Suggested Study Notes ACCA F3 Paper. Assets A Liabilities L (+Capital) C. $ < totals must equal > $

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1 for F3 ACCA Examinations REVIEW OF SOME KEY FUNDALMENTALS 1 Accounting Matrix Debit Trial Balance Credit Assets A Liabilities L (+Capital) C Expenses E Gains G $ < totals must equal > $ Comparing assets and liabilities, this statement is called the balance sheet. Comparing expenses and gains, this statement is called the profit & loss account. Follow the rule of double entry on any transaction. Buy a car for cash: Debt asset / credit bank Buy stationary on credit: Debit expense (stationary) and credit creditor (name of supplier) When you pay the supplier, you debit creditor account and credit bank account. Pay wages: Debit wages and credit bank. Make a sale on credit: Debit debtor (customer) and credit sales. Make a cash sale : Debit bank and credit sales. 2 Know all accounting concepts and fundamentals terminology. E.G. Going concern Materiality Accruals Prudence Normal assumptions that entity will continue for next 12mths. If not, then assets would then need to reviewed, show at "breakup value". Include all material items. If excluded, this could influence the decision on the users viewpoint of the financial statements Entries to reflect when they are incurred as opposed recorded or paid. Financial statement then report costs/revenues in the correct period. Supports the matching concept. Exercise caution. Ensure all costs and liabilities are correctly stated. If loss foreseen, it should be accounted for and provision made. Page 1 of 11

2 2 Typical entries Ensure you know if A, E, L, G, C for each ledger account. This determines the accounting treatment and where the ledger account is shown and disclosed. Company XP Limited Trial Balance Year ending 31 December 20xx Debit $ Credit $ KEY Sales G Discounts Received 200 G Discounts Allowed 50 E Opening Stock p&l 5000 E <used for cost of sales Closing Stock p&l 6000 G <used for cost of sales Purchases E <used for cost of sales Carriage Inwards 2000 E <used for cost of sales Carriage Outwards 4000 E Salaries E Net total = p&l figure Rent E = $65,350 profit Rates 1000 E credits > debits Insurance 3000 E Selling commission 3800 E Bad Debts 3000 E Bad Debts recovered 1000 G Sundry Income 3000 G Depreciation of equipment 3000 E Equipment - cost A Accumulated Depreciation - Equipment 6000 L < PROVISION Investments A Stock 6000 A Debtors A Bad Debts Provision 1500 L < PROVISION Bank Deposit 5000 A Bank overdraft L Creditors 3000 L Bank Loan L Preference Shares C Ordinary Share Capital 100 C Reserves - Opening C Loss b/f Page 2 of 11

3 4 Be familiar of entries in a sales & purchase account Sales Account Bank - cash sales Debtor - T Murphy 2000 (credit note issued) Debtor - T Murphy Debtor - J Smith Profit & Loss a/c Purchases Account Creditor - S Pierce Creditor - S Pierce 300 Creditor - B Hoey (credit note received) Bank - cash purchase 5300 Profit & Loss A/c The system for looking after petty cash is also known as an imprest system. Keep a pre-determined float and use vouchers to track costs and analysis. The expense total is refunded later to reinstate the float or imprest amount. 6 Understand sales tax or VAT (value added tax) Assume all cash transactions: Sell $1000 goods + 23% VAT DR CR Sales 1000 Bank 1230 VAT 230 Purchase $600 goods inclusive of 23% VAT Purchases 488 Bank 600 VAT 488 x 23% 112 Therefore the net VAT due is $118 ( ). When paid the entry will be: VAT 118 Bank 118 Page 3 of 11

4 7 Learn the gross profit / (Loss) statement Sales 190,000 Less: Cost of Sales Opening Stock 5,000 Purchases 60,000 Carriage Inwards 2,000 Less: Closing Stock (6,000) (61,000) Gross Profit 129,000 Questions can be given to work out the missing entry. Follow the format to solve. Note that carriage outwards (freight costs for selling and shipping goods out to customers) is not part of this format. Carriage inwards is the freight cost for buying goods for resale, so part of cost of sales. 8 Stock valuation IAS2 states that inventory should be valued at the lower of cost and net realisable value (NRV) In stock cost sales value NRV Stock Value item item item = Ans. $56 is the answer and follows the rule. So if accounts are prepared using the wrong valuation, the auditor must adjust and ensure a provision is made to reflect the stock value per IAS2. Important to know the methods of stock valuation. FIFO first in first out (latest prices will value stock) LIFO last in last out (older prices will value stock) Weighted Average weighted average based on the stock inventory balance Page 4 of 11

