The 'Official' FRA Answers
spursfan323
Registered Posts: 28 Regular contributor ⭐
Can we please have a thread where people who are 100% sure they got the right answers for FRA today, post them here.
It is now past 8 so get posting!!
(I know I messed up Task 1 because I couldnt get my TB to balance - but I don't know where I went wrong!)
It is now past 8 so get posting!!
(I know I messed up Task 1 because I couldnt get my TB to balance - but I don't know where I went wrong!)
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here are my ans for section 1:
Credit purchases: 79765
Total purchases: 84765
For disposal : accu deprec = 1110
bank = 1380
loss on disposal= 1510
New value of equipments at cost: 12200
Depreciaton= 1215
accu depriciation= 5315
adjustment to admin expenses=200 prepayment
adjusted admin expenses =11480
TB balanced at 1626500 -
That all sounds very familiar but how the hell do you remember it all?????
Can you remember any of the rest of it as well??0 -
Phew-thanks, Vidya. I think i got all the same answers as you above (so my TB being out by 15k must have been down to a single error somewhere rather than getting the entire section wrong)0
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On all the exams I've done before, a tutor from Sussex (?) posts his answers to the exam paper a few weeks after we have all sat them.
From memory he's called any2002uk or something like that.
There's no way someone can remember everything unless they wrote it down!!!0 -
can i just ask how you got the figure for the admin expenses as i thought that there was a prepayment for 2000 and 3300
cheers0 -
Valentino, there was an opening prepayment of 2000, which you add to expenses, and then a prepayment of 2200 (3300 was for 3 months of which only 2 were in the next year) which you deduct. So overall change is -200.0
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can any one tell me where did u put purchase of replacement fixtures???0
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here are my ans for section 1:
Credit purchases: 79765
Total purchases: 84765
For disposal : accu deprec = 1110
bank = 1380
loss on disposal= 1510
New value of equipments at cost: 12200
Depreciaton= 1215
accu depriciation= 5315
adjustment to admin expenses=200 prepayment
adjusted admin expenses =11480
TB balanced at 162650
exactly what i had but i had a prepayment as 22000 -
I dunno about anyone else but I put the replacement fixtures in with the fixtures & fittings as an asset.0
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There was also a bank payment for admin expenses. Can't remember the exact figures but the charge to the TB was the difference between the reversing prepayment plus the bank payment less the closing prepayment. Think it was in the 4000s :thumbup1:spursfan323 wrote: »Valentino, there was an opening prepayment of 2000, which you add to expenses, and then a prepayment of 2200 (3300 was for 3 months of which only 2 were in the next year) which you deduct. So overall change is -200.0 -
Bugger I put all the 3300 prepayment in! Although I did get my TB to balance at around £162?? something, eventually.
Hope they can read my answers, paper was such a mess with crossings out and tippex everywhere. Underlined all my answers to make it abit easier.
Any clues on what the final question in Section 2 was about, sat and stared at it for 10 mins, still haven't a clue. 'What action would you take?'0 -
Dunno bout anyone else but I took the view that it had to do with Fixed asset sheet. And said that since the new one they submitted wasn't the same figure, then it would have to be investigated.0
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Yea i put to ask the two existing partners. Explained the implications if the figure was wrong. i.e the depreciation charge and acc depreciation would have been worked out wrong in the previous questions.0
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Omg
I thought this was soooooooooo hard although I got everything to balance my figures seem different to everyone else???????
My NP was 40k so I am now really confused think I will be re sitting this one :mad2: grrrrrrrrrrrrrrrrrrrrrrr0 -
katsutlieff wrote: »Bugger I put all the 3300 prepayment in! Although I did get my TB to balance at around £162?? something, eventually.
Hope they can read my answers, paper was such a mess with crossings out and tippex everywhere. Underlined all my answers to make it abit easier.
