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 Question&Answer corner(discussion corner stricly for Questions only)

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Brainless
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PostSubject: Question&Answer corner(discussion corner stricly for Questions only)   Tue Jul 08, 2008 6:39 am

Juz corner for questions&answers discussion....strictly no SPAMMING pls.....Juz T3 only....ty
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Emily Ling

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PostSubject: Re: Question&Answer corner(discussion corner stricly for Questions only)   Wed Jul 09, 2008 12:19 pm

Hey, regarding the review exercise No.1, Q3. How do we explain which rule determined that the assets & liabilities must always be equal? Thanks Smile
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PostSubject: Re: Question&Answer corner(discussion corner stricly for Questions only)   Wed Jul 09, 2008 9:17 pm

Some of them said that the answer is the duality concept....but some others said that it is an accounting equation..don't know which one is correct?!

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PostSubject: Re: Question&Answer corner(discussion corner stricly for Questions only)   Wed Jul 09, 2008 10:40 pm

That's what i've prob with too! How ar?
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jeretang288
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PostSubject: Re: Question&Answer corner(discussion corner stricly for Questions only)   Thu Jul 10, 2008 6:02 am

Yeah...i also don't know...anyone know the correct answer????? Please help...

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PostSubject: Re: Question&Answer corner(discussion corner stricly for Questions only)   Thu Jul 10, 2008 11:19 am

dunno but i think itz duality concept coz say
eg.if owner take loan from bank $1000.....Asset increase by $1000(cash/bank)&liability(loan) also increase $1000....that means asset=liability......based on double entry
but if use accounting equation assets=capital+liabilities hw can v explain the concept?assets=liabilities?...where capital gonna come from??? i dunno hw to explain from accounting equation...but it do make sense also...T1 text i think its inside there sum where but forgot which page....i read it b4..maybe tmr we will noe the answer...
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PostSubject: Re: Question&Answer corner(discussion corner stricly for Questions only)   Thu Jul 10, 2008 11:34 am

I agree wif wat Brainless...said...his example make sense maybe one ppl shud display for the accounting equation&explain.then v can get wat itz all about
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PostSubject: Re: Question&Answer corner(discussion corner stricly for Questions only)   Thu Jul 10, 2008 11:48 pm

I wrote that too. I saw somewhere, says that, fundamental rule of accounting is the double entry bookkeeping wor... should be the duality concept lar... Razz
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PostSubject: Re: Question&Answer corner(discussion corner stricly for Questions only)   Thu Jul 10, 2008 11:59 pm

Hopefully my Question 3 wont have lots of red marks.....&hopefully itz duality concept....but not from general equation assets=capital+liabilities....can anyone explain hw the general equation can form the answer,perhaps WL shud explain
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PostSubject: Re: Question&Answer corner(discussion corner stricly for Questions only)   Fri Jul 11, 2008 1:04 am

Yeah...i don't know whether it is correct...i just saw one of the sources that it states it is an accounting equation..

You see
Assets = Liabilities + Capital

When capital is zero, so assets may be equal to liabilities...(this is my explanation)

And I just sure for myself that there is a sentence that say accounting equation is the answer..But, if the answer is wrong, so don't scold me.....

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PostSubject: Re: Question&Answer corner(discussion corner stricly for Questions only)   Fri Jul 11, 2008 1:48 am

lol...hw u make capital zero?give one example pls...got wat condition in which capital=0???
capital zero that means u assume owner of business no money to put in business?so owner gotta take loan from bank...then increase asset&increase liability...but capital then hw?pakar2 pls help....Mana those outstanding ppl like Jessica, Jen Ai, Kelly Ho, Nick, etc...Pls come help...
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PostSubject: Re: Question&Answer corner(discussion corner stricly for Questions only)   Fri Jul 11, 2008 6:23 am

2Days exercise....Hw to do?WL asked.....izzit like this.....In fact i also wan to ask
eg question 1 a) Dr T More, Cr t Mone, below write narration Sale of goods posted wrongly to T Mone's account instead of T.More's account.izzit like this?
the following questions WL+me would like to ask...1f,2b,2d,2e...
The following r my answers...pls correct my mistake that ive made ty...
question 1f) Dr cashbook $136,Cr T.Blair $136....
2b) I dunno wanna write wat,izzit Dr cashcolumn, Cr bank column???
d)Cr L Hand $72, Dr payables $72
e)Cr cashbook $124, Dr G.Boyd $124
Pls help us on the questions....Thx a lot....
-WL+Brainless
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PostSubject: Re: Question&Answer corner(discussion corner stricly for Questions only)   Fri Jul 11, 2008 6:26 am

so how? please....

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PostSubject: Re: Question&Answer corner(discussion corner stricly for Questions only)   Sat Jul 12, 2008 1:15 am

No instant reply geh from ppl....Maybe this forum is for ppl who wan to reach 2 of us nia WL....They seldom login forum....haiz...Hopefully sumone pls reply...desperate liao la..
=.="
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PostSubject: Re: Question&Answer corner(discussion corner stricly for Questions only)   Sat Jul 12, 2008 7:23 am

1f) is correct i think...
2b) oso correct...
2d) mine is Dr L hand, Cr Purchases
2e) should be 128$ right? oO?

I can't cant double check my answers since i did the questions on the spot without copying down the questions.... xD got any wrong please correct me...
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PostSubject: Re: Question&Answer corner(discussion corner stricly for Questions only)   Sat Jul 12, 2008 8:24 am

lol thx 2e) shud be $128 HAHA i math lapsap....=.=, for 2d) I disagree since
purchase from supplier shud be credit supplier(since goods out) that means cr L.Hand additional $72...then dr purchases $72 i think....but dunno why i put payables pulak yesterday....niway thx for ur response.Y.H.
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