5 9 Depreciation Method of writing off the cost of tangible fixed assets (or non current assets) to the profit and loss account. Example: Motor car purchased for 30,000 Expected life 3 yrs Residual value expected in year 3 is 3,000 What is the depreciation charge? Ans: 30,000 less 3000 = 27,000. Divide by 3 = 9000 per annum If at end of year 2 the car was sold for 10,200, what is the profit / (loss) on disposal? Disposal A/c - Motor Car Motor - cost Bank Accum. Deprec k x 2 Profit & Loss a/c 1800 loss to P&L Note: Net book value (NBV) of car in yr 2 is 12,000 (30k less 18k) Check Ans: 10,200 less 12,000 = 1,800 loss. Extract Trial Balance: Debit Credit Disposal of Motor Vehicle 1800 Review period of accounting and dates. If purchased or sold mid year, then you will need to time apportion values. Ensure you know different methods: Straight line Reducing balance If an asset is revalued, depreciation is calculated on the revalued amount. (IAS 16) Depreciation is a non cash item. Relevant to cash flow statement, where always added back. Page 5 of 11

6 10 Accruals You use electricity for your business. You know the cost will be about 500 per year. You never got a bill until year 3 for Show the entries and p&l and balance sheet extracts. (assume all entries happen at end of year) Debit Credit yr1 Light & Heat 500 Accruals 500 yr2 Light & Heat 500 Accruals 500 yr3 Light & Heat 1600 Pay Bank 1600 bill Accruals 1000 reverse Light & Heat 1000 accrual P&L Extracts: Balance Sheets Extracts: Yr 1 Light & Heat 500 Yr 2 Light & Heat 500 Yr 3 Light & Heat 600 i.e less 1500 Yr 1 Accruals 500 yr 2 Accruals 1000 Yr 3 Accruals 0 Ensure you know accounting for prepaids also. Prepaids are an asset and shown under current assets. Page 6 of 11

7 11 Know the entries for bad debts Bad Debts Account shown in the P&L A/c Increase in bad debts prov. 500 Debtors 2500 (bad debts written off) Profit & Loss Bad Debts Provision (BDP) shown in B/S, under debtors Bal b/f 1000 Bad Debts Increase 500 Bal c/f Bal b/f 1500 Bad Debts Recovered shown in the P&L A/c Bank 1000 Profit & Loss Account Where a trade debtor will not pay or you assume the debt is doubtful to be received, you can 1) clear the account be writing off the ledger balance or 2) leave the ledger balance put make a provision in another account - called BDP above. The BDP a/c can be general say 10% of the debtors total or specific to individual debtors. Any movement in the BDP a/c is shown in the bad debts account in the P&L account. Where a debt was written off (ledger balance = 0) and later received. We setup a new account called bad debts recovered. The entry goes straight there and shown separately in the p&l. This account highlights the fact that it was recovered after a decision was made to write off. Page 7 of 11

8 12 Bank Reconciliation Statement Understand format and what are debit and credit balances for the ledger and the bank. Balance per ledger (15,000) Cr credit balance in ledger=overdraft Less: bank charges not posted (100) Incl adj needed to our books Revised ledger balance (15,100) Balancer per bank statement at 31/12/xx (10,000) Dr If Cr bal. then no brackets. Add: outstanding lodgements 2,000 Any adj here are Less: outstanding cheques normally timing. (also called unpresented cheques) Delay in making chq no. lodgement or ,100 payee going to bank ,000 an presenting the ,000 (7,100) cheque to their bank. (15,100) Typically the bank is normally right and our books would need to be adjusted for omissions etc. Rarely will the bank be wrong, if so, you show the error under the bank statement line noting it is an bank error and due to be reversed in the future. NB: Dr for bank statement = overdraft => Our books = Cr balance Cr for bank statement = in funds, you have money => Our books = Dr balance In any bank reconciliation, important to check if opening balances agree. If not you may need to follow though this reconciliation first, so you can then finish the closing reconciliation. Some entries may still be outstanding and so you will need to c/f again on your closing reconciliation. Page 8 of 11

