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PLB Exam!!

PixiePixie Settling In NicelyRegistered Posts: 18
Just got back from taking my PLB/Foundation in Yorkshire!!

Is any one brave enough to discuss what answers they put???

I got stuck with what a Bankers Draft was - It is not in any of my texts - so had to make an (un)educated guess?!

Pixie
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Comments

  • debihargravedebihargrave Feels At Home Registered Posts: 33
    hi,
    Bankers Drafts......... these are cheques issued by a bank and are as good as cash. they are bank cheques so they will no bounce. Drafts are often used by people wanting to pay large amounts e.g for a house or car purchase.............

    I have just looked this up............. unfortunately for me i wrote down it was a transfer of money from the customer to the suppliers banks account.

    How did you find the rest of the paper?
    I think the VAT question about refunding got me, and also the non traders control account
  • PixiePixie Settling In Nicely Registered Posts: 18
    Hi Debi

    I think that was sort of what I put, but not quite so eloquently as that!

    For the VAT one I put that the Input Tax could have exceeded the Output Tax for that period, only because I work for a farm and we reclaim VAT more often than we pay it, due to most of our sales being zero-rated.

    The Non Trade Debtors one I think could have been something to do with non-sales income, e.g. renting out surplus office space...but I sort of waffled the answer away and then ran out of space - bummer!

    Does a reversal of entries in the accounts affect the Trial Balance or Not??

    Pixie
  • debihargravedebihargrave Feels At Home Registered Posts: 33
    no a reversal wouldnt affect the trial balance. it is one of those that doesnt show up on trial balance 'error of reversal'
    Did your trial balance balance straight away? i was chuffed as mine did,
  • PixiePixie Settling In Nicely Registered Posts: 18
    Yes it did, although I was doing some serious breath holding as I totalled up the second column - and I think I actually shut my eyes as I pressed the equals button.

    I thought that section 1 was reasonably ok - it was interesting the way the VAT had an opening of a Dr balance but a closing Cr balance. I hadn't come across that in any of the past papers.

    How did you tackle the question on clearing the suspense account - I wrote a little journal up on the "workings page" and then put "Journal 1" and "Journal 2" in the details column followed by the corresponding account name - 'cause I wasn't really sure.
  • CudeyCudey Well-Known Registered Posts: 138
    Found it ok as a whole, but think I'll fail due to a high pass mark.

    Bankers Draft I put its a payment from the payers bank to the suppliers account, so probs got that wrong.

    For VAT I put that there may have been an error in the last period which lead to an overpayment.

    Non Trade Debtor I put it was a one of sale where the customer may have paid by cash, therefore would not have got invoiced, and won't have an account set up.

    Think these are 3 I messed up on. Possibly a bit of detail wrong too.

    From this, looks like I failed :(
  • confused!!confused!! Well-Known Registered Posts: 130
    Hi Cudey

    You dont have to get 100% to pass, I messed up half of my FRA exam last year to the point where I almost gave up, but I still passed!

    As long as you show an understanding and show workings then im sure you will be fine!!
  • PixiePixie Settling In Nicely Registered Posts: 18
    Cudey - you'll be fine. I can't think many marks are awarded on the short answer questions anyway, compared to the amount of work you have to put in to the other sections.

    And everybody I have spoken to since this afternoon have all got different bits wrong.

    I think the marking system is fairly forgiving and allows some marks for workings and generally being on the right idea, even if the final answer is not accurate.

    Pixie
  • debihargravedebihargrave Feels At Home Registered Posts: 33
    with the suspense i didnt do journal 1 and 2 i just put the suspense amount in the debit side of the suspense account the £2** one in the debit side and the £9** in the credit and it balanced itself out, i did make a little comment underneath each one though, i.e ommitted and i cant remember what the other one was
  • colleen82colleen82 New Member Registered Posts: 9
    oh b*gg*r - I was ok on most of it but know I cocked up somewhere as my trial balance wouldnt balance and then I was looking so hard for my mistake I couldnt see the wood for the trees so I gave up and carried on.
  • jkcjkc Well-Known Registered Posts: 166
    hi
    i got the suspense account wrong by the looks of it, altho my trial balance balanced, got the vat question wrong, i put bad debts or sales returns. which one did you put for the trial balance not balancing?
  • CudeyCudey Well-Known Registered Posts: 138
    Hope you're right guys. Will keep my fingers crossed.

    I put over payment for the TB one, as 33106 was the bank number if I remember correctly, and it seems weird that it was out by just 6.

