2026 05 06 PoA F 5 Exam season FINAL SESSION

Hey, let's see what we can do. All right, folks. Good evening. All right, last Let's see what we have on there. All right, so another All right, so here here we have Jake on line already. All right, good. Jude here. Jonathan here. Okay, all right. Michael Hesch is out of here. Sean is here. Samaya is here. All right, and then nobody else. Okay. Okay, folks. So, according to the plan we set, we're going to do couple of provision for bad debts questions, do big partnership question. feel like want to do corporate tax, although we did one already for the And what it was, if we had time we'll do previous year's or budgets. Yeah. All right, cool. So, to that end All right, cool. Let's start here. So, back. we said errors and suspense. Although it hasn't come for 16 years. How many topics haven't we we cannot You talked about that as well. But at least we did the the errors and suspense. Hasn't really come in any great capacity for long time. Only maybe at the very least. It came 2024 and 2025 on the Jan papers. Okay, cool. Let's maximize that. Let's get Excel sheet going here. so rule visual 4 5 that's exam review. Cool. So from that, right, cool. Let me see what they must see on this side here. Everybody everybody everybody. All right, cool. this one All right, so that one there there there. You know, Yeah. Only here for the Okay, no problem. So we take off. All right. Everybody gone. people left. Don't worry. All right, what else is my Zachary absent? Yeah, well, said again, like said before, you already said what you want to study. If you want to study what you That's cool. If not, then do your thing, right? It's your season. You got to figure out what you want to do. Do accounts. Yeah, we getting there. Don't worry. Okay, let's open up PDF and see what we're looking. Okay, not that PDF. We're going to Okay, so didn't see little blurry now. That's not good. So do you have to write in pencil or something? You have to write in pen for all the exams. So yes, would strongly suggest it. Okay, cool. So let's print this off for those in class. Those playing the home game, Mhm, so you know what the hell. Right, so we going to go 8:30 8:30 maybe maybe little after. All right. got two questions. So what are your predictions for tomorrow accounts? None. No predictions. That makes sense. You will also tell me it's unlikely they'll bring it. With the companies again cuz it was big last year, but it's not out of the realm of possibility they'll still bring it. Right, so not going to tell you anything this coming. don't know what coming. looked at the file over and over and put in chat GPT at probably different ways to predict different patterns. Nothing. Nothing is consistent. Nothing is cycling. So, don't even bother. Study what you can study and hopefully pass. Sorry to sound so blunt, but yeah, predictions is not thing. remember something that they did what they did this after what what this did they what they they strand or something like that. I'm like, you trying to predict what comes. Okay, maybe they have maybe they have luck, but mean think about it. On the paper you have five questions. Yeah. You had you had to bring something kind of big unless they bring plenty small things. So, if somebody made predictions, then chances are something going to come on the exam. You have 11 sections of the syllabus, two of which they they really test. mean it's theory, right? So, that leaves nine sections with with big things to test. So, if you have five questions and nine sections, and you guess let me say five. It's like 50% chance something something is in must come. All right, so don't believe in making predictions. I'm done with that. Yeah. Exactly. And then if make it and it don't come, yeah, exactly. Yeah. Yeah, we are what we are doing here. What we are doing we we looked at somebody things that have come recently. Manufacturing, provision for bad debts. What was the other one started with? What was the one we did before manufacturing? Control accounts, right? Cuz feel what what happened while we were studying, we were doing most recent past papers. p.m. okay. Right. Somebody in charge is in there going to like, "No, no." Calm down. Right. Okay. So, we looking to do little thing with the provision for bad debts, right? Now, of course, if anybody would have taken more to our hotel Provision for depreciation, yeah. Right. So, this is 2018 question. This is the most recent bring bringing of no lie. They did in 2021, think. And then they also did in the 2024 2025 John with with shine something shine shine robots. And we had no other transactions for the year, which is 2016 and company started business on 1 Jan 2015 and decided to maintain provision for bad debts of 4% of its year end 3 years of operation was as follows: 72, 84, 80. Prepare the company's provision for bad debts account for the for the 3 years. The first thing you need to do is you need to show the calculation of the provision for bad debts in table. So, the first column is the year, the second column is the the the receivables balance. Then you're going to multiply by the percentage by the provision percentage. And that's going to give us the provision in dollars. Right? So, let's do little table here. Sorry, my bad. little table here. We will zoom in little bit, right? Cool. Give me one sec. Let's just clear something out here, right? So, All right, cool. Right, receivables in dollars as is the provision in dollars, right? do do do do do do do do do do do do. Right, cool. and this is Right. So, we have 3 years, right? 2015, 2016, and 2017. We have one more very important column to put, which is the change in the provision, which is the figure that will go in the income statement and the account. This column here, don't play with that column. That column you need you need the whole thing, but that is this here is what will go in the income statement and the T-account. All right. Don't worry. You can multiply. You can add. You can subtract. Then you're good to go. You do not have to put it in table, know. just like the table for structure. Right? If you if you understand the structure, you can do it anywhere. Right? All right. What we have now? You're marking. You know not going to start there, right? We do not provision for bad debts question from 2018. Right? 2018. Yeah, 2018. You know what it is? We did we did. You're like nice. All right. So, we're good, right? So, 72,000 accounts receivable, right? The provision percentage is 4%, right? Okay. So, cool. Right. So, all we have to do is multiply going across. Right? So, 72,000 by 4 is equal to 22880, right? Now, the change in the first year when you now create the provision, the change is the same as it as the amount, right? Of the provision. That's probably the only time it's ever going to happen. It might might happen next point in time, but that might as well be an arithmetical anomaly. No, it don't add up. Right? Check this, right? So, when you know when in the first year when you now create the provision, technically speaking, it increased from zero. So, the amount of the change is the whole provision figure, right? Cool. Well, let me see, right? We're going to analyze the change. In 2016 was the amount of the receivables 84,000. Right. When you multiply 84,000 by 4%, we get 3360. Here my question, is 3360 more or less than 2880? By how much? To find out, you have to subtract 3360 minus 2880 and we get 480. Right? This change here is very important. That's going to go in the account. And they ask us for the account, right? Cool. In In final year, we have 88,000. 