9 13 Share Capital - a few key points: New shares Rights Issue Share Premium Debit Bank and Credit Share capital Issue of new shares Asking existing shareholder for money in exchange of some discount of the market value. Price paid over the par value of the shares Receive $5 for 1 share of 50c each. entry: Debit bank $5 Credit share premium $4.5 Credit share capital $.50 Bonus Issue No cashflow involved. Moving other reserves to share capital. No dilution of existing shareholders. Sometimes known as "free shares". However, as everyone gets them on the same basis, the market value adjusts per share to reflect the change. Important to understand terminology and accounting entries. 14 Cashflow Statement Understand format. To show cashflow movements only, thus explain the bank movement. If you buy an asset this is a use or application of funds, so deduct. Increase in debtors (an asset), is therefore deducted as a working capital adjustment. An increase in creditors (a liability), gives you extra funds. You are getting more credit. So you add to working capital adjustment. The opposite is true for both debtors and creditors. Depreciation and the disposal account is not a cashflow item, so you add back. (if profit on disposal you deduct, if loss on disposal you deduct) Do "T accounts" for the following balance sheet accounts to get the cash flow item for: Purchase of fixed assets (non current assets) => Fixed Assets Account Taxation paid => Taxation Account Dividends paid => Dividends Account Page 9 of 11

10 15 Consolidation IAS27 Own over 50% or deemed to have control of an entity. You then consolidate results. Understand the adjustments for the combined entity: 1) Inter-trading => Consol adj P&L 2) Inter-trade debts => Consol adj B/S 3) Remove unrealised profit from inter-trading => Consol adj P&L & B/S and: Calculation of goodwill Calculation of non controlling interest (NCI) Review acquisition date as you may need to apportion the profit figures in various workings. In a combined entity the holding company share capital is always stated in the consolidated balance sheet. Add 100% of the subsidiary P&L results, you then deal with the non controlling interest share of profits at the end. Important to understand mark-up and margin. As you may need to work out the unrealised profit element for the stock adjustment. Mark-up is on cost Margin on sales 500 over 1000 = 50% mark-up 500 over 1500 = 33% margin Note same profit figure so question can be phrased in may ways. sales 1, % purchase (1,000) 67% Profit % 33% Note relationship of the profit between sales and purchase (cost). Equity Accounting IAS 28 Investment in associate companies Owing 20% or more and not more than 50% (i.e. control) P&L: Add group share of profit and loss. B/S: Cost of investment plus group share of profit (profit after tax) If investment in a company is less than 20%, there is no consolidation of that company. Show investment in the balance sheet at cost / fair value. E.& O. E. Page 10 of 11

11 The next course commences on Monday, 27 th August Lectures are delivered from our City Centre location (South Great George s Street, D2), Templeogue (Dublin 6W), and are streamed online live and are recored for online review. Exam question and solution bank Dedicated exam review and preview classes End of course tutorials, as well as memory and study technique classes City centre location in Dame Street, convenient for bus, LUAS, DART, etc. Southside Dublin location in Templeogue Study rooms and library in both locations Limited class size Live lectures which are also streamed live on Moodle, and are recorded for review DAY PAPER PAPER2 PAPER3 PAPER4 Monday F6 F9 P4 P7 Tuesday F2 F8 P3 F4 Wednesday F1 F5 P2 P5 Thursday F3 F7 P1 P6 Course Fees: Full course Revision F1 Accounting in Business Wednesday F2 Management Accounting Tuesday F3 Financial Accounting Thursday F4 Corporate & Business Law Tuesday F5 Performace Management Monday F6 Taxation Wednesday F7 Financial Reporting Thursday F8 Audit & Assurance Tuesday F9 Financial Management Tuesday P1 Governance, Risks & Ethics Thursday P2 Corporate Reporting Wednesday P3 Business Analysis Tuesday P4 Advanced Financial Management Monday P5 Advanced Performance Management Wednesday P6 Advanced Taxation Thursday P7 Advanced Audit & Assurance Monday The most up-to-date course materials are included in the course fee. Apply online at or call Dublin City Centre (Dublin 2), Templeogue (Dublin 6W) and Online Page 11 of 11

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