SIMULATION UNIT 5 HELLLLPPPPPP please

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
how you close a VAT account and a direct cost account?

The above were questions in the simulation paper? arrrgggghhhh its dreaded!!!

Also the fee income on the profit and loss - where do you get that from!?

My trial balance does not work - im totally out. I know it needs to be out by 5000 but im out by about 45000. Probably wrong sided but i need to re look at this.

Do not get the closing and opening stock thing?!

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:SIMULATION UNIT 5 HELLLLPPPPPP please

    Hi

    I did mine a couple of weeks back and truthfully have tried to forget it but the VAT account is a balance sheet account so you need to balance off and balance brought down on the bottom for the new financial year. The expense account needs to be balanced off and sent to Profit and Loss Account (but remember about accurals and prepayments). That is basically the answer that I gave and it seemed to be ok.


    Sorry though I can't remember about the fee income and rather then giving you duff advice.... :?

    Good luck!
    Debs
    :)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:SIMULATION UNIT 5 HELLLLPPPPPP please

    hi

    the answer to your question is that the fee income is same as the sales figure 226654.

    regards

    shiwani

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