FINAL ACCOUNTS OF A SOLE TRADER (PART 2)

This video solves a practical question involving adjustments for final accounts of a sole trader

[@FOGAccountancyTutorials]

Please the old WhatsApp number isn’t working anymore
This is the new WhatsApp number👇🏻
[phone]
Thanks

[@bonneymanifest-jn5qx]

Good job

[@MirriamChirwa-z6i]

Thank you sir 🙏

[@borismikwa5573]

Please sir is both Acura and prepayment act as current asset in the balance ship

[@clementbrume5995]

You are very good. You are the kind of person we need in our tertiary institutions of learning. Kudos

[@FOGAccountancyTutorials]

Thanks.

[@jacobmwangata]

I real congratulate you you have helped me.kudos

[@olafestus3971]

You are not half baked.You are well baked and you choose to grown more into it.Thanks for impacting.I have watch few of your lectures and am inspired.

[@ninetailed_ink]

All this was done in nearly an hour and it takes some of our tertiary lecturers a while two hours
You're really helping students a lot

[@MirriamChirwa-z6i]

True some of us even 3 or 4hrs doing nonsense on the board that we don't even understand 🙄 😑 😒

[@ayacleopa5467]

I looked for this and got it from FOG. Thank you sir for freely giving this knowledge. I will watch over and over again to fully understand it

[@sulaimanagaie1674]

You are the best I have seen so far.
Thank you from NIGERIA

[@lindalutta20]

Thank you very much! You have just given me the key to understand. "Treat the items in the additional information twice!"

[@dfather3220]

I so love the way you present your lectures; so explanatory. Thanks so much for the good work.

[@virginiakanini6632]

Am completely mesmerized to realize accounting ain't that difficult .Courtesy of your tutorials

[@ansahfelix2791]

God richly bless you for helping your are offering to some of us, may He continue to bless you.
Helpful and I really appreciate 🙏

[@UI-HINTS]

Your tutorials are so detailed and easy to understand. Thank you so much.

[@kudzieykudzai4762]

you are truly a life saver ...its my first time doing accounting and you have made it look so so simple ....may God bless you from South africa

[@FOGAccountancyTutorials]

Amen

[@mitchellsoldaat]

this channel made my life so much easy. Thank you so much for your tutorials, God bless you ♥

[@mymoon_writer]

I like how you teach the basics of a particular topic in one video then a practical question the next video.
It would've been confusing if you crammed it all at once 😄. Thank you Sir and may Allah bless you

[@asmrporium4926]

Watching all they way from South Africa 🇿🇦 Your work is great my brother 👍

[@araabena]

I love the way he teaches ,i understand everything now

[@owensampson4860]

I really love the way you explain accounting

[@doughlasoburu]

Be blessed ,you have more than expectated

[@abigaildupey3600]

You are a very good teacher. God bless you. For helping me

[@anabajoseph770]

enjoy your teaching a lot, kudus.

[@newtonkiiru1809]

You're The best teacher ever❤

[@miriamkandole9678]

Thank you sir but help explain how you got the accumulated depreciation for computers

[@adedayobeecroft479]

Thank you so much, may the good Lord reward you massively for this

[@ivannasasira2722]

Thanks so much watching from Makerere University Uganda.

[@omololukomolafe5050]

Thanks so much for choosing to impact knowledge, more power to your elbow. please when provision for depreciation figure is given in a Final Acct, how is it treated. I. e Provision for depreciation of 3,800 just stand out before d real depreciation percentage of an asset.

[@atindanbilajacob3871]

wow i love lectures keep it up.🙏🙏🙏🙏🙏

[@owuorsallie5783]

THANKS,, you have take away my fear for FA. God bless

[@minelishakandeh3120]

Thanks very much sir

[@OmowunmiSoremekun-yi5hp]

I like the way you teach. Can you please treat question that has two years trial balance

[@arnoldmperi4326]

your tutorials are helping me a lot

[@MariamLadislaus]

Thankful for your help please I need more videos

[@julietsoku8090]

am.soo happy that i come across this video so helpful please do you have a video for cash flow statement and how prepared statements of change in equity thanks

[@FOGAccountancyTutorials]

Coming soon!

