FRA - Yay!!!! It's over!!!
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Does anyone know how long AAT usually take to mark the papers and get the results emailed out? I wasn't worried but after reading everybodies comments I am now because there are so many conflicting views. Eek!:001_unsure:0
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Apparantely it is mid February or thereabouts.0
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babybonkers wrote: »hi i couldn't get the first trial balance to balance so i put in a suspence of £2700. For the second etb i had a net profit of 20410 or something silmilar.How did everyone else get on? I think you can still pass if you don't get them to balance .You need 51 %.
I had to open a suspense account for £2700. When i messed around with the number i realised it was to do with 650 and 2000. came back to it later and realised I had put purchases VAT in the wrong side on the VAT account. So VAT came to 11150 instead of 4159. then it balanced.
As for the extended trial balance I got gp of 30k and no of 20k. I dont think this is right as I think I did the Disposals wrong. But hopefully my workings and such would have given me enough to pass. I have heard a few different answers for part 2, such as np £20071 and np £19k.0 -
I got net profit of £20,000, can't remember the gross profit.
Spent ages on the ETB as mind went blank and stuck some of the balance sheet items in the P&L section.
No tippex with me so a good few score outs. Was trying so hard to do my best handwriting as well as being a leftie my handwriting at times is apparentley illegible.0 -
I got gp 30,000 and net profit 20,000.
The first trial balance I managed to balance in the end after messing around with the rent account for ages!!0 -
I mucked up the rent account first go as well, put accrual on wrong side - daft thing is did the exact same thing in a past paper and promised myself I would be careful about that one in the exam.0
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That was a bit sly putting an accrual and a prepayment!0
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I know they did the same in the past paper where I mucked it up in my revision.
How often would that happen rents are usually monthly or quarterly - only way it would happen in real life is if you change the rent de date or the accounting date.0 -
The accrual should have been credited to the Rent account as would the prepayment.
The accrual was from the previous year and would have been a cr on the accrual account. At the start of the year this would have been cleared by debiting the accruals and crediting the bank account. The rent paid figure from the bank would have included this accrual and hence by crediting the rent account would reduce the rent paid figure.
So my reasoning has the rent figure as £7150 ( 9800 - 650 - 2000).
Hope I am right!0 -
Yeah hayley your right i was looking at that for ages trying to work out where they wanted me to put the accurals on the trail balance before i though duhhhhh its last years so its just a balance brought down0
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Think so but I don't think they would have marked you wrong for calling it an accrual instead of bal b/d. I may be wrong though!!! Can't even remember half the questions anymore. Just want to forget now til after christmas!!Kathy Henderson wrote: »Yeah hayley your right i was looking at that for ages trying to work out where they wanted me to put the accurals on the trail balance before i though duhhhhh its last years so its just a balance brought down0 -
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fra
hi everyone.first post from me on the forum.such a relief that the exam is over.
as someone already said,i wouldnt worry too much about not getting the trial balance\e.t.b to actually balance,as u will only loose a couple of marks.just as long as you show your workings(and u follow the correct method)
i made the net profit in question 2 as £20,000 and the balance sheet columns did balance,so hopefully that was right.
also got the trial balance to balance in Q1,at something like £314,414 but then again,not sure the closing stock figure was right.i had just about given up by then,got the t\b to balance,then left the exam room...
but from experience taking the two costing exams at technician level,u dont have to get every answer right to pass.
no point in worrying now..just enjoy yourselves..
derek.0 -
ketteringlad wrote: »hi everyone.first post from me on the forum.such a relief that the exam is over.
as someone already said,i wouldnt worry too much about not getting the trial balance\e.t.b to actually balance,as u will only loose a couple of marks.just as long as you show your workings(and u follow the correct method)
i made the net profit in question 2 as £20,000 and the balance sheet columns did balance,so hopefully that was right.
also got the trial balance to balance in Q1,at something like £314,414 but then again,not sure the closing stock figure was right.i had just about given up by then,got the t\b to balance,then left the exam room...
but from experience taking the two costing exams at technician level,u dont have to get every answer right to pass.
no point in worrying now..just enjoy yourselves..
derek.
now theres a person with sence its true we cant change what we did all we can do is have a top xmas and wait for the results worse comes to the worst we have to do it again and i will be much better prepaired the next time :thumbup1:0 -
i put £6930 for the stock cos i thought mark up was a % that we add onto cost. so if mark up was 65% then cost/stock was the remaining 35%
but i gather that was wrong as no one else seems to have put the same :laugh:
oops!0 -
I no i got my stock question wrong i put £7800, this shouldn't fail me should it?0
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Sorry harking back a few pages.... on the ETB wasn't there a purchase ledger control account???? IE Creditors
I did a balance sheet in pencil on the last workings page...that had creditors & it balanced...I may be wrong
no there wasnt as far as i remember. i do remember looking for it. there was purchases but no PLCA0 -
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Hmm, sure there was something...as I got a balance sheet to balance no problem...maybe Im imagining it...never mind I shall wait for the exam papers to come out
there was one on the first TB but not the ETB in the second section
im 99% sure thats the case and the only reason im so convinced is cos that journal question where they had put credit of £300 in SLCA instead of purchases, i originally wrote as crediting the PLCA but then when i went to enter the adjustement into the ETB there was no creditors.... so then i realised it was purchases not PLCA. if that makes sense lol0 -
Hi, No I don't think there was, I remember looking for it! There was only a Sales Ledger Control.Sorry harking back a few pages.... on the ETB wasn't there a purchase ledger control account???? IE Creditors
I did a balance sheet in pencil on the last workings page...that had creditors & it balanced...I may be wrong0 -
Your Debtors and Creditors are different from Sales and Purchases. On your P&L you only put sales and purchases so don't think that would have made a difference! I think that's right.... There wasn't a balance sheet to do was there???Hmm, sure there was something...as I got a balance sheet to balance no problem...maybe Im imagining it...never mind I shall wait for the exam papers to come out0 -
Your Debtors and Creditors are different from Sales and Purchases. On your P&L you only put sales and purchases so don't think that would have made a difference! I think that's right.... There wasn't a balance sheet to do was there???
No there wasnt a balance sheet, I did one as a check as I had loads of time spare. Maybe I was wrong on creditors but on that 2nd to last question about listing the current liabilities there was Bank, Accrual & one other, cant remember. It wasnt the loan as that was a long term liability0 -
I can't remember what the 3rd item was either but it definitely was not creditors, I made the same mistake about crediting PLCA then discovering there was not one.0
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