FRA Short Test 2 by premier training

angeleyes_ap

Hi,

Im new to this site and was wondering if anyone is studying with Premier Training and have completed FRA Short Test 2 as I am struggling in what to do with the below and when the error has been corrected, complete the firt 2 columns of the extended trial balance. Please help, anyone would be appreciated.

Carriage - 5,144
Of the carriage costs 2,211 represents carriage inwards on purchases. Prepare a journal to correct the error.

This is what my solution is
DR - 2211 Carriage in
DR - 2933 Cariage out
Cr - 5144

But where would I put these figures in the extended trial balance. Do I show them as debit entries for both or one credit and one debit?

Richard

I'm also studying with Premier, and did this task last year.

Your journal can either be:

a) DR Carriage In 2211 CR Carriage Out 2211

OR

b) DR Purchases 2211 CR Carriage 2211.


As long as the 2211 is included in your Cost of Sales on the P&L account either answer is correct.

With regards to your ETB you are correct to show them both as debits.

angeleyes_ap

Thanks, Richard.

So in the first two columns, under heading trial balance - Do I just enter the figures in there or in the adjustment column?

Thanks

Richard

I entered the amended figures in the 'trial balance' column.

angeleyes_ap

Thanks, Richard.

I have done exactly the same what you have replied back to me.

emmamac

Premier Training

Hi

Just been reading your posts and to be honest went way over my head. I am just at Foundation level but won't be able to go to college next year to do Intermediate as got full time job. I am looking at distance learning and Premier is probably who I am going to use, are you finding them any good? I am a bit scared after having such good support through college.:huh:

Richard

Hi, I started with Premier in Jan 07 and have had no problems at all with them. In less that 18 months I have completed the Certificate and Advanced Certificate Levels and passed all of the exams/skills tests. The text books they supply you with are excellent, and you have your own dedicated tutor that you can phone/email.

emmamac

Thanks Richard

Do you work full time? I am a bit worried that I will find it difficult finding the time for study, I have a nine year old and with her, working and running the house, plus two step daughters who visit with friends fairly regularly I am hoping I am not going to find I've bitten off more than I can chew.

I have got very used to going into college for a full day each week and studying on my other day off, I suppose I am just going to have to be really strict with myself.

How long each week would you recon I will need to set aside doing it by distance learning?

Richard

I work full-time, but don't have any children though!!

I probably spend 3-4 hours a week studying, although when revising I can easily spend upto a couple of hours a day plus extra at weekends.

emmamac

Thanks for that Richard it doesn't sound too bad I'll just have to see how I go. Hopefully (if the exam goes ok next week) I want to register fairly soon for intermediate so at least I'll have a good five months before the first exam.

Thanks Again
Emma

taskey

emma

i have 2 children 13 and 9 and i work full time. i manage to do about 2-4 hours study a week. they also join me and do their homework at the same time. so when mum studies so do they.

i am home study with bpp and i find they are great too. it is difficult to be home study and you have to be really disciplined with yourself.

i am doing fra next wednesday (4th time) but looking forward to passing it and going on to the next stage.

Tracy

angeleyes_ap

Hi Emma,

Just been looking at my post reply for my thread. Yes, I do agree it can get over your head if you have not studied and not understand financial side to accounting.

I am currently with Premier Training, I enrolled with them Dec 2007. I think Premier are a good place for distance learning and the tutors are a great help too. Next wednesday 18th June 2008, 2 days before my birthday is my first exam FRA. I have restricted myself in doing my work as I do work full time but have no children. I tend to spend about 2-3 hours a day, depending on how much time and that way, I can concentrate on my weak areas. It depends on the individual.

Hope this helped you.

hanapospis

Hi Richard,

I am studying with Premiere Training as well. I have started a couple of months ago. I am just doing the FRA test2 and I was wondering if you could help me (as I have seen you have done it). I am stuck on interpretation the word demand on b part.

A rent demand for 210 for the 3 months ended 30June 2005 was not received until 1July 2005.

Does the world demand represent an invoice (in which case it would be an accrual of expense) or does it represent a reques (in which case it would be an accrual of income)?

I have been stuck on this part for couple of days and can't make it clear.

Thanks

Richard

Hi,

You need to accrue as an expense - DR rent and CR accruals as the rent represents a cost for the period.

emmag

I have just started studying with Premier Training and am a bit confused over the carriage inwards/outwards part of the short test 2 aswell. I orginally put the total carriage of 5144 as a DR on the trial balance. Should I have seperated carriage inwards and outwards at this point? They are both DR entries so does it matter if they are not seperated?

I understand the journal - carriage in is DR 2211 and carriage out is CR 2211 but when it says in Q3. Complete the adjustments, accruals and prepayments columns (including the journal in 2), what do I need to do with the journal as far as the ETB is concerned?

Edited to say:- D'oh, sorry I see what the question is implying now!

emmag

:blushing:Nope I'm still confused. The trial balance has two debit entries for carriage in and carriage out. I have a seperate journal to correct the error. But does this become an adjustment on the ETB? Help