Am i the only one that....

Layla
Layla Registered Posts: 40 ? ? ?
in yesterdays FRA exam

couldnt get their bank summary to balance in section 1?
apart from the cash reciepts, what as the other debits?

also, where the hell did the rent figure come from in the TB section 1?
i had a difference of roughly £1730 which i put as the rent figure as i just couldnt see it anywhere... was this wrong?

also, i made a Profit of £125 on my part exchange disposal ?
i did a T account and my balance carried down was a DR which im i thought was a profit?
But saying that, my BS didnt balance, i had a difference of £185.....

yesterday i came out so happy and now i want to cry.. i studied so god damn hard.

Please help me clear up some of my queries,
«1

Comments

  • Cazzan
    Cazzan Registered Posts: 8 Regular contributor ⭐ ? ⭐
    My bank summary was fine first time (which i was amazed at!). The only debits were the receipts i think. Everything else was a credit.

    I think the rent figure was listed on the first page with all the other data.

    I made a loss of £125 on my disposal - but i'm not sure thats right either!!!

    I spoke to a few people afterwards and we all seem to have gone wrong in the same places. I think this exam was really hard!!
  • Layla
    Layla Registered Posts: 40 ? ? ?
    yes i think it was hard to...
    feel really dumb now, studied so hard for it and now realising i made alot more mistakes than i thought.
    there was a payment from the bank to rent for £8000.00 but that was the only figure i could see for it.
  • numberjunky
    numberjunky Registered Posts: 88 ? ? ?
    I thought it was straight forward. No journals, no appropration accounts, no goodwill calculations, no bad debts or provisions for doubtful debts or GPM/mark up calculations - nothing really tricky.

    Yes - there was just one debit entry in bank summary (141000 Sales)
    Credit entries you may have forgotten were the loan payments which you had to calculate (opening loan balance minus closing loan balance. There were a few other things in the question which you may have missed - The interest received was £115 after the general expenses were corrected - this should have then been added to Gross profit. The balances on the partners account were (off the top of my head) 13400 Dr and 15800 Dr. This was very unusual as there were no appropriations to do, so just Dr entries for the drawings. Drawings should have been 18000 each after the wages were corrected. Remember there was a 2000 mispost between drawings and Jan's wages making Jan's drawings 18000 and the wages 44500. Loss on disposal was 125. Net profit was 18250...

    Part 2..

    Balance sheet total should have been 9100.....something like this
    Capital 4050
    Add Profit 18250
    Less drawings 13200

    9100

    Hope this helps a bit but my memory is slightly patchy with some figures.
  • numberjunky
    numberjunky Registered Posts: 88 ? ? ?
    The disposal was definately a loss...


    Disposal account
    Dr Cr
    Asset A/C 1700 Accumlated Dep'n 1275
    Asset A/c (PX value) 300
    P&L Account 125

    1700 1700


    We were told that the asset had a NBV of 425 but if we only got 300 for it,
    we must have made a loss of 125. To make 125 profit we would have to have got 550 P/X for it.
  • numberjunky
    numberjunky Registered Posts: 88 ? ? ?
    Sorry for last post - formatting went haywire!

    Disposal account entries were

    Dr Asset A/c 1700 (with the original cost)


    Cr Accumulated Dep'n 1275 (1700 - 425)
    Cr P/X value (Asset A/c) 300
    Cr P&L 125
  • Layla
    Layla Registered Posts: 40 ? ? ?
    yes you and everyone is right, it was a loss on disposal....

    so my bank summary didnt balance and neither did my BS in section 2 and i totally didnt know what the purpose of goodwill was, and of course my disposal was wrong...

    with all this in mind,
    do you think i can still pass?
    i showed all my workings....
  • numberjunky
    numberjunky Registered Posts: 88 ? ? ?
    Well of course I can't tell how you'll do because I'm not the person marking it. Ok, so you made a few mistakes - but you're allowed to do that and you wont get penalised more than once for the same mistake. We all know that lots of other things wont balance because you made a mistake but as long as everything else is pretty good then you'll be fine.

    Goodwill - I put this.

