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• # 71527
• Sun 29 May 2011 02:46 PM

I have done assignment 5, which is a case study and as a check to my double entry I wrote a TB.  I can't make the darn thing balance (and I've now spend 4 hrs checking the .... thing!) so I've gone wrong somewhere :(

The TB is out by an exact £200 - I've checked every entry, looked for and at all £100's, £200's and £400's to see if I've done something daft but I can't find it.

Can anyone suggest anything for what I have done wrong? 

I can't ring IS on a Sunday and tomorrow is a bank holiday....... 

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• # 71529
• Sun 29 May 2011 03:40 PM

Hi Theresa,

What is your total on the debit and on the credit side?

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• # 71534
• Sun 29 May 2011 07:22 PM

Main part of panic over :)

Going through the question line by line with the other half we found what the errors are..... one is simple - I have no brain and posted the drawings as credits in both the bank and the drawings account!

The other is harder.....

Some of the purchases were faulty so I posted them to Purchase returns as a credit and the supplier as a debit, that's ok. The supplier has replaced the faulty goods - obviously I credit the supplier to balance the debit - but where do I post a corresponding debit?  I was told you never debit purchase returns but surely you don't list them as a further purchase? 

Getting tired and confused :(  Been at this since 8am! 

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• # 71536
• Sun 29 May 2011 08:36 PM

Yes you debit them to purchases, as they are effectively new purchases - your original purchase has been negated by the purchase return.  This will all balance out on the P+L as total purchases are calculated as 'purchases less purchase returns'.  Hope this helps.

 

• Debbie
  www.beckcottage.com
  
  

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• # 71537
• Sun 29 May 2011 08:58 PM

Debsie said:

“Yes you debit them to purchases, as they are effectively new purchases - your original purchase has been negated by the purchase return.  This will all balance out on the P+L as total purchases are calculated as 'purchases less purchase returns'.  Hope this helps.

 ”

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• # 71604
• Tue 31 May 2011 11:00 AM

Hi Theresa,

We're now available to help. Can you call the office and we can go through what you have done so far.

Regards

• Brian McVean
  brian@idealschools.co.uk  
  Course Advisor/Tutor
  Ideal Schools, Glasgow
  0141 248 5200 - 0800 028 1404
  www.idealschools.co.uk  
  
  
  

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• # 71606
• Tue 31 May 2011 11:20 AM

Thanks Brian!

All is now understood - for anyone following the thread the answer was purchase returns  

Brillient customer service as always - thanks again, I'm off to print out the mock  

Theresa 

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• # 72590
• Mon 27 Jun 2011 04:38 PM

Theresa said:

“Thanks Brian!

All is now understood - for anyone following the thread the answer was purchase returns  

Brillient customer service as always - thanks again, I'm off to print out the mock  

Theresa ”

• Mia 
  New Student
   
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• # 72591
• Mon 27 Jun 2011 04:38 PM

Theresa said:

“Thanks Brian!

All is now understood - for anyone following the thread the answer was purchase returns  

Brillient customer service as always - thanks again, I'm off to print out the mock  

Theresa ”

• Mia 
  New Student
   
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• # 72593
• Mon 27 Jun 2011 07:32 PM

I took my lv1 on 10th June and passed with flying colours - I got 100%  

Now working on my lv 2 course, and like you I am on the career path option - it made sense financially as you would no doubt agree :)

Assignment 4 of lv2 is...... interesting, but I won't spoil it for you  

Good luck with your studies 

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• # 72601
• Tue 28 Jun 2011 08:14 AM

Hi Theresa

That’s great, good to know someone else that’s doing the career path.

Good Luck x

• Mia 
  New Student
   
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