[@julietsoku8090]

@@FOGAccountancyTutorials ok thanks will keep on waiting

[@marciakaluijikal6525]

thanks sir, i have learned a lot in a short time.

[@MariamLadislaus]

Indeed all videos of this topic

[@Nalukenge100]

Thank you very much, you make it easy to understand and interesting.

[@dinahodei9840]

All correct sir thanks for the app date

[@solomonstoneboeykens5821]

Please sir kindly do a video on cash flow as well. Thank you

[@MirriamChirwa-z6i]

God bless you sir

[@tenagyeijohn7023]

You are doing a good job. God bless you.what of if it doesn't balance

[@laliehehemeku2085]

Thank you very much for all you do it is extremely helpful

[@olaniyijoseph6539]

Thanks alot
I have a question
Why was the payable not included in the balance sheet

[@Samuelmisiani-m7y]

Very educative.

[@mshihirimohd6511]

thank you for the insights what about the bad debts, i thought bad debts comes before the provisions for doubtful debts please help.thank you in advance.

[@FOGAccountancyTutorials]

Bad debts that are in the trial balance has already gone through the double entry system. It won't be deducted again from the Receivables figure before calculating provisions

[@giftyokyere6936]

God bless ur effort 🙌

[@fissieseriki295]

Thank you for this. God bless you always

[@ebiereowei]

Thank you Sir...May God bless you

[@mercyshilamba9310]

Thanks I really understand your lectures 🔥🔥

[@jenniferekwuru9048]

For the rent and rate prepayment is there a more easier way to do it? I actually thought we can divide 900 by 12 to give us the figure for each month and then multiply the figure by 3 to get for the additional three months but I was wrong 😢

[@mustaphalurisulemani9141]

This guy is so good!

[@itmanager8842]

Very helpful video but please I didn't see you treat the interest on investment received from the trial balance.

[@BrandiBrandi-mo6mc]

Ilike your lecture please thanks so much it has been really assisted me

[@TabanMalis]

Well done brother, really enjoyed the lectures.

[@manassehleonard2879]

Thank you for this valuable tutorial

[@albrightankomagyei7862]

Hello Sir
Please do you mind throwing more light on the computer workings

[@ibrahimhkamara8994]

Thanks so much bro, I appreciate you a lot, I have gained so much from you. From SIERRA LEONE

[@pahaliejobe7180]

this is marvelous

[@kamaraibrahims1974]

Thank you sir for your hard work 🤠🤠

[@isaaceyiah2063]

Good work senior

[@mensahbelinda3734]

Great job!
I am most grateful, however, can there be an additional information on closing stock and if yes, how is the working done?
Thank you.

[@mensahbelinda3734]

Please I have found the solution.

[@adepahjennifer7706]

Pls teach me how to do it

[@adepahjennifer7706]

@@mensahbelinda3734 pls hw did u do it

[@mensahbelinda3734]

@@adepahjennifer7706 When there is additional information to the trial balance, you will use the closing stock figure at the income statement that is; you will less the closing stock at this stage.
Also, the closing stock is furnished under the current asset under the balance sheet or statement of financial position.
Mostly, you may have two stocks or inventory and the closing stock or inventory is identified by the date.
For instance, the closing inventory date may be 31/12/19, and sometimes the question may not inform you that it’s a closing stock or inventory, unless you use the date.
Again, the opening inventory commences from the beginning of the year and it is used under the income statement.
Eg: 01/01/18.
Please that’s the little knowledge I have on it.

[@adepahjennifer7706]

@@mensahbelinda3734l really appreciate thanks

[@fissieseriki295]

I have an issue with they rent aspect of this question. Please was there a type error in the adjustment? You keep saying that rent received was 250 as stated. But C part of the question says ‘some tenants have not yet paid their rent’. It’s a bit confusing sir. Did the question mean’ some tenants have paid their rent and the amount received is 250?

