FRA figures?? Its 8oclock now!
Comments
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:thumbup1:Thats a good idea I wonder if somehow we could try on here??0
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MOHMEDSALIM PATEL wrote: »Trail Balance = 176940
Profit= 18250
Loss On Disposal Of Fixed Assets =125
Net Assets =9100
Closing Capital =9100
I got the same, WoW0 -
guys where does intrest recived go??0
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p&l income I think it is after gross profit from what I can make out. although I included it in net profit:confused1:0
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i had big hopes.............. but i made few mistakes that might cost me this exam0
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me too, I'm really annoyed with myself as I studied loads of complicated stuff and forgot some essential basics ie balance sheet layout!!:mad2:0
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can u please forward me the ECR answers if u have them to mahdi.rahmoune@yahoo.com
thanks0 -
done:thumbup:0
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:crying:
Hi
Panicking now, stupidly put interest on B/S why!! 10 seconds after leaving exam room, it hit me that I had made silly mistake. AAAAARRRGGG
I did not get same figures as you guys for Profit, but p+l balanced with balance sheet.
Stressed now!0 -
I debited the equipment a/c with 1000 and credited the bank 1000, and debited the equipment account with a further 300 and credited the disposal as part ex with 300, then the depreciation etc. Got 18250 net profit and 9100 on balance sheet.0
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I added interest received to gross profit. I got a net profit of 18250.0
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I debited the equipment a/c with 1000 and credited the bank 1000, and debited the equipment account with a further 300 and credited the disposal as part ex with 300, then the depreciation etc. Got 18250 net profit and 9100 on balance sheet.
I did exactly the same as you a lot seem to have done the same so we have either all failed miserably or worrying about nothing.0 -
I too got the same figures as everyone else seemed to but I agree that the bank should be credited with the £1000. Thought this was such an easy paper compared with past papers i've been doing! Does this mean the pass rate goes up and more people fail? Thought ECR on MOnday was OK too - don't know wot all the fuss was about before
Well done everyone!
:001_tt2:0 -
I thought the question said no entries had been made also, and just credited the bank 1000 and debited the equip 1000. Think I got 5965 in adjustments columns.0
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Some people are talking about the bank entry of 1000 already been done, but i thought it said no entries had been made?0
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1000 no entries made
maddie I think you are right - I checked twice and it said NO entries had been
made and that would include bank expenditure?0 -
I think it is income after gross profit0
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Interest received:crying:
Hi
Panicking now, stupidly put interest on B/S why!! 10 seconds after leaving exam room, it hit me that I had made silly mistake. AAAAARRRGGG
I did not get same figures as you guys for Profit, but p+l balanced with balance sheet.
Stressed now!
I stupidly didn't include the interest received in P&L. I put it in the B/S too and even though i knew it wasn't a current liability i put it there because it balanced.
Because i put it in B/S instead of P&L my figures were 18135 and 8985 but i balanced. Surely we can't fail on this?0 -
I did that paper yesterday and it is similar. todays exam we clearly needed to credit bankfor the balance of the purchase £1000 - however it appears 2b one of those double
wammies like stock so you can still balance your b/s and looking at past comments of the
assessor if we got a balance we are ok0 -
Trouble with pass rate is you never know if the people who walk out after 50 mins have
finished with flying colours or they just don't have a clue. those of us that are still out here care about our results anad have worked really hard. We should win through!0 -
heh Rexie:crying:
Hi
Panicking now, stupidly put interest on B/S why!! 10 seconds after leaving exam room, it hit me that I had made silly mistake. AAAAARRRGGG
I did not get same figures as you guys for Profit, but p+l balanced with balance sheet.
Stressed now!
Looked at lots of assessors reports and if you had a balance you were doing ok. Hang on in there0 -
definately needed to credit the bank, paper said bank had PAID out 1000 usually if a transaction has already been entered in the books it would say 1000 had been CREDITED to the bank account. The paper also clearly said that none of the Items below had been entered in the system at least thats what I remember.0
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Maddie I agree your postings. Just because we are a minority does not mean we are wrong.0
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definately needed to credit the bank, paper said bank had PAID out 1000 usually if a transaction has already been entered in the books it would say 1000 had been CREDITED to the bank account. The paper also clearly said that none of the Items below had been entered in the system at least thats what I remember.
This is how I read the question also. I think the main point it was trying to state was if it was paid either by cash or bank so you knew what u should have Credited. In this case it was Bank :001_smile:0 -
Mazzie not sure if you have read all the entries on this thread but a lot of the early threads agree with us. Most important is your B/S balanced and your Net profit seems to agree with everyone elses myself included.
I feel really confident about this paper. I did mess up in part one made a mistake on the Trial balance spent an hour trying to balance it before giving up and shoving it in a suspense account. I know I have made a really silly error it the TB.
Not worth stressing now nothing you can change just need to hang in there have faith and start counting down the seconds till the results 5443200 to go starting now.0 -
If everything balances you're going to pass. It's as simple as that.
Maybe you made 1-2 errors. So you scored 8/10 instead of 10/10 on one section. That's a pass whoever you are.
I got a 9100 Networth and 18250 Net Profit. From looking around, that's kinda uniform.
Well done guys! Roll on the results!0 -
Suspense account? Ehh.
If you balanced then I'm guessing you got 90% right. But sorry mate I don't see where you needed a suspense account
. I've not read all of this thread. But at least you showed intuition by adding the account. I wouldn't overly worry if I were you as Villetty says. 0 -
Suspense account? Ehh.
If you balanced then I'm guessing you got 90% right. But sorry mate I don't see where you needed a suspense account. I've not read all of this thread. But at least you showed intuition by adding the account. I wouldn't overly worry if I were you as Villetty says.
I made a mistake somewhere which despite going over my figures for an hour I couldn't find. So my Trial balance didn't balance. Think I posted something on wrong side or copied something across wrong. either way.
If you don't balance you put the difference in a suspense account.0
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