Best Of
Re: Subject: Study Partnership for AAT 2
Hi @AGANGAR and @wolf2008
Good luck with your studies. I am currently a Level 4 Student and am looking to start an online instant messaging page for Accounting and Finance. Would you be interested in joining? The aim is helping others and there is training videos on there etc.
Do let me know if you want to join I can send you the link it's on Discord which is similar to WhatsApp.
Kind regards
Shamil
Good luck with your studies. I am currently a Level 4 Student and am looking to start an online instant messaging page for Accounting and Finance. Would you be interested in joining? The aim is helping others and there is training videos on there etc.
Do let me know if you want to join I can send you the link it's on Discord which is similar to WhatsApp.
Kind regards
Shamil
Re: Subject: Study Partnership for AAT 2
Hey, I'm new this this and just started my AAT Level 2 last week. I'm doing it fully online so have no one to discuss with either so I'm certainly up for a study partner!
wolf2008
1
Subject: Study Partnership for AAT 2
Subject: Study Partnership for AAT 2
Hi everyone,
I’m currently on my AAT journey, specifically studying AAT Level 2. I’m also awaiting my exam results for the Introduction to Bookkeeping course.
I wanted to reach out to those of you who are studying independently like I am. I think it could be beneficial to team up with a study partner. We could discuss a chapter or topic once a week or so.
I'm just putting this idea out there because I currently do not have anyone to communicate with who is undergoing the same studies. A study or discussion group would be really helpful.
Looking forward to hearing your thoughts!
Hi everyone,
I’m currently on my AAT journey, specifically studying AAT Level 2. I’m also awaiting my exam results for the Introduction to Bookkeeping course.
I wanted to reach out to those of you who are studying independently like I am. I think it could be beneficial to team up with a study partner. We could discuss a chapter or topic once a week or so.
I'm just putting this idea out there because I currently do not have anyone to communicate with who is undergoing the same studies. A study or discussion group would be really helpful.
Looking forward to hearing your thoughts!
AGANGAR
2
Re: Struggling to pass
I’ve really struggled with if as my first unit on Level 4. I sat the exam in December and got 59% then again in February and got 64%
I think i am going to move on to the next unit and revisit this one in the Summer.
Level 4 is a big step up from Level 3 and i got exceeded on Task 1 & 2 but then below requirement for Ratio analysis, conceptual framework, and International Accounting standards, i think a lot of it was me feeling overwhelmed and panicking.
Good luck when you resit, don’t give up
I think i am going to move on to the next unit and revisit this one in the Summer.
Level 4 is a big step up from Level 3 and i got exceeded on Task 1 & 2 but then below requirement for Ratio analysis, conceptual framework, and International Accounting standards, i think a lot of it was me feeling overwhelmed and panicking.
Good luck when you resit, don’t give up
Re: Nominal codes after VAT return
Assuming the VAT element of the invoice was accounted for correctly then a straight forward journal removing the net value from the incorrect nominal account and adding it to the correct account should be sufficient.
The internal credit/invoice re-entry method mentioned by shamilkaria is very useful when the correction is a bit more complicated or involves multiple lines/codes - but in this instance a journal is probably cleaner.
The internal credit/invoice re-entry method mentioned by shamilkaria is very useful when the correction is a bit more complicated or involves multiple lines/codes - but in this instance a journal is probably cleaner.
Re: Next steps
Hi @Tanya0997
Trust me believe in yourself. I am the same don't worry I don't believe much in myself haha.
The only way you will get experience is if you are working in accounts. Speak to your manager or senior and ask them could you get involved in the accounts prep or management accounts. You need to have a chat with them and let them know you are interested in taking the next step. Worst case scenario is no and you continue doing your current job and look for something else or best case is they give you an opportunity.
No worries most welcome, happy to help you out in your job search if you want as I am in a similar situation haha
Kind regards
Sham
Trust me believe in yourself. I am the same don't worry I don't believe much in myself haha.
The only way you will get experience is if you are working in accounts. Speak to your manager or senior and ask them could you get involved in the accounts prep or management accounts. You need to have a chat with them and let them know you are interested in taking the next step. Worst case scenario is no and you continue doing your current job and look for something else or best case is they give you an opportunity.
No worries most welcome, happy to help you out in your job search if you want as I am in a similar situation haha
Kind regards
Sham
Re: Capital Allowance for shed/cabin
If it’s not movable then not sure how CA can be claimed, maybe for the fixtures and fittings inside but not the structure.
Re: Can a Netflix subscription be an allowable expense
I would advise quite strongly against it. For how much a Netflix subscription costs it’s really not worth the risk!
Re: Can a Netflix subscription be an allowable expense
I am inclined to agree with you. A Netflix subscription is primarily for entertainment and I think HMRC would take a very dim view of anyone attempting to claim it as a research item.
Re: Green Light NCAs Question
@mitch1
Hi Mitch,
Perfect thank you very much for confirming. Please see below the explaination as to how I got £14,000.
Right first thing you need to know whether Property Plant and Equipments (PPE - I may use this more short form) appears in the Profit or Loss Statement or Balance Sheet. We know from our studies it appears in the Balance Sheet why becayse Profit and Loss, shows Income and Expenditure whereas Balance Sheet shows, Assets, Liabilites and Equity and Property, Plant and Equipment is recognised as an Asset.
Next in your studies they would have taught you, DEAD CLIC or PEARLS. Both the same - These accounts are generally on the Debit Side - Debtors, Expenses, Assets, Drawings (DEAD). The following are generally on the Credit Side - Creditors, Liability, Income, Capital (CLIC). Its the same with PEARLS. Purchases, Expenses, Assests (Debit side). The following Revenue, Liability, Sales (Credit Side).