4% of 88,000 is 3200. Here my question, if in 2017 you know what 3200, but the the opening balance was 3360. To go from 3360 to 3200, is that an increase or decrease? decrease. By how much? 160, right? Cool. These figures in the change column are what you're going to be using in your account. Hardly anybody anymore on YouTube. Yeah. How many are on YouTube right now? 143, but we Renard, as matter of fact, one last year should be on the list. But another year boy, Renard there, boy. Number two was late. Never happened before, yep. But number four, yeah. No, four was Four that you would have keep. Four was just like somebody mistakenly put CSEC math question on the exam, but little piece of accounts in the end. Five was all right. Five wasn't keepish. It was just short presentation. Anyway, yeah. Sir, four wasn't on the list. Yeah. Okay, cool. All right. So, now what we're going to do, ladies and gents, is we are going to do the provision for bad debts account, okay? To facilitate that, need to kind of zoom out here little bit and make some room on this side. Right? need date column. need details column and portfolio. Forget that. We're not We're not doing it. We're not doing that. All right? We're not doing this. Well, in some cases, yeah. Some cases, they might actually ask you to do so. Just be careful. Right? Always give the question what it wants. Oop. Okay, cool. So, really and truly, all we need is this the last column, to be honest, right? But, we need to know these things, too, right? These might be important, for sure. Okay. So, give me couple of seconds. Let me just head up the thing here. Right. So, the pro- What? What? Cool. So, provision for bad debts. sorry. Account that will write. This one and this one will be dollar signs. Boom. Nice. We can add little color now. Let's add little green. And let's fill that history. Right? Yeah. Looking good. Looking good. Right. Okay. So, the first year was 2015, right? Hold on. Just give me one sec. need to just Right. 2015. Cool. Nice. In the first year, which is 2015, we created provision. The double entry for that is to debit the income statement and credit the provision account. So, the credit side of the provision account is here. Agreed? Wait, why do we have this here? Right. So, on this side now, at the end of the year, so, let me just do little format thing here. dash Cool. Right. So, it's 31st of December. cool. So, this will say income statement. And we'll pull the whole 2880, the entire amount. Again, in the first year when you create the provision, the whole amount goes both in the income statement and in the accounts, 2880. Right. All we have to do now is balance off the account. Balance carried down is equal to the 2880. This and that, boom. Now, be back, be back. Damn it, be back. Right. 28, right. Now, we're going to bring down that balance. And the balance will be brought down on the credit side here. Again, the provision for bad debts is classified as contra asset. Its function is to decrease particular asset in the balance sheet. In this case, that balances the receivables balance, anyhow. The balance brought down is equal to 2880. Cool. Nice. In the second year, the provision went up from 2880 to 3360. That requires an increase of 480. So, that is what we put here. The adjusting entry to increase the provision is again credit to the same account here, saying income statement. And 480, the amount of the change. Right. Right. In the second year, debtors figure was 84. The provision percentage is four. 84 by four gives us 3360 balance we need to have in the account. We already have 2880. So, to get to 3260, we say we add the difference. Which is the change, right? Cool. After that, bring down your balance. Now, we have something interesting happening in the third year. We have decrease in the provision. Your debtors figure or receivables figure was 80,000, 4% of which is 3200. Which is less than 3260 by $160. So, check this. If when we increase the provision, we credited the provision account, when we decrease the provision, what do you What what side do you think we'll put that decrease? Debit side. Right? And that will say income statement 160. Right? So, now, when you balance it off, let's see what happens. right. And then you balance brought down. It's 3200. So, let me have look again. No, it's all right. Right. Sorry. Sorry. Sorry. 2016. Well, it's plus one. Right. Forgot to Forgot to move that manually today. Forgot to auto update it. Right. What are these? Right. Cool. Right, so that's how you do provision for bad debts you know. When the provision when you are creating provision, right? Now, sometimes what they'll do is they'll start you off with balance in the account. So, it's almost like starting on the second year. Right? In which case in any case whether you're starting on the second year or the first year or the third year whatever you start from, always do your table, right? Somewhere somehow so you can pull your figures. Right? Don't try to mentally keep that. mean, unless you are very strong in terms of keeping stuff in your brain, which is perfectly fine. still suggest you write it out. Okay, cool. All right. in closing people. Right? hold on this now. We have think we have one more piece to do. That is the extract. Okay, cool. All right, what want to show you guys is how you would do the balance sheet extract. Right? but are we okay? Yeah? All right. All right. Yeah, this should be January. My bad. 1 / 1 / 1 1 / 1. My bad. Yeah, sorry about that. No, the the you had you were very correct. Yeah. Because we don't have negative figures in the accounts. That's why went the opposite side. Right? When we had an increase, right? We credited the account. Because again, the provision for bad debts is classified as contra assets account. Its function is to reduce an assets balance in the balance sheet. What kind of balance does an asset have? Debit. To reduce debit, you have to have corresponding credit. Right? So, the provision for bad debts or the allowance for doubtful debts or allowance for uncollectible accounts, right? It's contra asset and has has credit balance. So, to increase it, you have to credit it. And to decrease it, you have to debit it. All right. Okay, Google Meet is going to give quick in the chat or thumbs up. Either one could work. If you're good with that, let me know. Give me thumbs up. If you have any questions, let me know. All right. want to show you how to do the income statement and balance sheet extract. So, you said it's contra asset. Contra asset, yeah. As As is the provision for depreciation, yes. But, it has to be balance of credit. Yeah. So, No. It's It's no more It's You owe no more nobody any money for anything. But, no that it has balance of Yeah, that's correct, yeah. Okay, cool. Right. So, what I'm going to show you here is the corresponding income statement extract. Yeah. All right. All right. So, the income statement extract for years ended 31 December Okay, cool. So, the provision for bad debts, as you guys will hear me say, is contra asset. But, the double entry to record it requires debit to the income statement. Or, in the case of decrease, it requires credit. Right? Now, debits to the income statement are expenses, treated as expenses, right? Credits to the income statement are treated as revenue items. Okay. So, if you want to go like in order of appearance, right? So, less expenses. Right. So, the provision for bad debts. Right. So, in 2015 and in 2016 Right? Look, so income statement, so that figure goes here here as well, right? You could put it in brackets or with negative sign, it don't have to. And in 2016, you also had an increase in the provision, which was recorded on the credit side of the provision account and then debited here. Right? But in 2017, you had decrease in the provision, which required debit to the provision and credit to the income statement. Credits to the income statement are added to gross profit, so gross profit add other expense other revenues, sorry. Let me adjust this. Right? And again, provision for bad debts. In 18 That'll be 160. Right? So Mhm. Tools, right? Yeah, yeah. know of it, yeah, yeah, yeah. Provision expense. Asset, revenue, liability. Something like that. Yeah, yeah. And is something. Yeah. Mhm. So, can you do it step by step? did it step by step. did. All right. Okay, yeah. So, like was saying, the income statement extract is something they can ask you for. The extract of the income statement that has to do with the provision for bad debts, right? Shows you specifically where the provision figure goes in the income statement. In 2015 and 2016, if you look back to your adjustment table here, we had increases in the provision of 2880 and 480, right? Reflected in the provision account as credit entries that say income statement in the details, which means that in the income statement they would be shown as debit items. Debit items in the income statements are expenses. That's why you see