    The purpose of goodwill being enterted into the accounts at a change of partnership is so the the old partners rightfully benefit from their efforts in buliding up the business and the new partner can't benefit unfairly.

    or words to that effect..........:huh:
  • Layla
    Layla Registered Posts: 40 ? ? ?
    Well that makes sense,
    all i wrote about (and this was because this was all i could think of) was about how it should be introduced at the old PSR and eliminated with the new PSR...
    but i know this doesnt answer the question!
    the thing is, i were through my notes from my class when i got home and there was nothing in there explaining the purpose!
  • KellyG
    KellyG Registered Posts: 51 ? ? ?
    Does anyone know... if you fail do you get given the reasons why you failed... obviously i am hoping I didn't as the only mistakes i can really think I made was forgetting the bring the profit from the P&L over to the bottom of the B/S (ridicuous I know! - had a complete brain freeze!) but do we get given our papers back or a list of things we did wrong?? I'm curious! :confused1:
  • ccreaven
    ccreaven Registered Posts: 119 ? ? ?
    KellyG wrote: »
    Does anyone know... if you fail do you get given the reasons why you failed... obviously i am hoping I didn't as the only mistakes i can really think I made was forgetting the bring the profit from the P&L over to the bottom of the B/S (ridicuous I know! - had a complete brain freeze!) but do we get given our papers back or a list of things we did wrong?? I'm curious! :confused1:

    I did the same as you as I know at least 1 other person did too :001_unsure: I think you can get a copy of your marked paper once the results are out. I think there is a fee though:crying:
  • Lyndyloo
    Lyndyloo Registered Posts: 6 Regular contributor ⭐ ? ⭐
    As far as I have been told by my tutor you don't get any feed back on your papers its either a pass or a fail, no pass credits or distinctions. I think this is wrong though, because it would be nice to know if you have passed if its with flying colours or you just scraped through. Just my opinion
  • Layla
    Layla Registered Posts: 40 ? ? ?
    i concur Lyndyloo,
    i would like to know where ive gone wrong so i can make sure i can improve on it....
    they really should tell you.
  • KellyG
    KellyG Registered Posts: 51 ? ? ?
    Layla wrote: »
    i concur Lyndyloo,
    i would like to know where ive gone wrong so i can make sure i can improve on it....
    they really should tell you.

    Yeah, I would like to know as well... also at least then if you have to resit you know what tripped you up the last time, if you dont know you could go and make the same mistake again! That would suck!!
  • ccreaven
    ccreaven Registered Posts: 119 ? ? ?
    KellyG wrote: »
    Yeah, I would like to know as well... also at least then if you have to resit you know what tripped you up the last time, if you dont know you could go and make the same mistake again! That would suck!!

    I think you can get a copy of your marked paper once the results are out. I think there is a fee though
  • KellyG
    KellyG Registered Posts: 51 ? ? ?
    ccreaven wrote: »
    I think you can get a copy of your marked paper once the results are out. I think there is a fee though

    Typical!!!
  • Layla
    Layla Registered Posts: 40 ? ? ?
    ccreaven-
    please tell me who i have to contact to get one ?
  • ccreaven
    ccreaven Registered Posts: 119 ? ? ?
    I think I saw it somewhere on the AAT website? I cant remember where, I just thought it was a good idea at the time!
  • kiwimogs
    kiwimogs Registered Posts: 21 Dedicated contributor ? ? ?
    Layla wrote: »
    Well that makes sense,
    all i wrote about (and this was because this was all i could think of) was about how it should be introduced at the old PSR and eliminated with the new PSR...
    but i know this doesnt answer the question!
    the thing is, i were through my notes from my class when i got home and there was nothing in there explaining the purpose!

    Did your teacher not go over this? This was one of the last things we went over (Partnership accounts)

    Saying that I didn't think that much of the teaching standards where I went. All cramped into a year was pretty hard work.
  • kiwimogs
    kiwimogs Registered Posts: 21 Dedicated contributor ? ? ?
    KellyG wrote: »
    Typical!!!
    Layla wrote: »
    ccreaven-
    please tell me who i have to contact to get one ?

