p-pe-per-PERDISCO :( (1 Viewer)

[4025808]

ffs hate perdisco =_=

 

[Omnipotence]

I haven't started. yipee

 

[halapenyo]

i havent started either. i havent even bought it . but its due may 11 so we have a bit of time.

 

[kaz1]

it takes ages to do, it took me one whole day during the weekend and two more sittings during the week

 

[4025808]

well I just did my first set. 80% for this one. fuarr lost so many marks from sillies.

 

[JayCakie]

ugh, I hate accounting in general.

But this morning in my accounting lecture two guys dressed in a banana suit and a monkey suit ran into our lecture and started chasing each other. It was pretty cool until our lecture told them to leave because their skit was so long.

 

[seremify007]

Okay guys, I have a question with perdisco:

Paid sales staff wages of $12,838 for the week up to and including yesterday, Cheque No. 883. Note that $7,429 of this payment relates to the wages expense incurred during the last week of May.

Since noone else seems to have offered an answer (as opposed to a way of getting an answer), here goes:

Dr Wages Payable $7,429
Dr Wages Expense $5,409
Cr Cash $12,838

The above entry is on the assumption that the wages incurred in the previous month of May were already recognised (as an expense) but instead of being paid out of cash, they were raised as a liability to staff. Therefore the balancing item between the two must be the current month's wage expense of $5,409 ($12,838 less $7,429 from the previous month).

The other interpretation is that no expenses have been recognised at all up until this point and hence in that case, you would:

Dr Wages Expense $12,838
Cr Cash $12,838

Anyone else have thoughts on this?

How do I type this out?

I know this goes into the Cash Payments Journal.

So would this be:Cash Payments Journal

4th June | Wages Expense | Debit: | Credit: |

Wages Expense $12 838 | Other accounts $7 429 | Cash at Bank: $12 838 |

???

help anyone.

I am so screwed.
I tried to type it out as closely as I could in compared to the question that I have to do for perdisco.

As for how you write it out into the book... I can't quite imagine what the table looks like but really I think it depends on which assumption you make above (i.e. whether or not the $7,429 was previously accrued or not).

 

[seremify007]

it takes ages to do, it took me one whole day during the weekend and two more sittings during the week

If it makes you feel any better I spent a long time on it back in the day and because ours was in a paper book, if you made a mistake early on, it carried through. That being said I also did horribly poorly and received one of the lowest marks in our tutorial class (and my tutor felt sorry for me lol). 6 years later I'm a qualified accountant.

 

[JayCakie]

If it makes you feel any better I spent a long time on it back in the day and because ours was in a paper book, if you made a mistake early on, it carried through. That being said I also did horribly poorly and received one of the lowest marks in our tutorial class (and my tutor felt sorry for me lol). 6 years later I'm a qualified accountant.

Interesting how life works, aye? Well thank you for your input I'm going to man up on Sunday and try to do a few weeks of perdisco. I will take the information I have received on BoS into account

 

[Trans4M]

You are officially my favourite BoSer! I will keep this in mind. I'm doing this Perdisco rubbish with my friend on Thursday. So yeah, most likely we're going to do this.

haha thanks

Where do we find out the discount allowed? Is it always like 10% or something?

it should say in the transaction if not read the firm's accounting policy regarding discounts. it should tell you.

 

[Omnipotence]

what is the discount? do I assume 1%?

 

[Omnipotence]

after getting a hang of it - i kinda enjoy it...

 

[Omnipotence]

what is the discount? do I assume 1%?

* edit: its found on schedules of accounts

 

[khfreakau]

just finished this fuck.

 

[Omnipotence]

how long did it take? :S

 

[4025808]

standing on fucking 70% avg for perdisco now. fucked up twice already =_=

 

[Omnipotence]

you can do it twice?

 

[Shadowdude]

I think he meant he made two big mistakes when he submitted.

 

[pencilcase]

Issued chq no 851 for $8000 to pay ZNG Property Group for two month's worth of rent in advance.

^ i was under the influence that prepayments were to be entered into GJ but it seems it might have to go in CPJ cos it has chq no.
can someone please clarify,thanks

 

[Trans4M]

^ yea anything cash related regardless of prepayments, it gost in Cash journals hence the term Cash Journals XD

Well at least you know now better than doing that same mistake in the Finals (worth heaps more)