Im a beginner with no experience with bookeeping. I only know the basics about it and my exam is coming soon. I wanted to ask on minute 25:20 Why is the cash sales, VAT and receivable ledger account goes on Credit? I thought receivables goes on Debit. I just wanted a more informative explanation about it. Thank you very much 😊
Ah so this is referring to the payment of those receivables. So when recording the credit sale we’d debit the receivables to show the amount owed. But once it was paid by the customer this needs to be reduced down by debiting the cashbook and crediting the receivables.
what video do you recommend watching to try and get my head around the debit and credit principles as every time I think I have got it it all goes wrong again.
I'm new to this and have started on L2 Bookkeeping. I've grasped the dual effect of double entry, but I'm REALLY struggling with how to record this in the General Ledger, particularly where VAT is concerned. Can you point me to any of your videos that would help?
Hi Will! Thank you so much for the walkthrough! I found it very helpful. Some questions: Does it matter in the exam if we put numbers with a comma after the thousand digit? Will it be okay if I don't? Do we need to add the .00 if the number is even without any decimal points? I started to note all numbers eg 250.00. I don't know if that's going to be looked at as a mistake. About Question 9: That's a bit silly, but how do I know on what side of the transaction am I? How do I know if I am Tutu of if I am Gordon? Many thanks, Agnieszka
Hi, glad you found it helpful. To answer your questions - No it wouldn’t matter if you put the comma’s in. You’d need to enter .00 if it asks for the answer to two decimal places. So within the statement it states “to Gordon glass”. This would indicate it’s the business you’re working for that is renting out the building to the customer.
You are a great teacher .. I am grateful to you
You are good, boss.
Have my first Aat level 2 exam in 4 days time. Pray to be like you boss
I have my ITBK exam in 13 days. Thank you for this mock walkthrough, so so helpful
My exam is due soon and this has been helpful
I just want to say thank you so much for these videos. I have my exam next week and your videos are hugely helpful!
That’s great to hear, glad they were helpful. Best of luck with your exam!
Bro you are a living legend thank you
Im a beginner with no experience with bookeeping. I only know the basics about it and my exam is coming soon. I wanted to ask on minute 25:20
Why is the cash sales, VAT and receivable ledger account goes on Credit? I thought receivables goes on Debit. I just wanted a more informative explanation about it. Thank you very much 😊
Ah so this is referring to the payment of those receivables. So when recording the credit sale we’d debit the receivables to show the amount owed. But once it was paid by the customer this needs to be reduced down by debiting the cashbook and crediting the receivables.
what video do you recommend watching to try and get my head around the debit and credit principles as every time I think I have got it it all goes wrong again.
Have you watched my learning double entry in 5 minutes video?
I'm new to this and have started on L2 Bookkeeping. I've grasped the dual effect of double entry, but I'm REALLY struggling with how to record this in the General Ledger, particularly where VAT is concerned. Can you point me to any of your videos that would help?
It is challenging! Have you seen the “learn double entry in 5 minutes” video?
Got my test tmrw and this was really helpful.
Do you know where I can get a few more mocks
Best of luck with your exam! If you head over to my website www.willboardman.co.uk you’ll be able to purchase a mock from there!
are we allow to use calculator
Yes you're allowed to use a calculator in the exam.
Hi Will! Thank you so much for the walkthrough! I found it very helpful.
Some questions:
Does it matter in the exam if we put numbers with a comma after the thousand digit? Will it be okay if I don't?
Do we need to add the .00 if the number is even without any decimal points? I started to note all numbers eg 250.00. I don't know if that's going to be looked at as a mistake.
About Question 9: That's a bit silly, but how do I know on what side of the transaction am I? How do I know if I am Tutu of if I am Gordon?
Many thanks,
Agnieszka
Hi, glad you found it helpful.
To answer your questions -
No it wouldn’t matter if you put the comma’s in.
You’d need to enter .00 if it asks for the answer to two decimal places.
So within the statement it states “to Gordon glass”. This would indicate it’s the business you’re working for that is renting out the building to the customer.
Thank you 🙂