in provision for bad debts here, right? Less expenses, right? Provision for bad debts. In 2015 it was 2880, right? And then 2016, right? It was 40 It was 480. In 2017 there was decrease in the provision, which requires credit to the provision account. Every credit requires corresponding debit. Sorry, what did say? This is debit to the to the account. And every debit requires corresponding credit. That credit would go to the income statement. Which would be here. And credits to the income statement are treated as revenue items, right? So, you would add it to gross profit as you would discount received, rent received, commission received, any other revenue. Right? And if you do an income statement and you have provision for bad debts present, check that first. Because you would you would hate to get to sales minus cost of sales and then gross profit and go and end up less expenses. And you put in the expenses and you reach provision for bad debts and oops, it's decrease. You got to go and stick it up somewhere, right? Trust me, that's after plenty trial and error when was in form four form five, all right? So, we have one more piece to do, which is the balance sheet extract. So, again, this is something for which they can ask you, right? The balance sheet extract. All right. As at 31st December, right. All right. Right. So, in the balance sheet, this will be in the current asset section. And it will be the accounts receivable less the provision. Yeah, yeah, for sure. Yeah. just want to show you all these stuff that could be applied to it, right? and here you could call this now used to get always thought it was called net realizable value. the same teacher you all mentioned earlier said there's no such thing as net realizable value. Right, right, right, right. Right. So, net receivables it is. All right. My name is an accounting qualification. do not. Reef? Reef. Okay. Anyhow, right. So, in here we put the receivables balance. What was the receivables balances? 72 84 and 80. That's it, one at time, right? So, 72, though. Right. What was the provision balance in 2015? In 2015, that was the year. So, you can even go back to this table, if you want. You can use this, or you see how it says balance here? That's the balance. So, 2880, right? So, 2880. And you subtract. And that's your net receivables, right? Next, in 2016, now, what was the receivables figure? 84,000. Cool. 84,000. The provision was 3360, and you subtract that, you get 8640. Right. And the last figure was, 80,000, 4% of which is 3200, right? Subtract, and that's That's your balance sheet extract. You think you have headache? You think you have headache? What do you think gave you headache? Thank you, Lila Hayden. Thank you. Appreciate it. got headache. well. How's Zara Keem? So, that's Keem. Keem, you want Keela? How are you doing? Yeah, you two have 184, right? Emily. Go ahead, you can go one at time. When you're going to keep it too? Go ahead, boys. That's the next year. All right, yeah. Yeah, well, we're going to focus on the way we got to do it, well. Again, everybody kind of spiral then, so we try to prevent the spiral. Which people? mean from tomorrow? No worries. If you have If you block If you have block in your block account, once it's done, it's done. It has nothing to have nothing to do with the rest of the exam except for one, for which you'll have sessions, of course. Okay. Who is that? What is going on? Sweaty dog reaching inside and somehow fell over by somebody. Actually, there was snake on the fence this morning. Yeah, yeah. YOU ADOPTED HIM? WE HAVE CRASHING ODDS IN THE EXAM PROCESS. All right. Google Meet, just sent you guys PDF there. in class people, I'm the control accounts over here. can actually switch this to the other mic so it it could actually pick up everything. yeah. The mic is pretty pretty sensitive. Yeah. My my some funds. Show me this. Right. All right. Okay. Cool. chose this question because it has the the open and balance, right? So, on 1 John 2013, the Gagamel company showed balance of 12,000 in its provision for bad and doubtful debts account. So, there is an existing balance in the provision account. Here's question. On what side of the account the provision for bad debts, right? Account. Yeah? Credit. So, what you're going to do, right? Is you're going to have an balance brought down here of 12,000, right? Now, it says Gagamel company provides for bad and doubtful debts of 5% of its year-end accounts receivable. Accounts receivable at the end of 2 years were as follows. So, at the end of 2013, they had 270, end of 2014 255. So, what's going to happen most likely is you're going to So, you have first of all you have to find 5% of these two figures to find the provision figures. Then, you have to see if there are increases or decreases, right? So, most likely think it's going to be an increase in in in year and decrease in the second because look at it. 250,000 is less than 270, right? Right. So, if you're saying Yeah, probably probably decrease by you can say 25. That is 15. 15. That's 15. That's 15. What what did that just figure? No, it's from from 270 to 250, it's 15. All right. Yeah, 13 13 and then What was that? 12,750? The next one? Right. So, first things first, yeah, find 5% of these figures. Right? And then, again, you have an opening balance of 12,000. So, you have to kind of consider take that into consideration when analyzing the change in 2013. In the yellow, on Jan 1st, 2013, you had balance in the account of 12,000. So, at the end of 2013, when you calculate You said 13,500? Right? You have to increase by 1,500. Yeah, that's correct. Wait. Did you put in 13,500? No. No, because there's an opening balance of 12,000. well, after the 12,000, would you do that? Right. So, if you start off with 12,000, and your new provision is 13,500, and we have to analyze the change. Correct? So, if you start with 12,000, and you have to get to 13,500. What topic is this? Provision for bad debts. Income statement? Yeah. So the income statement would be 500 and then on the debit side you would put We see G5. For what? right. Uh-huh. That will come out. There we go. Okay. Eating cereal. Yeah, very good. Let's do the doctor in the house. I'll put you on the concept. Did you try it already? Check check your previous lives and check the required amount. put my camera stuff again. This camera is messing me up now. So then so the next thing you would do is balance brought down of the 13,500. Yep. Bring down 13,500. So what's crashing out on the machine? On the borrow? All right, cool. All right, moving again. Nice. Moving again. And then after you would minus that so then put the income statement and then on the next side you would minus Correct. Yeah. Yeah. Shut up. Never mind. Bring it. Right. What are you saying? No, please no. can't see. About about what specifically? Is that love you, Kiki? Explain what comes on both sides of the general account. We did general account in your previous life. Lover on 470. don't know. Alternatively we tell those service Coco woksi. Yes, it's is for bad debts. So the opening balance is on the credit side. Wait minute. Mr. Noel, you have it back to front. If there's an increase it's treated as an expense. Correct. Let's push this to the top. Let's open mine. All right. So, what we're going to do, let's just copy and paste the whole thing, right? This is 2016. Cool. Let's push it down little bit. So, first things first, we Right. So, we're going to change these years to 2012, 2013, and 2014. Right. So, we have no calculation for the the figure in 2012. There is They give us the figure at the end of 2012, which is the start of 2013, right? The provision in 2012, at the end of 2012, start of 2012 all. Right. Now, in 2000 So, now right. So, we have 270,000 here. The provision percentage is 5%. All right. so, 5%. when you multiply that, let's see. 13,500. Right. So, that is an increase over the previous or the existing balance. Balance at start. To go from 12,000 to 13,500, you have to increase by 1,500. And then in the final year, 255,000, same 5%. We have 12,750, which is decrease from 13,500. And the amount of the decrease is 750. All right. Yeah. Right. Okay, cool. So, we have that. You could put it if you want, but you don't have to. If you don't have room for it, don't put it, right? So, we have 2013, right? 