FRA JUNE 2004

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:25AM in AAT student discussion
HI,

CAN SOMEONE HELP ME TO GET THE DOUBLY ENTRY FOR TASK 1.6 IN ADMIN EXPENSES??? :cry: EXAM JUNE 2004

IT'S DRIVING ME CRAZY, PLEASE HELP.
THANKS!!!! :D

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA JUNE 2004

    admin expenses for current year £3,880
    Plus interest accrual (dr interest cr accruals) £340
    Plus accountancy fees (dr account fee cr accruals) £890

    =£5,110
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA JUNE 2004

    :D Lovely is always someone who came to the rescue!!!!

    I have another question?? FRA Decem 2005 1.6
    mark up in closing stock?

    Hoping to pass this year because I failed this exam and Im very fustrated about it.

    Thanks petrol monkey :D
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA JUNE 2004

    When you look at mark up, it assumes that the sales proportion is above 100%, in this case 140%. Gross profit is 40% mark up on cost of sales

    Therefore

    Sales = £22,750 = 140%
    Stock = £16,250 = 100%
    Gross profit £6,500 40% (40% mark up on cost)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA DEC 2005

    Petrol monkey you are star!!!!

    Have you finished Technician Level?
    Doing any exams this year?
    I think you are amazine answering all the questions online.
    I will let you know if I pass this time FRA because I completed all skills test I just need to finish with this and move on to technician level.

    Thanks for your help+support, your brain is top of the TOP!!!!!!!

    I will bother you again with my question if you don't mind.

    chao!!!!!! :D
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA JUNE 2004

    Hi

    Yip doing more exams next week. Three exams taking PEV, PCR, and DFS. Taking two tax papers in december and complete my project by beginning of July.

    Pretty chuffed, doing course as home study and hope to go onto ACCA in January 07.


    Got my first exam tommorrow morning. Good luck for yours and if you get stuck let us know.

    PM

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA DEC 2005

    HI!!!!
    I'm back from my break, doing all past papers this weekend.

    GOSH!!!! PM 3 exams :shock: that's really taft, good luck 2 you 2!!!ACCA fantastic!!!! :thumbup:

    Question?

    FRA 2005 2.2Why the adjustment of £ 790 for sales and purchases are added in P+L when in the adjustment column we debit purchases and credit sales?

    My finger cross for you tomorrow and the rest, this forum is really good you made my weekend studies easier I got nervous all the time I'm stuck.

    CHAO!!!!!





  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA JUNE 2004

    Yeah 3 exams, was going to do five but thought it would be a bit too much in a week.

    Answer:

    Remember the correct double account entry for sales
    = dr debtor (if on credit or cash if paying by cash)
    and cr sales

    In this instance the sales entry side has been misposted to purchases.

    In effect you would Debit purchases £790 (reversing the entry that has been misposted and credit sales.

    It was purely added into purchases when it should have been sales.

    Glad to be of help

    PM

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA JUNE 2004

    EH!!!!!!! :P :thumbup:
    I CAN'T BELIEVE IT!!! YOU SHOULD BE A LECTURER!!!

    YOU DON'T MIND IF I NAME YOU " ACCOUNTANT OF THE YEAR 2006" YOUR KNOWLEDGE IS EXQUISITE+SPLENDID!!!!!

    PM THANKS MILLIONS......... HAVE A GOOD NIGHT
    KEEP IN TOUCH!!!!!

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Exams Results

    HELLO PETROL MONKEY!!!

    SORRY FOR THE BIG, BIG SILENCE BUT AFTER I FINISHED THE EXAMS I WENT INTO JOB SEARCH AND YOU KNOW VERY BUSY.

    BUT NOW WAITING FOR THE EXAMS RESULTS, HOPING YOU GET GOOD RESULTS!!!!!

    THANKS ONE MORE TIME FOR YOUR HELP!!!!!! :P


    ALL THE BEST ISMARI!!!

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