FRA Skills Test 2008

Rune
Rune Registered Posts: 91 Regular contributor ⭐
in AAT Level 3 (Level 6 in Scotland)
Any one else done this one yet? Watch out its not nice, but if concentrate on simulation D1895 it will help nudge nudge wink wink.....:thumbup:

Comments

  • ambitious
    ambitious Banned User Posts: 93 Regular contributor ⭐
    I've done this one and passed it. But your right, it is very tricky particularly at the beginning. Glad it was tricky though, just means I'll prepare a lot better for the exam next month.
  • kazseera
    kazseera Registered Posts: 87 Regular contributor ⭐
    hmmm

    is this unit 5?
  • Essexgal
    Essexgal Registered Posts: 42 Regular contributor ⭐
    Yes :001_smile:
  • Kati
    Kati Registered Posts: 13 New contributor 🐸
    Unit 5 Simulation - Helo please!!!

    Please help!!!!
    I have just finished the FRA skills test and there’s one thing that I cannot get off my mind!
    I got confused when posting the Journal entries (acquisition) to the Motor Vehicles – cost a/c, as there was already a Bank debit entry there, however it wasn’t the cost of the new car but the amount that was paid for it (after adding admin expenses, VAT and taking off part exchange allowance)! When doing practice simulations I have never come across this so I was totally confused! Plus as a result I could not clear my suspense account. Could anybody please explain me how I should have posted those entries into Motor Vehicles – cost a/c in the Main Ledger!!!

    Many Thanks in advance!!
  • phunkyphantom22
    phunkyphantom22 Registered Posts: 166 Dedicated contributor 🦉
    Kati - you don't need to post multiple times, it will get read! :)
  • trini
    trini Registered Posts: 10 New contributor 🐸
    as the motor vehicle has been paid by cash/bank and part exchange the total bank payment including vat and motor expenses has all been posted to the motor vehicles account, you should have credited the vat element and the motor expenses in the motor veh. a/c and debited them to their respective accounts in the main ledger, then post the amount which was paid by part exchange to the debit side of the MV a/c and you should end up with the cost of the new vehicle.

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