FRA figures?? Its 8oclock now!

Hi All,

Just wondered how everyone did!

I got net assets to be 9100 I think.

Think net profit was £18250 ???

X
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Comments

  • *hayley-may08*
    *hayley-may08* Registered Posts: 43 ? ? ?
    Yayy..! Just tring to remember the other questions, hmm...!
    x
  • andrea1802
    andrea1802 Registered Posts: 43 ? ? ?
    figures

    :thumbup:Me to

    Andrea
  • ccreaven
    ccreaven Registered Posts: 119 ? ? ?
    I got net assets as £9100 but then messed up the second part of b/s forget to add profit from p&l! :ohmy:
  • jenz496
    jenz496 Registered Posts: 31 ? ? ?
    yep =)


    the 9100 definately and the 18250 must be right
    because capital 4050
    plus profit 18250
    less drawings 13200
  • *hayley-may08*
    *hayley-may08* Registered Posts: 43 ? ? ?
    Hmm cant remember! Thats probably right, I just put it into exp's! ooops!!!
    x
  • CathG
    CathG Registered Posts: 145 ? ? ?
    Me too hooray

    did you get gross profit 23165 - I included the delivery costs to customers in the 'cost of sales' section - wasn't sure if that was right?
  • *hayley-may08*
    *hayley-may08* Registered Posts: 43 ? ? ?
    Yay... just worrying bout my 4errors on ECR now!!
    Well done everyone, relaxxx...
    x
  • Crazy Chick
    Crazy Chick Registered Posts: 38 ? ? ?
    me too hurray!!!

    i couldnt believe it when it balanced!!!:001_smile:
  • garry_coombs
    garry_coombs Registered Posts: 108 ? ? ?
    Trial Balance: 176940

    Profit: 18250

    Balance Sheet: 9100

    Fingers crossed!

    It was a simliar paper to one in 2005, Decembers I think, which I had done this morning
  • ccreaven
    ccreaven Registered Posts: 119 ? ? ?
    cathg wrote: »
    did you get gross profit 23165 - I included the delivery costs to customers in the 'cost of sales' section - wasn't sure if that was right?

    I did that too but I think it should have been expenses??
  • *hayley-may08*
    *hayley-may08* Registered Posts: 43 ? ? ?
    I got that tb figure cathg =)
    x
  • CathG
    CathG Registered Posts: 145 ? ? ?
    Section 1 - Trial Balance figure

    Did anyone else get 176940?
  • KellyG
    KellyG Registered Posts: 51 ? ? ?
    My b/s didn't balance... was £50 out!! Couldn't work out where i went wrong!! :mad2:
  • birdie29
    birdie29 Registered Posts: 4 New contributor ?
    cathg wrote: »
    did you get gross profit 23165 - I included the delivery costs to customers in the 'cost of sales' section - wasn't sure if that was right?

    I took it off the sales figure, but i'm really not sure...
  • andrea1802
    andrea1802 Registered Posts: 43 ? ? ?
    TB

    :thumbup1: Yes I got that to
  • carl2687
    carl2687 Registered Posts: 21 Dedicated contributor ? ? ?
    rite a few questions!
    the cash book at start did u have to include capital or leave it out?
    the trial balance is section 1, wat were the 2 bottom figures?
    i didnt get 9100 either i got 8450 or something but managed to balance my b/s so should i still be ok?
  • angela27
    angela27 Registered Posts: 40 ? ? ?
    hey guys all my figures balance 9100 net assets what did you get for trial balance was it 178,000 something or other i was the first once finished after one hour and ended up phoning the college when i was going home coz i was convinved i must have missed a page or two it was checked and i had answered everything this was by far the easiest fra paper from the last 10 do you think come on guys we re the bit closer to become AAT qualified bring it on :001_tt2:
  • Villetty
    Villetty Registered Posts: 8 Regular contributor ⭐ ? ⭐
    for some reason i'm getting visions that I had 18,125 for net profit but thats probs just me doubting myself lol :001_tt2:
  • Crazy Chick
    Crazy Chick Registered Posts: 38 ? ? ?
    i did that as well it should have been in expenses..I also added the discount received to the cost of sales to make the gross profit which was wrong
  • angela27
    angela27 Registered Posts: 40 ? ? ?
    hey guys what did you do the second half of the paper with the 1000 that had been paid from the bank? did you guys take it out of the equipment or vehilce (cant remember now) account and put i back in again coz it was already does that make sense:ohmy:
  • diane79
    diane79 Registered Posts: 37 ? ? ?
    I think I credited the bank and debited the cost account (equipment I think)...
  • timdunton
    timdunton Registered Posts: 4 New contributor ?
    I couldnt remember where to put the delivery costs to customers so put them in with the other expenses . had net profit of 18250, and 9100 net assets so looks like i got that right. Everything balanced in the first section as well although it took me over an hour to complete...........got into a fix over opening and closing balances whether they should be dr or cr. had to sit down and go through all the different a/cs plca, purchases, slca, sales and bank eventually sorted it out!!

    regards

    Tim
  • garry_coombs
    garry_coombs Registered Posts: 108 ? ? ?
    My bank figure was 5555, I used this as the Accum Depn didnt clear out.

    So I added the whole 1300 to the fixed asset account and took 1000 out of bank.

    The accum depn account not clearing meant that there was more than 1 asset so that must have been the 1000 in the equip at cost sectiom, if that makes sense
  • Nizza
    Nizza Registered Posts: 9 Regular contributor ⭐ ? ⭐
    Where does interest received and consumables go?
  • Villetty
    Villetty Registered Posts: 8 Regular contributor ⭐ ? ⭐
    angela27 wrote: »
    hey guys what did you do the second half of the paper with the 1000 that had been paid from the bank? did you guys take it out of the equipment or vehilce (cant remember now) account and put i back in again coz it was already does that make sense:ohmy:

    All I remember from the disposal question is that I ended up with a £125 loss on disposal I think. Hope that was right :001_unsure:
  • diane79
    diane79 Registered Posts: 37 ? ? ?
    Nizza wrote: »
    Where does interest received and consumables go?

    Interest received would be sundry income and cnsumable as expenses i think
  • Villetty
    Villetty Registered Posts: 8 Regular contributor ⭐ ? ⭐
    Nizza wrote: »
    Where does interest received and consumables go?

    Both of em are in the P&L Account. Int Received was a Cr and consumables a Dr
  • carl2687
    carl2687 Registered Posts: 21 Dedicated contributor ? ? ?
    i had to put a suspense in the first trial balance lol this isnt good
  • andrea1802
    andrea1802 Registered Posts: 43 ? ? ?
    Loss on disposal

    I also got 1 loss of 125.00,
  • Pencil
    Pencil Registered Posts: 97 ? ? ?
    Was it really that simple?

    I have never got my trial balance to balance, yet it did today! They were so kind actually giving us the accounts too, they haven't done that in any of the past papers I've seen. No journals, no mark-up .

    I had a bit of a fight with P & L but once I beat it into submission it agreed to balance to £18,250 and BS £9,100.

    All looking good, feeling good. Bring it on Technician level :001_tt2:
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