FRA Exam Today!

haychie

Good Luck all!

Remember deep breaths!! and stay calm. We have Christmas to look forward to once this is done!! yippee

H

sebastianforbes

good luck to everyone !!!

unfortunately, i'm working tonight so i look forward to catching up on all your views tomorrow morning/afternoon/evening !

don't forget... if in doubt, use the suspense account.

at least something will add up

haychie

Yes thanks! I don't totall understand the b/f c/f in section 1 but i've got my fingers crossed!

I always like to know why we do things that way i can fall back on it.

i.e if i forget how to dispose of an asset i scribble all my t accounts down and start from when it was bought!

Any advice on b/f c/f?

H:ohmy:

gingervicki

dont worry, it confuses me too!!!

good luck every one !!!

sebastianforbes

well, i'm dis-appointed !!!

warrants

Can't say much yet but I sat this today found Section 2 quite reasonable but section 1 was quite tricky.

sebastianforbes

i think it all adds up to a 'certificate for attendance' provided that you wrote down your student number correctly !

haychie

don't think i did very well either! Never mind can't talk about it just yet but i found the whole thing tricky! but then it could just be me!

When i first looked at the paper i though hey this looks okay! But nothing went right!! anyways fingers crossed for us all!! :crying:

warrants

As its after 8pm we can now discuss it.

I could not get the trial balance to balance, so i dropped in a suspense account? did anyone else have problems? Section 1 caused me a fair few problems and the more i looked at it the more i changed things :001_unsure:

Section 2 wasn't too bad I didnt think, the appropriation account was something I'd revised before hand thankgod.

How did everyone else get on?

Richard

I found it a reasonable paper - much better than the costing paper on Monday.

Lizzim

I actually thought it wasn't too bad.
I used the wrong figure for closing stock in section 2 which messed up my net profit so I went back and corrected it (and my appropriation account) and other than that there was nothing too surprising :001_smile:

carla030698

I didnt get the trial balance in part 1 to balance either so I put in the suspence account aswell. Other than that part 1 went ok.

Part 2 on the other hand was a nightmare, did anyone get £100,000 for net profit in the Profit & loss account? I couldnt do the appropriation stuff at all I ended up just making answers up that im certain are wrong!

Dont think i did enough to pass section 2.

Lizzim

My figure for net profit was £103,000 (if my memory hasn't already gone!)

sharron123

I thought it was really hard wasnt to confident before hand but it was much worse than I thought!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Richard

carla030698 wrote: »

IPart 2 on the other hand was a nightmare, did anyone get £100,000 for net profit in the Profit & loss account? I couldnt do the appropriation stuff at all I ended up just making answers up that im certain are wrong!

My P&L account was £100,000 net profit too.

Lizzim

Well at least we are all around the same amount-so even if mine is wrong I can't have gone that far wrong!

aina2

How much was the closing supposed to be?

Anyone?

aina2

closing stock of course

warrants

My net profit was £120,400 so I must of missed something - then again you only lose a couple of marks as long as you show and understanding of how to interpret it I think?

The Goodwill account question got me abit as I was used to the partners names on there not just a straight T-Account.

warrants

aina2 wrote: »

closing stock of course

I think mine was £41k

Richard

warrants wrote: »

My net profit was £120,400 so I must of missed something - then again you only lose a couple of marks as long as you show and understanding of how to interpret it I think?

You made the same mistake that I originally made - £20,400 was the depreciation charge that should go on the P&L account.


Also got £41,000 for stock.

Lizzim

I don't remember my depreciation charge being that amount - that may be why I got a different profit figure :001_smile:

Closing stock was £41,000 - I had to go back and correct that cos miscalculated!!

mona06

has anyone got closing stock £41800? can not figure it out where was my mistake?
i also got profit of £100800.

Richard

mona06 wrote: »

has anyone got closing stock £41800? can not figure it out where was my mistake?
i also got profit of £100800.

I cant remember the figures, but I calculated it by taking the computer stock total, minus the obscelete stock, then add on the value they sold it for at a later date.

Lizzim

Closing stock was definately 41,000. The initial figure was £43,500 - £4,200 + £1,700 = £41,000.

warrants

That was it, I forgot the Depreciation figure :blushing:

mona06

thanks, now i now my mistake, i didnt touched obscelete stock at all...:-(

Lizzim

I wouldn't worry too much warrants - I got a different figure which must mean I calculated a different figure somewhere along the way - as long as you carried on correctly it shouldn't be a big issue.

aina2

Yeah I think 41000 is correct. I don't why but got it the other way round. first added that 4 thousand something and then deducted 1700

aina2

aina2 wrote: »

Yeah I think 41000 is correct. I don't why but got it the other way round. first added that 4 thousand something and then deducted 1700

To be honest I didn't know the meaning of the word 'obsolete ' and that might have been a reason I got it wrong

mona06

can somebody explain in other words what "obscelete stock" means? or give me the right spelling, i dont know what it is and can not find in the dictionary.. thanks