14, 15, and then we have 16. Do we need to take off that, right? All right. So, hold on. We're going to change some stuff here. Right. So, What was that? Why? What What is he in trouble? Okay, so at the start of January, there was balance brought down of 12,000, right? Based on your calculation table, did the provision increase or decrease at the end of 2013? It increased. By how much? Yeah, it went from Right. On what side of the provision account do you record the increases? Credit side, cool. So, you'll say income statement, 1,500, right? The balance therefore energy 16,005, and that comes down here. Right. Right. So, in in 2014, what happened to the provision? Increase or decrease? Decrease by how much? On what side of the provision account do we record decrease? Debit side. There you go. So, all of that happened. Hold on, See if you can actually take all this. No, just take all this side. got it. Right. So, this shouldn't be here. All right. So, this So, income statement The balance is equal to that. No. Minus that. Plus 750. And that's it. That is the provision for bad debts account. Yeah. All right. If you had to do the extracts, right? Do this very quickly. What was the extracts? Right. So, we need to have We had 2 years, right? So, this is 2013 and 2014, right? Didn't have this one. So, in 2013, there was an increase of 1,500. Right? And then 2014, there was decrease of 750. Right? Increases to the provision are recorded as debits to the income statement or and therefore treated as expenses. And in decreases to the provision are credited to the income statement and therefore treated like revenue and added to gross profit, right? I'm going to cross here now, right? So, we don't need this stuff. Okay. Increases in the provision are treated as expenses because they are debited to the income statement. Decreases in the provision are treated as like revenues because they are credited to the income statement. All right. so, we have 2013 2014, right? So, the receivables was what was it again? 270, 255, right? So 270,000, 255,000. And the provision was what again? 5%? Yeah. And you subtract the provision each time. And you get to go there, right? Now the question didn't ask for these things. I'm giving them to you as little extra in case they ask for it, right? What was that? We did that earlier. You and you All right, all right. Okay. Five dollars to months end. I'll list that. Average cost what is that? Half cost? Stock valuation, all right, so. So yeah, absorption cost and yeah, it's still there. They didn't tell us what to do with it. Shouldn't turn in 2014 balance. 2014. This balance. my bad. Stocks. Thank you. Does anyone Sorry, yeah. Stock valuation. Can did that yesterday. All right, okay. So folks, like said, we're just going to do couple of questions on the provision for bad debts. yeah, no problem, sorry. Right, so the the story behind that is that if you write in pencil, when they send the papers to scan, yeah, they said the scanner wouldn't pick up the pencil, which do not believe, but again, do not know, I'm not scanner button. don't know don't know everything about every scanner. Okay. All right, okay. So folks, want to kind of run through partnership question with you all from 2019. It's very similar to the 2024 question we did couple of days ago, but wanted to kind of revisit it for purposes. Right, so let's do that. So I'm taking this off. Right. idea. It's not good idea. Keep my brain awake. need coffee, any coffee. can't let you do that. I'm going to ask my aunt if she can buy me box of coffee which is sugar. box of coffee? You mean box of coffee? It's drink. all night one one cup still coffee or is it like anhydrous caffeine or something? box Wait, why not? It's box of coffee you're talking about? why do you say box of caffeine then? Because my brain Okay. But go on and sleep. Mhm. That might be the better plan. Can't sleep, why? Cuz have to have to write my stuff again I'm getting in the Mhm. You're going to go through this all again, why all again? No, sleep and do the homework again. what specifically? one one night one more night. think can do it. Well, when you When you sleep is when your brain consolidates your memories. If you don't sleep, there's no consolidation. What's the point of sleep? My brain resets everything at night. think can do it. Yeah. You need to sleep. will keep my brain awake. The exam until 4:00 but 4:00 tomorrow. The exam starts at 12:00. Do you know what time the exam is? yeah, yeah, sure. have my coffee now but feel really tired. Slightly long question. Ryan and Iyana partnership profits and losses in the ratio 6:4 respectively. 6:4 is just 2:2 ratio or 60% 40%. At the end of the financial year, 31st August 2017, the following selected balances were extracted from the books of the partnership after calculation of that year's gross income. So, they've done gross income, so they going to want net income, right? Anyway, let's go here. So, current accounts, okay, drawings, okay. Now, current accounts Ryan has debit balance. debit balance on current account implies deficit. credit balance implies surplus. Now, capital accounts 320 for Ryan, 300 for Iyana. Inventory at end 73, cool. Yes, so you can see closing stock in trial balance. If it is, you've done up to gross profit, right? loan to partnership from Ryan. This here was the item of contention. Not this item, please, but the interest on it. All right, I'mma come back to that. I'mma put that in in yellow. Yellow. All right. Non-current assets, right? Now, so we have cost price and the depreciation on said what you might call it, non-current assets, right? Right, OPEX and gross income. Okay, cool. additional information, the closing inventory was understated. Understated by 5,000, right? Non-current assets are to be depreciated by 20% using the reducing balance method. All right, OPEX. Did do blue? No, didn't do blue. Right. The What happened? Nothing? Nothing. Right, that tip. I'll just show that. Right. Operating expenses are what? undue and unpaid, that means they're accrued. So, you have accrued OPEX of 6,000. What do we do with the accrued portions, These are the gents. We add them onto the figure above. All right, cool. Up 24/7, boy. That long time. Mhm. We have to If it's understated, what does that mean? It is too low. So, how do we fix that? We have to increase it. So, this is supposed to go up by five, right? But, the thing is closing stock is using the calculation of gross profit. Long story short, closing stock and gross profit move in the same direction. So, if closing stock is too low, gross profit going to be too low. So, when you fix closing stock and increase it, guess what happens to gross profit? Goes up, right? Cool. so, the first thing they want us to do, sorry, hold on, hold on, hold on, hold on, hold on. Right. So, first thing they want us to do is an income statement for the partnership for the year ended 31st August 2017 on the form provided on page 13 using the balances and the additional information provided. That's eight marks. Did just say that thing wrong? hey Shilo. okay, cool. All right. Hey Shilo, how you doing? You You jumped in for the last hour? All right, good to have you. Okay, cool. So, we're doing 2019 partnership question. There's an income statement to do, an appropriation account to do, and current account. Feel like we'll just do the income statement and the appropriation, right? Now, for the income statement, you're going to start with the blue sorry, with the gross income of 327, and you have to fix it. Like we said, if closing stock was understated by five, it was too low. So, how do you fix something if it's too low? You increase it. So, you have to add it back. So, when you when we add it back to this, what's going to happen is gross profit going to go up. So, your gross profit is actually 327 + 35. Now, we have no items of other income to add to it, so we go straight to expenses. But, there's no specific sequence in which you have to list the expenses, but if we go in from top to bottom as they appear here, so you so you can do operating expenses if you want the blue, right? And there's an an accrued portion to 206,000. What do we do with accrued portion? We add them. Cool. Right. And