My pleasure to be of service. Happy you are finding the material helpful!
@animefanangie7bts8 ай бұрын
what is members honoraria and suspense sir??
@adapttuition8 ай бұрын
Hi! Honoraria is money paid to the members who run/manage the cooperative. Sort of like a reward or compensation for their services. The suspense account is the account used to facilitate the correction of errors that affect the agreement of the trial balance.
@animefanangie7bts8 ай бұрын
Thank you very much sir @@adapttuition
@adapttuition8 ай бұрын
Happy to help! Keep up the good work 💪🏽🧠
@maliquesam3.5362 жыл бұрын
Hi sir,is anything paid up front whether its 3 months or 6 months or a year always prepaid revenue and therefore a liability????
@adapttuition2 жыл бұрын
Hi Malique, any revenue paid in advance of being earned regardless of how far in advance is a current liability (prepaid revenue).
@alanaharrylal76912 жыл бұрын
Good day sir. Is it necessary to balance off the accounts? In the May June 2019 (I think it was) they specifically asked to balance off and rule the bank account whereas in this question they just said to post the transactions. I was contemplating balancing them off as well but in the exam paper for the bank account there's just one row left so I'm thinking that they maybe they would have left more space if they wanted that. But can you let me know please? Also, for question 6(c), which you did in another video, if the interest on debentures decreases net operating profits then how come it isn't added in the appropriation account. I watched your video on appropriation accounts already but I'm wondering if I didn't catch something.
@alanaharrylal76912 жыл бұрын
When I say 'added' in the appropriation account, what I really mean is 'included'.
@adapttuition2 жыл бұрын
Hi, Alana :) That's a very good question and your observation about the number of lines/space given in the t-account format on the question paper is quite astute. If they don't give you enough space and they don't specifically ask you to balance off the t-accounts then it isn't absolutely necessary to do so.
@adapttuition2 жыл бұрын
With respect to the debenture interest and the appropriation account: Interest is an expense and should be included in the income statement (the expense section). It's not an appropriation and as such should not be included in the appropriation account. However, if the interest was not deducted prior to the appropriation account then we may show its deduction from Net Income prior to starting the appropriations. Hope that answers your question :)
@alanaharrylal76912 жыл бұрын
@@adapttuition thanks much once again!
@adapttuition2 жыл бұрын
Happy to help
@ethancolaco143 жыл бұрын
I have a question: What does capital include? Some say fixed assets while others say all assets.
@adapttuition3 жыл бұрын
Hi Ethan :) Capital is ANY resource that the owner contributes to the business. This include both current and non-current assets.
@adanna.k.george56723 жыл бұрын
sir why wasn't suspense added in the trial balance ?
@adapttuition3 жыл бұрын
Hi :) A suspense account balance is included in the trial balance when the trial balance does not agree, i.e. when the trial balance does not balance. The trial balance presented in the question had errors where certain items were put in the wrong columns. As such, the trial balance would not have balances and a suspense account balance was inserted on the credit side to make it balance. In the solution I put each item in the correct column and since there were no other errors that would have caused the trial balance not to agree it balanced on its own and therefore the suspense account balance was no longer needed to make it balance. Feel free to check out my Error Correction playlist using this link kzbin.info/aero/PL9u_QIMhEllvNgNs2TjcOHjARtfMe5VVN There is a suspense account video in that list that you might find helpful :) Best of luck to you and thanks for watching!
@adanna.k.george56723 жыл бұрын
Ok sir thanks alot
@adapttuition3 жыл бұрын
Hope it helps 😊
@tshyasookram44583 жыл бұрын
Thank you very much Sir!!
@adapttuition3 жыл бұрын
You're most welcome! Happy to know you are enjoying and learning from the content. Keep up the good work. I believe in you :)
@tshyasookram44583 жыл бұрын
@@adapttuition Thank you Sir🙏🙏🙏
@keiras.p34192 жыл бұрын
Hi. one question why is the S. Sampson a/c going to the purchases ledger?
@adapttuition2 жыл бұрын
Hi Keira :) We are purchasing goods on credit from S. Sampson. Thus S. Sampson is a creditor. And, a creditor's personal account goes in the purchases ledger.
@keiras.p34192 жыл бұрын
@@adapttuition oh makes sense thank you!!
@adapttuition2 жыл бұрын
Happy to help, Keira 😊
@krystelleharris66993 жыл бұрын
Hey sir. How do I find the handouts on your website? Every time I look for them, I only see past papers.
@adapttuition3 жыл бұрын
I definitely don’t have past papers on my website. www.adapttuition.com/downloads
@krystelleharris66993 жыл бұрын
@@adapttuition Well it was solutions to the past papers. I didn't see these though. Thanks.
@adapttuition3 жыл бұрын
Happy to help 😊
@aliyahmohammed29822 жыл бұрын
hi sir, can you explain why interest earned is credited? 2:00
@adapttuition2 жыл бұрын
Hi :) Interest earned is a revenue and revenues have credit balances. Hope that helps :)
@aliyahmohammed29822 жыл бұрын
@@adapttuition thank u very much sir!
@adapttuition2 жыл бұрын
Happy to help! 😊
@aneeliabalraj7133 жыл бұрын
Hi sir! Love your videos, just one question, isn't the Furniture and Things a/c a Purchases Ledger since they are creditors?
@adapttuition3 жыл бұрын
Hi! That's an interesting question. I usually use the purchases ledger for trade creditors only (creditors from whom we purchase stock on credit). Since equipment in this context isn't stock I didn't put the account of this creditor in the purchases ledger. Hope this helps :)
@aneeliabalraj7133 жыл бұрын
@@adapttuition ohhh this makes sense, thank you sir! btw, your videos are lifesavers.
@adapttuition3 жыл бұрын
If you take the purchases ledger control account into consideration as well, we use the purchases journal (which records only credit purchases of stock), the returns outwards journal (which records only outward returns of stock), and the cash book for total payments to creditors and discounts received in order to prepare the control account. This confirms that it's only for trade creditors.
@adapttuition3 жыл бұрын
Thanks for watching! Glad you are liking and benefitting from the videos 😊
@aneeliabalraj7133 жыл бұрын
@@adapttuition OHH yes! Thank you sir :)
@heerakhan15843 жыл бұрын
Question 2 please
@adapttuition3 жыл бұрын
Question 2 has too many issues so I won’t be doing a solution until I sort out those issues. Even my teacher had trouble with it and the workarounds he did it would be a lot to explain so I’m going to tackle that eventually
@youraccamavusa7403 жыл бұрын
thank you sir
@adapttuition3 жыл бұрын
You're very welcome :) Thanks for watching! Keep up the good work! You got this :)