PoA - May 2010 P2 Q5 - Manufacturing account | Income Statement

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adapttuition

adapttuition

Күн бұрын

Пікірлер: 73
@chynabarbieeeeee
@chynabarbieeeeee 2 жыл бұрын
I'm not sure I'll pass because I'm not very good at accounting. I was just able to see some of your tutorials and maybe understand it better now.
@adapttuition
@adapttuition 2 жыл бұрын
Hey 😊 That’s ok. We all start somewhere. Take your time. Go through the videos. Ask questions. Keep trying! You can do it 😊
@tshyasookram4458
@tshyasookram4458 2 жыл бұрын
Very informative video Sir! Thank you! Excellent work!
@SruthiSS-eu7vk
@SruthiSS-eu7vk 4 ай бұрын
In question there is a amount as Factory insurance 15000 Then adjustment 1000×12=12000 Why didn't consider 15,000 in manufacturing a/c
@adapttuition
@adapttuition 4 ай бұрын
Hi :-) I explain this in the video between 04:30 and 04:55 Check it out and let me know if you understand afterwards.
@lakeishabobb-blackman4324
@lakeishabobb-blackman4324 2 жыл бұрын
Sir, I worked this question last weekend and our cost of production are the same. However a few things I would appreciate if you cleared up. 1. Our prime cost differs, I have $473,610. Reason being, I placed factory salaries under direct cost. My question is will cxc deduct marks for that? Or it doesn’t matter 2. Why are most of the expenses in brackets in the income statement? Doesn’t that indicate subtract? and your adding
@adapttuition
@adapttuition 2 жыл бұрын
Hi, yes if there is an item in the wrong place you won’t get the marks you would have gotten had you put the item in the correct place. Salaries are considered indirect as they are usually paid to workers who are not directly involved in production.
@lakeishabobb-blackman4324
@lakeishabobb-blackman4324 2 жыл бұрын
@@adapttuition okay sir, thank you
@adapttuition
@adapttuition 2 жыл бұрын
Happy to help
@adapttuition
@adapttuition 2 жыл бұрын
To answer your second question Re the brackets: yes, I use them to indicate debit items or negative items (depending on the context). Using brackets isn’t 100% necessary though. And, yes, I am adding a set of negative terms together which will give me the total to subtract in the course of calculating profit.
@adapttuition
@adapttuition 2 жыл бұрын
Which questions? What year(s) and what names?
@MelissAMelville
@MelissAMelville Жыл бұрын
Hi ', good afternoon sir remember me @pandoramelvile I just want to say thank u for believing in me your explanation are great and it makes me sit the 2022accounys exam and got a grade two and I'm now an teacher 🎉🎉🎉😊
@adapttuition
@adapttuition Жыл бұрын
Congrats! That’s amazing 😊 I wish you all the best on your journey 💪🏽🧠
@trinityhamied
@trinityhamied 5 ай бұрын
This was so so helpful, as usual :)
@adapttuition
@adapttuition 5 ай бұрын
Happy to hear that!
@user-uw7nj3mh4p
@user-uw7nj3mh4p 2 ай бұрын
How do you record an expense that as a prepayments or owning but also needs to be apportioned in the manufacturing account.
@adapttuition
@adapttuition 2 ай бұрын
You can check my video on accruals and prepayments, or perhaps revenue accounts or expense accounts. It will show how to deal with the accrued/prepaid portion. The apportionment of the incurred expense to the manufacturing account can be seen in any of the manufacturing account videos I have posted.
@mbishitransport-jr1zl
@mbishitransport-jr1zl 4 ай бұрын
Found it very helpful, thank you sir
@adapttuition
@adapttuition 4 ай бұрын
Happy to hear that! You’re very welcome 😊. Where are you from?
@mbishitransport-jr1zl
@mbishitransport-jr1zl 4 ай бұрын
@@adapttuition From Namibia sir. i am a student in my last year. in fact my last semester and at the same time an accountant with a small transport firm
@adapttuition
@adapttuition 4 ай бұрын
@mbishitransport-jr1zl wow! Love to Namibia 🇳🇦 from Trinidad 🇹🇹. Wishing you all the best 😊
@mbishitransport-jr1zl
@mbishitransport-jr1zl 4 ай бұрын
@@adapttuition thank you sir
@adapttuition
@adapttuition 4 ай бұрын
@mbishitransport-jr1zl happy to help 😊
@sammyyherbert2847
@sammyyherbert2847 2 жыл бұрын
Hey, how come Factory insurance was multiplied by 12 if it was prepaid to March 2010?