Any clues on what the final question in Section 2 was about, sat and stared at it for 10 mins, still haven't a clue. 'What action would you take?'
i put check there were no vehicles in repair or any had been disposed of but not off the register.....we had that type of question loads in the practice skills tests ive done.....0 -
actually feel quite positive after reading these posts, all my figures seem to be correct, the only error i can think of is in section 2, i put closing stock £30k in the P/L dr & cr columns, but didn't affect overall figues, stll came to 70k profit.. not sure about last question thou, i didn't mention fixed asset register..:thumbup1:0
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my answers for section 1 are the same.0
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snap mine was 40k. Thought I had done OK till I was reading these x0
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I put 40k in for net profir aswell, but knew it was wrong when the balance sheet didn't work out! Gonna have to get out of the public sector & 'creative accountancy' way of working...0
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in trial balance, i put close stock on debit and credit, but nobody seem done this, i hope trial balance always add closing stock so my trial balance is £1787650
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hitwinmeister wrote: »On all the exams I've done before, a tutor from Sussex (?) posts his answers to the exam paper a few weeks after we have all sat them.
From memory he's called any2002uk or something like that.
There's no way someone can remember everything unless they wrote it down!!!
yes i wrote everything on my blank line paper before finish.
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If someone can get me a paper, I don't mind having a go at it for you.0
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For Task 1.1 I put total purchases were 79,765 as cash purchases were 5000 and credit purchases were 74,765. Is that not right because even if other things went on in the year they were the only purchases listed.
I thought it was very hard but it kinda balanced so fingers crossed -
Trial Balance 162,650
Extended TB 70,050 Net
For some reason really struggled with the last question on part 1 - just couldn't get a) which was gross profit margin. Can anyone explain it to me?!0 -
For Task 1.1 I put total purchases were 79,765 as cash purchases were 5000 and credit purchases were 74,765. Is that not right because even if other things went on in the year they were the only purchases listed.
I thought it was very hard but it kinda balanced so fingers crossed -
Trial Balance 162,650
Extended TB 70,050 Net
For some reason really struggled with the last question on part 1 - just couldn't get a) which was gross profit margin. Can anyone explain it to me?!
Hi, if i remember the profit margin was 35% and the sales figure was £129,000. Here it goes;
100% = Sales = £129,000 (129,000/100 = £1290 which is equal to 1%)
65% = Cost of goods = (£1290 x 65) = £83,850
35% = Margin = (£1290 x 35) = £45,150
Hope this is clear :thumbup1::thumbup1:0 -
Happy
After reading everyones answers i'm feeling confident!
My TB balanced at something like 163k, the balancing figure that I found after rechecking was 19420, for capital!
The ETB...the Net Profit was 70k as the Closing stock figure only needed to be entered as an Asset on the BS, as the figure on the PL was Cost of sales which included the Closing stock figure already!
One question I was a bit confused by was the last one...I mentioned the Fixed Asset register and said that there may be an error etc etc, what did other people put!
I was also surprised by how many people left so early, I was 1 of 2 people left (Maidstone BPP btw) out of 20! that was with 30min to go!0 -
exactly what i had but i had a prepayment as 2200
Yeah i put exactly the same figures but put the prepayment as 2200 the question was paid 3300.00 in march for 3 mths up untill the 31st May so i divided the amount but 3 abd times it by two as you paid for april and may inadvance0 -
Suspense - Insurance
Did no-one have trouble with this question?
Section 2 (e)
A bank payment for insurance of £500 has been debited twice to the insurance account. No other entries were made.
I cleared the suspense account but I didn't think clearly and put CR £1000 to insurance, it must be CR 500 bank CR 500 insurance and DR Suspense 1000
Anyway, I think this question was not clear at all!
:crying:0 -
neuroticprincess wrote: »Now Im confused. I wrote £2,200 prepayment as the answer to adjusted admin expenses and entered 200 in the TB for the prepayment (bal c/d 2000 and the 2000 entered for 08/09).
Is this why I was out by 2000 on my TB?
Thanks
Anyone???0
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