Dfs

ma1thew

How did everyone find the exam today?

I thought it was quite straight forward but they did chuck a few difficult bits in

jamieh87

i was dreading this exam especially the accounting standards, but i managed to get things to balance and remembered the ratios. the reports werent that bad either.

ma1thew

the only thing i didn't get to balance was the balance sheet at the start. is that enough to fail the exam?

Chrissiemartin1

Dfs

If I pass that it is a miracle - glad to see some of you found it easy - not everyone does! I dont section ok but had a difference of 600 on the first question, could I find it - bet it was staring at me in the face - everything else balanced, then so I was too busy trying to find the dam 600, I didnt have enought time to concentrate on Section 2 so rushed it .... AGGRRRRRRR

LondonMatt

Chrissiemartin1 wrote: »

...I was too busy trying to find the dam 600, I didnt have enought time to concentrate on Section 2 so rushed it .... AGGRRRRRRR

Our tutor told us to do section 2 first, for that very reason.

jackieshep

Hi Chrissie,

From memory, there was another £600.00 to add to the accrual for finance costs, as only the first £600 was in the trial balance, the other £600 was in the journals. That may be your missing £600.

x-lauren-x

jackieshep wrote: »

Hi Chrissie,

From memory, there was another £600.00 to add to the accrual for finance costs, as only the first £600 was in the trial balance, the other £600 was in the journals. That may be your missing £600.

Wasnt it interest that was extra £600. You had £600 for the first 6 mnths then £600 for the rest of the yr?

jody m

the £600 journal entry was dr interest 600 income statement and cr interest payable to balance sheet the accrual was the advertsing expenses of £15000 for october that werent being paid till december

Chrissiemartin1

I did add in the 2 lots of 600, so have no idea what the hell I did and normally I do them with my eyes closed agrrr

MrGofOxford

I had trouble with the journal entry at the start because I've never actually done a journal entry for cash returns, only returns for goods sold on credit. I couldnt believe it so I carried on & breezed through the Cash Flow & the Consolidated BS but I got 1 or 2 ratios wrong at the end as well. When I came back to the Journals, IS & BS at the start I managed to get there in the end but I think I bodged it a bit!

I was worried because I didnt mention an IAS in the entire paper ,now I realise we needed to mention IAS 7, cash flow statements in the report & the IAS for equity as well All of that revision for IAS & I didnt even mention 1!

I'm just playing the waiting game now I was 75% sure that I passed when I came out of the exam & now I'm less that 60% sure.

Alexxx

What IAS for equity???

tamworth

Hi,

I had put for the ratio's: Interest payable forumula rather then the actual ratio for the Acid Test, could this be a fail?

Also what did people put for the question which asked what the point in financial statements were or what it should be? I wrote, "to show a true and fair view" and named what was in there: sales, expenses, equity, assets & liabilities?

I'm fairly confident everything else was fine,

also to add to what someone had said earlier in the 1st task i had:

DR Returns IN
CR Trade Receivables

DR Inventories b/s
CR Inventories i/s

is this correct?

Many Thanks

tamworth

OK, i was confident before but after doubting myself i'm nervous.

Overall 1st section- i think i'll pass it. I'm just horrified with the Ratios i hope i blagged them ok.

wolfe

hi

hi everyone. my dfs paper went ok. but im kinda worried about one of the journal entries... the one about the sales returns.were we supposed to add the sales returns figure to the inventory figure??? im reallyy confused .plz help.