    Anyone else?
  • mel3321mel3321 New Member Registered Posts: 9
    I spent an hour on the suspense one. It just didnt add up to me, no pun intended. I am still at home wandering.!!! The £2** was ok but the £9** would have increased the bal on suspense. It's driving me crazy.:confused1:
  • colleen82colleen82 New Member Registered Posts: 9
    think i put underpaid lol :-S who knows - my mind was in a fog by then
  • ZiaZia New Member Registered Posts: 6
    PLB Exam

    was I the only one who almost used up the 3hrs or did everyone ran out as soon as they were done? Most people at my exam lext almost after 2hrs, I had 15mins left.
  • jkcjkc Well-Known Registered Posts: 166
    i put discount not taken, but many of my friends put over stated.
    dont know about when a trial balance would not balance tho im counting the number of things i got wrong now in the second half, which is causing my hart to stop wish i had the answers now, when do they post the answers does any one know?.
  • CudeyCudey Well-Known Registered Posts: 138
    colleen82 wrote: »
    think i put underpaid lol :-S who knows - my mind was in a fog by then

    Mine was too, horrible feeling I've failed section 2

    Mel, there was a credit balance of 720 in suspense, the £225 was not posted in the rent and rates account, so therefore got put too suspense. For this to be moved you need to credit the suspense, and debit the rent and rates account. Therefore the current balance including the opening amount on the credit side is £945.

    The next part was that a bad debt that got posted to both the bad debts and the sales suspense, so you have a Debit in the sales which is wrong as you never debit sales, so this needs to be removed. In the original transaction the other credit would have gone to suspense, thus leaving the transaction to be Dr Suspense, Cr Sales bringing the suspense to 945 on each side making it balance.

    Hope this makes sense?

    Why can I remember the questions lol
  • Daisy79Daisy79 Just Joined Registered Posts: 2
    Hi all!

    Looks like I got the suspense account wrong too - seem to have done it the opposite way round to debihargrave! Oops! Could have sworn it said the suspense account had a credit balance. I also had the same problem with it as Mel 3321 and I normally don't have any problems with this. Not much I can do now!
  • jkcjkc Well-Known Registered Posts: 166
    does any one know which mistake would make a trial balance not balance?
    pls
    and when are the answers posted i need them asap to put me out of my misery
  • CudeyCudey Well-Known Registered Posts: 138
    jkc wrote: »
    does any one know which mistake would make a trial balance not balance?
    pls
    and when are the answers posted i need them asap to put me out of my misery

    Think its August time.
  • jkcjkc Well-Known Registered Posts: 166
    i did the suspense the same way as cudey says above, but my freinds say i got it wrong
  • Kirstie_in_LancsKirstie_in_Lancs Just Joined Registered Posts: 4
    Cudey wrote: »
    Think its August time.

    August? August??? I can't wait till then, I need them NOW!!
    :ohmy:
  • CudeyCudey Well-Known Registered Posts: 138
    JKC Do you remember the options for that TB question? I know one was a duplicate sales invoice, another was reversal, can't think of the other options now though.
  • colleen82colleen82 New Member Registered Posts: 9
    they post the result to us on the 19th Aug and put them on the aat website on the 20th
  • CudeyCudey Well-Known Registered Posts: 138
    August? August??? I can't wait till then, I need them NOW!!
    :ohmy:

    I know the feeling! I'm preparing for the worst, that way the day can't be to much of a heart break.
  • jkcjkc Well-Known Registered Posts: 166
    AGGGHHHH cant wait all summer!
  • mel3321mel3321 New Member Registered Posts: 9
    I dont know why I didn't see them as being journals and still keep thinking of the £720 CR bal as the other side of the double entry. I have no problem with journals so this must be written in a way that I havent come across, it's a one sided entry orignally so just keep thinking that I just needed to put right the other entry to reduce CR bal.

    I am sooooooo annoyed:mad2:
  • jkcjkc Well-Known Registered Posts: 166
    cudey
    one was for customer not taken a discount which i think i ticked as not balancing
    an invoice correctly posted in purchase ledger but not in purchases cant remember
  • CudeyCudey Well-Known Registered Posts: 138
    mel3321 wrote: »
    I dont know why I didn't see them as being journals and still keep thinking of the £720 CR bal as the other side of the double entry. I have no problem with journals so this must be written in a way that I havent come across, it's a one sided entry orignally so just keep thinking that I just needed to put right the other entry to reduce CR bal.

    I am sooooooo annoyed:mad2:

    The question lay out for that threw me totally, I listed the double entries underneath, hopefully this will show "understanding" etc.
  • CudeyCudey Well-Known Registered Posts: 138
    jkc wrote: »
    cuddey
    one was for customer not taken a discount which i think i ticked as not balancing
    an invoice correctly posted in purchase ledger but not in purchases cant remember

    Ahh yea, think I messed that one up too :( S**T.
  • jkcjkc Well-Known Registered Posts: 166
    did your trial balance balance?
    what was the total
    now i will freak if i got this wrong?
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