@adapttuition
@adapttuition 2 жыл бұрын
Hi 😊 That’s because we are doing a manufacturing account of one year (a 12 month period). So the prepaid amount is not included in the calculations because it does not apply to the financial reporting period under consideration. Hope that helps 😊💪🏽🧠
@sammyyherbert2847
@sammyyherbert2847 2 жыл бұрын
@@adapttuition ohhh okaii..Thanks!
@adapttuition
@adapttuition 2 жыл бұрын
Happy to help 😊
@OnyXiaFF
@OnyXiaFF 3 ай бұрын
Sir on a handout I'm currently viewing, I'm seeing where selling and distribution cost would be indirect expenses but I don't see where you include it in the manufacturing account
@adapttuition
@adapttuition 3 ай бұрын
Selling and distribution costs are not manufacturing costs and therefore cannot be included in the manufacturing account.
@alexciaatkinson170
@alexciaatkinson170 3 ай бұрын
The closing work in progress is 6900
@adapttuition
@adapttuition 3 ай бұрын
That is correct, I have that as mine as well 😊
@vidurpersaud5516
@vidurpersaud5516 3 ай бұрын
Sir i have two accounts teacher, one is my normal school teacher and other is a lesson one and at the end of a statement like balance sheet, income statement or any other statement both of them does double line their final answer and they say u have to double line it.
@adapttuition
@adapttuition 3 ай бұрын
Yes, double lining is standard when you end a financial statement.
@alexciaatkinson170
@alexciaatkinson170 3 ай бұрын
Why do you leave out rhe carriage outwards in the factory overheads
@adapttuition
@adapttuition 3 ай бұрын
Carriage outwards is not a manufacturing expense. It is the cost of delivering goods to customers, hence it is a selling expense 😊 Hope that helps.
@hereistand6178
@hereistand6178 Жыл бұрын
Thanks again for a great tutorial, though am kindly asking on the insurance prepaid, can you use the same logic we use for an income statement were you just find the figure for the prepaid amount say 3months × $1000 subtract from $15000. Is it still correct to use such means.
@adapttuition
@adapttuition Жыл бұрын
Hello @hereistand6178 :) Yes, that's perfectly fine! Good job! Thanks for watching 👍🏾😊 And wishing you all the best 💪🏾🧠
@soighirdine5409
@soighirdine5409 Ай бұрын
But why 3 months × 1000 sir ?
@windexwiperchile4938
@windexwiperchile4938 5 ай бұрын
Hi Sir, wouldn't factory wages be classified under factory overheads since it has 'factory' in the name? I got the correct values in both the manufacturing a/c and income statement but I classified the factory wages as overheads. Would that be wrong to do?
@adapttuition
@adapttuition 5 ай бұрын
Hi 😊 conventionally factory wages are paid to production line workers who work directly on the units of output. As such, factory wages are usually classified as a direct cost however it is possible for a portion of factory wages to be indirect/overheads, but the question would have to say so specifically.
@windexwiperchile4938
@windexwiperchile4938 5 ай бұрын
Oh okay Sir, noted, thanks so much@@adapttuition
@BriiOfficialfromJA2funny4you1
@BriiOfficialfromJA2funny4you1 4 ай бұрын
Do you have a video teaching the manufacturing account income statement? Because i'm mostly seeing you answer question sheets and I'm confused😢
@adapttuition
@adapttuition 4 ай бұрын
Hi Bri, the only difference between a regular income statement and a manufacturing account income statement is that in the former we would have a purchases figure, and in the latter we would use the “cost of goods manufactured” figure from the manufacturing account. And I’m not sure what you mean by my “answer question sheets” that has me confused, and what specifically are you confused about. If we can get specific it’s easier for me to “un-confuse” you 😊
@BriiOfficialfromJA2funny4you1
@BriiOfficialfromJA2funny4you1 4 ай бұрын
@@adapttuition I was asking if you had a video teaching the concept of manufacturing account income statement like you did with the manufacturing account. When you broke down everything piece by piece. Instead of just answering the question. But I understand the trading income statement though cause you made a video teaching it. But there are other topics where you only gave the solution for the question.
