ACCA F3 Books of Prime Entry Lecture 1 (2024)

In reply to John Moffat.

You are welcome 🙂

In reply to John Moffat.

Thank you sir.

In reply to syanthna.

The lectures cover everything needed to be able to pass the exam well 🙂

Sir, I am facing the exam(f3) in the end of May 2018. Is this lectures and notes are sufficient for me? Your lectures are too good for me understand the concepts. Thank you very much.

In reply to windofchange.

Have you checked your answer against the answer printed in the lecture notes?

Dear Jogn Moffat,

Thank you very much for lecture, very user explainatory and user friendly.

I have one problem for some reason with the excersise in this chapter (Pattie`s chair business). I did everything as you explained: recorded transactions in books of primal entry, made T acccounts, closed them up… , but when I prepared Trial Balance it appeared that have 200$ difference between debets and credits. Tripple checked everything and redone the excercise but still couldn’t find the mistake. May be you could give a tip, where to look for.

Thank you

In reply to Abbas.

There is a chapter at the end of the free lecture notes called “Business Documentation”, which explains all the different business documents. You can find the page number from the contents page.

Dear sir,

There is a question in test, i.e what documents should accompany when payment is made to a supplier.
And the answer is Remittance advice.

Could you please give an idea of what is remittance advise and also a little explanation of what are supplier statement, purchase requisition and purchase invoice.

In reply to changuojiun.

Sorry but there are no real rules you can learn apart from what is explained in the lecture. It is a question of having to learn the names and functions of the various books.

are there rules of thumb which can be used to identify the functions of a book before we familiarise ourselves through revisions? For example suppose i was drawing up p&l if i had no prior experience i would be a bit confused about which figures to use for sales (made up of cash sales and credit sales (use the list of sales day journal total cash receivable book for cash sales).

In reply to chandan.

Maybe you decide to start with $50 in petty cash.

During the first week you spend $10. That leaves $40. So the amount transferred from the bank is $10 – the float is back to $50.

During the second week you spend $20 – that leave $30. So the amount transferred from the bank is $20 – the float is back to $50.

and so on…..

One very standard way of controlling is the imprest system of petty cash, whereby cash is drawn from the bank at regular intervals e.g. weekly, and the amount drawn is exactly equal to the amount spent during the previous week. As a result the balance is always ‘topped up’ to the same fixed amount, which fixes an upper limit on the amount that could ever be stolen.
This is part of the notes, may you please explain it?

Thanks a lot for these lectures

In reply to John Moffat.

You are welcome 🙂

In reply to John Moffat.

Thanks alot