[@florencewangeci4083]

The trial balance you showed did not contain motor expense and also the question does not show original prices for vans and computers

[@FOGAccountancyTutorials]

Every question gives you different expense items. Work with the information you have. It's not always the same

[@affulstephen7284]

Kudos bro. Keep it up

[@joanaasare5764]

Nice teaching, but my problem is I can't see from the board well the bottom. Where your talkings are

[@batchayaange1382]

Please sir what should you do when you're just given stocks... They didn't precise if it's opening or closing. Or should we just use it directly in the balance sheet?

[@mubarakibrahim100]

You determine opening or closing stock through the date. The stock at the beginning of the year is opening while the one at the end of the year is closing stock/inventory

[@ernestchikuse8125]

very crear...i get helped

[@nasrulkhalid1421]

where should i put non-current liabilities sir ?

[@aminatamohamed7189]

I really understand thank you sir

[@khalidyare3017]

I have benefited alot❤

[@tshephangchabaesele7170]

why did u less prepaid in expenses?

[@collinseldoret9462]

What about if you get less allowance receivable?

[@MaryLufino]

Thank you very much sir

[@lwandomemorymusenge-kn8hu]

Thanks you were abstracting whilst explaining

[@melindachetse7946]

Thankyou from zanzibar❤

[@xoxo_305]

How did you get the figure for the closing inventory please

[@mubarakibrahim100]

It's in the additional information

[@fissieseriki295]

Sir, hoe did you get the 1400 for dep on computers

[@believeafiaxolaliahoentsu9097]

Please how is an accrued expense treated in income statement

[@iddrisuibrahimnyaba8872]

Thank you very much . 😊

[@IfunanyaNwankwo-n5s]

Thank you sir🎉🎉

[@nanamansaagyemanduah]

Please can you help with accrual and prepayments?

[@eziefulachidera1708]

Accruals are current liabilities which are to be added to your operational expense.
However, prepayments are current assets which are to be deducted from the relevant expense head.

[@lazarusjatta6011]

I really appreciate your help and hard work.
Please can u be arranging your videos base on their topic related. I find it very hard to find a video I need.
I m just suggesting though

[@FOGAccountancyTutorials]

I’ve done the arrangements in the playlists. Check that out.
Thanks

[@lazarusjatta6011]

@@FOGAccountancyTutorials thanks so much sir.

[@DalitsoChiwaya-k6u]

Legend 🔥

[@mightymuteketa5349]

U r best fog😊

[@GodwinEmmanuel-d4i]

Good

[@kwaggysherry]

Thanks a lot

[@adellawson9237]

God richly bless you🙏

[@FOGAccountancyTutorials]

Amen

[@beatricekann3849]

How do you treat dishonored cheque

[@VictorMusonda-zw3lw]

How do you get sales returns

[@imbeahcliff8620]

Sir please is outstanding rent treated as income in the profit and Loss account?

[@FOGAccountancyTutorials]

No... It's an expense

[@SN_TV.]

Thanks Sir ☺️

[@brimasaidu]

Thank you sir

[@FOGAccountancyTutorials]

Welcome

[@narhmark604]

How about the drawings for personal use

[@fannywawira2556]

Thank you for this

[@celestinaclement2111]

Please the net profit at the finance I don't understand how is was gotten

[@al-yusufhighlypraiseworthy4958]

what is the name of the amount we get after we add net profit on the drawings in the financial position

[@mcfredquaynor3178]

Capital Employed

[@josephmanu5664]

good and excellent

[@osmanadan8497]

Mr Fog i have accounting question that really messed up my head please can you assist me if you don’t mind 🙏🏽

[@kaddijatoujbah6790]

❤❤❤❤ thanks Sir

[@dasischibwe5038]

Thank you Sir you are rely helping me in accounts😂😢

[@maryzimba-zd9td]

thank you 🙏

[@KingsfordAidoo-j8j]

Keep it

[@khalidquadmill3339]

Can u teach on IAS. And IFRS

[@FOGAccountancyTutorials]

Yes… I have done many videos on IAS & IFRS