Phew - FRA done!
Comments
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I totally forgot the simplest thing like the layout of the balance sheet :confused1:
I got 3/4 of the way down and my mind went blank. The figures balanced as per the ETB
Do you think I'll get penalised badly for not knowing/remembering the layout?
I feel pretty confident about the rest of the exam and hope that this doesn't amek me fail... If I do, I'll know what it was :mad2:
silly billy..... there`was a balance sheet as part of the data in task 1 remember with the assests on etc so you could av looked at format - thats wot I did 2 make sure0 -
Hello from Bournemouth!
These are my answers, hopefully correct:
1.1 a) 79765 ; b) 84765
1.2 a) 1110 ; b) (1510) loss on disposal ; c) 12200 revised fixtures and fittings; d) 4100 adjusted accumulated depreciation; e) 1215 depreciation charge for the year; f) 5315 updated accumulated depreciation
1.3 a) 2200 prepayment ; b) 11480 adjusted expenses
1.4 TB balanced - 162650
1.5 a) 45150 Profit ; b) 83850 Cost ; c) 16115 Closing stock
...
Suspense account cleared out (Dr 1150 ; Cr 900 + 250)
TB balanced - profit 70000 P+L balancing figure: 436550 ; B/S balancing figure: 202500
2.3 Balances on currents accounts: Dave: 22470 ; Eve: 910
2.4 Net assets: 73380
2.5 Balances on capital accounts: Dave: 34000 ; Eve: 31000 ; Felix: 60000
Rings the bell anybody? :blushing:
DING DONG :thumbup1::thumbup1:
absolutely, apart from I got a diff closing stock but know mine was wrong0 -
Sounds good to me! yay...0
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What a blessing......hopefully only 1 resit in December then!! My biggest worry is not being able to start the next level in September because im sure I failed mondays.....!!0
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p.s.......have just been to the pub for a few large glasses of wine.....schools out for summer!!!!!!!!!!!!!!!!!!!0
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spursfan323 wrote: »These are my answers for the last question in Task 1, I'm pretty sure I remember the figures still.
Sales 129,000 x 35% = 45,150 Gross Profit
129,000 - 45,150 = 83,850 COS
COS is comprised of Opening Stock + Purchases - Closing Stock
SO if we know Opening STock is 15,200 and Purchases is 84,765 then Closing Stock must be 16,115
I fudged this one up good and proper (man it looks so easy now!), but hopefully got the rest fairly close to right. The Cost of Goods sold was a sneaky one, but got it after a long hot sweaty few minutes.
And that last question, I mentioned that I couldn't really see that there was any confidentiality issues, but that I'd just need to look into whether there was a FAR, otherwise I'd have to look deeper, and I'd ask the existing partners- and that I'd get back to old Felix.0 -
have everything the same as you apart from the final balances on accounts....I have 28 (000) Dave, 37 Eve & 60 Felix.....if I have the rest right.....then might get thru with this error???0
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What a blessing......hopefully only 1 resit in December then!! My biggest worry is not being able to start the next level in September because im sure I failed mondays.....!!
You can still start Technician but you'll need to re-sit ECR in December along with the other 2 exams and the project!! So it'll be very very hard for you, and you'll NEED to pass the ECR. No pressure then.... lol :001_unsure:
But please dont think you've failed, i thought i'd failed in December but i passed :001_smile:0 -
felix was the new partner so her capital balance should have been less than the other 2's
No... she introduced £75,000 in capital.... it then reduced to £60,000 after elimination of goodwill. The other partners only had 30odd thousand in their accounts (cant remember the exact figures..!)0 -
no pressure!! ha!! I am planning on doing my project in the summer whilst we are off.....that shoud free up some time!! Apart from that...as you say...it's going to be a really tough year....but I really want to get thru it all and get my qualification. Not long now!!You can still start Technician but you'll need to re-sit ECR in December along with the other 2 exams and the project!! So it'll be very very hard for you, and you'll NEED to pass the ECR. No pressure then.... lol :001_unsure:
But please dont think you've failed, i thought i'd failed in December but i passed :001_smile:
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no pressure!! ha!! I am planning on doing my project in the summer whilst we are off.....that shoud free up some time!! Apart from that...as you say...it's going to be a really tough year....but I really want to get thru it all and get my qualification. Not long now!!
I'm doing the same with Unit 10, just ordered the book off Osborne and will start it after i've finished my Sage Payroll course. No rest for the wicked eh!!
Don't worry, you'll be fine, everyone always thinks the worst :thumbup1:0 -
Hello from Bournemouth!
