FRA Exam query

Jadie
Jadie Registered Posts: 14 Regular contributor ⭐ ? ⭐
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

Comments

  • ccreaven
    ccreaven Registered Posts: 119 ? ? ?
    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
    CathG Registered Posts: 145 ? ? ?
    I got my bank figure to be £135860
  • ccreaven
    ccreaven Registered Posts: 119 ? ? ?
    oh we are £10 different!
  • Jadie
    Jadie Registered Posts: 14 Regular contributor ⭐ ? ⭐
    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
    kiwimogs Registered Posts: 21 Dedicated contributor ? ? ?
    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
    Jadie Registered Posts: 14 Regular contributor ⭐ ? ⭐
    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
    MOHMEDSALIM PATEL Registered Posts: 184 ? ? ?
    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
    MOHMEDSALIM PATEL Registered Posts: 184 ? ? ?
    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!!
    confused!! Registered Posts: 130 ? ? ?
    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
    [email protected] Registered Posts: 14 Regular contributor ⭐ ? ⭐
    I think that's what I got, but I couldn't balance it either - about £100 out too.
  • rob.woolhouse@yahoo.co.uk
    [email protected] Registered Posts: 14 Regular contributor ⭐ ? ⭐
    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
    Jadie Registered Posts: 14 Regular contributor ⭐ ? ⭐
    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
    S11AHS Registered Posts: 38 ? ? ?
    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
    S11AHS Registered Posts: 38 ? ? ?
    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
    numberjunky Registered Posts: 88 ? ? ?
    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
    cs_1988 Registered Posts: 231 ? ? ?
    Phew - i got 5555,

    Saw the last post and thought.... o crap
  • StacieS
    StacieS Registered Posts: 2 New contributor ?
    as long as you have put it in a suspense account you cant fail coz you have used the right proceedure!!
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