Phew - FRA done!
Comments
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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....
The question said something like 'calculate closing stock for inclusion in the trial balance...' Something along those lines anyway!!0 -
wow! jus read everyones posts am feeling quite confident that everythin i did was fairly good, 70,000 net profit , 73080 i think net assests on bs, 2200 prepayment tb, adjustments on etb i found the 500cr bank eventually! but everything went quite smoothly and balanced off fine so feeling happy! much happier than i did the ecr last year and managed to pass that!
A Clap on the Back for everyone!0 -
if i remember correct, in the same page it said included the closing figure in trial balance. in tb page it said closing stock not yet available. i am confuse, but will wait for next wed when the exam paper come online.0
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I was pleasantly surprised how well it went, considering ECR was supposed to be the easier of the two and I messed that one up!!
Anybody else get really excited when your ETB balances? I did!
I did however get £69,100 for profit so something went a little bit wrong there though. But a lot of the answers put on here have jogged my memory. So have a very good feeling about this one
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Work out your mark!!I was pleasantly surprised how well it went, considering ECR was supposed to be the easier of the two and I messed that one up!!
Anybody else get really excited when your ETB balances? I did!
I did however get £69,100 for profit so something went a little bit wrong there though. But a lot of the answers put on here have jogged my memory. So have a very good feeling about this one
That just looks like you put the adj £900 in wrong somewhere but i did one small error like that and was 500 out - still both should be okay as the rest was right!
I have now tried to remember how the time was given for each task and then worked out what i got right and based on the time I seem to have come out with maybe 70% whichI'm really hoping is a pass! Try it, I'm sure it#ll be fairly accurate.0 -
Some interesting comments here, I found ECR on Monday 15th to be almost laughably easy, it took me an hour including checking my answers, I screwed up the process account question and couldn't remember the method so left my best guess, the rest of it was straight forward.
As for FRA yesterday, I found the questions worded differently, the tasks were not what I had prepared for, the first task re assets took a bit of digging around in the bank account balances for all the info, and I didn't balance my trial balance or balance sheet. I'm hoping for a narrow pass, although my gut feeling is a fail and a resit sometime in August or September.
Argh!0 -
I was pleasantly surprised how well it went, considering ECR was supposed to be the easier of the two and I messed that one up!!
Anybody else get really excited when your ETB balances? I did!
I did however get £69,100 for profit so something went a little bit wrong there though. But a lot of the answers put on here have jogged my memory. So have a very good feeling about this one
Your message makes me feel loads better as i got 69100 profit and i know it has something to do with the drawings, I just hope it doesnt stop me from passing.0 -
If that's all you got wrong I'm sure you will be fine.tammygaines wrote: »Your message makes me feel loads better as i got 69100 profit and i know it has something to do with the drawings, I just hope it doesnt stop me from passing.
You passed the ECR in December and thought you had a lot more of it wrong.
Stick to your new years resolution and 'BE POSITIVE'0 -
I had an absolute shocker in my mock exam for FRA - I honestly thought I had got 20% or so in both sections. I got 75% in each. This one was better, but I didn't balance in section 1 (my answers are the same to everyone elses though, I must have missed something out). My profit was £40k in section 2 so I have no idea what I have done there, but again my answers seem similar.
Generally thought it was quite difficult, but based on mock I hope I'll pass.0 -
didnt get any of the trial balances to balance spent about an hour on section 1 trying to get it to balance, so i gave up and had to move onto section 2 with only 75 minutes left. etb didnt balance and didnt have time to go back decided to move on to the balance sheet and the current accounts
I hope iam reading some of these post wrong there wasn't a profit and loss account to do on section 1, if there was i must of missedit compleletly0 -
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:
Yes it was TB before closing stock as it was not to be included in trial balance i am sure
!! x 0 -
On both PLB and ECR I left the exam room convinced I had failed, only able to remember my errors or bits that I was unsure of.
I passed both PLB and ECR, to my great surprise.
I am slightly reluctant to say this, but I actually quite enjoyed the FRA. Is that a bad sign??? By some law of perversity, if you think you've passed, do you then go on to fail???
That would be a slap in the face.
:blushing:
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twinmeister wrote: »
I am slightly reluctant to say this, but I actually quite enjoyed the FRA. Is that a bad sign??? By some law of perversity, if you think you've passed, do you then go on to fail???
That would be a slap in the face.
:blushing:
I am feeling this aswell i came out of there feeling quitely confident about the exam but now i cant help worrying and stressing in case what if i did actually fail, I will feel so let down because i had felt so confident i had passed! roll on august thats all i can say !0 -
Good to know you feel the same way! I have niggling doubts in my head about enjoying FRA. Did I over-simplify it and just see what I wanted to see rather than reading the question? Like you say, best to shove it to the back of our minds until August.
I'm back in college this afternoon discussing Unit 10 and it will be interesting to see what everyone else thought of FRA.
Think I'll keep quiet about enjoying the exam though!
:thumbup1:0 -
I also enjoyed FRA. I am also convinced I passed. ECR I was so sure I had failed that I told people I had failed even before the results where published. I passed btw0
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I also enjoyed FRA. I am also convinced I passed. ECR I was so sure I had failed that I told people I had failed even before the results where published. I passed btw
I was exactly the same dec i took ECR and had felt so miserable about the exam until the results came out and i had infact passed! I just hope that this time its not the other way around arrrggghhhhhhhhhhhh!!
Think i may get on with my unit 10 to take my mind off it !0 -
Tiz FRA was a walk in the park... i've never seen anytin easier than this.. i mean! try compare it to all past exams........ it was short, straight n no trick questions... the only "trick" was the prepayment which u had to two-third it, n probably the last suspense part; a bank payment of 500 pounds for insurance was debited twice to insurance acc and no other entries were made. u credit insurance a/c 500 to correct it n debit suspense 500 to complete double entry. u then credit bank/cash book:payment 500 to record bank payment transaction n complete double entry by debiting suspense 500. the net profit was 70 000 pounds n the rest is history (remember the provison for doubtful debts:adjustments was a credit entry of 300 (income) in the P&L not a debit entry (expense) because it was reducing the provision.... everything balanced off perfectly n the BS was arnd 73k- i remember the net profit well bcos it was clean n absolute, clean 70 grand, no hundreds, tens n singles..
the only part i aint show abt is the last question on the list of cars... i used fixed asset register to answer this question n to b frank, im not that convinced i was doin the right thing.. section 1 was a 30 minutes exercise..0 -
paper is there to download0
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