FRA - Yay!!!! It's over!!!
Comments
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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
Ta
I think it said exclding VAT - even so, you do not deduct VAT in that way - if £12,000 was the total then the net would be £10,212.766
You should always re-work your VAT once you have decided on your net - i.e your total of £9,900 + 17.5% would result in a total of 11,632.50!0 -
If you are right the calculation to take off the vat would have been 12000 * 100/117.5 which would have been £10,212.76. The fact that it isnt a whole number makes me think the stock fig was net of VAT. I put down £12000.0
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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....
Damn........I forgot creditors....d'oh! :001_unsure:0 -
Evening all i think this exam was alot better than ecr!! i got 4 something for vat and 12000 stock i didnt even think of vat on stock soo ooops on that one
I got 20000 profit on second one and 3800 for reconsile
but thankfully both my trail balances balanced so thats got to get me some marks no more exam till nvq 4 woooopppppiieeeeee well only simulations and ive passed my ecr.0 -
There were no creditors so it doesn't matter!!square-peg wrote: »Damn........I forgot creditors....d'oh! :001_unsure:0 -
there were no creditors!0
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square-peg wrote: »Damn........I forgot creditors....d'oh! :001_unsure:
Don't worry, there were not any in the ETB if I remember rightly0 -
Re stock figure - oh my god what a Numpty! of course the vat is wrong - better not think anymore or I will convince myself I have failed for sure0
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oh sugar i forgot creditors i remembered about the loan thats long term damm damm damm i didnt even see creditors :crying:0
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where did everyone put the provison adjustment? I put it as a debit on the p&l is that right? :confused1:0
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Kathy Henderson wrote: »oh sugar i forgot creditors i remembered about the loan thats long term damm damm damm i didnt even see creditors :crying:
NO CREDITORS!!!!! :001_rolleyes:0 -
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it has to be £12000 - all that vat consideration makes it far too messy0
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it has to be £12000 - all that vat consideration makes it far too messy
I agree - they did not seem to work in pence, so it had to be a rounded figure.
Just off on a tangent here, I was in Alton in October visiting my blokes brother - have you seen the cool star wars kid spinning a pole like a light saber?0 -
starwars kid! No definately missed that one!0
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Boys and their toys lol:thumbdown:0
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Ahhhh my fault i only read last page missed the NO CREDITORS thanks breathing again now :001_smile:0
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apologies if not boys:001_tt2:0
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Hey guys,
On the ETB i didn't put anything for closing stock, as it had matching figures in the
Dr & Cr column, not sure if that was correct i was stressing at that point but surely
they would cancle each other out, You wine drinkers still standing ;-)0 -
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Hey guys,
On the ETB i didn't put anything for closing stock, as it had matching figures in the
Dr & Cr column, not sure if that was correct i was stressing at that point but surely
they would cancle each other out, You wine drinkers still standing ;-)
And hey this thread is going well:001_tt2::001_tt2:0 -
Hey guys,
On the ETB i didn't put anything for closing stock, as it had matching figures in the
Dr & Cr column, not sure if that was correct i was stressing at that point but surely
they would cancle each other out, You wine drinkers still standing ;-)
Oh dear sweetie - Major mess up i'm afraid - the dr closing stock was for the B/S and cr was on the P+L - you wouldn't have been able o produce a final report without it!0 -
How many people are going on to NVQ 4??0
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Kathy Henderson wrote: »How many people are going on to NVQ 4??
if i pass level 3 then straight away next September - my work shell out for it, so as they say - never look a gift horse in the mouth - especially when it means that you can then go and earn more money elsewhere!0
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