Current account help

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hi, just trying to finish up unit 5 FRA. One of my compulsory questions involves drawing up appropriation and current a/cs. However in my ETB my current account b/f figure and c/f figures are different. how do I adjust for these differences?

Yannick Sophie
b/f (2492) (2204)
appropration 23502 15728
Drawings (18274) (11780)

c/f (2736) (1744)

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Current account help

    .................
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Current account help

    yeah thats how it was meant to be set out. But I wana know how you transfer that to ETB, i.e.. what the adjustments would be
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Current account help

    Looks right to me :/ the Current Accounts are balance sheet accounts thus the brought forward balances remain as the opening balance in the next period.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Current account help

    Thanks

    The difference on my Balance sheet on the ETB is 216 which is the difference between opening balances and closing balances on the current account. How do i get from the opening balance to the closing balance on the ETB. It needs to add across.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Current account help

    Is there a problem with the calculation on the appropriation account? Obviosly this will need to tally to what the PL shows as the net profit. Was there any wage allocations or interest on capital to be allocated? Sounds like there may be a problem in the appropriation account.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Current account help

    ...................
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Current account help

    Hmm, i really should know this after i just did FRA! So are we saying the appropriation account (profit share, interest on capital) is done after the ETB? if thats the case then you wouldnt have a appropriation figure int he current accounts? If thats the case then the PL profit figure would be used up in the current account?

    Talking of ETB and the difference, have they given you the figures on the ETB and you cannot bring it across as its out? have you been given set appropriation figures or were these worked out by you in the Appropriation account?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Current account help
    anastasia270683 wrote:
    I'm not sure if this is what you need, but it doesn't work out other way.:)
    Current account
    ..............Yannick.....Sophiel.................Yannick..Sophie
    Bal b/f.............2492....2204l Appr-n.......23502.....15728
    Drawings.....18274.11780.l Bal c/d........2736.......1744
    ....................______.______................______....______
    .....................20766...13984.................20766......13984
    ....................______..._____................______....______
    Bal b/d............2736.....1744

    Wouldn't it be?
    ..............Yannick.....Sophiel.................Yannick..Sophie
    Bal b/f.............2492....2204l Appr-n.......23502.....15728
    Drawings.....18274.11780.l
    Bal c/d........2736.......1744
    ....................______.______................______....______ .....................
    ....................23502...15728.................23502......15728
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Current account help

    thanks for your help guys,

    yeah the ETB is done and then I use the profit figure to do the appropriation account. So from the TB to the Balance Sheet he current account is out. Ive just done FRA too but this one is doin my head in!

Categories

Privacy Policy