Unit 5 Fra Skills Test

claire_gledhill
claire_gledhill Registered Posts: 3 New contributor ?
Hi,
Can anyone remember the question on the recent skills test re another method of calculating closing stock? I got stuck on this question and need to know exactly what i need to revise!!! :crying:

Comments

  • lizrochford
    lizrochford Registered Posts: 58 Regular contributor ⭐ ? ⭐
    I put down a physical stock check, and she marked it ok. I know the question was orientated around margin and mark up.
  • claire_gledhill
    claire_gledhill Registered Posts: 3 New contributor ?
    Unit 5 Fra Skills Test

    Thanks Liz :thumbup1: It's always the simplest answer!!

    I also have additional evidence to complete on the written questions - i missed the last revision class b4 the test and i believe they covered this topic then. I struggled with the question re the dr and cr entries on specific accounts. Any ideas to help me??
  • lizrochford
    lizrochford Registered Posts: 58 Regular contributor ⭐ ? ⭐
    Try to remember that the Dr side is the losing account and the Cr side is the gaining account in the transactions. For Example, at year end you would Dr Sales and Cr Profit and Loss as you are recording the sales as a profit. Also its a good point to remember that the sales ledger records sales on the Cr side so to transfer it you would need to Dr the amount from that account before transferring it to P&L.

    Hope this helps.
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