FRA Mark Scheme

System
System Posts: 100,534 πŸ€– Admin πŸ€–
edited June 18 in AAT student discussion
Does anyone know how the mark scheme works, I totally messed up the appropriation of profit by dividing the months by 8 & 4 instead of 9 & 3, which meant my current a/c was wrong too! Will they mark the whole two questions wrong? :(

Comments

  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:FRA Mark Scheme

    I believe that you only get penalised once for a mistake. So you will only get the first question wrong not the second....unless you made a mistake in the second.

    I also believe that the marks for the whole of the uK are looked at and if the failure rate is higher than previous years they drop the pass mark! :D
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:FRA Mark Scheme

    Hi Claire.

    They will carry your answers through - you will only be penalised for an error once. As long as you have shown 'competence, knowledge & understanding' you'll be fine.

    Put it behind you and enjoy your summer :-)

    Scott.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:FRA Mark Scheme

    Hope thats the case, I showed all my workings so they'll be able to see where I messed up! must av been a blonde moment(lol)!! Fairly confident in everything else tho. :?
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:FRA Mark Scheme

    I had a blonde moment too - even though I'm a brunette! I blame the blonde highlights I got last week :)

    I multiplied everything by .6 instead of .06 - just don't know what I was thinking
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:FRA Mark Scheme

    what did you multiply by .6 - think I must have missed something totally?
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:FRA Mark Scheme

    Interest on the capital :cry:
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:FRA Mark Scheme

    I found the second part difficult too. By the time I got to the second part I felt pressured by everything that we were asked to do so my work became messier and I started getting answers of xx.05 which is never a good sign, I don't think?
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:FRA Mark Scheme

    please could somebody tell me the answer. They asked us to calculate interest on capital before appropration accont.I used the old opening capital accounts figures to calculate int on capital.I know this is not right. i carried forward that figure into the appropraiton account. Will i be penalised for one error or for my whole answer being wrong.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:FRA Mark Scheme

    Shiwani - your question has been answered above.

    Scott.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:FRA Mark Scheme

    Hi Catja

    Its nice to know that even brunettes have blonde moments! Feel much more relaxed now, what will be will be!!
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:FRA Mark Scheme

    The apportion account was the most difficult.

    It did state that interest was earnt on a monthly basis.

    So reading that you had to use the capital before the new partner joined for the first 9 months and then the new capital figure for the last 3 months.

    Anybody else think that this question was harder and more complex then any on the previous papers and the examples in the book.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:FRA Mark Scheme

    I have a page full of working for that apportionment question. It was complex, but it was due to Pam joining the partnership during the year.

  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:FRA Mark Scheme

    I found that the apportionment question was a bit tough, I am glad I had time ti check the work as I h ad made a stupid mistake in bringing down the balance on the capital account, which I coorected it inly affected the profit for the last 3 months, the TB balanced but doesnt mean it is all coorect as I think I made a mistake in the closing stock valutaion I think your only supposed to class stock as closing stock if it is actually on your premises, what i did is that I valued it at vosr as u shud do due to SSAP9 but I added the fig for stock in transit and the one for stock held, I reckon the only fig that accounts for closing stock is stock held.
    sanjay
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:FRA Mark Scheme

    Lol, everyone stop saying how hard the Partnership Apportionment thing was! I thought it was kind of straightforward, so if you all thought it was hard then I probably messed up =P.

    Like someone else said, 'o que serÑ serÑ'. There's no point worrying about how we did through the summer, it's not gonna change a great deal.

    Just drift through the next few months blissfully ignorant, then take the results on the chin. And if necessary, wait for the swelling to subside. =)
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:FRA Mark Scheme

    Hey everyone, im kinda new to this.....just thought id say hope u all did well in ya exams. i no i kinda messed up on my FRA exam but just keeping my hopes up. lol. :)
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:FRA Mark Scheme

    yeah I thought it was ok....so I definitely did it wrong!!!!! :lol:

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