Accounting With Quincy

13/08/2022

We back with strong team 💪 🔥 🔥 🔥
You need help with accounting?? I help according grades and time. Check them out.
Grade 10 :07:00 - 10:00
Grade 11 :11:00 - 14:00
Grade 12 :15:00 - 17:00

NB : Monday to Saturday

Send a message to learn more

19/03/2020

Dr Depreciation
Cr Accumulated Depreciation

13/03/2020

Asset Disposal

When disposing an asset(selling it). To determine if a business has made a profit or a loss,if the carrying value(Cost-Accumulated Depreciation) is bigger than the selling price of the asset, then the business has made a PROFIT .

But if the carrying value(cost - Accumulated Depreciation) is less than the selling price of the asset, then the business has made a LOSS.

05/03/2020

Difference between a Projected income statement and a Cash budget.

Projected Income Statement - It focuses on INCOME and EXPENES to determine a profit or a loss.

Cash Budget - It is an estimation of future CASH RECEIPTS and CASH PAYMENTS to detetermine if we are going to make a cash surplus or deficit.

04/03/2020

FIVE FINGER FORMULA🖐️

Carrying value at end=Carrying value at begining + Additions - Depreciation - Carrying value of the disposed asset📄

It is very important.

03/03/2020

Basic Accounting Concepts

ACCRUED EXPENSES - Are expenses that are still owing and have not yet been paid by the business.

ACCRUED INCOME - Income that the business will receive at the end of the year,it has not yet been received but will only be received at the end of the year.

ASSETS- Are possessions that the business owns. For example Land and buildings, vehicles and equipment.

BAD DEBTS-Are the debts written off since some of the debtors did not pay their debts.

COST OF SALES - It is the Cost price of the stock. It is an amount that we bought the stock with.

CREDITORS-People or Suppliers that the business owes money to.


DEBTORS - People who owe the business money for goods bought on credit.

DEPRECIATION -It is the amount that reduces the cost price of the asset. It can also be described as wear and tear.

INCOME RECEIVED IN ADVANCE- Income that was received by the business for the next financial year.


LIABILITY -An amount owed by the business to another business/Bank .

PREPAID EXPENSES - Are expenses that have already been paid paid for the next financial YEAR.

TRADING STOCK SURPLUS -It is when the physical stock amount is above than the one in the trial balance. This means that the stock is OVER and we have made a profit.

TRADING STOCK DEFICIT-It is when the physical stick is less than the stock amount in the trial balance. This means that there was stock missing or stolen and therefore we have made a loss

02/03/2020

Here is the link to my whatsapp accounting group.Kindly join or drop your numbers♥️.

WhatsApp Group Invite

02/03/2020

The first session will start later today ♥️.

02/03/2020

Welcome to my page.
I am Athi Madikane Schooling at Newell High School, currently doing matric. .
I thought I should create a page and assist those who are struggling with accounting as I will also benefit by doing that in terms of improving my accounting skills♥️.The major reason for creating this page is because We are always on our phones and some people find it hard to study without their phone on their hands. ♥️Then if you are that type of person, you are sorted.

Thank you for your time.