DFS-December '08- what fails??

Options
2»

Comments

  • Sparkz1988
    Sparkz1988 Registered Posts: 16 New contributor 🐸
    Options
    2007 end balance was £24100 Less £580 sale less 4377 depn = 19143

    Closing balance at 2008 was £35542

    so the diff between 35542 and 19143 = 16399 asset perchase


    ...thats just wat i got (not sure if those figures are exact tho)

    hope that helps acky
  • candy
    candy Registered Posts: 17 New contributor 🐸
    Options
    acky2106 wrote: »
    ok chaps, any offers on helping me out with the purchase of non current assets figure????

    Can,t remember the figure rough estimate 16,000
  • candy
    candy Registered Posts: 17 New contributor 🐸
    Options
    yes thats it:thumbup1:
  • acky2106
    acky2106 Registered Posts: 52 Regular contributor ⭐
    Options
    hhm, this is where i ballsed up!
  • Alexxx
    Alexxx Registered Posts: 4 New contributor 🐸
    Options
    How do you people remember all those figures? I can't even remember half the questions!! Did anyone else add the cost of returned sales in the adjustment bit back to closing inventories in the first section? Wasn't sure whether I should have done that, if they were returned because they were faulty should I have written it off somewhere or am I just getting paranoid?
    :ohmy:
  • laurajchambers@btinternet
    laurajchambers@btinternet Registered Posts: 4 New contributor 🐸
    Options
    Hi there. What formula did people use for Trade Payables Turnover? I know it should be Trade Payables over Purchases, but they didn't provide Purchases figures! I could work out the most recent year's Purchases by doing a Cost of Sales calculation, but couldn't work it out for the earlier year as I didn't know the Opening Inventories. Did you do Trade Payables over Cost of Sales???
  • fpettifer
    fpettifer Registered Posts: 40 Regular contributor ⭐
    Options
    Trade payables = trade payables / cost of sales x 365
  • fpettifer
    fpettifer Registered Posts: 40 Regular contributor ⭐
    Options
    Alexxx wrote: »
    How do you people remember all those figures? I can't even remember half the questions!! Did anyone else add the cost of returned sales in the adjustment bit back to closing inventories in the first section? Wasn't sure whether I should have done that, if they were returned because they were faulty should I have written it off somewhere or am I just getting paranoid?
    :ohmy:

    I did at first (in pencil) as I was iffy about it, then it wouldn't balance so i removed it and it worked
  • laurajchambers@btinternet
    laurajchambers@btinternet Registered Posts: 4 New contributor 🐸
    Options
    Thank you. That's what everybody in my group did, but we were thrown by it as we've always been taught it was over Purchases, not Cost of Sales! Many thanks.
  • Yuping
    Yuping Registered Posts: 22 New contributor 🐸
    Options
    did anyone do two journals on closing inventories. as it says the returned good were not recorded in the inventories at the year end. using the cost of £87000.?
  • Alexxx
    Alexxx Registered Posts: 4 New contributor 🐸
    Options
    Oh dear. And I was so happy everything had balanced. Am I going to fail for adding the returns back to inventories? I just assumed they would resell it... I ended up with 2 journals for inventories, £87 + whatever the 1st figure was they gave, think it came to 4700ish?
  • Richard
    Richard Registered Posts: 373 Dedicated contributor 🦉
    Options
    Yuping wrote: »
    did anyone do two journals on closing inventories. as it says the returned good were not recorded in the inventories at the year end. using the cost of £87000.?

    I just did one journal but showed in my workings how I arrived at the figure, I think it was something like 7,878,000 + 87,000 = 7,965,000
  • fpettifer
    fpettifer Registered Posts: 40 Regular contributor ⭐
    Options
    laurajchambers@btinternet wrote: »
    Thank you. That's what everybody in my group did, but we were thrown by it as we've always been taught it was over Purchases, not Cost of Sales! Many thanks.

    if purchases was there then you would use that, cost of sales is its substitute
  • laurajchambers@btinternet
    laurajchambers@btinternet Registered Posts: 4 New contributor 🐸
    Options
    I didn't adjust the stock figures at all because it said that the returned stock wasn't included in the closing stock balance. I therefore just debitted Returns In, and Creditted Trade Payables. I thought that amended to Returns In would adjust the stock figure when it was included in Cost of Sales??
  • laurajchambers@btinternet
    laurajchambers@btinternet Registered Posts: 4 New contributor 🐸
    Options
    I didn't mean Cost of Sales! I meant when it was deducted from Sales in the Revenue calculation. I thought that this alone would result in the stock figure being adjusted?

Categories

Privacy Policy