    I was going to get them to look into mine last December as I did ECR and failed. I thought I may have just scrapped through but didn't. It costs alot and you don't get your paper back. You make an appeal and they let you know. I wouldn't worry. Its actually cheaper to resit.
    So I had 2 exams this week. I still feel knackered. I didn't sleep very well last night. All the numbers going around in my head. I think I did ok. My old foundation teacher marks the Intermidiate papers. She said as long as you answer every question and complete the TB you get marks for everything in the TB that you have got correct and the majority of the points come from the TB. (even if it doesn't balance. You don't get marks for a suspense though).
  • Primble
    Primble Registered Posts: 734
    My bank account didn't balance at first. Time went on and then I realised I'd done the SLCA etc back to front. I changed it and it balanced!! nothing else did tho so I added a suspense account so the trial balance balanced but didn't carry the suspense account forward. oops
  • Layla
    Layla Registered Posts: 40 ? ? ?
    Hi Kiwimogs,

    Yes we learnt the definition of Goodwill and how to process it but not the purpose of it!
    i still dont know, and ive looked through my notes!
  • kiwimogs
    kiwimogs Registered Posts: 21 Dedicated contributor ? ? ?
    KellyG wrote: »
    Yeah, I would like to know as well... also at least then if you have to resit you know what tripped you up the last time, if you dont know you could go and make the same mistake again! That would suck!!

    When you get your results if you fail (like I did in Dec ECR) you will get unsuccessful. Pass section 1, Fail section 2. (this was mine) so then you can work on questions in section 2. You will know where you are weak as you kind of know by what other people have been saying and how you felt about the exam.
  • kiwimogs
    kiwimogs Registered Posts: 21 Dedicated contributor ? ? ?
    Layla wrote: »
    Hi Kiwimogs,

    Yes we learnt the definition of Goodwill and how to process it but not the purpose of it!
    i still dont know, and ive looked through my notes!

    page 262 osborne books financial records and accounts.

    If not its so the new partner can get a share in the profit after the goodwill has been created and written off. The new partner would have put a share into the capital account and part of this share would have been written off into the goodwill.
  • ccreaven
    ccreaven Registered Posts: 119 ? ? ?
    kiwimogs wrote: »
    When you get your results if you fail (like I did in Dec ECR) you will get unsuccessful. Pass section 1, Fail section 2. (this was mine) so then you can work on questions in section 2. You will know where you are weak as you kind of know by what other people have been saying and how you felt about the exam.

    Hi did you feel like you had failed dramatically when you left the one you failed?? Or was you thinking you had passed with a few mistakes?
  • kiwimogs
    kiwimogs Registered Posts: 21 Dedicated contributor ? ? ?
    ccreaven wrote: »
    Hi did you feel like you had failed dramatically when you left the one you failed?? Or was you thinking you had passed with a few mistakes?

    I knew I had messed up section 2 as I was always getting limiting factors wrong. I hope I have nailed it now. Anyway I thought I might just scrape through. I must have gotten alot more wrong in the section section than I thought.

    It was bloody awful sitting in a classroom on Monday on my own re sitting.
  • ccreaven
    ccreaven Registered Posts: 119 ? ? ?
    I would rather sit in a classroom by myself, I dont like the pressure of having everyone around me. It makes me fell really competitive, which is really silly, as I have made some silly mistakes due to not concentrating on the exam as much as I should have!
  • kiwimogs
    kiwimogs Registered Posts: 21 Dedicated contributor ? ? ?
    I know what you mean. I was the last seat beside the door in December. When people started to get up and leave I started to panic. Thats probably when I made all the mistakes.

    Anyway its done now. At least you don't have to wait another whole year to re sit if you have to.

    Lets think positive. (Another downfall of mine always think the worst)
  • ccreaven
    ccreaven Registered Posts: 119 ? ? ?
    I just want my papaer back because I know the mistakes and how to correct them, but it's too late now :crying:

    But on the up side, how much nicer to pass unexpectidly rather then fail unexpectidly?:tongue_smilie:!
  • kiwimogs
    kiwimogs Registered Posts: 21 Dedicated contributor ? ? ?
    Just found this on Chief assessors notes from Dec 05.

    If the trial
    balance does not balance, students should open a suspense account to balance, as credit will
    be given for this.
  • rob.woolhouse@yahoo.co.uk
    [email protected] Registered Posts: 14 Regular contributor ⭐ ? ⭐
    Yes, it would be good to get some decent feedback other than 'you sailed through' or 'you flunked'

    Cheers AAT
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