then depreciation. So, for reducing balance method, what's the calculation, the formula? The depreciation rate multiplied by the net book value. How do we find net book value? We take the cost and minus the existing accumulated depreciation. Right? And then right. This part in yellow. So, Ryan is entitled to receive interest of 10% per annum on his loan to the business. Now, some teachers are saying that that interest on the loan is an appropriation. am saying, "No." The loan to business, sorry, the loan to partnership, even if it's from partner, is treated as liability. The interest on loan is an expense. Right? Now, these things that they are saying that that that they think justifies it is that hey, it says the partnership agreement included this. That's fine. You can have that in the partnership agreement. It doesn't change the nature of the loan. It is still liability. And even though you're paying the interest to the partner, it is still an expense. Interest on loan, regardless of who it's from, is an expense, not an appropriation. All right? One sec. Right, so we're working on that currently. Mhm? So you don't want to take another loan? The loan is liability. The interest on the loan is the expense. Mhm? Right. All right, I'll give it to you again if you need it. Opening accounts help. Dude, anything you need help with just check the channel. have videos in on it. More like you don't know. Right? So simplicity simplicity. Dude, just check the check the channel. Tutorials from sharp on all the past paper questions. So dealer, okay. What are debit expenses assets? Can you just confirm if those are the answers right? 4 don't know. Let me check it. don't know where to find have the answer somewhere. what I'm doing this? What doing? No, what are you doing? I'll just check it inside of here. How about that? won't to create whole new file for that. this is the 19 question three. All right. All right. So, this is Ryan and Yana. Income statement for the year ended 31 August 2017. They give it two columns, right? What? What? Not applied as in the range, okay. All right. So, gross income. So, gross income they give you as what? 327. But, we know that closing inventory was understated by 5,000. So, to fix gross income, we have to add back the 5,000. Cuz closing stock and gross income move in the same direction. If one is If closing stock is too low, gross profit going to be too low. All right. All right. Yeah. Let me keep going. Right. So, that's 332. Right. Less expenses. Okay. So, we can put operating expenses first. and that was two No, it was 88,000. Plus, there was 6,000 down here that was unpaid or accrued. So, we add that as well. So, that's 94,000. Right. next we can do the depreciation. Right. Now, for the depreciation, it's the reducing balance method. So, it's 20% of the net book value. The net book value is the cost of the asset minus the existing depreciation. Right. So, that's 750, 1/5 of which is 150. Right. And then we had What What else? Oper- opex depreciation and the interest on the loan, right? So, the loan's interest rate was 10% per annum. That's 10% of 40,000. That's 4,000. All right. Now, we have to do What's that? Right. All right. I'm sorry. This is net income or net profit. All right. So, 1 2 3 4 5 6 7 8. Right. How many marks was awarded for this question? Eight marks, right? Yeah. If you did not put the in interest on loan, not exactly sure how you going to get eight marks. 2 3 4 5 6 Yeah. Hold on. Somebody's calling me. Hello. Good evening. Hi. Good evening. How are you? Uh-huh. What's up? Tomorrow, we actually doing from the evening from 4:00 to 6:00 to 6:30 to 8:30. Friday, we have really classes. Yeah, yeah. Mhm. Well, was going to give you both because I'm doing different things in each of them. But, mean, if you get When you come to one Yeah. Yeah, cuz we we had to postpone Well, we had to deal with the PO we first now, so trying to make sure we get enough sessions in the prep. know On top of that, know some of them doing English so on the same day as maths. So, that going to clash, so they are going to have to study for that, too. So, trying to fit in as many sessions as possible between now and until Yeah, we have half hour break in between. Yeah, Friday is from 9:00 to 3:30, but yeah. Again, you supposed to come to all or or whatever you can come to. If you can't come to all, it's not problem. Come to what you can come to. Correct. Correct, yeah. So, you come to what you can come to, right? So, if you have other stuff to study for and you have other lessons to go to, then that's fine, you know, but you know, come to what you can come to. Long story short. Okay, no probs. Bye. Yeah, sorry. Okay. Now, the next thing want us to do is the appropriation account. All right, so let's get rid of some of these extra colors here so we can focus on the appropriation account now. All right, cool. So, with the appropriation account, we're going to start with the net income that we just calculated. Which how much again? 8,000. Right, cool. Now, from there, right, after you start with that, you have the interest on drawings, right? So, your interest on drawings, so that's where the partnership agreement comes in. So, we have interest charged on drawings for 4,800 and 3,400. So, we have no calculation there. It's just straight plug and play. Right? next, the partners receive 3% interest on their capital balances. So, let's put that one in the green. And it's 3% of these figures here. not not that. remember somebody had comment on YouTube. So, why is the interest on capital different to the interest on drawings? I'm like, don't know what is. Sorry, 1 second. Hello, good evening. No worries. Mhm. No, no, what happens is on on the far left, don't know if that's visible. What happened was so normally my classes would be 10:00 to 12:00, 1:00 to 3:00, and then 4:00 to 6:00 and half 6:00 to half 8:00. But because have to collect my sons during the week one at 11:00 and one at half past 1:00, what did is during the week have class 9:00 to 10:30, then an hour break, and then half 11:00 to 1:00, then an hour break, and then 2:00 to 3:30. So, have those times to the far left. So, what on Saturday and Sunday, however, don't have to collect them from anywhere, they'll be home. So, on the Saturday and Sunday it's 10:00 to 12:00, sorry, the Saturday is 10:00 to 12:00 and 1:00 to 3:00. So, that's what mean by normal time. Mhm. Mhm. Mhm. Mhm. No, no, she can come to whatever she wants to come to. So, if you want to come to one, come to one. If you want to come to two of them, even if it's for all, that's fine. Mhm. All right, no problem. Yeah, don't think I'll have enough for next year. All right, cool. Yeah, so ladies and gents, we're going to start with the net income of 84. To the net income, you're going to add the yellow, interest on drawings. After that, then you have your appropriations to make, which are the interest on capital. You got to calculate that and the salary. Now, the only thing I'm not I'm not showing cuz don't think have room. Let me see if could fit that. Can fit it? Can fit it? No, can't fit it. Is the the profit and loss sharing ratio, right? So, the profit and loss sharing ratio is 6 to 4. Right? Which means what do we do with the ratio? We add the numbers. 6 + 4 is 10. You put each number over the total. So, 6/10 and 4/10. So, our 6 our 64 they split to Ryan and Yian. Right. Positive vibes. You do understand. What specifically do you understand? We'll do reset on the mocks, right? It's too much of an interest. don't agree. think there's just enough if you know what you're doing. If you don't know what you're doing, then yeah, if if if they would not have much at me at. But, if you know what you're doing, 30 minutes is enough. 