FRA Exam query

Jadie

Hi

I'm still annoyed with myself for not balancing the Trial Balance in section 1 I checked it for an hour and even resorted to doing it twice but couldn't find my error so I stuck it to suspense. In the second section I balanced everything and agree with the figures everyone has posted on here. Does anybody think ive still got a chance of passing even after the stupid TB error.

Have the FRA answers been posted on here? Can anyone remember what the Bank Total was in section 1 (i'm still trying to think where I went wrong).:confused1:


Cheers

ccreaven

Jadie wrote: »

Hi

I'm still annoyed with myself for not balancing the Trial Balance in section 1 I checked it for an hour and even resorted to doing it twice but couldn't find my error so I stuck it to suspense. In the second section I balanced everything and agree with the figures everyone has posted on here. Does anybody think ive still got a chance of passing even after the stupid TB error.

Have the FRA answers been posted on here? Can anyone remember what the Bank Total was in section 1 (i'm still trying to think where I went wrong).:confused1:


Cheers

was it £135,850?

CathG

I got my bank figure to be £135860

ccreaven

oh we are £10 different!

Jadie

Thanks I did get that bit right, I really don't know what i did wrong oh well can't do anything about it now, August is such a long way off.:001_unsure:

kiwimogs

Jadie wrote: »

Hi

I'm still annoyed with myself for not balancing the Trial Balance in section 1 I checked it for an hour and even resorted to doing it twice but couldn't find my error so I stuck it to suspense. In the second section I balanced everything and agree with the figures everyone has posted on here. Does anybody think ive still got a chance of passing even after the stupid TB error.

Have the FRA answers been posted on here? Can anyone remember what the Bank Total was in section 1 (i'm still trying to think where I went wrong).:confused1:


Cheers

Did you carry the b/d figure on the current accounts wrong? Maybe.

Jadie

I added them to the drawings I think one was £20000 and one was 22000 approx and put them in the debit side is this wrong?:001_unsure:

MOHMEDSALIM PATEL

i do not know

the only thing i remember is part 1
total t/b =176940
loss on disposal 125 part 2
net profit 18250
the intrest received 325
total net asset =9100
total closing capital =9100

MOHMEDSALIM PATEL

You Will Get Extra Points

Believe Me You Will Earn Extra Points Because You Have Opened The Suspense Account And Recorded The Difference This Way Accountant Actually Does In Real Life Scenario.

confused!!

Hi Jadie


It sounds like you have done absolutely fine, as long as you have shown your workings etc... that is what the examiners look for.

If it makes anyone feel better, I sat FRA last year and my balance sheet did not balance, amongst various other things that I thought went wrong... but I still passed!! just remember that you dont have to get 100%!

Good luck

rob.woolhouse@yahoo.co.uk

I think that's what I got, but I couldn't balance it either - about £100 out too.

rob.woolhouse@yahoo.co.uk

Hi everyone,

Does anyone know what is usually a pass mark on that exam, and which questions count for the most ? I assume that balancing the TB and BS is important but if I had answered all the other questions correctly and made a couple of silly mistakes on the final accounts would that mean I fail automatically ?

BTW, despite handling the part-exchange disposal in Section 2 incorrectly (I think), I still managed to get the BS to add up correctly. I guess two errors must have cancelled each other out - anyone else manage to do that ?!

Bring on December unless I got lucky. Congratulations to all who pass.

Jadie

Thanks for your support fingers crossed.


It's nice to know i'm not the only one who went wrong, I am only human afterall.

I'm dreading next year.....:001_smile::001_smile:

S11AHS

I messed up in section 2 and cud nt find my mistake until today when i woke up and lying in my bed my mistake popped up in my mind.

i deducted 115 4rm the general expenses(950-115=835, it shud be 950+115=1065) and i forgot to add the 200 that was already available in the tb for dep'n expense. this resulted in my profit being overstated which did not match by TB
was the net assets=9100?
P+L
Sales 35000
O.Stock 900
Purchas 9800
C.Stock (750) (9950)
Gross Profit 25050
interest received 115

Consumable 1200
Delivery Exp 2000
Depn'n expense 525(325+200)
General exp 1065(950+115)
Rent 2000
Disposal 125 (6915)
Net Profit 18250

Balance Sheet
Fixed Asset
equipment 1300 925 375
Current Assets
Stock 750
Debtor 1250
Prepayment 500
Bank 6555
Cash 75
9130
Current Liabilities
Creditors (405)
Net Current Assets 8725
Net assets 9100
Financed by:
cApital 4050
Profit 18250
Drawings (13200)
Total 9100

S11AHS

jadie if uve put a suspense account, you wud get a mark for balancing the TB, its gud for putting the suspense accounts

i think the figure for tb was around 174, nt 135
im sorry i cnt remember
i only remembered figures 4rm the section 2 as i did not balance on that
wish you the best

numberjunky

Bank should have been 5555 because there was a payment from it for the new asset (Equipment)

This was dealt with in the disposal

Cr - Asset A/c
Dr - Disposals

Dr - Accumulated Dep'n - 1275
Cr - Disposals - 1275

Dr - Asset A/c 1000 (money paid from bank)
Cr - Bank - 1000

Dr - Asset A/C 300 (P/X value)
Cr - Disposals

Total LOSS on disposal was 125

cs_1988

Phew - i got 5555,

Saw the last post and thought.... o crap

StacieS

as long as you have put it in a suspense account you cant fail coz you have used the right proceedure!!