Tuesday, December 27, 2011

2012 please be worth

Hello *frown* , I've just get over and done with my accounts. I'm only half done, I've been doing the same question for at least 2hours. I'm pretty disappointed in myself right now, how could I let this happen. Worst, it's a final account question, TPL and BS . With additional information on prepayment & accruals, depreciation and the usual information . Firstly, I forgotten how to do depreciation and worst I thought the problem why I couldn't get the net profit wasn't because of the wrong calculation I did but because of the adjustments on the prepaid rent & rates. However, it was the opposite my rent & rates was correct but the depreciation was wrong, was really really wrong. Sadly, my depreciation is really weak. After that, I don't know the accrued interest is only 1000$ . I know how to get but I don't really understand why is it like that.

The Additional Information
5. Interest on mortgage loan was at the rate of 8% per annum.

Extracted from Iswara book on 31 Dec 2009
Mortgage Loan ( 50 000$)
Loan on Interest (3 000$)

Working for Interest on loan ( P&L A/C)
(50 000)(8%) = 4 000$

I thought the 4000$ need to add 3000$ as the interest on loan but only the 4000$.
Why is that so?

Working for Accrued Interest (BS, Current Liabilities)
(50 000)(8%) - (3 000) = 1 000$

Can anyone tell me why need to minus it off. 

Other then this there's the other one on the depreciation

The Additional Information
7. It was the firm's policy to depreciate the Motor Vehicle at 10% per annum of the value at the beginning of the year.

Extracted from Iswara book on 31 Dec 2009
Motor Vehicle, at cost ( 200 000$)
Provision for Depreciation of Motor Vehicle, 1 Jan 2009 ( 22 500$)

Depreciation of Motor Vehicle
(200 000) - (22 500) = 177 500$ ( Netbook Value)
(177 500)(10%) = 17 750$ (Depreciation )

At first I thought just multiple the 10% from the Motor Vehicle, but actually need minus first to get the netbook value, forgotten what I've learned ): . This is really bad. 

I wonder if anyone understand a single thing I'm trying to get to you guys here. Anyone, tomorrow I've got the whole day to get a solution, I'm just going to revise on my accounts but before that I'll complete my math assignment first. Tomorrow like going for war like that, one that I must win. Really must quickly know my stuff before school starts, if not by then it'll be too late already. And talking bout next year, it;s gonna be real happening. Moving house, getting braces, N level & ect . Not bad what, have to keep myself busy and away from any commitment. Must not fall in love, it's gonna hurt as much. And it sucks.My only commitment will be my studies. I'm gonna work my way to getting good grades for N level . 

I can't believe that I'll be spending the last week of holiday, well most likely, probably, completing my assignments, doing revision to prepare myself for next year and hopefully I'll still be able to have fun on Friday, Saturday & Sunday.Really pray that I'll finish my assignments by Wednesday, then if there's time, like if I need a break, I'll go swimming ! Hell yeah, that's the plan ! 

That's quite bout it already.

xoxo J 

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