35 is extra. You don't need it. That's luxury. Right? But, understand not everybody is as as well prepared as as everybody as other people, you know? So, if you're not feeling too confident about it, yeah. understand. hear. Don't worry about it. Yeah. And I'm not going to tell you like dusty old ancient who's in here, but back in my day when we had question to do, it was income statement and balance sheet in one with full adjustments. Half an hour for our question. Right? When we got That's what we That's what we could do. That's what we could do. What did we do to them? Yeah, know. We got good grades on the exams, guess. Until they started not to get good grades and go we're not we're not easy as they once No. No, they did. They did easy down. No, they will not ask you all for income statement and balance sheet in the same question with full adjustments. Mhm. Mhm. Well, this is CXC, yeah? This is CSEC period, yeah? Yeah. Mhm. It was the same 3 hours. Our paper was little different. We had There was There was seven questions on the paper. They chose three questions that were compulsory. You had to do those. And then out of the last four questions, you choose any two. Right? same same 3 hours. And again, we had to do full income statement and balance sheet with adjustments and appropriation accounts and income statements. you you might not get all three in one like income statement, appropriation, and balance sheet. That That's tall order. You know? Full manufacturing with the income statement after. Right. So, so what they what they were doing up to 2017, they were still doing 2017 2018 2016. think up to 2017 they were still doing three first three questions were compulsory and the last four you choose any two. That that could have stopped 2011 don't 2016 has seven question. I'll check again. Hold on. can check now. No, not this one. This is the timetable. Yeah, up to 2017 you have seven questions, right? The first three you had to do. Compulsory and the last four you choose any two to do. Right? That's how it was for all the years before. Right? Anyhow. So, yeah. Anyhow, sorry. On the wrong wrong file here, right? Yeah, know. Appropriation account for the year ended 31 August 2017. Yo. And what, sorry? Yeah, but in maths initially back in my right it had six questions all of which you could choose two. And then from like 20 either 2010 or 2000 either 2010 come forward, they started to pair them up so you had three questions part part Cuz what was happening is people were like ignoring entire parts of this syllabus. They you could skip out vectors, matrices, trig and bearings, and circle geometry and still get one. Because you could focus on usual functions. Right? Yeah. So, then what they realized Hold on. Just now. You can say. Ask me only two. The last chapter. Right, up here will be Akash book. That'll be nice. Control, yeah, that's what we we did control accounts earlier. We did cooperatives, yeah. No problems. Well, Akash, appropriation, right? think it might come, but again, could be wrong, but I'm very wrong. Should that income Right, that was how much? It was 84, right? To that we have to add interest on drawings. Right, so Ryan Just Ryan, and Yana. Right, cool. So, that's the yellow figures, 4,800, 3,400, right? So, you again, you can put your subtotals, right? And then you add those together. And this is the profits before appropriation. Or profit to be appropriated. Cool. Do you have to show individually? Cuz just put it in brackets, but You could do that. feel like that feel like feel like that could that could work. Yeah, cuz Yeah. Right. So, less appropriation. All right. So, we start off with the interest on capital. Cool. So, we have Ryan. We have Iyana. Cool. So, with Ryan it's 3% of his capital 3% of 320,000. And with Iyana right? It's the same 3%. Sorry. Of 300,000 this time. Right. So, that would give us what? 9,600 and 9,000. Does that look familiar? Right. Yeah. And then the salary. think only Iyana got salary, right? Yeah. 36,000. Cool. So, you have you have one So, you you pull across that so total and then subtract it from the 922. Right. Right. 37,600 as the profit after appropriation. Right. Sorry. Wait. There's no such thing as distinction. Really? It's There's never been one. People have called what they've done distinction to make themselves feel important. Right? There's no such thing as distinction. has never acknowledged it or know. CXC does not recognize anything called distinction, nor does it award anything called distinction. distinction is what people of back in the day when, you know, they had people of the upper class sharing schools with people of the not so upper class, and the people of the not so upper class scored good grades and also got ones, but the people of the upper class got ones as well. They referred to their ones as distinction, so you know, seem like it was better better grade than than the people of the not so upper So. Mhm? Yeah, sure, sure, profit. yeah. Even think he went even did video about it. All right, so hold on. All right, let's see. All right. Ryan, not Ryan, Ryan. Ryan, right. So that's 6 to 4, so 6 6 + 4 is 10, so it's our 6 over 10. of 37,006. Yeah. We dancing what? We dancing what? was like Excuse me, but I'm not seeing Right. Right. You wish you could have been hero. Adjustments. Okay, cool. You want to leave for your shot? Corrections. You haven't worked there at corrections in 2 years. You check that in 2 years. Cost plus price in two. Yeah, yeah, yeah. told her don't mind him. That's going to follow long time, too, so look out for that. Well, in its entirety. Maybe like little one piece of one or some theory, but Yeah. What's that? Right now? No, just in my life. In the months, months, accounts. like his style. All his number. All right, my net fraction accounts. Nope, hasn't come for little while. And me, too. That That's one of That's one we did little earlier just to kind of And it also didn't come up in the revision for the last few papers, so that's why made sure to do it today just to cover the bases. Right. You better be correct in what you say or else you're going to No, you're not going to just watch my videos. Watch your videos, practice some questions. Right? Your job is to know the whole syllabus. If you didn't didn't do your job well, then you didn't do your job. You're going to face the music. And mean, I'm not trying to be unkind. That's matter of fact. You know? Regardless of what whatever grade you got, you have work to do. It's different type of work. All right? wish you all would do well. Could be All right, we're going to have any ratios to share profit. That was the first time got Rona and Yana partner sharing profits and losses in ratio 6:4. So, what we do is we add the 6 and the 4 and we get 10. And then we put each of the digits over the 10. So, that's why got the 6/10 for 6/10, sorry, for Ryan and 4/10 for Yana. Okay, Google Meet. So, that got out of control while. Just give me quick Meet chat or thumbs up if you're good with the appropriation account. Right? If we If you need me to go over anything in this question, let me know. Even if it's the income statement, right? That's no problem. All right. In class, cool. feel like you're all okay with the appropriation account. Yeah? Okay, cool. Right, we have the summer half an hour again. Maybe we could push that little bit, not not much. As you see, do this as nine. These These last few days I've been like 9:00 to 9:00. So, yeah. All right. Go back to the appropriation. Yeah, that's not right. You want the ratio questions? Or the Or the income statement? Is that what you want? Ratio question. You're busy. Income statement. we did that already. So, you're going to have to check the replays on YouTube or check my other videos on YouTube. That's not on the agenda right now. Sorry. think Mr. Vali was doing some income statements on his live. You can check his live if you want, but not passing it on. All right. Jacob, we good there? You have any questions there? Traps model. Ratios on that one. All right. One more time, let me check it out. All right. She's the man. Okay. Yeah. 12:00 night? You mean No, no, she's all that. No, no. That's ratio liquid contribution. All right, cool. But But And she did And she just up and did the football, right? Yeah. Right. She has man. yeah. She said she had profit. Sorry. Uh-huh. Yeah. yeah, you could do that too. Sorry. Yeah. You could subtract You could subtract this from this. This minus that. I'm sure that you have You have nothing left after. Yeah. Sorry. Yeah, you could do that. But I've seen people basically just stop here showing that you share the profit between the partner and when you add up the profit shares you get back the profit before. So, that's fine, too. But Specifically watch the characters. But that should They