Btc

cs_1988

Roll on 3pm so i can check my answers!!

There were only two people in my exam. She was to far away to look over her shoulder.

That was a Joke Moderator

CathG

I think it's a resit for me in June.:crying:

annieg

Same for me too made to many mistakes

garry_coombs

I found it fairly straight forawrd, nothing that i thought "what do i do here" pretty much the paper i was hoping for.

But I don't know if i've passed, a couple of things i need to check!

I dont need to pass (as i shall also be doing the simulations, passed one already taking one in January) so won't be resitting if i haven't passed.

Good luck!

LondonMatt

I found it okay and I think I done enough to pass at least, but theres no way of knowing for sure. I might have missed something - it's not like DFS for eg where you can make sure things balance and therefore know you're right.

Will just have to wait for 3 pm - is it 3pm, another thread might have said 8pm..? - for everyone else to write down what they got.

garry_coombs

Its 8pm for afternoon exams and 3pm for morning i believe

cs_1988

Has anyone noticed the times here are an hour ahead, does that mean people in Uk can speak at 2pm???

garry_coombs

I did notice, must be to do with the clocks going back, but i doubt it, i would assume we can talk at 3pm our time, but i guess it is an interesting theory, because time is different in relative terms to other countries so maybe lol

pernickety

For me, there were a couple of 'ifs and buts' that I need to check later. But all in all, hopefully, I dont think I did too bad, fingers crossed. As someone has already mentioned though, you just never know with BTC as you are not balancing. Plus, dont know how much they allow you for a small error here and there?

LondonMatt

cs_1988 wrote: »

Has anyone noticed the times here are an hour ahead, does that mean people in Uk can speak at 2pm???

Time is okay for me... must be something different about your date/time settings on this board - not set to GMT??

imeldabye

I also didn't think it was too bad - but a few things I wasn't 100% on and it's so difficult to know if you've got it right - I just tried to show my workings. It seemed shorter than other papers?? and I thought it was weird the way capital allowances came up twice.

imeldabye

eek sorry mr moderator

garry_coombs

Oh i see it is right now, it was wrong yesterday, I'm sure of it! as i saw people posting about PEV at 2pm forum time but looked at my computers clock and it said 3.

How rather odd

DJUK

I am panicking here I think I made a major mistake on the paper and have just realised it now. Roll on 3 o'clock.

cs_1988

I Checked and Checked.....

But know i have made a Huge balls up somewhere!!!!

Fiorellino

AAAHHHH Cannot wait no more... I need to compare my answers with someone!!!!

DJUK

Only 22 minutes to go! As if waiting for the exam wasn't painful enough!!

cs_1988

Only 9 Minutes to go lol :thumbup:

Staffz

Ohhhh Dear....

Well, I cleverly forgot what my tutor told us over and over... there won´t be any losses as you need to be able to calculate the tax. I forgot to add back the salary Harrison paid himself and so ended up with a loss!!! Doh!
I know all my Capital Allowance & I.B.A. calcs were correct, but not very sure about the rest in Section 2 - seems I spent too long looking at random stuff like leases, gift aid, political donations and stuff last night and not enough on things I thought were fairly fresh!! :001_unsure: gonna be stressed til Feb now!!!

DJUK

I think I might have made a schoolgirl error was this Harrisons first year of trading?

cs_1988

Dont think so!

Fiorellino

Hi everyone!
What did you do about the £ 200 for air condition in section 1? Did you treat it as a loss or as a disallowed expense?

cs_1988

Did you add back £600 - for the goods he took?

GoldenRetreiver

Iba

Did anyone just deduct the value of land? I was unsure and in the end included the costs relating to landscaping for the building but deducted cost of land, how did you get on?

Kairi

It's 3.0.pm!!!
Right... I have a question. How did you deal with the part of the salaries that was paid to the wife that was not employed by the company in the first part??? I put it as proprietor's drawings. Did i do it right??

Also... I just thought back.. I think I missed a question completely. There was something about company paying dividends in the second part, wasn't there?? But then I am not sure I would have known how to deal with it anyway. Anyone?

Otherwise, I think it was a pretty good exam. Nothing too out of the ordinary and all understandable. Just hope my 2 muck ups will not be enough to fail me

Fiorellino

I did added back Harrison and wife wages back, I think they were not allowable.

kjg-kj

No it was the company's first year of trading with the shorter period

cs_1988

yeah, it should have been the price, deduct land and land preperation costs, then 4% then time apportion for 10 months!

cs_1988

KJG KJ - Your thinking about section 2 i think

Kairi

GoldenRetreiver wrote: »

Did anyone just deduct the value of land? I was unsure and in the end included the costs relating to landscaping for the building but deducted cost of land, how did you get on?

I took the cost of the land off. Not 100% sure that was correct as the property was bought with the land but I thought it's more likely than not perhaps.

Fiorellino

nooo you do not apportion the IBA
I am not sure about the figure for preparing the land, I think I have not deducted it.