ACCA Students.

[pikablue88]

Maybe you can try working part time as a book keeper or something to gain more experience and exposure.

 

[Konnichiwa]

Maybe you can try working part time as a book keeper or something to gain more experience and exposure.

U have lobang for part time book keeper?

 

[summersky1986]

just simply remember these to do your double entries:

1) you must identify which items are in Assets, expenses, liabilities, capital(income)
2) Assets and expenses items are always Dr in nature, capital, income, liabilities are always Cr in nature

example: you buy stocks, Dr purchases, Cr Creditors or Cash/Bank ------ if you pay your creditors then will be opposite : Dr Creditors (less), Cr Bank (less)
you sell stocks, Dr Debtors or Cash/Bank, Cr Sales ------ if you recieve payment from Debtors then will be opposite : Dr Bank (add), Cr Debtors (less)
you buy stationery, Dr expenses, Cr Cash/Bank
so on...

understand?

What I failed to understand is... You mentioned that asserts and expenses are always DR in nature..

So why DR debtors when you sell stock? How are debtors expense or assert?

 

[Biogentic]

What I failed to understand is... You mentioned that asserts and expenses are always DR in nature..

So why DR debtors when you sell stock? How are debtors expense or assert?

debtors aka account receivable is a current asset item. when a company sold goods via credit term, the stock level will reduce and sales will increase as such the following is the double entry

Dr. Account receivable xxx
Cr Sales xxx

 

[T-cOTOn-T]

What I failed to understand is... You mentioned that asserts and expenses are always DR in nature..

So why DR debtors when you sell stock? How are debtors expense or assert?

look at it this way.

1. Cash is an asset and Asset is first, always a debit entry

2. Logically speaking when you buy stocks, which asset of yours is reduced? cash because it is used to pay for stock. To reduce cash, what do you do? You credit cash, and debit stock. Stock is an asset. Therefore asset account is always first a debit entry.

3.Debtor explanation is well explained by previous poster. It is through crediting sales and debiting debtors sequence of double entry.

Part2

1. Cash is an asset and Asset is first, always a debit entry

2. When you pay for something, cash is reduced. How to reduce cash? You credit the account. So if you incur expenses, you credit Cash (to reduce the cash), and debit Expenses. So Expenses are always first Debit entry accounts. Debtors are not expenses.

By the way, you need to put in your hours to understand your work because knowing the difference between expenses and assets is pretty basic.

 

[pikablue88]

What I failed to understand is... You mentioned that asserts and expenses are always DR in nature..

So why DR debtors when you sell stock? How are debtors expense or assert?

There is a difference between credit sales and cash sales.

In cash sales, it is simple. DR Cash CR Revenue

Credit sales are actually goods that are sold or services that are provided but have not collect cash. It is assumed that cash would be given to the entity at a later date. However, since, we need to recognise revenue since goods has been sold or services provided, therefore the entry could only be DR Debtors and CR Revenue.
When you receive the cash at the later date, you would need to reverese the Debtors which is Cr Debtor Dr Cash. This is actually a reclassification of the items (from Debtor to Cash) in the statement of financial position. Hope this clears things up.

 

[goodcareer]

so many people had answered your questions, so i don't need to add on. thanks everyone.

 

[sasori_12345]

hey guys, just want to know that for each module. it is only conducted once a week ?

 

[pikablue88]

hey guys, just want to know that for each module. it is only conducted once a week ?

This depends largely on the school. In most optimal scenario for each module, it is once per week. However, for certain schools which I would not mentioned, one module may have all the lessons cramp in one week and then break for a few weeks before carrying on. This is not really advisable. I think schools like Kaplan may have very good schedules but their course are slightly more expensive. You may want to check their schedules on their websites. The more popular schools are SAA and Kaplan.

 

[bluebluemorita]

does anyone knows what time results come out...

suffering from stomachache.....

goodluck everyone!

 

[pikablue88]

last semester was 3pm. I have no idea about this semester. Should be the same. Thanks! you too!

 

[evoked87]

those apply email 1 see email can liao rite... i 4get wat time already lol.

as of now still not out, if they release at normal working hours, it'll be SG about 5pm.

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I actually still got the old mail.. it is 1214pm.

 

[syncsam]

Results will be available from 0500 GMT, Monday 22nd February, i.e. 1 pm here.

 

[bluebluemorita]

anyone got their results already???

stomachache till bth..

 

[star89]

anyone got their results already???

stomachache till bth..

Hi,

Results are OUT. If you don't receive the email from ACCA, you can log in to ACCA website direcly. I just checked mine.

 

[jack_lim]

yeah... i checked mine too

 

[evoked87]

wah i think ACCA shut down their website today la.. nb, lol...

just got it through email, so happy and shocked.. most worried F5 passed and got the highest out of 3 papers. 1 qns no time do... think the examiner tio lottery or favourite epl team won on that day while marking my script.

 

[final6688]

Adv Tax : 44m

sianz...anyone taking the same paper???? wanna share your happiness or sadness?

 

[jack_lim]

i got high marks for F5 too... hmm... so the passing percentage shld be better than last year then.

 

[belgarathc]

Haha, scores are better than I expect. But I don't think I am continuing ACCA. Would really need to commit to pass. So many rules to remember for F6.

Paper Details: F2 Man. Acc.
Result: Pass
Mark: 80

Paper Details: F3SGP Fin. Acc.
Result: Pass
Mark: 81

Paper Details: F6SGP Tax.
Result: Fail
Mark: 38