show that she's man. okay. don't know if I'll find out now. Right. What was the plan again after that was errors and suspense? did. Right. Take off that one. Errors. What did you do errors? Errors would be Hold on. Wait. no. No. No. Let's go forward. Go forward. Right. Go here. Right. We said errors. Yeah. So, we had from 2021 to 2024 here. And wait Wait, 2025 question. There was 2025 question, right? Yeah. Okay. And have some older ones pull up pull up here as well. No, this is 2024 this is 2021. why do have 2025 here? He's still alive. Wait, which one is this? 2023? No, there's no errors question. No, it's Yeah, there is it is. Okay. Okay, next is what? Jumani. This is 2023. Okay, cool. Corrected trial balance. And this one is what? 2022? Okay. That looked kind of doable initially. Hold on. What is this one? Is this the last paper? No, not standard. All right. Okay, so 2021 John then? All right, let's try it out. 2021 John, why not? We'll do few. Sue, I'm here. That queen over there is waiting. All right, that's my side. Cool. All right, Google Meet. Give me sec. We had to come up to go there. All right, that's one thing. That's not problem. I'll be back in moment. All right. Wait, it wasn't fillable? this one wasn't fillable. my gosh. All right, guys. Sorry. The one from here was fillable. What? That's not right. Sorry. Let me Let me do that again. Yes, release them into the ether. I'm supposed to bring them in the water. Cool. All right. All right. I'll take that one. Right. Okay, so this is 2021, John. Right? Google Meet has sent you guys PDF in the chat. You can open it. it has It's fillable. So, this side is fillable. That's one. Right. don't have this one. For each scenario, identify the following errors which related to this column. sale of goods on account to Mullins have been posted it What type of error is that? That's That's commission. Error of commission, yeah? Right. Now, didn't just say that. identified and said to explain. already explained it. Commission is possible of this time. Yeah. But the wrong person account was used to record the end the transaction. Distinct commission is what people get. That's what used. Okay, cool. Office equipment sold for 2,000 have been posted to the sales account. Yes. Error of principle, that's correct. But the wrong class of account used in record. Which one? Yeah, wrong wrong Yeah, wrong class of account, that's correct. So, we are so we are what? Hold on, I'm talking to my students. Who pay their fees. Right. Wages of 4,500 for the office workers have been debited to bank and credited to wages. Wouldn't that be something? Yeah. Yeah, three for three? this is extract from the Jan 2021 people. Yeah, you're right, you're right. know know the error. know the error. What did you keep What did you keep putting? Keep What you doing? Depreciation, we did yesterday. Income statement of financial control account. Statement of financial account earlier. Kilo. Kilo, have all your questions. Show on. In my previous my picture is on the wall. study. Right. Okay, cool. Here we go again. So, it says prepare journal entries to correct the errors identified on page 24. Okay, cool. So, one at time. Right. So, in the first instance, sale of goods on account to Mullins have been posted to Miller. Okay. sale of goods on account on account means you sold on credit. When you sell goods on credit, you debit the debtor and credit sales. So, the debtor who was supposed to be debited was who? Mullins. Did we debit Mullins? No. How do we fix that? By debiting Mullins. Who was debited instead? Miller. Was Miller supposed to be debited? So, you had to cancel that. How do you cancel that debit? By crediting. So, for the first one, hold on, Yeah. So, you're going to debit who? Mullins account for 1,800 and you're going to credit Miller account. It says narratives are not required because we already we identified them above, right? To correct an error of commission, yeah. Right. Office equipment sold for 2,000 have been posted to Okay, cool. If you sell inventory, you credit sales. Sales of sale of goods, credit sales. If you sell any other asset, you credit that asset account. Why? When you sell the asset, do you still have it? No. So, would you say the asset has gone down? The balance has gone down. So, that's decrease. To record decrease in an asset, do we debit or credit the asset account? Credit. And you'll debit cash or bank when you receive. So, we were supposed to credit office equipment and we did not. So, how do we fix that? By crediting it. We credited sales when we should not have. So, to So, to cancel or undo or or or Yeah, or counterbalance credit the after debit. So, you're going to debit sales account how much? 2,000. And then we're going to credit office equipment. Right? Now, for complete reversal of entries, what you do is the Yeah, you reverse the reversal and you use double the amount. Why double? Once to cancel the error and the second time to put in the correct figures that should have been put in in the first place. So, if wages had been debited to bank and credited the way Okay. If you pay wages, you're supposed to debit wages and credit bank. Cool. All right. It was for 4,500, so we're going to use 9,000. Right. It depends on what side the trial balance showed up. They'll tell you the trial balance. Yeah. The trial balance had it showed it on the debit side or on the credit side. So, So on what side of the suspense account will it be? The suspense account is on the debit side only. On the general ledger, that means Mhm. The other account would also be on the credit side in the general ledger. think understand what you're saying and want to say yes, but want to do want to be sure. Yeah, yeah. Right? but but think know what you're saying and think it is correct. Right? Okay, ladies and gents in class, are we okay with this question? Do you have any questions on it? We have suspense accounts, omission, commission, principal. And then when you didn't manage to can probably say can personally know it, so you can go on my website and just pull it down. You all didn't know our website that we do notes on it? Yeah? Is it your new Wi-Fi? Yeah. Yeah, well go to share or whatever it is and print look at the 426 M426 and send it. All right. Google Meet. You might put Genie chat if you guys are good with that. If or thumbs up either one works. All right, cool. Okay. All right, take note of. All right, so whatever half you going to disappear. Is it Is it the color laser? M426 laser? M426? Yeah. Okay. It's pretty nice, looks fancy. Because that's how they get you. That's the that's the part that's that they said keep buying over and over. They'll sell you the printer real cheap, even might free ink. But you have to come back and buy ink after that. was not going to print out stuff for you. my god. I'm sorry. Is all? it stopped. You have to pay for it. Lucas, was just digging for like bunch of cheat sheets. Mhm. And found one with just bunch of theories. Mhm. And then found one with just only formulas. Okay. I'm dedicated to finding anything. What? did the wrong thing. Did you do the wrong thing? What's that? What are you talking about, woman? do, yes. Yeah, don't worry about it. All right, cool. Thanks. I'm not big fan eating like oily milky. eat olives, don't mind. What is it for now? don't like fruits. What's that? My wife has bunch. All right, cool. can live with that. Yeah, yeah. Yeah. Right, okay. Google meet us in the other room. Okay. I'm here. Yeah, so that's what you want to do with you guys. Sorry about that. check the check my YouTube replay. Recent one. You see it there. January 2026, yeah, that's pretty particular for all of you. first of all, we're doing some errors questions. It hasn't come in two years on the May paper, so we'll see in just in case they decide to spring little piece on us with you there. Okay, cool. Okay, where we are. We do like night. Cool. Okay, Is that most of them in? Okay, but can send this can send this one for you all now. Mhm. Omission. Yeah, yeah, said omission. Omission, commission, principal, and you have compensated. Original entry, transposition, and computational error. Sorry. Yeah. stick start with the original. So, like, what was the other one again? scored error of wrong account or error of wrong amount. And combination thereof. Right. Okay. Who is this script? think this is very good. don't know. This could be don't know. Anyway, maybe it is good. Okay. So, John 2022. So, you have to love to bring errors in journal. Following errors are discovered after the preparation of draft income statement on 31st December 2021 in the books of Jardi Parks. Right? credit put don't know why they have full stop there. credit purchase of goods from 670 from 820 have been recorded as 607. So, that's an error of transposition where the digits are mixed up. Right? Purchase of furniture 5,600 for use in the business have been debited to purchases account. So, that's an error of principle. And closing inventory have been undervalued by 500. So, that's as as as one-sided error. That's an arithmetic error or some sort of human error. So, that requires us suspense account to be used. narratives are not required. Okay, cool. So, there we there we go. What was that? Right. credit purchase so on. So, one at time. Yeah. credit purchase of goods from of 4670 have been recorded as 607. Okay, credit purchase was double entry. Debit purchases, credit to re. We were supposed to put 670. 