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plb

stardakstardak New MemberRegistered Posts: 6
45 minutes to do the whole exam, 2.5 hrs to correct the tb. Drove me mad. All postings correct but i knew it was a transposition error but could not see it. i was the last to leave, feel a real failure especially when my wife said "bloomin hell if you cant pass this easy one how are you going to get through year 3". i had to set up another suspense account.
2 months to wait for results but does anyone know when resits will be (If needed) and will it effect moving on to the next stage.????????

Comments

  • BluewednesdayBluewednesday Font Of All Knowledge Registered Posts: 1,624
    I will not tell you when the resits are because I am almost positive that you won't need them!

    If you only had one transposition error and you opened a suspense account you will not fail.

    I'll bet you a box of chocolates that you will be celebrating in August !!!!
  • stardakstardak New Member Registered Posts: 6
    thank you for that uplifting reply, you wouldnt have a word with my wife would you????:001_tt2:
  • BluewednesdayBluewednesday Font Of All Knowledge Registered Posts: 1,624
    It'll cost you another box of chocolates!
  • EsmeEsme Experienced Mentor Registered Posts: 711
    even if you did fail, which I'm sure you won't.. you can still move on to level 2 as you don't technically need to do the foundation year.
  • jkcjkc Well-Known Registered Posts: 166
    hi
    thinking about the suspense account question i credited opening balance 720
    cr suspense with heat and light 225 and dr suspense with sales 945 which balanced but
    my friend says she put opening balance dr 720, cr sales and dr heat and light
    any one know which is right?
  • EsmeEsme Experienced Mentor Registered Posts: 711
    I'm pretty sure that the way you did it was right. If the suspense account has an opening balance which is a credit then you put that balance in the cr column.
  • jkcjkc Well-Known Registered Posts: 166
    thanks phew!!!
  • SalmaSalma Just Joined Registered Posts: 2
    I posted the opening balance and rent and rates on the credit and the bad debt on the debit. Is that correct? Also I didn't know what to write at the details column so wrote Bank. Will this mean that this is incorrect?
  • JMJJMJ New Member Registered Posts: 7
    I must be one of the few that dr the suspense, heat and light and credited sales
  • SalmaSalma Just Joined Registered Posts: 2
    Normally I would have done the same but it asked to post the opening balance. The opening balance should have been on the credit side. How would you cancel the opening balance:

    Suspense a/c 720 Opening balance 720
    Rent & Rates a/c 225 Sales a/c 945

    720 was still outstanding on the credit.
  • LloydLloyd Just Joined Registered Posts: 3
    JMJ wrote: »
    I must be one of the few that dr the suspense, heat and light and credited sales

    it was the suspense T account so the opening balance was 720CR there was no need to post anything relating to suspense on the DR side, rent and rates was 225CR and sales was 945DR.
  • rlainrlain New Member Registered Posts: 11
    Hi I also took around 1hr for exam and 2 hrs trying to balance the trail balance. I think I know where my errors are but hoping the rest of the paper was right in order to pass................:crying:
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