FTC revision paper

System

Hi

Anybody out there doing the certificate in accounting revision papers sent out to us by FTC. So close to the exam and on the FTC exam 1 paper there was a mistake on the trial balance. I could not get it to balance so I had to look at the answers thinking i was doing something really stupid and low and behold the mistake is on the answer sheet. On the answer to the trial balance they have put purchases returns down as a debit instead of a credit making their trial balance actually balance, so no wonder mine was wrong as i had put it down as a credit, the correct way.

Thanks FTC for making me think i was getting it all wrong so close to the exam.

PS purchase returns is a credit.... isnt it ?

Chris

System

Re:FTC revision paper

I have come across more mistakes in the answers to this so called revision paper so stopped doing it as only causes confusion.

Chris

System

Re:FTC revision paper

Purchase returns in the main ledger is a credit entry but it's a debit entry in the Purchase ledger control account - was that where they had put it?

Annette

System

Re:FTC revision paper

Hi Annette

It was a list of balances they gave to transfer to the trial balance, one being the purchase returns account which they put as a debit on the trial balance. I found a couple of other mistakes on the revision paper answers such as individual suppliers in the purchase day book being entered into the subsidiary purchases ledger as DEBITS instead of credits, so I suppose it shows i have learnt something by knowing some of the answers they have given are wrong.

chris

System

Re:FTC revision paper

I certainly found a few errors in the sheets. I don't remeber that one, but there were a couple of... errors of transposition... that confused me somewhat. I don't think it was part of the test, I think they were errors.

:evil:

System

Re:FTC revision paper

Yes, i also found mistakes regarding this revision paper. I emailed my tutor outlining these errors but i never got a reply!!