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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Comments
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Re:FRA JUNE 2004 EXAM QUERIES
You would loose a few marks for not showing in Joes account but providing you show your workings and the examiner can see your principal then you should be ok.
Even if your answer was wrong slightly as long as you applied the right principal. This is called error carried forward.0