Phew - FRA done!

12467

Comments

  • Mog17
    Mog17 Registered Posts: 91 Regular contributor ⭐
    coolboy wrote: »
    hi i would like to know about reset? if fail in a 1 exam in Intermediate then does we have to give both exam?

    If you failed one exam you would only need to resit that exam. Not all of them.
  • Mog17
    Mog17 Registered Posts: 91 Regular contributor ⭐
    naughty.boiii wrote: »
    guys please tell me how u did the task 2.3????

    and will i pass if i did the task 2.1 and 2.5 correct and the rest wrong due to goofy mistakes?:s

    can't remember what they were!!! What were they?
  • gguest
    gguest Registered Posts: 14 New contributor 🐸
    my blond moment

    hi i wonder if anyone can explane to me how they worked out the cost of goods sold after the TB cause it didn't matter how many times i looked i just couldn't do it. Mind u i think section 2 was easier than section 1 :glare:
  • mrspnut
    mrspnut Registered Posts: 70 Regular contributor ⭐
    gguest wrote: »
    hi i wonder if anyone can explane to me how they worked out the cost of goods sold after the TB cause it didn't matter how many times i looked i just couldn't do it. Mind u i think section 2 was easier than section 1 :glare:

    I did a little bit of the P&L account and worked out the cost of sales (minusing the 1/3 gross profit margin) and balanced it against the purchases and the opening stock to find the closing stock.
  • gguest
    gguest Registered Posts: 14 New contributor 🐸
    it was at the top of the question and not on the information sheet
  • pussycat
    pussycat Registered Posts: 10 New contributor 🐸
    mrspnut wrote: »
    I did a little bit of the P&L account and worked out the cost of sales (minusing the 1/3 gross profit margin) and balanced it against the purchases and the opening stock to find the closing stock.

    what was your closing stock figure?:crying:
  • gguest
    gguest Registered Posts: 14 New contributor 🐸
    naughty.boiii wrote: »
    guys please tell me how u did the task 2.3????

    and will i pass if i did the task 2.1 and 2.5 correct and the rest wrong due to goofy mistakes?:s
    what was those tasks
  • goodyuk
    goodyuk Registered Posts: 50 Regular contributor ⭐
    pussycat wrote: »
    what was your closing stock figure?:crying:


    i think mine was something small like 4107 or something like that... I wasnt convinced though! lol:thumbdown:
  • naughty.boiii
    naughty.boiii Registered Posts: 4 New contributor 🐸
    we had to put the profit of the year into the partners current accounts....i juz need to know how u ppl did it coz i guess i did the entries in wrong side...plz help?:s
  • tigger37
    tigger37 Registered Posts: 200 Dedicated contributor 🦉
    My depreciation was over 2 years - the accunulated depreciation on the disposed asset was 1110.
  • goodyuk
    goodyuk Registered Posts: 50 Regular contributor ⭐
    naughty.boiii wrote: »
    we had to put the profit of the year into the partners current accounts....i juz need to know how u ppl did it coz i guess i did the entries in wrong side...plz help?:s

    profit goes to the CR side on Current acc and the Drawings (900) went to DR
  • goodyuk
    goodyuk Registered Posts: 50 Regular contributor ⭐
    tigger37 wrote: »
    My depreciation was over 2 years - the accunulated depreciation on the disposed asset was 1110.

    agreed :thumbup1:
    :thumbup1::lol:
  • safrica
    safrica Registered Posts: 106 Dedicated contributor 🦉
    pussycat wrote: »
    what was your closing stock figure?:crying:

    Mine was 16,115 or 16,215 something like that
  • naughty.boiii
    naughty.boiii Registered Posts: 4 New contributor 🐸
    thanks a million goodyuk...juz 1 more confirmation...the current account balanced from the etb were supposed to be on the debit side of the current account in task 2.3...rite?:$
  • pussycat
    pussycat Registered Posts: 10 New contributor 🐸
    safrica wrote: »
    Mine was 16,115 or 16,215 something like that
    good mine was 16 something as well.
  • pussycat
    pussycat Registered Posts: 10 New contributor 🐸
    naughty.boiii wrote: »
    thanks a million goodyuk...juz 1 more confirmation...the current account balanced from the etb were supposed to be on the debit side of the current account in task 2.3...rite?:$
    mine was..
  • rachy1975
    rachy1975 Registered Posts: 366 Dedicated contributor 🦉
    safrica wrote: »
    Mine was 16,115 or 16,215 something like that

    yep mine was 16115

    :thumbup::thumbup::thumbup::thumbup:
  • tigger37
    tigger37 Registered Posts: 200 Dedicated contributor 🦉
    I mentioned the fixed asset register, things that could be included on it, and meeting to perform an inventory check to ensure that all items were still accounted for and have not gone missing or been disposed of.
  • goodyuk
    goodyuk Registered Posts: 50 Regular contributor ⭐
    naughty.boiii wrote: »
    thanks a million goodyuk...juz 1 more confirmation...the current account balanced from the etb were supposed to be on the debit side of the current account in task 2.3...rite?:$


