what did you make the drawings 36000 or 40000
ccreaven
Registered Posts: 119 Dedicated contributor 🦉
I think I have done the drawings round the wrong way??:thumbdown:
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I don't remember there be any adjustments to drawings...where was it0
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Oh yeh..i remember now. Don't know what the amounts were but credited the partners account with £2000. I know that was correct.
ccreaven....i think i have sent you a pm a short while ago as you requested details of the answers for ECR earlier on0 -
so did you have to add 38000 drawings to your trial balance for part 1?0
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I have the answers for ECR now thank you :001_smile:0
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can anyone remember what the total drawings were?0
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You didnt need to add drawings in the trial balance... adding them into the current account should have made your trial balance balance.0
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i only put £2000 in the current account. what was the total figure for drawings anyway??0
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Yeah first i put 2000 for that Jan person and same kind of figure for Adil... and i then added the drawings which should equal to £38000.
My trial balance wasnt balancing and the difference was £38000... i then looked around and found drawings equaled to it... so i added them in to my current account and BANG trial balance BALANCED0 -
Yeah first i put 2000 for that Jan person and same kind of figure for Adil... and i then added the drawings which should equal to £38000.
My trial balance wasnt balancing and the difference was £38000... i then looked around and found drawings equaled to it... so i added them in to my current account and BANG trial balance BALANCED
yeah that is pretty much what I done but didn't add them on to the current account, but had them on the trial balance.
so did you reduce payroll by £2000 and increase drawings by £2000??? As a few people have different:confused1:0 -
Drawings
Total Drawings For Adil 18000
Total Drawings For Dan 20000
Adjustment Payroll Expenses 2000 Wrongly Entred In Dan Drawings A/c Therefor To Remove Them Add In To Payroll Expenses And Take It Off From Dans Drawings Accounting So Revised Drawings 18000
Is The Right Figure.
But Do Not Worry It Will Not Make You Fail.0 -
how do you remember all the questions?? It will make me fail if you add all the other mistakes I have made!!! balance sheet with no profit on it, p&l with the carraige taken off of cogs:mad2:0
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Pretty sure drawings was 36000.
2000 was incorrectly treated as drawings so the correction was to take out 2000 from drawings and put it into wages.
Dr Wages
Cr Drawings
This made Jan's (or Dan's)?? drawings 18000 (2000 -2000)
and wages 44500 (42500 + 2000)
Balance on Current Account should have been (13400 & 15800).....not 100% sure of these figures but the total was 29200 DEBIT.
Th only entry to be made into current account was the drawings of 18000 each (after correction)0 -
I think you are right. Oh well roll on December :crying:0
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Oh my god are you trying to scare me!! I got completley different answers to u, i added it in the drawings, what did everyone get as there matching balance for the section 2? My P & L and Balance Sheet matched at £4200!!
Please dont say u got it different!!
Argh0 -
What did u ppl get for the balancind figure that matches ur P & L? I got 4200 plz dont say that it is wrong???? Argh!!
im so gunna fail!!!0 -
I think the drawings bit we are referring to is all to do with Section 1 as Drawings in section 2 were 13200.
After correcting the drawings error in section 1 you should have had 18000 each (as we were given drawings as 18000 for Adil and 20000 for Jan). Drawings were the ONLY entry (DR) into the Current Account. When the current accounts were balanced off they were BOTH DEBIT entries totalling 29200.
Balance Sheet figure in Section 2 was 9100 and Profit was 18250.
I'll stand kicking if I'm wrong - but you'd have to find me :laugh:
I have to confess that one mistake I made to start with is ASSUME that wages (44500) were shared equally between the two partners giving a Balance b/d as CREDIT. This gave me an imbalance of about 20000 so I recalculated and all that was required was the drawings entry in the current account. So the two Credit entries for Current account was replaced with two Debit entries and it balanced - Sorted!0 -
Ohhh, alot of peeps got 18250, so im guessing that im now gunna have to retake them in december!! What a bummer!!
Ohwell we cant all be brainy like u!!maybe u shuld stop being greedy and hand sum over here??
ne1 out tonight??
xx0
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