Unit 5 Devolved Assesment - HELP

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
I sat the first part of a unit 5 assesment last night and i'm stuck on one of the questions. It askes you to post the journal entries to the ledgers, but it says something about "Note the first invoice was recieved after the tax period and was not included in the figures"....does this mean not to add it to the ledgers? If it does i cannot find a use for the Sundry Creditors account in the ledgers. Is this correct?

Thanks

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 5 Devolved Assesment - HELP

    might be that you are dealing with accruals and prepayments?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 5 Devolved Assesment - HELP

    No, thats later on in the questions. Its purely to do with the posting of that journal entry for the disposal of a vehicle, but it says that the invoice for it was recieved after the tax period or something. So i'm just not sure on if it should be posted to the ledgers or not.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 5 Devolved Assesment - HELP

    Hi

    Not actually sat the Skills Test yet, but in a real life situation if an invoice is received after the period end date, but should be included within the period in question, then you would enter it into the accounts.

    I'm assuming it is asking you to do a journal to the relevant accounts, so that the P&L and Balance Sheet are correct for the year (ie following the accruals or matching concept of accounting for everything within the financial year it relates to).

    The way I have read your question, is to amend the figures given to include the disposal figures.

    Hope this helps, and that I have not further confused the issue.

    Good Luck!

    Tracy

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