FRA JUNE 2004 EXAM QUERIES
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I was doing the June 2004 FRA Past paper.
For Task 1.7 I got the answer of the current account correct.
However I did not record the wages amounting to £2000 on the credit side of Joe's current account.
Instead, I entered the Drawings balance of Joe's current account as £15,500.
double entrty would be debit wages £2000
credit Joe's Drawings A/c £2000
then transfer the the revised balance of Joe's Drawings Account in to Joe's Current Account.
But the way the answer shows is to debit wages £2000
and credit Joe's Current Account £2000.
Would I loss marks for not showing the £2000 into Joe's Current Account?
For Task 1.7 I got the answer of the current account correct.
However I did not record the wages amounting to £2000 on the credit side of Joe's current account.
Instead, I entered the Drawings balance of Joe's current account as £15,500.
double entrty would be debit wages £2000
credit Joe's Drawings A/c £2000
then transfer the the revised balance of Joe's Drawings Account in to Joe's Current Account.
But the way the answer shows is to debit wages £2000
and credit Joe's Current Account £2000.
Would I loss marks for not showing the £2000 into Joe's Current Account?
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