FRA - Yay!!!! It's over!!!
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ok, i make it 8pm now.
Everything balanced for me...but....i know that i messed up the depreciation calculation, for some really dumb reason i did reducing balance and not straight line. i showed all my workings and carried it through to the TB, which like i said did balance, would this still be considered a fail on section 1?0 -
woo hoo - 8 o'clock!
Well, my ETB had a net profit igure of £19,300 - I have spoken to some people who had £20k due to the disposal being put in the bank - but I seem to remember it said it was already in the bank, just not the ledgers........
i still used the bank as we had to despose the asset0 -
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Thats what i thought but then couldnt figure out where the double entry would go??
so put 700 to bank and got 20k net profit0 -
Ref disposal and the £700 how would the adjustments balanced without the posting of £700 to bank? I got profit of 20K0
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Well i got £19000 for profit in section 2 ?!0
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There it is, have stuffed it up completely, got a loss on my ETB, but everything else balanced and answered everything. I agree about appropriation, its where I fell down on my first attempt. Am doomed I tell you, doomed :crying:0
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1 my tb didnt balance
2 what was with 2.1 ????
3, did i mention annoying cough guy
4 rent prepayment i had at 2000 as it said payment starting 1st october????
i will be back with more0 -
what did you put for cost figure and closing stock?0
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Luckily, I am slightly OCD when it comes to disposals, so I have every T account neatly shown for my workings - I included a bank T account in my workings, so maybe the assessor will just think I was being a bit of a muppet for a brief moment in time.
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Luckily, I am slightly OCD when it comes to disposals, so I have every T account neatly shown for my workings - I included a bank T account in my workings, so maybe the assessor will just think I was being a bit of a muppet for a brief moment in time.
so i got something for the wrong reason wooohooo lol
o
5 i threw in a suspence account as my tb didnt balance was i right to do that? put a note at bottom of the page0 -
i got £12000 for the value of closing stock0
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Closing stock 12,000 - check0
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yeah that disposal was a bit confusing with the bank, i took it tht it had to be ajusted for in the bank and ledger,
Dr Bank
Cr Disposal
Took me a while to realise it was a bank overdraft!0 -
i got 12000 too phew0
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In reference to questions 2.1 and its subsequent journal that we had to do - did anyone else think it was odd that we were being told that 'a credit has been entered into the SLC account instead of the purchase account'....Since when do we put a credit in the purchase account? I always thought that was what the Purchase returns book was for.............?
I still did the journal with the puchase account though, as it mentioned that account in two different questions, so I thought best to roll with it!0 -
square-peg wrote: »remind me......... :confused1:
the sales ledger bit on first part of section two i ot toally lost on that, it looked like a journal question but not to be put as a journal0 -
alicemaylara wrote: »i got £12000 for the value of closing stock
was that the markup ? How did you do that ?
MT TB balanced but although that figure may be wrong, it doesn't effect the balance, so I shouldn't lose much on one calculation.
I think I've failed on section 2 though.0 -
Oh and suspense account of1700 for TB, was wondering whether if second guys current account of 850 was supposed to be a debit balance so put some pencilled questions next to that on perforated sheet, can't hurt!!!0
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i threw in a suspence account as my tb didnt balance was i right to do that? put a note at bottom of the page
yeah, that's the best thing to do if you can't get it to balance, as it shows you know how to handle it when it happens in the 'real world'. should gain you a mark, even though your figures were incorrect.0 -
What was the rent figure, it threw me.0
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the sales ledger bit on first part of section two i ot toally lost on that, it looked like a journal question but not to be put as a journal
I thought it said purchase ledger control account at first until i saw there wasnt tht on the TB :S i think i just get nervous and make stupid mistakes!0 -
I think i might have the same cause my balance sheet column was £875 ( I think) out and it was the Bank figure so i just left it and then it all added i think0
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I had 8450 for the year and 2000 prepayment re rent?0
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In reference to questions 2.1 and its subsequent journal that we had to do - did anyone else think it was odd that we were being told that 'a credit has been entered into the SLC account instead of the purchase account'....Since when do we put a credit in the purchase account? I always thought that was what the Purchase returns book was for.............?
I still did the journal with the puchase account though, as it mentioned that account in two different questions, so I thought best to roll with it!
yes I thought that, but I tried to make 3652 into 3500 and couldn't reconcile the 3 figures which were 188, 90 and 1300 -
Sales came to £19,800. The mark-up was 65% which meant the cost was 165%, therefore.....
19,800 / 165 = 120 x 100 = 12000
Voila!0
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