December 06, SLCA

renae

HELP, think my brain has now died, cause I'm failing on this first task:

Asked to do a SLCA, which has credit & cash sales.
The credit sales are included as a dr, but where did the cash sales go?

I put them into the bank balance again, which was wrong....they just don't appear!
And the assesor notes just say they everyone sucked at this!

taskey

it asks for the total sales figure, not just the cash

hope that helps

Tracy

Jentel

Cash sales do not go in SLCA. this account is for credit sales only. For that particular task as only asking for Credit Sales. You only needed your cash sales to add together with your credit sales to put into the trial balance in Sales - Hope that all makes sense.

My brain gave up hours ago...so whatever happens tomorrow happens.

renae

:crying:that's what I don't understand, the only thing on the dr side is the balance and the credit sales, the cash sales figure don't appear anywhere!
Think I may have had to many pro plus & fags today!

taskey

question 1.1 asks for total sales for Trial balance

question 1.2 (a) asks for sales including vat for SLCA

question 1.2 (b) is asking for the receipts paid into bank (incomplete records) but using your answers from 1.1 and 1. (a) you should be able to reconcile it

Tracy

taskey

have you looked at the suggested answers to see what they have done??

tracy

renae

Ah, so they are trying to trick me into either putting it in the SLCA in error, or NOT putting it onto the tb in error, how mean!
Thanks for the replies.
Thank god I didn't do that paper.......I'm holding out for one with the answers on it to be honest, not much hope otherwise.
AND, the dec 05 paper had a balance sheet in it....had no idea!

taskey

i am also sitting it tomorrow and am dreading it.

just read the question and try not to panic

And GOOD LUCK

Tracy

renae

omg, the next question TELLS ME the cash sales have been paid into the bank account & that all cash sales are banked. what a womble....sorry guys

taskey

no worries