FRA Exam Today!

haychie
haychie Settling In NicelyRegistered Posts: 23
Good Luck all!

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

H:lol:
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Comments

  • sebastianforbes
    sebastianforbes Well-Known Registered Posts: 172
    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 :lol:
  • haychie
    haychie Settling In Nicely Registered Posts: 23
    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
    gingervicki Feels At Home Registered Posts: 87
    dont worry, it confuses me too!!!

    good luck every one !!!
  • sebastianforbes
    sebastianforbes Well-Known Registered Posts: 172
    well, i'm dis-appointed !!!
  • warrants
    warrants Settling In Nicely Registered Posts: 18
    Can't say much yet but I sat this today found Section 2 quite reasonable but section 1 was quite tricky.
  • sebastianforbes
    sebastianforbes Well-Known Registered Posts: 172
    i think it all adds up to a 'certificate for attendance' provided that you wrote down your student number correctly !
  • haychie
    haychie Settling In Nicely Registered Posts: 23
    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
    warrants Settling In Nicely Registered Posts: 18
    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
    Richard Trusted Regular Registered Posts: 373
    I found it a reasonable paper - much better than the costing paper on Monday.
  • Lizzim
    Lizzim Feels At Home Registered Posts: 48
    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
    carla030698 Well-Known Registered Posts: 112
    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
    Lizzim Feels At Home Registered Posts: 48
    My figure for net profit was £103,000 (if my memory hasn't already gone!)
  • sharron123
    sharron123 Just Joined Registered Posts: 4
    I thought it was really hard wasnt to confident before hand but it was much worse than I thought!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
  • Richard
    Richard Trusted Regular Registered Posts: 373
    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
    Lizzim Feels At Home Registered Posts: 48
    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
    aina2 Settling In Nicely Registered Posts: 15
    How much was the closing supposed to be?

    Anyone?
  • aina2
    aina2 Settling In Nicely Registered Posts: 15
    closing stock of course
  • warrants
    warrants Settling In Nicely Registered Posts: 18
    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
    warrants Settling In Nicely Registered Posts: 18
    aina2 wrote: »
    closing stock of course

    I think mine was £41k
  • Richard
    Richard Trusted Regular Registered Posts: 373
    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
    Lizzim Feels At Home Registered Posts: 48
    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
    mona06 Just Joined Registered Posts: 4
    has anyone got closing stock £41800? can not figure it out where was my mistake?
    i also got profit of £100800.
  • Richard
    Richard Trusted Regular Registered Posts: 373
    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
    Lizzim Feels At Home Registered Posts: 48
    Closing stock was definately 41,000. The initial figure was £43,500 - £4,200 + £1,700 = £41,000.
  • warrants
    warrants Settling In Nicely Registered Posts: 18
    That was it, I forgot the Depreciation figure :blushing:
  • mona06
    mona06 Just Joined Registered Posts: 4
    thanks, now i now my mistake, i didnt touched obscelete stock at all...:-(
  • Lizzim
    Lizzim Feels At Home Registered Posts: 48
    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
    aina2 Settling In Nicely Registered Posts: 15
    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 Settling In Nicely Registered Posts: 15
    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
    mona06 Just Joined Registered Posts: 4
    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
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