Now this will help us answer the question. Always use T ledger (I call it T because its the shape of a T) accounts (see my attachment, it will help you out)
We have a T Ledger for Property Plant and Equipment (PPE). You are told there is a Balance B/D of £38,600 on 1st January 20X1. Based on what I mentioned earlier Asset is a Debit. So on the T Ledger account you will have Balance B/D - 1st Jan 20X1 - £38,600 Debit Side.
Next you have been told that during the year an Asset has been sold, if an Asset is sold, that means the Debit Side will reduce as the asset has been sold. In order to reduce the Asset Account, you would need to post the entry on the opposite side, so Credit Side. They have told you in the Year End 31st Dec 20X1 that the proceeds of the Asset was £2,400. In simple proceeds just means Sale of an Asset. In accounting you need to remember that there always going to be double entry involved meaning two entries. So there cant just be a credit entry, there has to be a debit entry too. As we know the Asset has been sold, we will credit the Property Plant and Equipment account by £2,400. So the debit entry will be Bank Account or Cash Account - £2,400. (The Debit entry isnt relevant on this question its more just to give you an understanding.
So right now the Property Plant and Equipment is not balanced as the Debit entry is £38,600 and the Credit Side is £2,400. There is a different of £36,200 on the Credit Side in order for it to balance. They have told you only 1 asset purchased (which we are trying to work out the cost) and there have been no other assets purchased or disposed (sold).
From your accounting studies they would have taught you that the Balance C/D is always on the side which has a lower value in order to make the account balance. So we have worked out in this question the Credit Side is lower. We worked out there is a difference so far of £36,200 (see above calculation).
But they have told you that the Balance C/D at the Year End 31st Dec 20X1 is £50,200. We so far have a difference of £36,200. So now we need to work out the difference between £50,200 and £36,200 so, £50,200 - £36,200 = £14,000 (Cost of the Asset to make the account balance). If this seems still confusing see below I will explain it in simple
Property Plant and Equipment (PPE) account at the start was £38,600. But then we sold an asset for £2,400. This means that the Property Plant and Equipment (PPE) account currently sits at £38,600 - £2,400 = £36,200. You are told that on 31st Dec 20X1 that the balance C/D is £50,200. Just work out the difference between - £50,200 - £36,200 = £14,000. This is the cost of your new asset.
Sorry for the massive post, I think it was easier to break it all down. I hope this has helped you out, if not I do apologise.
Hi Mitch,
Perfect thank you very much for confirming. Please see below the explaination as to how I got £14,000.
Right first thing you need to know whether Property Plant and Equipments (PPE - I may use this more short form) appears in the Profit or Loss Statement or Balance Sheet. We know from our studies it appears in the Balance Sheet why becayse Profit and Loss, shows Income and Expenditure whereas Balance Sheet shows, Assets, Liabilites and Equity and Property, Plant and Equipment is recognised as an Asset.
Next in your studies they would have taught you, DEAD CLIC or PEARLS. Both the same - These accounts are generally on the Debit Side - Debtors, Expenses, Assets, Drawings (DEAD). The following are generally on the Credit Side - Creditors, Liability, Income, Capital (CLIC). Its the same with PEARLS. Purchases, Expenses, Assests (Debit side). The following Revenue, Liability, Sales (Credit Side).
Now this will help us answer the question. Always use T ledger (I call it T because its the shape of a T) accounts (see my attachment, it will help you out)
We have a T Ledger for Property Plant and Equipment (PPE). You are told there is a Balance B/D of £38,600 on 1st January 20X1. Based on what I mentioned earlier Asset is a Debit. So on the T Ledger account you will have Balance B/D - 1st Jan 20X1 - £38,600 Debit Side.
Next you have been told that during the year an Asset has been sold, if an Asset is sold, that means the Debit Side will reduce as the asset has been sold. In order to reduce the Asset Account, you would need to post the entry on the opposite side, so Credit Side. They have told you in the Year End 31st Dec 20X1 that the proceeds of the Asset was £2,400. In simple proceeds just means Sale of an Asset. In accounting you need to remember that there always going to be double entry involved meaning two entries. So there cant just be a credit entry, there has to be a debit entry too. As we know the Asset has been sold, we will credit the Property Plant and Equipment account by £2,400. So the debit entry will be Bank Account or Cash Account - £2,400. (The Debit entry isnt relevant on this question its more just to give you an understanding.
So right now the Property Plant and Equipment is not balanced as the Debit entry is £38,600 and the Credit Side is £2,400. There is a different of £36,200 on the Credit Side in order for it to balance. They have told you only 1 asset purchased (which we are trying to work out the cost) and there have been no other assets purchased or disposed (sold).
From your accounting studies they would have taught you that the Balance C/D is always on the side which has a lower value in order to make the account balance. So we have worked out in this question the Credit Side is lower. We worked out there is a difference so far of £36,200 (see above calculation).
But they have told you that the Balance C/D at the Year End 31st Dec 20X1 is £50,200. We so far have a difference of £36,200. So now we need to work out the difference between £50,200 and £36,200 so, £50,200 - £36,200 = £14,000 (Cost of the Asset to make the account balance). If this seems still confusing see below I will explain it in simple
Property Plant and Equipment (PPE) account at the start was £38,600. But then we sold an asset for £2,400. This means that the Property Plant and Equipment (PPE) account currently sits at £38,600 - £2,400 = £36,200. You are told that on 31st Dec 20X1 that the balance C/D is £50,200. Just work out the difference between - £50,200 - £36,200 = £14,000. This is the cost of your new asset.
Sorry for the massive post, I think it was easier to break it all down. I hope this has helped you out, if not I do apologise.