    yes, you just transfered them from the etb :laugh:
  • KezH
    KezH Registered Posts: 12 New contributor 🐸
    I only put the £30k for closing stock in the balance sheet. Got £70k profit and my net assets to £73K but my capital minus current account balances came to £43K, any ideas where i went wrong? Thought it had something to do with stock not being in P&L but after reading everyone's posts seems like i did that part right. Confused!
  • goodyuk
    goodyuk Registered Posts: 50 Regular contributor ⭐
    rachy1975 wrote: »
    yep mine was 16115

    :thumbup::thumbup::thumbup::thumbup:

    god i messed that bit up then how did i work out the closing stock to be 4107? LOL god onyl knows :thumbdown::crying:
  • goodyuk
    goodyuk Registered Posts: 50 Regular contributor ⭐
    KezH wrote: »
    I only put the £30k for closing stock in the balance sheet. Got £70k profit and my net assets to £73K but my capital minus current account balances came to £43K, any ideas where i went wrong? Thought it had something to do with stock not being in P&L but after reading everyone's posts seems like i did that part right. Confused!
    you added the current account balances to capital and the balance sheet balanced then if your current acc balances were correct:ohmy:
  • mrspnut
    mrspnut Registered Posts: 70 Regular contributor ⭐
    KezH wrote: »
    I only put the £30k for closing stock in the balance sheet. Got £70k profit and my net assets to £73K but my capital minus current account balances came to £43K, any ideas where i went wrong? Thought it had something to do with stock not being in P&L but after reading everyone's posts seems like i did that part right. Confused!

    I juggled mine a bit, capital plus net profit minus drawings minus current accounts came to 73,something which balanced my total net assets.
  • safrica
    safrica Registered Posts: 106 Dedicated contributor 🦉
    KezH wrote: »
    I only put the £30k for closing stock in the balance sheet. Got £70k profit and my net assets to £73K but my capital minus current account balances came to £43K, any ideas where i went wrong? Thought it had something to do with stock not being in P&L but after reading everyone's posts seems like i did that part right. Confused!

    I think you shoudn't have taken away the current A/C from the capital A/C abut added them on as their balances were carried forward on the credit side, not debit side....
  • goodyuk
    goodyuk Registered Posts: 50 Regular contributor ⭐
    mrspnut wrote: »
    I juggled mine a bit, capital plus net profit minus drawings minus current accounts came to 73,something which balanced my total net assets.

    surely your net profit and drawings were in your current accounts? they should have been by that stage I think :ohmy:
  • KezH
    KezH Registered Posts: 12 New contributor 🐸
    goodyuk wrote: »
    you added the current account balances to capital and the balance sheet balanced then if your current acc balances were correct:ohmy:

    On my current accounts i made one balance b/d to be a credit and the other aa debit therefore i took eve's, i think it was, off her 25k capital and added, dave's, extra on to his capital. Looks like i messed that up!
  • gguest
    gguest Registered Posts: 14 New contributor 🐸
    on the current a/c u needed to share the profit by the profit share which was 60/40 and balance them off
  • a05boothrj
    a05boothrj Registered Posts: 8 New contributor 🐸
    I messed up so bad on the extended TB. I was out by the 30k which i obv now realise was the 30k that i shouldn't have put to my P&L as closing stock as it was included in cost of goods. This also meant my profit was 100k instead of 70k. this meant my B/S didn't balance too but apparently you only get marked down for your answer once as long as you carry the figures forward and do the methods correctly. One can hope!!!!! Back here in December lol
  • Julie Richards
    Julie Richards Registered Posts: 4 New contributor 🐸
    people keep mentioning p&l sheets that they drew up - i did not attempt this? was it just a guide to help you or was there a question that i missed that required this?
    i did not balance in section 1 - was approx 17k out not sure why so opened a suspense ac.
    section 2 entered opening stock as 30k too so that balanced and therefore profit 70k
    wrong theory right answer:huh:
  • goodyuk
    goodyuk Registered Posts: 50 Regular contributor ⭐
    a05boothrj wrote: »
    I messed up so bad on the extended TB. I was out by the 30k which i obv now realise was the 30k that i shouldn't have put to my P&L as closing stock as it was included in cost of goods. This also meant my profit was 100k instead of 70k. this meant my B/S didn't balance too but apparently you only get marked down for your answer once as long as you carry the figures forward and do the methods correctly. One can hope!!!!! Back here in December lol

    I did that initially until the penny dropped, luckily I had loads of time to alter it and got what seem to be the right answers according to the consensus on here

    :thumbup1::thumbup::thumbup1:

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