67, right? But we used 607, right? So, did we use the correct figure? No. Was it The figure we used, was it too high or too low? Too low. So, they're both they're both understated, right? So, to fix that, we have to increase. So, by how much? How do we figure out how much we have to use? We subtract 670 - 607 is 63. So, because the debit and credit were understated, we have to debit and credit again for the shortfall, for the deficit. So, in the first case, we're going to debit purchases for 67. And credit A2 re for the same 67. Cool. Isn't it 63? 63, sorry. still still think it was 67. don't know. That's magnet on your fridge that must have something on it and 607. Some magnets like stars. You make 607. He said, "I'm 607." like thought that was haram. He like You You You real boy. This week, mean I'm Catholic. Well, I'm not very good at church anymore. All right. Sorry. All right. Next. purchase of furniture for 5,600 for use in business had been debited to the purchases account. Okay. So, if you buy any any asset other than inventory, you're not supposed to debit purchases. You debit the assets account. So, the asset that Sorry, the account that was supposed to be debited was whatever we bought. We bought furniture. So, we were supposed to debit furniture. Did we debit furniture? No. So, therefore, how do we undo debit? No, sorry. Sorry. No, sorry. Sorry. We were supposed to debit furniture. We didn't do it. How do we therefore fix that? We We debit furniture. No, not not twice. Right? We debit furniture. Right? Cuz we we didn't debit it, but we were supposed to. That's the account that was supposed to be used. What account did we debit? Purchases. Were we supposed to debit purchases? No. How do we therefore undo debit? Correct. Okay. Right. 19, right? Closing inventory had been undervalued by 500 undervalued undercast understated all mean the same thing. All the way there. No, don't. Right. Okay. Closing inventory. How do we classify inventory as what? An asset. If it's understated, that means it is too low. How do we fix something if it's too low? We have to increase. How do we increase an asset? With debit. So, we're supposed to debit inventory. Credit suspense Credit suspense account. Where is suspense? What was that? Where does Watford wear? All right, cool. So, that means when you do this suspense account, you do the balance, it would be only the inventory would be credit. Mhm. Mhm. Yes. Yes. Yes. Yes. That's what was thinking. Absolutely. don't know. Let me Let me show you something, right? If you go to adapt see. no. Sorry. have iPad. adapttution.com What is it? It's not secure. Did spell it right? Adapt. Yeah. Right. Go to free resources. Right? Click here for free downloads. Hold on. Look. Reissues controller accounts, error correction set one, error correction set two, manufacturing power correct, partnerships, receipts and payments account, business plan and PUE exam topics. yeah. Excel file. It's Yeah, this don't know. Yes, sir. Yeah, so yeah, it is. So, anybody looking for notes formats for some topics, they're right there. All right, you go there, click download. Control accounts. Yeah, and this was my very first time that created September 6th, 2010. Yeah. All right, so look at that. It does this control here. Your creditors control here. With the majority of stuff you need to know. Yeah. I'm going to close this. Folks, don't know that we have time to do the Jan 2023 error correction. is that Yeah, that we dropped the trial balance. Wow. And then you have errors that will help you redraw the trial balance, and then Okay, so okay now. All right. All right, folks. Here what, how much additional started back in 2011 that with the whoever is doing the first exam, just get some prayers. Prayers. Yeah. used to used to put my my pocket right here. Until it mash up. All right. used to used to take off my watch. used to wrap it around the watch and leave it there. All right, so folks, have prayer that was given some of confirmation. As you can see, it's quite old, unbroken up. It's prayer for studies that just kind of say and offer for you all night before exams, right? So, if it is on the Saddam, just kind of as far as we can say, gather your thoughts, you know? So, before we get into the prayer, just everybody who panic in panic in the hell. know saying that easy, but take some deep breaths and honestly, you can study till maybe 10:00, but go and sleep. You need your rest. don't you remember that there's no no exam shows all your capabilities of who you are as person, right? have friends, people know who did not so great at the CSEC level that went on to be very successful and have plenty money and take trips and that kind of thing, right? So, don't let CSEC results hold you back from what you want to and need to do. They're not entirely necessary. They can be helpful depending on the road you choose, but sometimes they don't really matter. Now, I'm not saying don't take on the exams, don't say Chris say that. I'm just saying you can do things without them or with whatever grades you have, depending on what these things are. All right, anyhow, so the prayer said for myself I'll offer for you guys now. So, how do remember this one? Yeah. light of the world, infinite God, father of eternity, giver of wisdom and knowledge and ineffable dispenser of every spiritual grace, who knows all things before they were made, who made the darkness and the light, stretch forth your hand and put your spirit alone in our hearts that we may we may understand and retain what we learn and meditate on it in our hearts lovingly, mercifully, clemently and gently inspire us with your grace, Lord. Teach, guide and strengthen the thoughts of our minds to let your discipline instruct us to the end. And may the counsel of the Most High help us through your infinite wisdom and mercy. We make this prayer to Christ our Lord. Amen. Folks, good luck tomorrow. Let me know how it goes. Google Meet. Yeah, as come on. Yeah. Good luck. Yeah, good luck to everybody. Everybody. Yeah, so my class, right? It was pleasure. will hopefully see some of you for maths. And for paper ones, will be in touch on the on the chat. So, don't jump on the chat yet. if you plan on doing paper ones with me, right? but yeah, everybody who is doing paper tomorrow, good luck. Yeah, good night's sleep. And let me just hope it come out. Whatever happen, do do your best. That's all you can do. Anyhow, Google Meet. I'll go on. Much love. Yeah, they're all over the place, boy. All right. won't miss you both. All right, YouTube. Yeah. I'll go on there. Everybody. All right, nice book. All right. So, yeah, good good luck, guys. Yeah, you'll do well. Good luck. Yeah, you got me. All right. I'm out. All right. If you all need to check stuff, check the channel. Plenty of videos there. Plenty of tutorials. Plenty past paper questions. And the 2024 and 2025 and 2026 exam papers there. They did them recently. So, that that's the most recent lives, apart from today. So, from last week Friday come forward, you'll find 2024 Jan, into 2024 May, then 2025 Jan, 2025 May, etc. So, they're there.