These are my answers, hopefully correct:
1.1 a) 79765 ; b) 84765
1.2 a) 1110 ; b) (1510) loss on disposal ; c) 12200 revised fixtures and fittings; d) 4100 adjusted accumulated depreciation; e) 1215 depreciation charge for the year; f) 5315 updated accumulated depreciation
1.3 a) 2200 prepayment ; b) 11480 adjusted expenses
1.4 TB balanced - 162650
1.5 a) 45150 Profit ; b) 83850 Cost ; c) 16115 Closing stock
...
Suspense account cleared out (Dr 1150 ; Cr 900 + 250)
TB balanced - profit 70000 P+L balancing figure: 436550 ; B/S balancing figure: 202500
2.3 Balances on currents accounts: Dave: 22470 ; Eve: 910
2.4 Net assets: 73380
2.5 Balances on capital accounts: Dave: 34000 ; Eve: 31000 ; Felix: 60000
Rings the bell anybody? :blushing:
sounds good to me!0 -
yea...true..well best of luck with it all...roll on the results!! Be nice to have a life back for a while tho!! :thumbup1:0
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i was told that its possible to go from intermediate straight into CIMA, has anyone else been told that??0
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you dont get exemptions though, and it will take you longer to do the papers that you will gain exemptions for than it will to just do techinician, and it will look better on cv!! hope this helps xx0
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have everything the same as you apart from the final balances on accounts....I have 28 (000) Dave, 37 Eve & 60 Felix.....if I have the rest right.....then might get thru with this error???
oooh thank for that...thats what balances i have too but otherwise have pretty much the same as everyone else.....:001_smile:0 -
oooh thank for that...thats what balances i have too but otherwise have pretty much the same as everyone else.....:001_smile:
I also have those capital account balances...
Calculate Goodwill in the OLD profit sharing ratio... make credit entries
Eliminate Goodwill in the NEW profit sharing ratio... make debit entries
Then balance the accounts!!
I hope we're right..... lol :huh:0 -
I also have those capital account balances...
Calculate Goodwill in the OLD profit sharing ratio... make credit entries
Eliminate Goodwill in the NEW profit sharing ratio... make debit entries
Then balance the accounts!!
I hope we're right..... lol :huh:
lol me too...i sort of ignored everyone elses balances they were putting up as i could swear i did it correct...oh well, overall i did a few mistakes and im fairly confident.
:001_rolleyes:0 -
I got a very wacky number for the Gross ProfitHow much easier was todays exam than mondays!!! Was well prepared for some dodgy questions to be put in there...but all seemed pretty straight forward....hope i am not getting my hopes up...here is what I got
Loss on Disposal £1510
Prepayment £2200
First Trial Balance £162650
Profit Margin £45150
Cost Of Goods £83850
Closing Stock £16115
Profit of £70000
Balance Sheet £73380
Profit Share £42000 / £28000
Goodwill £30000 each then split by percentages given etc....
No major memo's...phew!!!
Arh....hope it's enough to pass as I am re-sitting monday for sure!!
I calculated it by 129000/1.35 which came out as 95555.555555
What did I incorrecly as I am sure this is the correct calculation0 -
The 135% you did wasnt the margin! I did the same in a past paper which is the only reason i didnt balls up on this too...!
Gross Profit was 35% of £129,000 = £45,150
Cost of Sales was 65% of £129,000 = £83,850
I really hate the whole mark up and margin thing!0 -
draindoctor@ntlworld.com wrote: »I got a very wacky number for the Gross Profit
I calculated it by 129000/1.35 which came out as 95555.555555
What did I incorrecly as I am sure this is the correct calculation
I got that too!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!:001_smile:0 -
The 135% you did wasnt the margin! I did the same in a past paper which is the only reason i didnt balls up on this too...!
Gross Profit was 35% of £129,000 = £45,150
Cost of Sales was 65% of £129,000 = £83,850
I really hate the whole mark up and margin thing!
ah right, so I worked out mark up instead of margin! grrrrrr:mad2:0 -
my Trial Balance was £178765 in Debit and Credit. i am worry that i got my trial balance incorrect as all of your answer said £162650!!!!!!
do it means i failed my exam straightaway as examiner see this wrong then everything is fail?0 -
£162650 your answer
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£178765 my answer
= 16115 difference. i think i put twice because i put it on debit and credit side as your is only one side i think that is why the balance show difference?0 -
ohhhhhhhhhhhh
i think no body put close stock in trial balance!?0 -
I think it was a trial balance BEFORE calculating closing stock figure... wasn't it?
Anyway, guys, of course it's not my memory, I wrote down all the answers on a piece of paper lol :001_tt2:0 -
i didn't put the closing stock figure in the tb in section 1, it didn't say we had to, surely if we had it would have said or put this task before completeing the tb....0
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