@adapttuition
@adapttuition 4 ай бұрын
@BriiOfficialfromJA2funny4you1 ok, understood. And, no, I didn’t make a separate video for the manufacturing account income statement as I didn’t think it was warranted at that point as apart from that one item it’s not really different from a regular income statement
@BriiOfficialfromJA2funny4you1
@BriiOfficialfromJA2funny4you1 4 ай бұрын
@@adapttuition I understand thank you
@adapttuition
@adapttuition 4 ай бұрын
@BriiOfficialfromJA2funny4you1 happy to help
@vidurpersaud5516
@vidurpersaud5516 3 ай бұрын
Sir im not really understanding the factory insurance part, with the additional information that goes with it, prepaid to march 2010, 1000 premium. Can u please explain that part
@adapttuition
@adapttuition 3 ай бұрын
I think you should take a listen to what I say between 4:30 and 5:00 But the monthly premium is $1,000 That's the monthly insurance expense there are 12 months in a year So the yearly expense for insurance would be $12,000 Now the insurance figure in the list of balances in the question is $15,000 Where did the extra $3,000 come from? Well, the question says that the insurance was prepaid to March the following year That's the third month in the year Which means that the $15,000 comprises of $12,000 for the current year and $3000 for Jan, Feb and Mar of the following year. Hope that helps.
@vidurpersaud5516
@vidurpersaud5516 3 ай бұрын
Ohkk now I understand sir thanks
@adapttuition
@adapttuition 3 ай бұрын
Happy to be of assistance 😊
@shantiajhagadsby
@shantiajhagadsby 2 жыл бұрын
sir I think you mad a mistake with your subtraction 247330 purchases +1500 Carriage inwards =248830 - 3000 less: return outwards =245830 net purchases + 33500 opening stock = 279330 cost of raw material available for use - 13200 less: closing stock = 266130 Cost of raw materials used (here is where you went wrong) and you have 266110
@adapttuition
@adapttuition 2 жыл бұрын
Hello :) I think you need to check your closing stock figure. The paper I have gives the closing stock value at $13,220. Your calculation uses $13,200 and I'm not seeing that in the question. Maybe our question papers have different information? Let me know if your question paper actually has $13,200
@nicardopinnock6389
@nicardopinnock6389 2 жыл бұрын
Why the factory insurance in the trial balance wasn’t put to use?
@adapttuition
@adapttuition 2 жыл бұрын
Hi Nicardo :) It was put to use. If you take a look between 04:31 and 04:57 in the video I put it in the overheads section of the manufacturing account and explain the adjustment. Hope that helps.
@erickkadoh777
@erickkadoh777 3 ай бұрын
I have exams tomorrow 😢
@nicardopinnock6389
@nicardopinnock6389 2 жыл бұрын
machinery at cost $500,000 has any significant in the question?
@adapttuition
@adapttuition 2 жыл бұрын
Hi, I explain that between 03:43 and 04:06 in the video
@nicardopinnock6389
@nicardopinnock6389 2 жыл бұрын
@@adapttuition i see it now. thanks...
@adapttuition
@adapttuition 2 жыл бұрын
👍🏽😊💪🏽🧠
@Destina.luxura
@Destina.luxura 2 жыл бұрын
Good day sir if in the exam they give us the 2 Column for the manufacturing account can I draw a next column because I only know how to work with the 3 column
@adapttuition
@adapttuition 2 жыл бұрын
While I don't see the problem in doing that you might be better off doing the following: Put the working for cost of direct materials consumed like this - Opening stock +Purchases +Carriage inwards - Returns outwards --> Cost of raw materials available for use (show this subtotal) - Closing stock --> Cost of direct materials used Put these items as shown in the left column and you should be fine
@Destina.luxura
@Destina.luxura 2 жыл бұрын
@@adapttuition thank you sir👍
@adapttuition
@adapttuition 2 жыл бұрын
Happy to help
@dajiiwright8222
@dajiiwright8222 Жыл бұрын
sir lol ik this is a long time video but how did you get the cost of good manufactured? 😞
@adapttuition
@adapttuition Жыл бұрын
Hey 😊 Prime cost + overhead + wip @ start - wip @ end You can check out my manufacturing account tutorial. I break it down really simply 😊
@dajiiwright8222
@dajiiwright8222 Жыл бұрын
No sir not talking about the manufacturing part.. u did an excellent job of making me understand cause my teacher didn’t teach me s*** (sorry sir😭 but it’s true) I’m talking about the income statement where you got 617,160 as cost of goods manufactured (thank you for the fast reply sir)
@adapttuition
@adapttuition Жыл бұрын
The cost of goods manufactured in the income statement comes from the manufacturing account 😊
@dajiiwright8222
@dajiiwright8222 Жыл бұрын
Another thing sir can you tell me the topics I need to know the most for paper 2 tmr ik you don’t know what’s coming but could u tell me based on your years of doing past papers what topics I must know !
@dajiiwright8222
@dajiiwright8222 Жыл бұрын
@@adapttuition sir I just saw it 😭😭😭😭
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