides, so you write that amount in the boxes on both sides.
The difference on the credit side then is now £21,350 minus the totals on that side which is £3,450.
Therefore, £21,350 - £3,450 = £ 17,900.
So that amount is carried down on the lower total side at week/month end, and brought down (below the equal totals) on the opposite side.
Hope this helps!
I am currently studying that at the moment and have my first exam in 2 weeks.
I can help you on this. Balance carried down is always on the “lowest” total side, and whatever the difference is between the total transactions on the lower side and the “equal totals” along both (the highest total) is the balance carried down.
Balance brought down is always below the line (“b”rought down “b”elow the line), and equals to the same amount that is carried down.
So in your bank account, you have 20,000 + 800 + 150 + 400 = £21,350 on the debit side.
On the credit side, you have 1200 + 800 + 500 + 300 + 100 + 350 + 200 = £3,450.
£21,350 is the highest total of both sides, so you write that amount in the boxes on both sides.
The difference on the credit side then is now £21,350 minus the totals on that side which is £3,450.
Therefore, £21,350 - £3,450 = £ 17,900.
So that amount is carried down on the lower total side at week/month end, and brought down (below the equal totals) on the opposite side.
Hope this helps!
Re: VAT on a proforma invoice
Hi WinnieTriggerEeyore,
The pro-forma you have received sounds correct. Proformas are like quotes and indicate a cost for goods/services and usually include the VAT element (if the company is VAT registered). Some companies insist on a proforma invoice before shipping goods/supplying services to a customer (i.e. you do not have a credit account, or maybe a your first order from this supplier). A pro-forma is essentially a 'Request for payment notice'.
A VAT invoice must be issued post dispatch of the goods/supply of services. VAT is not reclaimable by the company until the correct invoice/taxdate has been issued by the seller.
Hope this helps.
The pro-forma you have received sounds correct. Proformas are like quotes and indicate a cost for goods/services and usually include the VAT element (if the company is VAT registered). Some companies insist on a proforma invoice before shipping goods/supplying services to a customer (i.e. you do not have a credit account, or maybe a your first order from this supplier). A pro-forma is essentially a 'Request for payment notice'.
A VAT invoice must be issued post dispatch of the goods/supply of services. VAT is not reclaimable by the company until the correct invoice/taxdate has been issued by the seller.
Hope this helps.
Re: Voluntary work - not a licence member
I would help her with the bookkeeping side but it may be an idea to work alongside an accountant or an experienced mentor so they can review your work and offer advice for the stat accounts. Even for a small ltd co the accounts have to be filed in a suitable format (choice of FRS, notes to the accounts, to name but a few..).
Re: Licence Application Query
Hi
Have a look at this thread you might find it interesting
https://forums.aat.org.uk/discussion/444083/order-of-events-for-practice-start-up#latest
Regards
Susan
Have a look at this thread you might find it interesting
https://forums.aat.org.uk/discussion/444083/order-of-events-for-practice-start-up#latest
Regards
Susan
