dec 2004 exam
meibaker
Registered Posts: 481 Dedicated contributor 🦉
the total value of a purchase invoice for electricity for 329 inclu vat was debited to selling expense, electricity should be charged to admins expense.
for the journal entry i had
Dr admins exp 280
Dr vat 49
Cr selling expense 329
but the answer to this is
Dr admins exp 280
Dr vat 49
Cr electricity 329
so, do you not need to correct the error for the selling exp?
decem 2004 exam
for the journal entry i had
Dr admins exp 280
Dr vat 49
Cr selling expense 329
but the answer to this is
Dr admins exp 280
Dr vat 49
Cr electricity 329
so, do you not need to correct the error for the selling exp?
decem 2004 exam
0
Comments
-
im not a 100% sure but i think your entry is correct ie
DEBIT admin 280
DEBIT vat 49
CREDIT selling exp 329
i think theres no need to credit electicity coz it was already correctly credited.0 -
thanks for that.0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 318 NEW! Qualifications 2022
- 161 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 87 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 272 VAT
- 92 Software
- 273 Tax
- 135 Bookkeeping
- 7.2K General accounting discussion
- 200 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership