FRA figures?? Its 8oclock now!
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Did u balanced the adjustments?
I cr the bank with 1000 and it balanced
Yes my adjustments balanced (can't remember the figure)
To name a few:
I credited the bank 1000
Equipment at cost: debit 1000 plus 300 (part ex) credit 1700 (disposal)
Accumulated Dep: debit 1275 credit 325 (for new equip)0 -
gary check out the answers for dec 05 and you will see tha 10000 was credited and debited to teh equip or vehicle account0
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does someone remember the net value figure for the old equipment? The original cost was 1700 right? and from that we had to calculate the depreciation right or wrong?!!!!0
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check out past exam paper from dec 05 it is the same as the example from today re the 1000
Having a look now, but there's something different in the wording for the dec 05, in here it says it has been credited to the bank, in todays exam it didn't, it said it had been paid from the bank.:001_smile:0 -
Exactly, so the 1000 in the fixed asset account related to another asset not the 1000 paid from bank for the new accountwhy would the accum depcn go to zero? we werent getting rid of the vehicle which cost 1000 we were getting rid of the vehicle or equip which cost 1700
And I said I did the paper this morning and I got it right then0 -
did anyone get £1300 for the cost of equipment (acquisition)?0
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i think we all passed anyway, its impossible to get 100%. i think i lost a mark or two on the last question
'should the computer be recorded as capital or revenue expenditure?' I couldnt remember the SSAP to do with Fixed Assets and depreciation, i wrote SSAP 15 i think! dont know if theres such a thing0 -
the vehicle we were getting rid of cost 1700 the total in that account was 2700 leaving 1000 we were told that the 1000 was paid from the bank account for the balance0
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if the exam paper today said that no entries were made then i have done it incorrectly but as far as i remember we werent told whether any entries had been made or not hey ho as long as we all pass:001_tt2:0
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if the exam paper today said that no entries were made then i have done it incorrectly but as far as i remember we werent told whether any entries had been made or not hey ho as long as we all pass:001_tt2:
Angela,
I too got this wrong.
By removing our fixed asset of 1,700 and the accumulated depreciation we were left with 1,000 and some accumulated depreciation. if the 1,000 already related to the new asset then there should have been no accumulated depreciation left.
I read the question wrong and unfortunately didn't think too much about it.0 -
We weren't told it was recorded in the ledger, the accum depn not going to zero would draw the conclusion that there is a second asset which was bought at 1000, so the fixed assets would be 2300.the vehicle we were getting rid of cost 1700 the total in that account was 2700 leaving 1000 we were told that the 1000 was paid from the bank account for the balance0 -
I balanced througout, trail balance seems to be the same figure as most, :thumbup1:but my p&l and balance sheet seem to be different. I got 17740 for net profit, and 8600 for net assets, hope I don't fail, thought I did really well. Can't think where I've gone wrong unless it's the carraige outward figure. But hey roll on 9 weeks,
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we werent told it was recorded in the ledger but we weren told it WASNT recorded in the ledger either0
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it stated the entries hadn't been posted, also it obviously wasn't due to the accumulated depreciation still being there.0
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I got 1300 for equipment too! and cr bank 10000
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garry_coombs wrote: »by the fact that the accum account didnt clear whilst removing the old asset it PROOVES that there was a second asset
In Dec '05 the accum depn account was cleared, thats the difference! I wrote a note to be on the safe side explaining what I had done, but from my explanations I can see I was correct, along with several others here
garry, you were right, i went about it wrong as well as angela and as i came out of the exam i realised the error as the NBV of the asset was too low, therefore there should have been another £1,000 in the cost.0 -
by the fact that the accum account didnt clear whilst removing the old asset it PROOVES that there was a second assetwe werent told it was recorded in the ledger but we weren told it WASNT recorded in the ledger either
In Dec '05 the accum depn account was cleared, thats the difference! I wrote a note to be on the safe side explaining what I had done, but from my explanations I can see I was correct, along with several others here0 -
why does the residual accumlated depreciation have to relate to the other fixed asset of 1000. the accumulated depreciation could be a couple of years depreciation on the vehicle we got rid of and if my theory was correct and we had already credited the bank and debited the vehicle account and this has just happened there would be no accump depcn on this asset as yet0
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angela, there cannot be a new asset with an existing accumulated depreciation other than the charge for the year.0
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I balanced througout, trail balance seems to be the same figure as most, :thumbup1:but my p&l and balance sheet seem to be different. I got 17740 for net profit, and 8600 for net assets, hope I don't fail, thought I did really well. Can't think where I've gone wrong unless it's the carraige outward figure. But hey roll on 9 weeks,
There was a prepayment figure of £500 did you miss this out?? with the prepayment it goes up to £9100 net assets.
regards
Tim0 -
forget my last post ive just realised how ridiculous it is lol yeah i got it wrong then never mind i still ended up with the same as you guys with the actual figures im away to watch top gear now lol0
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why does the residual accumlated depreciation have to relate to the other fixed asset of 1000. the accumulated depreciation could be a couple of years depreciation on the vehicle we got rid of and if my theory was correct and we had already credited the bank and debited the vehicle account and this has just happened there would be no accump depcn on this asset as yet
when you dispose of an asset don't you remove all accumulated depreciation with it?0 -
It's impossible to have a zero asset account and a positive accum account!why does the residual accumlated depreciation have to relate to the other fixed asset of 1000. the accumulated depreciation could be a couple of years depreciation on the vehicle we got rid of and if my theory was correct and we had already credited the bank and debited the vehicle account and this has just happened there would be no accump depcn on this asset as yet
When you take out an asset you take out ALL the accum depn, even if that depn related to another asset which had a current NBV of nil then the amount in the fixed asset account wouldn't be 1000 and so could not relate to the new aquistion of 13000 -
i messed up with the asset also, do you think it warrants a fail? it was a silly mistake to make.:001_unsure:0
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If this is the only question that's caused any problems I think we should have done ok:thumbup1:0
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they dumbed it down this year?0
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I always thought it'd be marked on a curve, so if alot of people found it hard the pass mark would go down, so a similar % of people pass each year.0
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