PoA - Jan 2023 P2 Q3 - Trial Balance, Errors, and Provision for Bad Debts

[@cristalkoonkoon1657]

You left out the figures for the utilities expenses in the trial balance

[@adapttuition]

Oh wow, I’m not sure how that one got past me 😅 Thanks, Cristal. To anyone reading, the utilities expense figure is supposed to be $10,530

[@willofd2949]

I did my paper this morning and it wasn’t that bad 1-3 were pretty easy and 4-5 were ok. I just wanted to say thank you for your help with my preparations ( I was literally hearing your voice in my head explaining questions 😆)

[@adapttuition]

Hi @willofd2949 That's awesome to hear! And yes! that's exactly what I was hoping would happen --> ppl would be hearing my voice in their head guiding them. Keep up the good work and best of luck for exams and beyond!

[@faithcarolakinyi2147]

Hello Cristal you made me pass my examinations on my first attempt am much greatful

[@faithcarolakinyi2147]

Now am preparing for examination for ATD level 2 please I request that you post more videos on level 2 questions especially on principles of taxation and FA for level 2

[@tshyasookram4458]

Very informative video presentation Sir. Thank you most kindly for same

[@adapttuition]

You’re most welcome Tshya 😊👍🏽💪🏽🧠

[@nicolecalson2921]

Thanks much, I got this same error question for my mock exam and from what you did I know I did a good job😌💯

[@adapttuition]

Happy to hear that, Nicole 😊 Keep up the good work 💪🏽🧠

[@ArriyannaGrant]

Sir, sorry i keep commenting so many times😅😅 but what if for the example I gave actual errors. Like say I had Error of Principle Example: Furniture bought for $360 was credited by the bank account but debited t the purchases account. Do we have t give a regular example without figures and actual accounts?

[@adapttuition]

I think you can, yes. I don’t know that they gave enough space for all that to be written 😅 But if you write small enough and you can make it fit… maybe

[@fawazmohamed9c154]

Sir you left out tye figure for Utilities expense and if i put it in the trial balance will not balance Please post a follow up video or answer cause im writing poa this year 😭😭😭😭

[@adapttuition]

I included it but forgot to make it visible. The trial balance balances just fine.

[@arica1996]

The utility expense will go on the debit side, I made the same mistake as you and put it on the credit side which is why it was not balanced for me. Still not 100% sure why it's not on the credit side though but oh well

[@adapttuition]

Utilities is an expense and expenses have debit balances usually 👍🏽😊

[@aboladouglas7236]

been looking for past paper 3 for private candidates please

[@adapttuition]

Hi! Email me [e-mail]

[@Dankroid]

banger outro

[@adapttuition]

Thanks Buddy ☺️

[@raymondkenton7360]

Good day sir, at 3:42sec how did u know that item IV was a account receivable? Am looking but i see no indications of that. @adapttuition

[@adapttuition]

Hi Raymond :) So the item says that a cheque of $250 was received from a credit customer. A credit customer is someone to whom we have sold goods on credit. The money owed by them to "us" is a receivable, an account receivable. They used to call this "debtors" and sometimes they still do, but the term more frequently used is "accounts receivable". Hope this helps

[@raymondkenton7360]

@@adapttuition Got a bit more confusing thats all, will be sitting exam on may 15 so i've been studying for the past 2weeks

[@adapttuition]

Good luck 😊 If you have anymore questions you can let me know.

[@raymondkenton7360]

@@adapttuition Just one more quick question, i wanna make sure i have this correctly. Account receivable are items or stock that have been purchased by a creditor/credit customer that will be paid for at a later date/time?

[@adapttuition]

Ok 😊 So let’s say company A sells goods to company B. So in this scenario, A is the seller and B is the customer/buyer. When we have a cash sale, A sells to B and B pays A immediately. Nothing is owed. On the other hand if we have a credit sale… If A sells goods on credit to B, then A has willingly given B the goods/stock but B has not yet paid for them. B has actually agreed to pay A in the future. So the amount owed by B to A is the amount of the receivable. It’s the money that’s is owed which is the receivable, not the stock Hope that helps.