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    Accounting 2016 Answers Discussion Gardea

    Thoughts?

    1. avatar image

      FrankIsDeadForAccounting

      where do u put the unfair dismissal?if u do publish?

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      CiaraPhelan

      Admin and financed by under provision for liablilities and charges I think

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      michael.ryan.712714

      Admin expenses and provision for liabilities and charges in balance sheet I think

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      FrankIsDeadForAccounting

      I put it in P+L and under current Liabilities

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      lcer

      Balance for Q1 ? 1494638?

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      caasiisaacbrick

      I got that alright Icer

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      Susan44

      I hate to be the bearer of bad news but under IAS37 a company can NOT recognise a contingent liability in the accounts, where it is probable it is merely disclosed by way of a note to the accounts.

    8. avatar image

      ciats

      A contingent liability that is both probable and the amount can be estimated is recorded as 1) an expense or loss on the income statement, and 2) a liability on the balance sheet.

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      Alex_8363

      don't put it anywhere

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      Lc8/6/16

      susan44 are you sure about that? i got it balancing but left out the contingent liability and just made a note on it nut thining back on it i feel i should have put it in

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      jen1293

      You are supposed to put in Contingent liability if its probable under provisions for liabilities and chargers and admin. Susan44 is wrong

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      Lc8/6/16

      ya think youre right jen1293

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      CiaraPhelan

      Anyone get something like 1272000

    14. avatar image

      lcer

      Suspense balance anyone?

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      michael.ryan.712714

      yep 1272000 for published

    16. avatar image

      jen1293

      I balanced mine at 1,200,000 im pretty sure lol

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      jen1293

      Oh wait no I didn't never mind lol

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      maria.pachowicz

      a contingent liability that is likely is treated as a loss in the P&L and a current liability in a balance sheet, and a note is needed for it too; if the liability is unlikely then it's not provided for in the accounts, but a note is made anyway

      i think i got 1,212,000 or so as my balance in published but I'm not certain

    19. avatar image

      Sarah654

      Contingent liability went under admin expenses and other creditors in balance sheet as it was likely

    20. avatar image

      maria.pachowicz

      yep sarah654 that's what I did with it!

    21. avatar image

      jen1293

      whered you guys put patent royalties?

    22. avatar image

      jen1293

      Sorry i mean royalty payments in Q1.

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      Lc8/6/16

      there was none in the published was there??

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      michael.ryan.712714

      Royalty payments go as an indirect expense in manufacturing account. I wonder how many people confused them with parent royalties!

    25. avatar image

      michael.ryan.712714

      *patent

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      Sarah654

      I put them in in admin had not got a clue because they were never in any other paper

    27. avatar image

      jen1293

      How is anyone supposed to know where they go? I put them in admin too..

    28. avatar image

      Reidin

      777070 for suspense anyone??

    29. avatar image

      maria.pachowicz

      Reidin I think I got something like that as one of my balances (my balance sheet didn't work out, I had like 300 of a difference)

    30. avatar image

      Reidin

      Thanks Maria! Did you do the incomplete or the control? If so what answer did you get??

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      caasiisaacbrick

      Anyone any answers for Q9? The cash budget?

    32. avatar image

      kieran.gormley.50

      412450 for profit on the cast budget, 776280 for suspense here.

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      maria.pachowicz

      Control, I can't remember my answer but I know for certain I did at least one part of it wrong so my answer was off anyway :/

    34. avatar image

      Blake_1302

      Does anyone remember what they got for the net profit figure in Incomplete Records?

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      Me

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