FRA - Yay!!!! It's over!!!
Comments
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opps ok so meant i put them both as a credit...durrrrrrrrrrrrrrrrrr!!!!!!!0
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i put the accrule as the opening balance db
db bank
cr prepayment
I think i put the bank on the credit side cause i looked as it as in the rent account, i credited the bank payment as i was reducing the expense am i wrong here?, i have the rent for the year (Balancing figure) as a debit but i think i got my accrual wrong as i put that as a debit as Accural (credit) and a
prepayment is a (debit) so i put that on the credit side of rent, not sure what my total was but i know my tb was out by £4000 which is to do with the
prepayment but ran out of time so put into suspense account, its scary reading these forums cause i am getting depressed now :confused1::thumbdown::crying::crying::crying:0 -
I think they were both a credit, and the balance c.d0
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Think the accrual should have been your bal b/d on the cr side, and the 2,000 was prepayment on cr side. Hope I was right anyway!! Oh well thank god its over!0
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Anyone catch the trick in the second to last question?
List the current liability that would appear in the balance sheet? I put Bank (credit balance) Accrual, creditors and loan.
Then when i was reading through I remembered that it mentioned the loan wouldnt be paid till 2010 therefore making it a long term liability rather than a current one!
Sneaky....0 -
The bank had a payment 9??? to rent on the credit side so surely on the rent t account that wouldbe on the debit side or is this third glass of wine getting to me lol0
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No point stressing. I did that with ECR in June and for some miraculous reason I passed even though I didn't have the same answer as one single person! Think positive!!!I think i put the bank on the credit side cause i looked as it as in the rent account, i credited the bank payment as i was reducing the expense am i wrong here?, i have the rent for the year (Balancing figure) as a debit but i think i got my accrual wrong as i put that as a debit as Accural (credit) and a
prepayment is a (debit) so i put that on the credit side of rent, not sure what my total was but i know my tb was out by £4000 which is to do with the
prepayment but ran out of time so put into suspense account, its scary reading these forums cause i am getting depressed now :confused1::thumbdown::crying::crying::crying:0 -
I had the accrual and prepayment on the cr side and had a rent for the year fig of £7150. I think!!!0
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Anyone catch the trick in the second to last question?
List the current assets that would appear in the balance sheet? I put Bank (credit balance) Accrual, creditors and loan.
Then when i was reading through I remembered that it mentioned the loan wouldnt be paid till 2010 therefore making it a long term liability rather than a current one!
Sneaky....
Why would our creditors be an asset - they are our liability - it is our debtors that are an asset surely?0 -
What profit did you get for the P&L? I got £19,525. I balanced so hopefully get points anyway for what I did.
How nice is it to not have to pick up a book, until next year anyway!
Is anyone going to start the last year now?:huh:0 -
Bum I missed that one I put it as a current liability0
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I only put bank and accrual, Was there any creditors? Can't remember!!Anyone catch the trick in the second to last question?
List the current assets that would appear in the balance sheet? I put Bank (credit balance) Accrual, creditors and loan.
Then when i was reading through I remembered that it mentioned the loan wouldnt be paid till 2010 therefore making it a long term liability rather than a current one!
Sneaky....0 -
spurschic1@yahoo.com wrote: »What profit did you get for the P&L? I got £19,525. I balanced so hopefully get points anyway for what I did.
How nice is it to not have to pick up a book, until next year anyway!
Is anyone going to start the last year now?:huh:
Lucky you - we only started Intermediate in September, so still have the whole ECR work to do as well as unit 7 (whatever that is?)0 -
I have simulation in fortnights time then hopefully thats the end of level 3 for me. Level 4 still in air - as work committments and funding an issue.0
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Anyone catch the trick in the second to last question?
List the current assets that would appear in the balance sheet? I put Bank (credit balance) Accrual, creditors and loan.
Then when i was reading through I remembered that it mentioned the loan wouldnt be paid till 2010 therefore making it a long term liability rather than a current one!
Sneaky....
I put a note in saying that the loan was a long term liability, not repayable within one year, so am hoping it will make up for other glaring inadequacies!0 -
I only put bank and accruals. Don't think there was any creditors or did I miss something? I got the profit figure of £20,000.0
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I didn't find the exam as bad as i thought it was going to be. The past exam papers seemed alot harder. The stock question threw me complety and i ended up picking a figure which was wrong i know. And my TB didnt' balance at first so had to stick a suspense in towards the end.
On the second part i think i got a profit of around 20,175 or something like that. Was just so happy i could get the thing to balance... and have the difference on P&L and B&S be what i needed!!! haha.
Roll on Feb now as i want to know hwo ive done. But back to college for me tomorrow to start costings and professional ethnics!! Oh the joys xxx0 -
I put provision for doubtful debts as well0
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That's what i thought and got the same figure as well. I didn't think here was any creditors as there was no Purchase Ledger Control on ETB.0
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Anyone catch the trick in the second to last question?
List the current liability that would appear in the balance sheet? I put Bank (credit balance) Accrual, creditors and loan.
Then when i was reading through I remembered that it mentioned the loan wouldnt be paid till 2010 therefore making it a long term liability rather than a current one!
Sneaky....
There wasn't any creditors was there? I put bank and accrual0 -
I only put bank and accrual, Was there any creditors? Can't remember!!
3 things for 'current liabilities'?
I put :
Bank (it was overdrawn)
Accrual
and
da da da
I could only see one other possibility which was the provision for doubtful debts
There was only a SLC i think (no PLC), so the debtors could not be used as they are an asset - If I is wrong, then roll on June for the resit :thumbup1:0 -
Yes starting it in Jan, can't decide if I want to do it in 1 or 2 years. Anyone have any suggestion??spurschic1@yahoo.com wrote: »What profit did you get for the P&L? I got £19,525. I balanced so hopefully get points anyway for what I did.
How nice is it to not have to pick up a book, until next year anyway!
Is anyone going to start the last year now?:huh:0 -
Ooo did they only ask for three?? cos i put the loan in even though i originally highlighted the 2010 part! haha hopefully they'll decide to ignore than and go with the others i put instead! x0
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Closing Stock Figure??
The selling price of the stock £19,800 was vat inclusive wasn't it? being 165% of cost
wouldn't this make the closing stock figure of £12,000 includung vat
£12000-17.5 % =£9.900 closing stock figure on the TB
Lower of cost price or NRV - if you are vat registered your 'purchase cost' would be the net value not vat inclusive.
Anyone else get this rather than £12000
Ta0 -
I thought it said excluding VAT. Hope it did coz I put 12000!Closing Stock Figure??
The selling price of the stock £19,800 was vat inclusive wasn't it? being 165% of cost
wouldn't this make the closing stock figure of £12,000 includung vat
£12000-17.5 % =£9.900 closing stock figure on the TB
Lower of cost price or NRV - if you are vat registered your 'purchase cost' would be the net value not vat inclusive.
Anyone else get this rather than £12000
Ta0 -
I put 12,000 too.. got well confusd on this question at first but then divided by 1.650
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It did say excluding VAT - didn't it :confused1:0
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so did i:huh:0
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